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Options Prospectus
For the offers of:
(a) up to 11,645,837 Options to participants in the Placement, on the basis of one (1) free attaching Option for every two (2) Shares subscribed for and issued under the Placement, exercisable at $0.09 each on or before the date that is three (3) years from the date of issue (Placement Options) (Placement Options Offer);
(b) up to 5,208,334 Options, on the basis of one (1) free attaching Option for every two (2) Shares issued to Eligible Shareholders under the Company’s security purchase plan (SPP), on the same terms as the Placement Options (SPP Options) (SPP Options Offer);
(c) up to 5,208,334 Options, on the basis of one (1) free attaching Option for every two (2) Shares issued to SPP Shortfall Participants, on the same terms as the Placement Options (Shortfall Options) (Shortfall Options Offer); and
(d) 900,000 Options to the Lead Manager, on the same terms as the Placement Options (Broker Options) (Broker Options Offer),
(together, the Offers).
No funds will be raised under the Offers.
IMPORTANT NOTICE
This document is important and should be read in its entirety. If after reading this Prospectus you have any questions about the Options being offered under this Prospectus or any other matter, then you should consult your stockbroker, accountant or other professional adviser.
The Options offered under this Prospectus should be considered as speculative.
Click here for the full ASX Release
This article includes content from ChemX Materials, 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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ChemX Materials
Overview
ChemX Materials (ASX:CMX) is a critical materials company developing innovative processing technology to produce high purity alumina for advanced technology and clean energy applications.
ChemX Materials’ 100 percent owned, Australian patented HiPurA® process technology offers a low cost and energy intensity production method to produce high purity alumina (HPA).
HPA is used in advanced technology and clean energy applications including lithium-ion batteries, LEDs, semiconductors and synthetic sapphires. Synthetic sapphires are critical in the production of applications such as smart watches, iPhones and laptop screens.Company Highlights
- ChemX Materials Limited (ChemX Materials) is an Australian company developing an innovative, processing technology to produce high-purity alumina (HPA), this process is called HiPurA®.
- ChemX Materials owns 100 percent of HiPurA® and was granted an Australian patent for this technology in January 2024.
- High purity alumina is used in advanced technology and clean energy applications including lithium-ion batteries, LEDs, semiconductors, smart watches and iPhones.
- The HiPurA® process is modular, scalable and uses a readily available aluminous chemical as its feedstock, therefore is not reliant on mine production offtake, all of which enable the technology to be deployed close to end users' manufacturing operations.
- ChemX Materials has proven HiPurA® can produce above 4N (99.99 percent) high purity alumina at micro plant scale. This testwork indicates HiPurA® is low in cost and energy intensity.
- ChemX Materials is constructing a pilot plant to demonstrate HiPurA® can work at scale, which is the next step towards commercialisation. The pilot plant construction is underway and on track for commissioning in June 2024.
Key Business Segments
High Purity Alumina Processing Technology - HiPurA®
ChemX Materials is developing an innovative processing technology to produce high-purity alumina (HPA). This process is called HiPurA®. ChemX Materials owns 100 percent and holds an Australian patent for HiPurA®. ChemX Materials has proven HiPurA® can produce above 4N (99.99 percent) pure HPA at micro plant scale. This test work has also demonstrated that HiPurA® is superior compared to alternative technologies, offering several advantages, including:
- Lower costs – both capital and operating.
- Independent feedstock - – process is not tied to mine production and uses a readily available aluminous industrial chemical.
- Easily scalable – production output can increase based on demand.
- Modular – can be built near end users’ manufacturing operations.
- Optionality – patented technology can be licenced to end users.
- Lower carbon footprint – technology is not energy intensive.
HPA has several applications, the most important being lithium-ion batteries used in electric vehicles (EVs) and energy storage applications. HPA is used in the coating of the battery separator to enhance safety and performance. The outlook for EVs is very promising. With the adoption of EVs growing rapidly year on year as governments across the globe deploy domestic incentives and regulations to reduce the use of internal combustion engines to meet net zero targets.
HPA is also a key in the production of synthetic sapphire, which is used in LEDs, semiconductors, lasers, optical lenses and medical devices.
ChemX Materials has proven its HiPurA® technology can achieve above 99.99 percent (4N) HPA purity at micro plant scale. Following the technical success of the micro plant, ChemX Materials is constructing a 24 tpa pilot plant in Western Australia. The pilot plant is expected to be operational in June 2024.
