
February 23, 2025
Accelerate Resources Limited (“AX8”, “Accelerate” or the “Company”)is pleased to announce the commencement of a gold prospectivity review and reinterpretation at its Comet Gold Project (“Comet”) inspired by the recent exploration success by Caprice Resources at their Island Gold Project located 10km to the south-west in Western Australia’s Murchison Goldfield.
Key Points
- Accelerate commences comprehensive review of its Comet Gold Project in the Murchison region following the recent high-grade gold discovery at Caprice Resource’s (ASX: CRS) Island Gold Project, just 10km to the south-west.
- The 100% owned Comet Gold Project hosts significant gold mineralisation within Banded Iron Formation (BIF) lithologies, similar to those at The Island Gold Project.
- Notable previous drill intercepts at Comet include 9m at 3.89 g/t Au, 4m at 7.08 g/t Au and 6m at 2.29 g/t Au (see details in main body text).
- Accelerate’s 100% ground holding represents 73km2 with over 26km of prospective strike, strategically situated 19 km from Westgold Resources 1.2 million tonne per annum Tuckabianna gold mill in the +20Moz Murchison Goldfields of WA
Building on the Caprice high-grade gold discovery and the historic success of former ASX- listed Musgrave Minerals (now Ramelius Resources ASX: RMS) along the Break of Day trend, Accelerate is advancing its investigation of Comet by prioritising Banded Iron Formation (BIF) mineralisation at the Comet East, Comet North and the Antarctica Prospects (Figure 1). The review is expected to be complete by end of the Quarter and results will guide next steps in exploration including drill testing of BIF-hosted mineralisation targets along strike of the Caprice discoveries and the Break of Day trend.
Gold Targets
Drilling campaigns by Accelerate and historic explorers, including Silverlake Resources, have delivered significant assay results across three prospects at Comet, with the most recent program completed in 2020 during the peak of the COVID-19 pandemic.
The Comet East Prospect (Figure 2) is situated approximately 1 km east of the former Comet-Eclipse Gold Mine of Westgold Resources (ASX: WGX), where wide-spaced shallow drilling during the 1990’s intersected significant gold mineralisation including 4m at 7.08 g/t Au from 27m (PRB305), and 3m at 4.53 g/t Au from 60m (PRC269)1.
Click here for the full ASX Release
This article includes content from Accelerate 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.
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07 October 2024
MCB Project Aims to Boost Local Workforce Skills
Celsius Resources Limited (“CLA” or “Celsius”) (ASX, AIM: CLA) is pleased to announce that its Philippine affiliate, Makilala Mining Company, Inc. (“MMCI or the “Company”), has entered into a partnership agreement with the Technical Education and Skills Development Authority(“TESDA”) to develop local community skills for its flagship Maalinao-Caigutan-Biyog Copper�Gold Project (“MCB” or the “Project”).
HIGHLIGHTS
- Memorandum of Agreement signed between Makilala Mining Company, Inc., Celsius’ Philippine Affiliate, and the Regional Technical Education and Skills Development Authority to develop and enhance the skills of the host and neighboring communities’ workforce for employment and business opportunities during the construction and operations of the MCB Project
The Memorandum of Agreement (MOA) which was signed on 3 October 2024 aims to maximise the participation and build the capacity of qualified individuals from the local community for employment and business opportunities in preparation for the early works development anticipated to start this year and subsequently construction and operations of the MCB Project.
As a government agency mandated to provide technical manpower skills to the country’s workforce, the partnership is in line with TESDA’s Technical-Vocational Education and Training (TVET) Program1 goals of developing ‘world-class competence and positive work values’ among the Filipino workforce. It also aligns with MMCI’s synergistic approach for the efficient use of resources to achieve common goals.
Celsius Sustainability Director Attilenore Manero, said:
“Our partnership with TESDA is an important step towards empowering the local community by providing practical skills training that equips residents to better participate in the opportunities presented by the MCB Mining Project. This initiative helps ensure that community members are prepared to take advantage of job and business opportunities, thus fostering long-term growth.”
“This collaboration supports the national goal of building a skilled workforce that can contribute to the country’s sustainable economic growth. It also strengthens the project’s social foundations by optimising community engagement and reinforcing our belief that sustainable growth and community well-being can go hand-in-hand striking a balance between our economic objectivesand social development objectives.”
