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Ǫuarterly Activity Report 30 September 2024
Highlights
- Updated geological modelling with multiple intra-pluton porphyry copper centres close to surface identified from surface geochemical surveys within the Yataga Copper Project
- Porphyry centres concentrated along a structural belt have been identified as analogous to the Highland Valley Copper Mine, where a series of porphyry copper deposits host Canada’s largest open pit copper mine (production of >130kt in 2021)
- Termite mound sampling programmes have identified a combined area of 8km2 of copper-in- soil anomalism with significant potential for expansion
- 220-line km airborne electromagnetic survey complete with results pending
- 20+-line km ground based Pole-Dipole Induced Polarisation (PDIP) and Magnetotelluric (MT) Survey underway
- Geochemistry and geophysics programme results will feed into upcoming optimised drilling program planned for early 2025
- Acclaimed ǪLD geologist, Dr Gregg Morrison appointed as Technical Advisor to the Project
- $1.5M Placement underway through issue of 61M fully paid ordinary shares at $0.025 per share to sophisticated and professional investors
Located within the Georgetown mining district, EMU’s Georgetown tenements cover a richly endowed but under-explored area of Far North Ǫueensland with a history of significant mining activity and mineral discoveries.
EMU is earning an 80% interest in 3 exploration permits for minerals (EPM’s), covering 850km2 in the Georgetown mining district, Ǫueensland, under a Heads of Agreement and Joint Venture Agreement with Rugby Resources Ltd (TSXV:RUG). The district has a substantial mineral endowment with more than 1,000 mines, prospects and identified mineral occurrences.1
Figure 1. Georgetown Tenements Location
Definitions and Nomenclature
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Quarterly Activities Report for the Period Ending 30 September 2024
Key Highlights
- Reverse Circulation drilling commenced on the Ashburton Proterozoic unconformity uranium project in Western Australia. 7 drill holes were completed in the September Quarter for a total advance of 1028m.
- Equivalent U3O8 concentrations from this phase of Ashburton reverse circulation drilling have been calculated from downhole gamma surveys, and include:
- ARC001 6.98m @ 1,617 ppm eU3O8 from 101.84 meters
- ARC002 4.36m @ 2,205 ppm eU3O8 from 109.89 meters
- ARC003 3.96m @ 1,516 ppm eU3O8 from 86.89 meters
- ARC004 6.02m @ 801 ppm eU3O8 from 83.55 meters
- ARC006 3.45m @ 5,129 ppm eU3O8 from 137.62 meters incl 0.34m @ 16,050 ppm eU3O8 from 139.11 meters
- ARC007 1.30m @ 503ppm eU3O8 from 123.37 meters
- Drilling on the Ashburton Project is ongoing with RC and Diamond drilling during the December Quarter
- Two geophysical surveys (IP and magnetics) have been completed at Cerro Chacon in Argentina and the Company is awaiting the final interpretation.
- Auger drilling at Sierra Cuadrada highlights extensive areas of near surface uranium mineralisation: the largest being 6km long and 3km wide and remains open.
- Mineralisation varies in thickness from 0.5m to 4m, with an average thickness 1.5m.
- Multiple areas are being evaluated to identifying priority areas for follow up trenching, mapping and determination.
- An additional 39 tenement applications for uranium exploration have been lodged in Argentina totalling 1785km2. Tenements are located in the provinces of Rio Negro and Chubut. Tenements are prospective for sandstone hosted uranium mineralisation and include both hard rock and in-situ recovery targets.
- The Company has established an experienced in country team with the appointment of country manager, project managers and geologists for both gold and uranium.
Figure 1: Locality maps highlighting Piche’s Australian Projects in Western Australia and its Argentinean
Australia – Uranium - Ashburton Project
A reverse circulation drilling programme commenced on the Ashburton uranium project during the September Quarter. A total of 7 drill holes were completed during the quarter for a total advance of 1028m. The reverse circulation drilling is ongoing, and a diamond drilling programme will also commence early in the December Quarter.
The September Quarter drilling programme was undertaken at, and along strike of the Angelo A prospect where no exploration activities have been carried out in the last 40 years. The drilling programme was planned to confirm the results from previous exploration by drilling several twin holes, to test a revised model for the control of the uranium mineralisation and explore for extensions to the mineralisation identified between 1973 and 1984.
Results from the first seven reverse circulation drill holes completed have been received and six of those have returned significant high grade uranium mineralisation.
Drilling is targeting Proterozoic unconformity style uranium mineralisation, similar to that seen in two of the most significant uranium jurisdictions in the world: the Pine Creek Geosyncline in Australia and the Athabasca Basin in Canada.
Drilling was preceded by a detailed heritage clearance survey.
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Antilles Gold Quarterly Report & Appendix 5B – 30 September 2024
DEVELOPMENT OPPORTUNITIES IN MINERAL RICH CUBA
Antilles Gold is participating in the development of two mines in Cuba to produce copper, gold, silver, and antimony, and in the exploration of potentially large porphyry copper properties, through a 50:50 joint venture with the Government’s mining company, GeoMinera.
The joint venture intends to fund the copper exploration from surplus cash flow expected to be generated by the near-term development of the proposed Nueva Sabana copper-gold mine.
- JOINT VENTURE
Minera La Victoria SA (“MLV”) was registered as a Cuban foreign joint venture mining company in August 2020 to develop the Country’s largest known gold deposit at La Demajagua on the Isle of Youth off the south-west coast.
MLV has since committed to progressively establishing itself as a broadly based mining company to develop previously explored mineral deposits controlled by GeoMinera. To date, the Nueva Sabana project and four concessions hosting porphyry copper prospects have been added to its portfolio.
Features of the Joint Venture include:
- A foreign Bank account will hold all proceeds from loans, and product sales, with the only funds remitted to Cuba being for local expenses, which will minimise Country credit risk.
- Antilles Gold nominates all senior management for the operations and exploration activities.
- Income tax rate of 15% waived for 8 years.
- No import duties on plant & equipment.
- Low entry cost for near term development of previously explored properties.
- Low operating costs.
- Association with GeoMinera ensures rapid permitting.
GeoMinera transferred a 900ha mining concession for the La Demajagua gold-antimony-silver open pit mine with 50,000m of historic drilling to the joint venture for US$13.5 million of MLV shares, and a 752ha concession covering the Nueva Sabana gold-copper oxide deposit, and the underlying El Pilar porphyry copper system for US$1.5 million of MLV shares.
A subsidiary of Antilles Gold is “earning-in” to a 50% holding in MLV by contributing US$15.0 million equity, of which approximately US$14.6 million had been invested to 30 September 2024, with the balance to be contributed in November 2024.
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