In January 2024, ChemX Materials was granted an Australian Patent for its innovative HiPurA® technology. Based on the success of the Australian patent, it is anticipated that ChemX Materials will be afforded similar protections in other international jurisdictions. The patent is important as it provides intellectual property protection as ChemX Materials seeks to commercialise the technology globally.
HPA production from the pilot plant will be used for customer qualification and marketing purposes. ChemX Materials is actively pursuing commercial opportunities globally. Commercialisation options include:
- Build, own, operate a commercial scale plant to sell high purity alumina to end users.
- Licence the HiPurA® technology for deployment at end users’ manufacturing locations.
High Purity Manganese Project
ChemX Materials is developing a high purity manganese project. The Jamieson Tank project is located on two exploration tenements, EL 5920 and EL 6634 in the Eyre Peninsula in South Australia. These tenements collectively cover an area of 718 km2.
ChemX Materials completed a 94-hole drill program at the Jamieson Tank project, totaling 6,164 metres and released its maiden Mineral Resource Estimate in September 2023. The Mineral Resource Estimate reported 13.1 Mt at 5.7 percent manganese, with 21 percent classified as Indicated and 79 percent classified as Inferred.
High purity manganese has essential applications in lithium-ion batteries as a cathode material. Manganese provides energy density, stability and lower costs and is a critical material for modern battery chemistries. As the world pursues decarbonisation it is forecasted that the demand for manganese will grow.
With the objective of the United States Inflation Reduction Act (IRA) to reduce its reliance on Chinese sources of critical minerals, by 2025, the Jamieson Tank project is an important prospect. China currently supplies around 95 percent of the global manganese sulphate.
The South Australian jurisdiction offers excellent infrastructure. The Jamieson Tank project is in a province that is characterised by rapidly growing renewable energy infrastructure (wind, solar and hydrogen) and access to a local skilled workforce. The Jamieson Tank project is accessible by road, approximately 160 kms from the port of Whyalla and near a major regional airport.
The tenements in which the Jamieson Tank project is located also host kaolin and rare earth elements (REE) deposits. The area has historically been well known and explored for its potential for kaolin. The Kelly Tank exploration target is estimated to be 55 - 130 Mt of extractable kaolin.
In 2022, ChemX Materials undertook a drilling program and identified REE hosted within the kaolin throughout the tenements. The drilling program intersected high-grade REE mineralisation with intervals of up to 5 metres @2,468 parts per million total rare earth oxides from 7 metres. Importantly, it remains open in various directions, providing potential exploration upside for future drill programs.
Management Team
Peter Lee – Chief Executive Officer
20+ years’ experience across mining, metals processing and chemical industries within Canada and Australia. Lee has held technical leadership roles with companies including Rio Tinto, BHP, Roy Hill and WSPGolder. He is an expert in refining and electrochemical processes and a registered P. Eng Engineers and Geoscientists of British Columbia, Canada, and a member of AusIMM and AICD.
Warrick Hazeldine – Non-executive Chair
Warrick Haseldine has more than 20 years of experience across capital markets and strategic communications with a focus on battery materials. He is the co-founder of advisory firm Cannings Purple, and former chair and non-executive director of Global Lithium Resources Ltd (ASX:GL1). Hazeldine is currently a director of Surfing WA, advisory board member of Curtin University, and a non-executive director of Purple.
Stephen Strubel – Non-executive Director and Company Secretary
Stephen Strubel is the company founder with 20 years’ experience in finance and corporate governance. Struber held a senior leadership role with Patersons Securities and has been a director and company secretary for ASX-listed companies. He holds a bachelor’s degree in banking and international trade from Victoria University and an MBA from the Australian Institute of Business.
Alwyn Vorster – Non-executive Director
Alwyn Vorster has 30+ years’ experience in the resources industry, spanning several commodities including rare earths, iron ore, bauxite, potash and salt. Vorster has several senior leadership positions including chief executive officer of Hastings (ASX:HAS) and managing director of BCI Minerals (ASX:BCI) and Iron Ore Holdings (ASX:IOH). Vorster is currently non-executive director of Lindian Resources (ASX:LIN) and Arrow Minerals (ASX:AMD).
CuFe Limited: Multi-Commodity Assets in Western Australia and Northern Territory
CuFe Limited (ASX:CUF) is a multi-commodity exploration and development company with projects situated in Western Australia and the Northern Territory. The company focuses on its high-grade premium product iron ore projects as well as its exposure to copper, lithium and niobium.CuFe's portfolio includes mature copper targets at Tennant Creek, drill-ready lithium targets at North Dam, and greenfield exploration ground in close proximity to WA1's recent niobium discovery.