Under the Community-Based Skills Training Program, MMCI and TESDA Cordillera Administrative Region (TESDA-CAR) will jointly design, develop, and implement training programs that meet national competency standards and the requirements of the MCB Project.
Following the signing of the MOA, MMCI and TESDA-CAR will develop a workplan outlining the necessary human, material, and financial resources to effectively and efficiently operationalisethe agreement. Initially, the training program will prioritise construction skills such as carpentry, masonry, construction painting, tile setting, formworks installation, welding, reinforcing steel works, and plumbing.
Signing of the Memorandum of Agreement between Makilala Mining Company, Inc. and the Technical Education and Skills Development Authority with Kalinga Provincial Governor Hon. James S. Edduba
(From left to right: Ms. Procerphina P. Pacaydo, TESDA Kalinga Acting Provincial Director; Ms. Attilenore P. Manero, MMCI Corp. Affairs and Sustainability Director; Atty. Balmyrson M. Valdez, TESDA-CAR Regional Director; Hon. Alfredo B. Malannag, Jr., Pasil Municipal Mayor; Fr. Alberto Maiyao, Sr., Balatoc Council of Elders Chairperson; Peter Hume, MMCI Director;Sherwin C. Bali, Cordillera Institute of Technical Education-Kalinga Campus Administrator)
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7h
Drilling Commences at the Kanowna East Gold Project
Accelerate Resources Limited (“AX8”, “Accelerate” or the “Company”) is pleased to announce that drilling has commenced at its 70%-owned Kanowna East Gold Project, located 25km northeast of Kalgoorlie, WA (Figure 1).
Key Points
- High impact drilling has commenced at Kanowna East, targeting basement gold systems at the Western Tiger and Little Lake Prospects, only 25kms NE of Kalgoorlie.
- Program designed to test prospective structural settings and alteration zones along the Reidy Fault and newly recognised northeast gravity trends.
- Targeting the potential source of widespread paleochannel gold occurrences identified from historical drilling.
- Strong cash position of ~$3 million ensures a well-funded campaign and supports strategic exploration momentum.
Figure 1: Ragland Drilling RC Drill Rig at AX8’s Little Lake Prospect, Kanowna East Project.
The 2,000m reverse circulation (RC) program is testing structurally controlled, basement- hosted gold targets at the Western Tiger and Little Lake Prospects (Figure 2). These targets have been selected based on structural complexity, geophysical modelling, and geochemical signatures indicative of gold-bearing systems.
Figure 2: Western Tiger & Little Lake geology interpretation with planned RC drill hole locations (green triangles).
At Western Tiger, drilling is focused on the undrilled western margin of a felsic intrusive unit interpreted to have been emplaced along the Reidy Fault. Sericite alteration, arsenic- antimony pathfinder anomalies, and recent structural reinterpretations highlight the area as a priority for potential gold discovery.
At Little Lake, newly processed gravity data has defined northeast-trending features interpreted to intersect northwest fault systems—structural zones commonly associated with gold mineralisation in the Kalgoorlie district. These trends correlate with previously intercepted basement-hosted gold and offer a compelling test of the Company’s exploration model.
“Commencing drilling at Kanowna East marks an important milestone in Accelerate’s gold strategy,” commented Chief Executive Officer Luke Meter. “We’re testing targets with geological signatures consistent with major orogenic gold systems in the Eastern Goldfields and success could substantially enhance the value of our gold portfolio near Kalgoorlie.”
With a strong financial position, Accelerate remains well-funded to execute its exploration strategy across multiple growth-stage gold assets in WA.
The Company looks forward to updating shareholders as drilling progresses and assays become available.
Click here for the full ASX Release
This article includes content from Accelerate 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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24 June
Australia’s 5 Most Valuable Mineral Exports
Australia’s economy is largely based on its natural resources, with the minerals sector making the greatest contribution to the nation’s exports at 58.7 percent as of May 2025.
Australia's mining industry isn't limited to one or two states, either. Five of Australia’s states and territories rank in the top 20 mining jurisdictions in the world for investment attractiveness, according to the Fraser Institute’s 2023 annual survey of mining companies: Western Australia (fourth), the Northern Territory (8th), Queensland (13th) and South Australia (19th).
These mining jurisdictions demonstrate a high level of investment attractiveness mainly due to their mineral-rich geology, solid infrastructure, stellar economic environment and government support for the resources industry at both the federal and state level.
