The Conversation (0)
MTM Critical Metals Limited (ASX:MTM) (MTM or the Company) is pleased to advise that the diamond drilling program at the Pomme REE-Nb project in Québec, Canada (Pomme or the Project) is progressing rapidly since work recommenced in mid-July 2023 following suspension of activities due to forest fires near the Project area. A further two drill holes (POM- 23-02 & POM-23-03) have been completed for a total of 744 metres of diamond drilling. The rig has been mobilised to a new pad and has commenced drilling the next hole (POM-23-04) which is already at 281 metres depth.
Highlights:
- Further diamond drill holes intersect visible rare earth element (REE) mineralisation within the Pomme carbonatite complex
- Three holes completed, drilling continuing on the fourth hole, to test for higher-grade REE-niobium mineralisation
- ‘Scissor’ hole confirms mineralised zone in the southwest corner of the target area at shallower depths
- New zones of REE mineralisation intersected in northwest part of the carbonatite complex – confirming that mineralisation extends more than one kilometre to the north of the historical drill holes
- Sampling for detailed assays in progress, first results anticipated in early August
The team on-site at Pomme report that visible REE mineralisation has again been intersected in the recent drill holes. Hole POM-23-02 in the west of the carbonatite complex appears to be dominated by magnetic silicocarbonatite rocks and is less well mineralised. However, hole POM-23-03, which is a ‘scissor’ hole oriented back towards the south has intersected visual REE mineralisation interpreted to potentially be the up-dip continuation of extensive mineralisation observed in the first hole of the program (see MTM ASX announcement dated 6 June 2023). Hole POM-23-04 has intersected significant zones of visual REE mineralisation in an entirely new part of the carbonatite complex which has not previously been tested.
Commenting on the ongoing drilling program, MTM Managing Director Lachlan Reynolds said:
“These latest drill holes from the Pomme project are starting to shape our understanding of the geology within the Pomme carbonatite complex and the distribution of the rare earth element mineralisation within it.
The work to-date has confirmed that mineralisation extends more than one kilometre to the north of the historical drill holes, indicating that it is a very big system. We are excited to be now testing new areas of the carbonatite complex in an effort to discover higher- grade mineralisation that could be a new REE resource.”
DIAMOND DRILLING PROGRAM UPDATE
A program of diamond drilling is continuing at Pomme after a delay due to forest fires near the Project area (see MTM ASX announcement dated 14 July 2023). Since re-mobilising, a further two drill holes have been completed in the southwest and west part of the Pomme carbonatite complex and another hole is in progress (Appendix 1, Figure 1). Drilling has been very rapid, principally because the carbonatites are relatively soft and easy to drill.
Figure 1: Diamond drilling status at the Pomme project showing historical and current diamond drill hole collar locations. Image is gridded airborne magnetic survey data (TMI, 1VD).
Figure 2: Cross section on line 389,100mE showing historical and current diamond drill holes and a schematic interpretation of intersected mineralised zones. Assays are still pending for the zones of visual REE mineralisation.
Hole POM-23-02 (Figure 2) was completed at a depth of 330 metres downhole (Appendix I). This hole was collared approximately 500 metres to the north of POM-23-01, which intersected in excess of 500 metres of visible REE mineralisation (assay results still pending). The hole principally intersected silicocarbonatite rocks containing low grade to trace mineralisation, mainly in veins and fractures (Appendix II, see Figure 3 below of core section). The silicocarbonatite was quite magnetic, corresponding to the observed anomaly on airborne magnetic images.
Click here for the full ASX Release
This article includes content from MTM Critical Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
MTM:AU
Stage Two Gold Proceeds Exceed $18 Million. Highest Price Achieved is $3,727 per Ounce.
HIGHLIGHTS
- Gold sales for 2024 exceed $18.23 Million.
- Current campaign gold sales reach $13.77 Million.
- Highest gold price achieved is A$3,727 per ounce.
- 154,000 tonnes delivered to the Mill, haulage continuing.
- Current campaign to conclude on 4 September 2024.
- First cash of $3.0 Million to be received by Auric shortly.
Managing Director, Mark English, said: “Gold has sold at up to $3,727 per ounce during August with more to come.