CuFe also has exposure to a near-term iron ore price upside via the high-grade JWD iron ore mine. It plans to leverage the mine to take advantage of elevated iron ore price cycles with the ability to cost-effectively suspend production as the market dictates. CuFe is also evaluating the Yarram project, as its close proximity to Darwin port gives it the potential for low opex.
Tennant Creek hosts a mineral resource estimate of 7.3 million tons (Mt) at 1.7 percent copper and 0.6 grams per ton (g/t) gold for 127 kt copper and 145 koz gold. CuFe currently owns a 55 percent interest over 240 kilometres of the highly-prospective tenure, situated in the Northern Territory. CuFe's near-term plan for the mine, based on detailed mine planning, involves a staged cutback of the Orlando open pit to gain access to an ore supply for fast start options.
Company Highlights
- CuFe Limited is an ASX-listed iron, copper, lithium and niobium exploration and development company with a multi-commodity portfolio of assets.
- The company's assets are situated in mature mining regions in Western Australia and the Northern Territory, with access to extensive pre-existing infrastructure.
- CuFe's projects are highly prospective in copper (Tennant Creek, Bryah Basin), lithium (North Dam, Tambourah) and niobium (West Arunta).
- CuFe has 100 percent interest in the iron ore mining rights at the operating Wiluna West JWD mine, known to contain high-grade iron ore product.
- Additionally, the company has a 50 percent interest in the Yarram project, an advanced iron ore development project with potential for low-cost production.
- CuFe also has a 2 percent net smelter royalty over the Crossroads gold project in Kalgoorlie.
- The company is led by a proven and experienced in-house team with expertise in identification, discovery, evaluation, deployment and operations.
This CuFe Limited profile is part of a paid investor education campaign.*
Click here to connect with CuFe Limited (ASX:CUF) to receive an Investor Presentation
HiPurA® HPA Pilot Plant Early-Stage Commissioning Commenced
ChemX Materials Limited (ASX:CMX) (ChemX or the Company), an Australian high purity critical materials developer, is pleased to announce that it has begun early-stage commissioning of the leach circuit within the innovative HiPurA® High Purity Alumina (HPA) 24tpa Pilot Plant in O’Connor, Western Australia.
The leach circuit is a key part of ChemX’s unique flowsheet and comprises the first part of the patented, HiPurA® purification process. It takes the aluminous chemical feedstock and sufficiently upgrades its purity for the solvent extraction (SX) stage.
Figure 1 – CMX Operations Manager (Russell Vallis) pictured in front of the commissioned leach circuit
ChemX, CEO Peter Lee said: “Our 24tpa HiPurA® HPA Pilot Plant is starting to rapidly take shape, and we are pleased to have commissioned the leach circuit. Achieving this milestone delivers on our commitment to commence early-stage commissioning in Q2 of the 2024 calendar year”.
“Structural, mechanical, piping (SMP) activities are progressing well with electrical and control infrastructures accelerating ahead. As with any project integration, key work scopes require careful planning and the HiPurA® HPA Pilot Plant is on track to achieve operational readiness toward the end of the next quarter”.
” We look forward to sharing further commissioning updates in the coming months as we advance towards full Pilot Plant commissioning”.
Click here for the full ASX Release
This article includes content from ChemX Materials, 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.
CuFe Limited
Overview
CuFe Limited (ASX:CUF) is a multi-commodity exploration and development company with interest in eight projects situated throughout mature mining jurisdictions in Western Australia and the Northern Territory. The company's value proposition is predicated on its high-grade premium product iron ore projects as well as its exposure to copper, lithium and niobium. Its exploration portfolio includes mature copper targets at Tennant Creek, drill-ready lithium targets at North Dam, and greenfield exploration ground in close proximity to WA1's recent niobium discovery.
Tennant Creek hosts a mineral resource estimate of 7.3 million tons (Mt) at 1.7 percent copper and 0.6 grams per ton (g/t) gold for 127 kt copper and 145 koz gold. CuFe currently owns a 55 percent interest over 240 kilometres of the highly-prospective tenure, situated in the Northern Territory. CuFe's near-term plan for the mine, based on detailed mine planning, involves a staged cutback of the Orlando open pit to gain access to an ore supply for fast start options.