Australia exports a wide range of important mineral resources, including precious metal gold, base metals such as copper, iron ore, aluminum and nickel, and energy resources oil, natural gas and coal. In recent years, lithium has also become a major mineral export for Australia.
During the 2023/2024 period, Australia's mineral exports reached AU$415 billion, according to the Department of Industry, Science and Resources (DISR), which is forecasting a decline to AU$387 billion for 2024/2025.
"Modest global economic growth is expected over the outlook period, as lower inflation allows some central banks to make further small cuts in official interest rates," the department's March 2025 Resources and Energy Quarterly stated. "Trade actions and retaliatory measures will likely detract from global growth and may further geopolitical tensions ... In volume terms, most of Australia’s resource exports are likely to show a modest pick up through the outlook period."
Export Finance Australia highlights that in March 2025 the Organisation for Economic Co-operation and Development (OECD) downgraded its global growth forecast to 3.1 percent for 2025 and 3 percent for 2026 on uncertainty over trade and stickier than expected inflation.
However, there is a silver lining for Australia, as the nation's "diversified export profile ensures (its) GDP is relatively less dependent on US exports."
Australia's top mineral resources
But what are Australia's top mineral resources by export value? Read on for a breakdown of Australia's five most valuable natural mineral resource exports, iron ore, liquified natural gas, coal, gold and copper.
Combined, the country's mineral exports accounted for two thirds of Australia’s merchandise export earnings in the 2023/2024 financial year, as per the data from the Department of Industry, Science and Resources. Prices are reported as real export values using 2024/2025 commodity prices.
1. Iron ore
According to the DISR's data for 2023/2024, iron ore accounted for AU$141 billion of Australia's export value during that period.
As the world’s largest producer and exporter of iron ore, Australia is the king of the iron game. US Geological Survey (USGS) information shows that Australia produced 930 million metric tons of iron ore in 2024, accounting for 37.2 percent of global production.
Iron is used in everything from infrastructure to transportation to advanced technology, meaning Australia and its many iron ore mines in Western Australia have enjoyed a mighty run of economic prosperity as China has leaned into its push for industrialization.
As for future iron ore export value, the metal is forecast to bring in AU$117 billion for 2024/2025. Looking further out, weaker demand out of China and globally is likely to dampen demand for iron ore going forward, which led the department to project iron ore export value of AU$81 billion for the 2029/2030 financial period.
2. Liquified natural gas
Liquified natural gas (LNG) is Australia’s second most valuable resource export, earning more than AU$70 billion for the economy in the 2023/2024 financial period. The DISR expects this figure to jump to AU$72 billion in 2024/2025.
The island continent is home to 14 different basins that yield natural gas. The country has significant natural gas reserves, with much of it locked up in coal seams that require unconventional drilling. Most of Australia’s natural gas production occurs offshore in the northwest, which has seen an increase in large development projects over the past few years.
Moving forward, several factors are expected to place downward pressure on Australia's LNG export values, including less production from maturing wells alongside a drop in investment; declining use of natural gas as an energy source in favour of renewables; lower natural gas prices; and the rising prominence of US LNG in the global export market. All in, the department projects the value of Australia's LNG exports will fall to AU$45 billion in the 2029/2030 financial period.
3. Coal
While more western nations around the world are turning away from coal, in Australia, the sooty black rock is a source of incredible wealth. In terms of Australia’s resource and energy exports, during the 2023/2024 financial period metallurgical coal and thermal coal accounted for an export value of AU$56 billion and AU$38 billion, respectively.
Australia hosts coal deposits across the country, with a number of new mines under construction and expansion projects underway. However, softer demand for coal going forward is likely to result in a significant decrease in Australia's coal exports over the coming years as the transition to renewable energy continues and financing for new coal projects dries up.
During the 2024/2025 period, export values for metallurgical and thermal coal are expected to drop to AU$41 billion and AU$33 billion, respectively, and fall even further by 2029/2030 to AU$33 billion and AU$22 billion.
4. Gold
Australia's gold exports in 2023/2024 are valued at AU$34 billion, making gold Australia's fourth most valuable mineral export. The Department of Industry, Science and Resources expects this figure to rise to AU$36 billion for 2024/2025, before falling to a projected AU$30 billion by 2029/2030.
According to the USGS, Australia produced 290 tonnes of gold in 2024, only behind China and Russia for the top gold-producing countries.