“BML have delivered in excess of 154,000 tonnes to the Coolgardie mill with haulage and milling continuing. Some of that ore will be processed in another campaign later in the year. The current campaign is continuing to produce thousands of ounces of gold.
“Already we have passed $13.77 Million in gold sales for this current campaign of the year and total gold sales for 2024 passing $18.23 Million. We are in the middle of a highly successful time for the Company.
“By the middle of September, Jeffreys Find Gold Mine is expected to generate in excess of $25 Million in gross gold sales for 2024. This current campaign is due to finish in early September. Unforeseen power outages and some inclement weather have slowed the whole process down, but we are hopeful more than 130,000 tonnes of the 150,000 tonne allocation at the Mill will get utilised in this campaign.
“A further campaign is planned at the Greenfields Mill towards the end of this year.
“The mill contract is to process 300,000 tonnes in 2024 so everyone is focussed on making that happen,” said Mr English.
Photo: Jeffreys Find doré bars at Greenfields Mill.
The Greenfields Mill (Greenfields or Mill) is contracted to process up to 150,000 tonnes of ore for the current campaign through Auric’s Joint Venture partner, BML Ventures Pty Ltd of Kalgoorlie (BML). As of 25 August 2024, just over 110,000 tonnes have been processed by the Mill.
Click here for the full ASX Release
This article includes content from Auric Mining, 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.
Large Copper - Antimony System at Bulla Park
Highlights
- Previous diamond drilling shows broad intervals of disseminated copper - antimony mineralisation
- Previous intercepts have contained significant sulphidic copper and antimony mineralisation, such as:
- 89m at 0.30% Cu and 0.10% Sb, including 33m at 0.47% Cu and 0.15% Sb (19CA002, 176m to 265m)
- Copper grades up to 1.46% Cu (19CA002, 246m to 247m)*
- Antimony grades up to 0.5% Sb (19CA002, 246m to 247m)*
- Copper and antimony grades increase towards a broad zone of faulting targeted by recently drilled diamond hole BPD09 (assays awaited)
Mineralisation is dominantly tetrahedrite (copper - antimony sulphide) and minor chalcopyrite and stibnite (antimony sulphide). Antimony grades in previously assayed drill hole intercepts are approximately 30% to 35% of the copper grade, reflecting the theoretical composition of tetrahedrite (Cu12Sb4S13).
Recently drilled BPD09 (see ASX release of 13 August 2024) was designed to test an interpreted fault zone where higher copper – antimony grades were anticipated. The hole successfully intersected a broad zone from 120m to 338m (218m) of faulting, fracturing, disseminated copper- antimony sulphides, siderite alteration, veining and stockworks, and tectonic and hydrothermal breccias. The core samples from BPD09 are currently in a laboratory undergoing preparation. Assay results are expected to be received during September.
* See Appendix 1 for complete Cu and Sb assays for drill hole 19CA002
Antimony grades at Bulla Park follow the copper distribution. High grades of copper are found with better antimony grades. Apart from the dominant antimony mineral tetrahedrite, stibnite occurs as radiating needles in fractures and makes up about 10% of the antimony content.
Further drilling is planned to extend the major fault zone containing broad intervals of disseminated copper-antimony mineralisation.
Antimony
Antimony (Sb) is a designated critical mineral in many countries and is used in military applications, solar cells, fire retardants and as a strengthening agent in alloy production.
China supplies 56% of the global antimony production and has decided to restrict exports of antimony from 15 September 2024, claiming that its strategic reserves are too low to allow further exports. This has caused the price of antimony to increase significantly to approximately US$23,000/t as USA and European users seek to secure supply. (source: www.reuters.com)
Previous Results at Bulla Park
A characteristic of the Bulla Park deposit is consistency of copper and antimony grades over wide intervals (historical drilling intersected stratabound zones outside of the fault zone, where better grades are anticipated).
Table 1: Summary of historical assay results of copper-antimony mineralisationResults reported using 0.2%Cu cut-off
In previous drilling, both the copper and the antimony grades increase towards the newly intersected fault zone recently targeted by BPD09 (assays awaited). The nearest previously drilled historical hole to the fault zone is 19CA002, which includes 7m of 0.27%Sb and 0.71% Cu from 245m.*
Click here for the full ASX Release
This article includes content from West Cobar Metals 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.