The JWD iron ore operation is an ultra-flexible high-grade, low-impurity iron ore operation optimised for efficiency, the mine benefits from a low capex, with the capacity to export 60 kt of lump and 15 kt of fines per month at current production rate. CuFe owns 100 percent interest in this operation.
In addition to taking advantage of the growing market for strategic metals, CuFe also has exposure to a near-term iron ore price upside thanks to the high-grade JWD iron ore mine. It plans to leverage the mine to take advantage of elevated iron ore price cycles with the ability to cost-effectively suspend production as the market dictates. CuFe is also evaluating the Yarram project, as its close proximity to Darwin port gives it the potential for low opex.
Lastly, CuFe has a low-risk 2 percent NSR gold royalty over the Northern Star Crossroads project, where mining is expected to commence in 2024.
CuFe is led by a highly experienced management team adept at identifying opportunities, making discoveries, evaluating and developing projects and maintaining operations. The team is led by executive director Mark Hancock, who has 25 years experience in resource projects across a variety of commodities in senior finance, commercial and marketing roles.
Company Highlights
- CuFe Limited is an ASX-listed iron, copper, lithium and niobium exploration and development company with a multi-commodity portfolio of assets.
- The company's assets are situated in mature mining regions in Western Australia and the Northern Territory, with access to extensive pre-existing infrastructure.
- CuFe's projects are highly prospective in copper (Tennant Creek, Bryah Basin), lithium (North Dam, Tambourah) and niobium (West Arunta).
- CuFe has 100 percent interest in the iron ore mining rights at the operating Wiluna West JWD mine, known to contain high-grade iron ore product.
- Additionally, the company has a 50 percent interest in the Yarram project, an advanced iron ore development project with potential for low-cost production.
- CuFe also has a 2 percent net smelter royalty over the Crossroads gold project in Kalgoorlie.
- The company is led by a proven and experienced in-house team with expertise in identification, discovery, evaluation, deployment and operations.
Key Projects
Copper
Tennant Creek
The Tennant Creek project is located in the highly prospective Gecko-Goanna copper-gold corridor of the Northern Territory. A mature project comprising three high-grade copper and gold mineral resources, it contains a combined JORC 2012 mineral resource of 7.3 at 1.7 percent copper and 0.6 g/t gold for 127 kt copper and 145 koz gold. Highly-prospective for further resource growth from resource extensions and new discoveries, Tennant Creek is also located in close proximity to grid power, a gas pipeline, the Stuart highway and the rail line to Darwin.
The area where Tennant Creek is hosted is a re-emerging mineral field with recent neighbouring exploration success from companies such as Emmerson Resources (ASX:ERM) and Tennant Minerals (ASX:TMS). Near-mine targets include the potential to extend resources and open enrichment within the Orlando and Gecko structural corridors.
The current focus for Tennant Creek is to identify and drill high-potential exploration targets with a view to growing the resource base while considering a staged cutback of the existing Orlando open pit to gain access to an ore supply for a fast start option.
Bryah Basin JV projects
Through wholly owned subsidiary Jackson Minerals, CuFe has a 20 percent interest in roughly 804 square kilometres of highly-prospective tenements proximal to the former Sandfire Resources' (ASX:SFR) Doolgunna project and Degrussa copper gold mine, as well as several other prominent gold and copper prospects. Collectively known as the Bryah Basin JV projects, the tenements are currently subject to joint ventures and farm-ins with several companies. The most prominent of these is the Morck Well project, which is under an exploration licence with Auris Minerals (ASX:AUR) alongside the Forrest project.
The Morck Well project tenements cover an area of 600 square kilometres in the highly-prospective region, which has been recognized to have high iron ore potential.
Lithium
North Dam
The North Dam project is a highly prospective lithium tenure situated in the emerging Yilgarn Lithium Belt. Located roughly 50 kilometres south-southeast of the township of Coolgardie, the project is contained within the same lithium belt that contains known spodumene deposits such as Mt Marion, Pioneer Dome, Bald Hill, Manna and Buldania. There have also been several well-known junior exploration successes immediately adjacent to the tenement, including Kali Metals (ASX:KM1), Marquee Resources (ASX:MQR) and Maximum Resources.
To date, work on the project has included defining prospective pegmatites through rock chip sampling, soil sampling and geological mapping. Anomalous lithium and key pathfinder elements have also defined a prospective corridor of roughly 3.5 kilometres in strike length. Columbite and tantalite rock chips selected from a stream bed also contain up to 44 percent niobium and 14.53 percent tantalum.