Much of Australia’s wealth is founded on gold, with a number of gold rushes triggered in the mid-1800s that supercharged the nation’s development and set it down its path of prosperity through mining. Today, most of Australia's top-producing gold mines in the country are located in Western Australia.
5. Copper
Copper comes in as the fifth most valuable mineral export from Australia, earning AU$12 billion in 2023/2024. Australia is the world's eighth largest producer of the red metal, putting out 800,000 MT of copper in 2024, and hosts the third largest copper reserves at a JORC-compliant 100 million MT.
Most of Australia's copper resources are located in South Australia, home to the largest single copper mine in the country: the Olympic Dam polymetallic mine, owned by BHP (ASX:BHP,LSE:BHP,NYSE:BHP). The state of Queensland is also a hotbed of copper activity with at least a dozen operating mines, including Australia's second largest copper producer, Glencore’s (LSE:GLEN,OTC Pink:GLCNF) Mount Isa Mines complex.
Looking forward, for the 2024/2025 period, the Department of Industry, Science and Resources is forecasting AU$15 billion in export value for copper, and projecting that figure to come in at AU$18 billion in 2029/2030.
This growth is expected to come via rising demand for copper globally spurring increased production and exploration spending in the country resulting in a robust copper export market for Australia.
Other mineral resources
While the five resources above represent the most valuable mineral exports to the Australian economy, the country sits on significant reserves of almost every mineral you can find on the planet. Other major commodities of significant value to the Australian economy are oil, lithium, aluminum, oil, nickel and zinc.
Lithium as a mineral export from Australia earned AU$10.25 billion in 2023/2024. The country is the world's largest producer of the energy metal, putting out 88,000 MT of lithium in 2024, and hosts the second largest lithium reserves at 7 million MT. Most of Australia's lithium resources are located in Western Australia.
Looking forward, for the 2024/2025 period, the Department of Industry, Science and Resources is forecasting AU$5.2 billion in export value for lithium, and projecting that figure to come in at AU$9.2 billion in 2028/2029.
Wondering where uranium and rare earths are on this list? Despite having 28 percent of the world’s reserves, uranium export value came in at only AU$1.2 billion for the 2023/2024 period despite the country having three mines producing uranium — Four Mile, Olympic Dam and Honeymoon — although Honeymoon just re-entered production in April 2024. As uranium demand increases and new mine supply comes online, exports are projected to jump to AU$1.41 billion in 2024/2025 and AU$1.7 billion by 2029/2030.
While Australia also ranks as the fourth largest producer of rare earths globally, rare earths production did not rate as a major contributor to the Australian economy. However, the country's first rare earths refinery, Lynas Rare Earths' (ASX:LYC) Kalgoorlie processing facility is just getting started, and Iluka Resources' (ASX:ILU) Eneabba rare earths refinery is slated to come online in the next few years. This has the DISR forecasting rare earths exports reaching a range between AU$1.3 billion and AU$3.7 billion in 2029/2030.
This is an updated version of an article first published by the Investing News Network in 2019.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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24 June
AU$15 million Exploration over 10km Strike Length Tolukuma Gold Mineralised Corridor
Tolu Minerals Limited (“Tolu”) is pleased to announce the commencement of its first major exploration program that includes
- An expansive surface geological mapping, trench sampling and multi-element surface geochemical survey covering existing gold prospects (Figure 2) and targets from the recently completed Airborne Magneto Telluric (“Airborne MT” or “MT”) geophysical survey; and
- A targeted 30,000m of diamond drilling both on surface and underground.
The objective of the program is:
- To grow the existing MRE (Table 1) focussing on targets on the mining lease, ML104 and targets immediately adjacent to ML104 that can provide ore to the existing infrastructure;
- To test selected regional targets to demonstrate the regional scale potential within the broader Tolukuma structure; and
- To test the potential of Tolu’s “remote projects” namely Mt Penck on New Britain island and Ipi River Northwest of Tolukuma.