CuFe has also completed a recent heritage survey and, pending results and conditions, plans to commence a maiden drill program.
Tambourah
The 100 percent owned Tambourah Tenure is a prospective lithium tenure with known gold occurrences. Located roughly 90 kilometres south of the Pilgangoora and Wodgina lithium complexes, and 175 kilometres south of Port Hedland, the project was historically explored for gold and contains known gold occurrences within alluvial material and reef systems. Current work on the project to date has involved geological mapping and rock chip sampling.
Niobium
West Arunta
The fully owned West Arunta consists of three tenements located in the highly-prospective region of the same name. The tenure is known to be prospective for carbonatite-hosted niobium and rare earth element mineralization. Spanning roughly 220 square kilometres, it surrounds Lycaon Resources' (ASX:LYN) Stansmore project and is located 70 kilometres north of several prominent recent discoveries.
CuFe has not yet finalised native title arrangements to commence work in the ground so in the meantime it engaged Southern Geoscience Consulting to undertake a geophysical review of publicly available airborne magnetic data for the tenements including re-processing of said data and 3D unconstrained inversion modeling. Analysis of the total magnetic imagery revealed three anomalous areas across the package, resulting in nine target anomalies for further investigation and exploration.
Iron
JWD iron ore mine
The JWD iron ore operation is an optimised and flexible high-grade, low impurity iron ore operation over the Wiluna West JWD deposit. CuFe has 100 percent interest in the iron ore mining rights agreement for the project, which was started for less than $5 million and produces a high-grade, low-impurity lump iron ore for direct shipping.
At its current production rate, the mine has capacity for 60 kt of lump and 15 kt of fines per month. Mining and crushing is conducted by contractors, with the finished product trucked 800 kilometres to the Geraldton port for export in vessels of circa 6Ma0 kt. The mine also benefits from flexible operating contracts and price hedging, allowing CuFe to more readily react to iron ore price volatility.
Although no JORC reserve has been reported, a JORC resource dated June 30, 2023 reveals an estimate of 9.6 Mt at 63.7 percent iron using a 55 percent iron cut-off.
Yarram
The Yarram iron ore project is a mature development opportunity with the potential for low-cost production. CuFe currently holds a 50 percent interest in the project, which includes operatorship. Partially located on an existing mining lease on freehold land, Yarram has a high-grade DSO resource of 5.6 MT at +60 percent iron as well as a low-grade component of 7.1 Mt with the potential for beneficiation.
Situated 110 kilometres from Darwin Port and adjacent to underutilised mining infrastructure, Yarram also features favourable ore body geometry, with existing infrastructure and services contributing to its low capex and opex.
An initial diamond drilling program provided HG core from two deposits within the project. Physical and thermal metallurgical testing confirms the generation of a lump product with roughly 41 percent yield, elevated gangue levels in the very fine fractions and acceptable thermal and materials handling properties, making it suitable as a blast furnace lump burden feed.
CuFe has also undertaken geotechnical testwork on the diamond drill core to provide parameters for pit optimizations and designs. Final pit shells and a high-level mine schedule have been developed for use in regulatory approvals.
Gold Royalty
Crossroad gold project
Through fully owned subsidiary Jackson Minerals, CuFe holds a 2 percent net smelter royalty over M24/462, which contains Northern Star's (ASX:NST) Crossroads gold project. This project is the subject of a recently approved mining proposal envisaging the mining of 2.67 Mt of gold-bearing ore. The project is expected to commence sometime in 2024 and run for a 36-month period, with the majority of ore mined in the second and third years after pre-stripping.
This project represents a potential near-term revenue source for CuFe with no associated costs.
Management Team
Tony Sage — Executive Chairman (BCom, FCPA, CA, FTIA )
Tony Sage is an entrepreneur with over 36 years of experience in corporate advisory services, funds management and capital raising, predominantly within the resource sector. He is based in Western Australia and has continued to be involved in managing and financing listed mining and exploration companies with a diverse commodity base.
Sage has developed global operational experience within Europe, North and South America, Africa, Oceania, Asia and the Middle East. He is currently executive chairman of ASX-listed Cyclone Metals Limited (ASX:CLE) and European Lithium (ASX:EUR).
Mark Hancock — Executive Director
Mark Hancock has over 30 years’ experience in key financial, commercial and marketing roles across a variety of industries with a strong focus on natural resources. During his 13 years at Atlas Iron Ltd, Hancock served in numerous roles including CCO, CFO, Executive Director and Company Secretary. He has also served as a director on a number of ASX listed entities and is currently a director of Centaurus Metals Ltd and Strandline Resources Ltd.
Hancock holds a Bachelor of Business (B.Bus) degree, is a Chartered Accountant (CA) and is a Fellow of the Financial Services Institute of Australia (F FIN).
Nicholas Sage — Non-executive Director
Nicholas Sage is an experienced marketing and communications professional with in excess of 25 years in various management and consulting roles. Sage is based in Western Australia and currently consults to various companies and has held various management roles within Tourism Western Australia. He also runs his own management consulting business.
Scott Meacock — Non-executive Director
Scott Meacock has a wealth of experience as external counsel acting in, and advising on, complex corporate and commercial law transactions and disputes for clients in a wide range of industry sectors including natural resources and financial services.
Meacock currently serves as the Chief Executive Officer and General Counsel of the Gold Valley Group. He holds a Bachelor of Laws (LLB) degree and a Bachelor of Commerce (BComm) degree from the University of Western Australia.
Matthew Ramsden – GM Development
Matthew Ramsden is an experienced geologist and project developer commencing his career in Tasmania before stints in the Pilbara with Rio Tinto and Atlas Iron, where he played a key role in the development and ramp-up of six iron ore mines.
He joined CuFe in 2021 to commence the JWD operations and now has oversight over the company’s exploration and development projects.
Ramsden is a member of the Australasian Institute of Geoscientists.
Siobhán Sweeney — Geology Manager
Siobhán Sweeney brings over 13 years’ geology experience to the CuFe team, from greenfield’s exploration to resource development with a strong focus on target generation and development of iron ore projects. During her 8 years at Atlas Iron Ltd, Sweeney was instrumental in developing critical iron ore projects in the Pilbara such as Miralga Creek and Corunna Downs. Her background in managing complex and challenging exploration programs has been key to delivering successful projects.
Since joining Cufe in July 2021, Sweeney has been tasked with developing and implementing mine geology processes during the start-up phase of the JWD mine. Most recently she has delivered a successful exploration drill campaign to further define the Yarram iron ore deposit.
Sweeney is a member of the Australian Institute of Geoscientists and holds a Bachelor of Science degree (hons) in geology from the National University of Ireland Galway.
More High Grade with up to 60% Heavy REE (HREE) - Gyttorp
Bastion Minerals Ltd (ASX:BMO or the Company) is pleased to provide an update on its high-grade REE and copper project in Sweden, the Gyttorp nr 100 project (Gyttorp Project or Gyttorp) and regarding the granting of additional applications.
HIGHLIGHTS:
- Laboratory assays confirm & deliver more high-grade rare earths: TREE+Y up to 8.3% from actinolite skarn, confirming high grade results from recent pXRF1. Rock chip samples have up to 60% HREE present. MREE average 24% over samples in Table 1.
- Gyttorp property shows highly elevated MREE (neodymium, praseodymium, terbium and dysprosium). These are those favoured for new green technology applications and those which tend to have the highest value.
- Further high-grade copper confirmed by laboratory assays: High-grade copper mineralisation in rock chips up to 5.1% confirmed in the copper trend at Gyttorp (Table 2) with mineralisation associated with 1 km of discontinuous old mine workings.
- Importantly, ahead of drilling, a ground magnetic survey is planned across the >3km long trend that suggests the project has significant scale.
- Bastion’s Gyttorp nr 100 property hosts almost 200 recorded mineral occurrences and old mines (refer ASX announcement of 19 June 2023). Records suggest there has been no systematic sampling or evaluation of these occurrences for REE. Many of these occurrences are described as magnetite-rich skarns (Fe-skarns) and sampling by Bastion (and the SGU) has confirmed the presence of high-grade REE, which may be present in significant quantities.
- Work underway to obtain access to historical drill core in newly granted properties and exploration applications: Sampling and pXRF analysis of cores is planned to evaluate the copper mineralised intersections and analyse for REE, which were not analysed previously, including.
- Grindgruvan 2 drillhole in Striberg project, 148.3 to 152.5 m, 4.2 m @ 1.1% Cu and 173.5-181.8 m, 8.3 m @ 0.82% Cu.
The exploration tenure is located near Gyttorp in the Bergslagen district of Sweden, 180 km west of Stockholm. Sweden is home to Europe’s largest REE discovery in the Kiruna area2. The Gyttorp nr 100 property (Figure 1) is highly prospective for high-grade REEs (Figure 2). The Project is situated on the southern end of a belt of iron and REE-enriched skarns, more than 100 kilometres long, known locally as the “REE-line”.