HIGHLIGHTS:
- Seven diamond drill rigs to be deployed at surface and underground targeting significant expansion of the Mineral Resource Estimate
- Focusing on new discoveries provided by the recent Airborne MT survey and geochemical data
- Surface exploration and drilling expansion along the 10km strike length of the Tolukuma gold mineralised corridor
- Pursuing the discovery of additional resources from historical epithermal gold prospects including at Mt. Sen, Kimono, 120 vein, Kunda North, Miliahamba, Taula and Duma-Dilava
- All areas have strong indications of potential significant mineralisation of Au, Ag and Cu gained from the in depth Airborne MT, field studies and geophysics gained from historical data, last 18 month’s programs and detailed analysis
- AU$15 million intensive exploration program in high ranked targets near mine
Iain Macpherson, MD & CEO of Tolu Minerals Ltd. (“Tolu”) said:
“I’m pleased to report that Tolu has commenced the next major exploration phase that is focussed on expanding the existing Mineral Resource Estimate (“MRE”), with a view to not only growing the production rate and extending the Life of Mine, but also targeting more projects within the Company’s portfolio.
Having recently successfully completed a further round of accelerator capital, Tolu is well positioned to systematically follow up on targets generated by the recent Airborne MT coupled with historical data. The Company have intensified the existing geochemical exploration program that, by complementing the Airborne MT, is providing a number of drill ready targets that are being ranked for diamond drilling.
Having placed an order for an additional 5 diamond drill rigs (3 surface and 2 underground rigs) to complement the Company’s existing surface and underground diamond drill rigs and to deploy the new rigs in Q3 and Q4 this year, targeting in excess of 30,000m of drilling during 2025 and 2026.
This substantial program is designed to expedite the generation of a very large MRE for continued and scaled up gold production and also to demonstrate the potential for regional development on both epithermal and porphyry targets.
A surface geological mapping, trenching and multi-element geochemical sampling program is currently underway to test for gold mineralisation continuity along the 10km strike extent of the Tolukuma gold mineralised corridor along ML104 between Mt. Sen to the North and Duma-Dilava to the South and will be expanded East and West to investigate parallel structures such as Kimono to the East and Karame and Idave to the West
The significant targets to the East and West are believed to be replications and extensions of the Tolukuma structure
The immediate short-term priority is to expand on the current MRE for ongoing gold production. Tolu’s own diamond drilling rig and drilling team are continuing to test for near surface mineralisation at the Zine and 120 veins and significant results are planned to be fire assayed and released as soon as practicable”.
“This is an exceptionally exciting time for Tolu Minerals,” says Chris Muller, Executive Group Geologist. “Tolukuma stands out as one of the most remarkable projects in the country, boasting among the highest gold grades nationwide. The imminent procurement and commissioning of five brand-new drill rigs, set to enhance our existing fleet, will be instrumental in significantly expanding our resource base over the next 12 months. These rigs will not only drive growth of the known resource, but also unlock the potential of numerous untested vein targets. In parallel, we are launching an extensive geological mapping and geochemical sampling campaign across the 20km² vein field marked by widespread gold occurrences. This integrated exploration strategy positions us for transformational discovery and growth.”
Click here for the full ASX Release
This article includes content from Tolu Minerals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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19 June
Ericsson, Rogers Launch Canada’s First Underground 5G Network for Smart Mining
Ericsson (NASDAQ:ERIC) and Rogers Communications (NYSE:RCI) have activated Canada’s first underground private 5G network at the Northern Center for Advanced Technology's (NORCAT) Sudbury mine.
The move is part of a bid to transform traditional mining operations with cutting-edge connectivity.
At the heart of this innovation is the Ericsson Private 5G system, which the company says delivers seamless, high-performance, low-latency coverage from the surface to depths of more than a mile.
Built on Ericsson’s EP5G technology and integrated with Rogers’ private network expertise, the setup is designed for smart mining applications that Wi‑Fi cannot adequately support. These include autonomous haul trucks, remote-controlled drilling rigs, environmental monitoring sensors and real-time asset tracking.
"The NORCAT Underground Centre provides an extraordinary platform for companies worldwide to showcase their cutting-edge technologies in a real operating mine, shaping the future of the mining industry," said NORCAT CEO Don Duval in a Thursday (June 19) press release, calling it an "ecosystem like no other in the world."
Duval also emphasized the importance of collaboration in making sustainable impacts in mining. Adam Burley, director of IoT and wireless private networks at Rogers, stressed the collaborative roots of the breakthrough as well:
“Rogers and Ericsson have worked together for more than 35 years … Every industry is looking for operational efficiency, and if you develop or rely on technology for mining, NORCAT is where you go to test and certify products that work within a real-world environment.”
The company's private 5G setup is scalable and future proof, allowing agile adaptation as new technology needs emerge — from integrating 4G systems to deploying large-scale sensor networks.
Use cases across various aspects of mining
Ericsson views the network as an extension of its quality of service features — ideal for mission-critical mining operations where data reliability matters — that apply in different facets of the mining process.
Industry forecasts validate the broader relevance of private networks.
A McKinsey report indicates demographic shifts in mining workforces that make modernization a priority — aging employees are nearing retirement and younger workers are expecting digital environments.
Around 71 percent of mining leaders cite talent shortages as barriers to production targets, reinforcing the dual mandate of digital adoption and workforce transformation.
Beyond workforce and safety, remote operations and asset management benefit from the technology.
Remote control centers with scalable data pipelines and robust connectivity eliminate the need for staff to occupy large numbers of underground positions while maintaining compliance with environmental and safety regulations.
Similarly, data-centric asset management, powered by sensors, HD video cameras and predictive analytics, brings down costs, extends equipment lifespans and reduces unplanned downtime.
Mining contributes an estimated US$1.5 trillion to the global economy, per World Mining Data 2020.
As these operations move toward automation, private 5G networks may prove foundational, enabling safer, faster and greener production systems. NORCAT’s smart mine could become a template for the future, demonstrating how next-generation connectivity can bridge the gap between current operations and fully digitalized mining.
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.
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19 June
Extensions and New Zones of High Grade Tin at Bygoo North
Caspin Resources Limited (Caspin or the Company) (ASX: CPN) is pleased to present drill results from a second phase of RC drilling, following the Company’s very successful maiden drilling campaign at its 100% owned Bygoo Tin Project in New South Wales. The Company completed a further 4 holes for 558m, complementing the original 12 holes from the maiden program.
HIGHLIGHTS
- Scale of Bygoo Tin Project continues to grow with the discovery of new zones of tin mineralisation during the Company’s second RC drilling campaign
- Very broad zone of tin mineralisation at the Stewart’s Lode extended along strike with:
- 118m @ 0.32% Sn from 44m in BRC015 (unconstrained internal dilution); including
- 29m @ 0.53% Sn from 44m, including 8m @ 1.17% Sn from 45m
- 12m @ 0.45% Sn from 116m; and
- 28m @ 0.52% Sn from 146m
- Caspin’s maiden drilling at the Smith’s Lode returns further high-grade tin with:
- 16m @ 0.68% Sn from 49m (BRC013); including
- 5m @ 1.73% Sn & 1.45% Cu from 53m;
- Drilling identifies a further new zone of mineralisation named ‘Radius’, between Dumbrell’s and Smith’s, with:
- 16m @ 0.48% Sn from 124m (BRC016); including
- 2m @ 2.05% Sn & 0.37% Cu from 128m
- Wide zones and high-grade tin mineralisation now drilled over +1,000m of granite contact zone with large gaps in drilling and open along strike.
- High resolution aerial magnetic survey covering ~800km2 to commence shortly
Caspin’s Managing Director, Mr Greg Miles, commented “These results are an exciting epilogue to our maiden drilling program at the Bygoo Project. We are delighted with intersecting 16m @ 0.68% Sn in our first drill hole at Smith’s, including a high-grade zone of 5m @ 1.73% Sn, coupled with 1.45% Cu, the highest-grade copper result by Caspin to date. Another 100m-plus intersection of tin mineralisation at Stewart’s also confirms continuity of ‘bulk’ mineralisation, at very shallow depths. And finally, a new zone of tin mineralisation at ‘Radius’ result demonstrates verifies Caspin’s geological model and growing understanding of key controls to tin mineralisation.
“Most importantly, we now recognise the tin mineralisation potential over greater than 1,000m of shallow granite contact strike at Bygoo North. Drilling is quickly demonstrating that Bygoo North has excellent potential to grow into a tin project with substantial scale. Drilling will continue to target new zones of tin mineralisation and extensions of known areas of shallow tin mineralisation along strike.”
Since acquiring the project, the Company has invested considerable time to understand the geology and controls on mineralisation at Bygoo North. Using the previous exploration data as a base and steadily importing other legacy data such as drilling from the 1970s, the Company is developing a new geological model for the prospect. The Ardlethan Granite contact can now be traced over 1,000m at the prospect, with greisen-style mineralisation developed variably along its entirety (Figure 1).
Figure 1. Location plan of mineralisation and relationship to granite contact at Bygoo North, with significant intercepts. The prospective granite horizon represents the potential for greisen mineralisation on the granite contact to approximately 100m below surface.