Commenting on the High-Grade Assay Results, Executive Chairman, Mr Ross Landles, said:
“We are pleased to have received the laboratory assays, which confirm the tenor of the pXRF results we announced earlier this month. These show elevated REE or copper across most samples, with values up to 8.3% REE+Y and 5.1% copper. Importantly, the results show high concentrations of heavy REE in some samples, and a general enrichment in magnetic REE’s Nd, Pr, Dy and Tb.”
“These results confirm the high-grade nature of the project and support our intention to carry out a detailed ground magnetic survey over the 3 km REE trend and area of elevated copper, to define drill targets, once the magnetic survey is interpreted. The results suggest Bastion may have the potential to become a major player in the discovery of rare earths and critical metals.”
As previously noted, Sweden is home to Europe’s largest REE discovery in recent times. Currently, no REE are mined in Europe, with China providing nearly 98% of the EU’s supply. Gyttorp and Bastion’s new critical minerals projects provide the potential to change this dynamic.
The Swedish Geological Survey (SGU) previously took samples in the Gyttorp property which showed highly elevated Magnet Rare Earth Elements (MREE; neodymium, praseodymium, terbium and dysprosium). These are those favoured for new green technology applications and those which tend to have the highest value.
Rock chip samples were analysed by ALS laboratories using the ME-MS89L fusion method. The results are very promising, confirming, both visual and pXRF results. The > 3 km long trend (Figures 2 and 3) suggests the project has scale and the ground magnetic survey planned will assist defining this. Laboratory assay results are generally lower than the pXRF results, as the latter analyses small areas of samples, whereas the laboratory assays analyse the entire rock chip sample for a broad range of elements.
Setting
Sweden is the home of Europe’s largest REE discovery at Per Geijer near Kiruna1 and has a well- documented history of rare earth element discovery and mining. Mineral deposits in the Bergslagen district (Figure 4) are predominantly hosted in skarns, which have been mined for base metals, iron, manganese, tungsten and molybdenum.
The skarns, characterised by calcium-silicate minerals often associated with magnetite, occur in deformed and metamorphosed volcano-sedimentary sequences of Paleoproterozoic age (about 1.9 billion years old). The district is the location of the discovery of the rare earth element cerium in 1804, at the Bastnäs deposit. This was originally mined for iron and copper and 160 tonnes of rare earth- bearing minerals, including cerite and bastnasite, were mined to depths of 30m between 1860 and 19192. The Bastnäs REE mineral field is located approximately 50 km northeast of the Bastion’s new tenure at Gyttorp.
Click here for the full ASX Release
This article includes content from Bastion 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.
Exceptional Clay Hosted Rare Earth Grades Intersected at Poços
Enova Mining Ltd (ASX: ENV) is pleased to announce high grade REE assay results from sampling at Poços1
KEY HIGHLIGHTS
- Enova confirms significant assay results for a non-invasive shallow subsurface auger sampling programme at Poços; highlights of these are results greater than 2,000 ppm TREO2 are as follows:
- A1-TR001-001 including 3m @2,744
- A1-TR003-001 including 3m @3,030
- A1-TR006-001 including 3m @3,508
- A1-TR008-001 including 2m @2,113
- A1-TR009-001 including 3m @3,964
- A1-TR010-001 including 3m @2,524
- A2-TR001-001 including 1m @2,786
- A2-TR002-001 including 2m @2,043
- A2-TR006-001 including 2m @2,099
- A3-TR002-001 including 3m @2,306
- A3-TR005-001 including 2m @2,145
- A4-TR001-001 including 2m @2,488
- A4-TR001-001 including 3m @4,950
- Peak rare earth element (REE) assays were 5,158 ppm TREO or 0.52% TREO, 5,042 ppm TREO or 0.50% TREO, 4,650 ppm TREO or 0.47% TREO, providing guidance for a high-grade exploration target at Poços,
- REE enriched tenements at Poços confirm the areas’ potential for a prospect scale high grade REE deposit,
- Shallow surface and subsurface sampling confirmed surface saprolite clay systems w
- across all Poços tenements, with potential deeper mineralisation upside.
- The project is located nearby to townships, well-developed highways, infrastructure, water access, hydroelectric power and well connected to a commercial port.