These latest results provide further evidence that mineralisation is constrained only by drilling. There are obvious additional drill targets for further exploration. A planned high-resolution aerial magnetic survey, commencing in the following weeks, will further assist refinement of the geological model and hence the targeting process, particularly the several kilometres of untested granite contact to the north and south.
Click here for the full ASX Release
This article includes content from Caspin 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.
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18 June
Nine Mile Metals Maintains Nine Mile Brook Project Option with Third Anniversary Payment
NINE MILE METALS LTD (CSE: NINE) (OTCQB: VMSXF) (FSE: KQ9) (the "Company" or "Nine Mile") announces that it has proceeded with its third anniversary payment under its option to Purchase the remaining 50% of the Nine Mile Brook Project, dated November 28th, 2021, (the "Option Agreement") with Fiddlehead Mining Corp. ("Fiddlehead"). On January 17th, 2025, the Company received an extension from Fiddlehead until March 28th, 2025. To maintain the Option, the Company was required to pay $50,000 cash payment and complete $150,000 work in expenditures by the anniversary date. The company has successfully negotiated the cash payment and issued 3,333,333 common shares as payment, at a deemed price of $0.015. In addition, Fiddlehead has agreed to add the annual $150,000 minimum work expenditure commitment to the 4th year requirements.
This successfully allows Nine Mile Metals to keep the Option Agreement in Good Standing and pursue its priority exploration of the Flagship Nine Mile Brook VMS Project and its goal to discover additional High Grade VMS Len's.
The Nine Mile Brook Project consists of 50.02 square kms over 229 mining claims, 10kms west of the World-Famous Brunswick #12 Mine. Below is a summary of the 2022 Drill Program Certified Assay Results, previously announced, displaying the exceptional grades of the Nine Mile Brook Lens. (see Table 1 below)
Table 1: Nine Mile Brook VMS Lens Drill Program Certified Assay Results
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Drill Certified Assays:
(Sample #683512) 18.30 % Cu, 0.40 % Pb, 0.17 % Zn, 119 g/t Ag, 0.84 g/t Au)
(Sample #683542) 15.42% Cu, 2.45% Pb, 2.03% Zn, 173 g/t Ag, 1.05 g/t Au)
(Sample #683534) 16.85% Cu, 0.98% Pb, 0.57% Zn, 125 g/t Ag, 1.13 g/t Au)
"The team is looking forward to returning to Nine Mile Brook in Fall of 2025. With abundant geophysical targets already defined, drill hole selection involves the integration of our extensive datasets including the UAV magnetics, I.P. and Borehole electromagnetics (BHEM) and previous drill hole data, into a 3D model to best leverage the information. The Bathurst Mining Camp is structurally complex and having less than 1% outcrop, the team is committed to following the science and in particular, the advanced geophysics to guide us to success," stated Gary Lohman, VPX & Director.
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About Nine Mile Metals Ltd.:
Nine Mile Metals Ltd. is a Canadian public mineral exploration company focused on Critical Minerals Exploration (CME) VMS (Cu, Pb, Zn, Ag and Au) exploration in the world-famous Bathurst Mining Camp, New Brunswick, Canada. The Company's primary business objective is to explore its four VMS Projects: Nine Mile Brook VMS; California Lake VMS; Canoe Landing Lake (East-West) VMS and the Wedge VMS Projects. The Company is focused on Critical Minerals Exploration (CME), positioning for the boom in EV and green technologies requiring Copper, Silver, Lead and Zinc with a hedge with Gold.
ON BEHALF OF NINE MILE METALS LTD.
"Patrick J. Cruickshank, MBA"
Chief Executive Officer and Director
info@ninemilemetals.com
"Jonathan Holmes"
Director
jonathan@ninemilemetals.com
The disclosure of technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101 — Standards of Disclosure for Mineral Projects ("NI 43-101") and reviewed and approved by Gary Lohman, B.Sc., P. Geo., VP Exploration and Director who acts as the Company's Qualified Person and is not independent of the Company.
Forward-Looking Information:
This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of Nine Mile. Forward-looking information is based on certain key expectations and assumptions made by the management of Nine Mile. In some cases, you can identify forward-looking statements by the use of words such as "will," "may," "would," "expect," "intend," "plan," "seek, "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "could" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Although Nine Mile believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Nine Mile can give no assurance that they will prove to be correct.
The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.
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