ANNOUNCEMENT
Enova Mining Ltd (ASX: ENV) (“Enova” or the “Company”) is pleased to announce assay results from non-invasive shallow surface and subsurface auger sampling at Poços tenements 832.174/2023, 832.175/2023, 832.177/2023, 832.179/2023 and 830.652/2020. The locations of the auger sampling and significant assay intercepts are provided in Figure 2. In accordance with ASX reporting of mineral results, details of the sampling, assay results and other technical details are contained in JORC Table 1 and Significant Results and Auger Sampling Data for Poços Project in Table 2 in Appendix A.
The Poços alkaline complex massif region (Poços) hosts world-class rare earth element (REE) mineral discoveries. Enova aims to replicate the success of peers in the region. Refer to Figure 1 (below) for a location plan of Enova’s tenements and surrounding tenements of IAC REE significance.
Figure 1: Regional location of Poços tenements
Enova is assessing results from the current exploration program and the potential for future air-core drilling program. Regarding tenements overlain by the Pedra Branca APA area and buffer zone, identified during Due Diligence, further clarification is being sought regarding requirements for more impactful exploration in the future, such as air-core/reverse circulation drilling and future development.
Mr. Eric Vesel Managing Director of Enova, commented:
“The assay results from the Poços sampling programme confirm the prospectivity of the tenements, which is not surprising for tenements within the alkaline complex. The largest tenement, located near the southern rim of the complex, was encouraging but with mixed results (Above and below 1000ppm TREO). Overall, the Poços results have returned exceptional near- surface grades which has significant unexplored deeper saprolite strata worthy of follow up exploration. This Phase 1 exploration work was part of our initial reconnaissance to investigate our portfolio of prospective REE tenements.
Our team is currently focused on the CODA maiden drill programme; we recognise the importance of assessing all our other projects. We have arranged a consulting exploration team to explore our Juquiá tenements, a potential carbonatite prospect. There is also REE potential within our Santo Antonio (do Jacinto) tenements based on a strong thorium anomaly3, as shared by SI6’s Pimenta Project.
Enova is now in the envious position of holding two major potential IAC REE project areas: POÇOS and CODA with further areas currently under investigation. It’s remarkable that in such a short period of time, Enova has acquired and brought from concept to exploration stage, two major projects with significant upside and worthy of development.”
Click here for the full ASX Release
This article includes content from Enova 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.
Former GM Leader Joins Energy Fuels to Boost Rare Earths Operations
Energy Fuels (TSX:EFR,NYSEAMERICAN:UUUU) announced the appointment of Debra Bennethum, formerly of General Motors (GM) (NYSE:GM), as director of critical minerals and strategic supply chain.
According to a Monday (June 17) release, Bennethum brings extensive expertise from her tenure at GM, where she worked to ensure secure supply of key EV materials, including rare earths and critical battery minerals.
Her role included finding and vetting suppliers, as well as leading negotiations for long-term supply deals. Bennethum also managed investment projects worth over US$1.5 billion, forging strategic partnerships for GM.
At Energy Fuels, she will leverage her experience to enhance the company's rare earths business. This includes strengthening relationships with original equipment manufacturers (OEMs) and negotiating supply agreements.
Her appointment underscores Energy Fuels' commitment to expanding its US-based rare earths operations, highlighted by recent commercial production of on-spec separated rare earths at the White Mesa mill in Utah.
“Ms. Bennethum brings a wealth of knowledge and relationships in EV and automotive supply chains to advance Energy Fuels' U.S.-leading, integrated rare earth business, which recently began commercial production of 'on spec' separated rare earths at our White Mesa Mill in Utah, USA,” said Energy Fuels President and CEO Mark Chalmers in a press release.
“Having worked at GM for over 12 years, including key roles in EV, hybrid and critical mineral supply chains, we believe Ms. Bennethum is the ideal person to lead Energy Fuels' rare earth marketing efforts and collaborations, including the sale of our products to metal-makers, magnet-makers, EV and automotive OEMs, renewable energy companies, rare earth recycling companies, U.S. defense suppliers, and other customers,” he added.
White Mesa achieved commercial production of on-spec separated rare earths on June 10, making it one of the largest commercial rare earths separation circuits outside of China. The mill is capable of producing separated neodymium-praseodymium (NdPr), essential for high-performance magnets in EVs and renewable energy technologies.
Energy Fuels anticipates ramping up production to meet growing demand while advancing its uranium operations. The company is a leading US uranium miner and produces vanadium when market conditions are appropriate.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Energy Fuels is a client of the Investing News Network. This article is not paid-for content.
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