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Breaker Resources NL (ASX: BRB; the Company or Breaker) wishes to advise that it has now received all the assay results from the co-funded EIS diamond drilling program at its 100% owned Ularring project in Western Australia. This announcement contains the freshly received assay results and preliminary interpretations.
Drill holes intersected low grade copper, silver and gold mineralised zones at both the historical Centre Forest copper-gold prospect and further to the north west of the tenement at the West Target EM anomalies.
Mineralisation occurs as sulphides, mostly pyrrhotite with minor chalcopyrite and occasional pyrite and bornite, disseminated at the contact or within narrow granitic bodies or breccias.
Centre Forest drilling
A line of four diamond holes (BUDD0002, BUDD0003, BUDD0004 and BUDD0005) were drilled at the Centre Forest copper-gold prospect across the Meenar shear zone, directly east of the historical drilling. The aim was to test multiple historical surface metal anomalies and have a better understanding of the lithologies, structures and style of mineralisation associated with the complex geology of the Meenar shear zone. At Centre Forest, intervals such as 61m at 0.87g/t Au and 25m at 0.47g/t Au and 0.18% Cu were reported by previous explorers (WAMEX Report A64958). It is suspected that those down-hole intervals are sub-parallel to the mineralisation.
BUDD0002 was abandoned at 63.7m due to drilling issues associated with ground conditions and redrilled one meter East as BUDD0003. Silver mineralisation was intersected in BUDD0002 near the start of the hole, with 27.8m at 2.2g/t Ag from 3.7m.
BUDD0003 intersected a sequence of gneisses and granulites intruded by a variety of granitoids and pegmatites before being abandoned at 358.8m because of drilling issues. The hole initially intersected silver mineralisation near the top with 2.7m at 4.37g/t Ag from 1.3m, repeating similar low grade silver mineralisation in comparison to BUDD0002 but on a much shorter interval. The hole then intersected up to ~1% sulphides (pyrrhotite, chalcopyrite, bornite) associated with pegmatite dykes, returning 17.8m at 0.18% Cu from 341m, including 1.13m at 0.58% Cu, 2.28g/t Au and 1.34g/t Ag from 350m and 1m at 0.22% Cu, 1.36g/t Au and 1.5 g/t Ag from 357m.
BUDD0004, drilled to 249.3m, intersected the same lithologies as BUDD0003. Limited mineralisation was intersected in this hole, with the best intercept being 1.1m @0.18% Cu and 1.45g/t Ag from 213.02m.
BUDD0005 was drilled to 322.7m and intersected a sequence dominated by banded iron formations and mafic to ultramafic units before entering a package dominated by gneisses and granulites intruded by a variety of granitoids and pegmatites. Up to 2% disseminated sulphides consisting of pyrrhotite, pyrite ± chalcopyrite were intersected in foliated fine grain gneisses, returning 3.89m at 0.17% Cu from 171.61m.
Minor sulphides up to 0.5% pyrrhotite, pyrite ± chalcopyrite were also intersected within the banded iron formations, but returning only 1m at 0.1% Cu.
Fig 1: Schematic cross section of the drilling at Centre Forest, looking NW
Samples from the drill program were assayed by ALS laboratory in Perth for a wide range of elements using fire assay and four acid digest to cover any potential type of mineralisation.
This includes lithium and other metals of the rare element class following the intersection of numerous pegmatite bodies. Assay results did not return any lithium or other rare metals mineralisation associated with the intersected pegmatites.
A list of selected assay results and elements is located in Annexure 1.
Table 1: Drillhole locations
West Target drilling
The first diamond hole BUDD0001 was designed to test the “West Target”, and historical geophysical anomalies (FLTEM) interpreted to be sulphidic in nature, associated with copper anomalies at surface in soil, and never drill tested. BUDD0001 intersected a package of folded and foliated mafic and felsic gneiss intruded by granitic and pegmatitic dykes. The hole successfully intersected the two historically modelled conductors at 47m and 112m respectively. Both conductors consist of similar sulphidic breccias with a pyrrhotite ± chalcopyrite ± pyrite matrix (~30%) surrounding clasts (up to several cm) of quartz-rich pegmatite dykes. The rest of the sequence consists of various gneisses and granulites as well as banded iron formations. Mineralisation associated with the sulphidic conductors consist of 1.13m at 1.83g/t Ag and 0.12% Cu from 46.39m and 0.84m at 1.95g/t Ag and 0.12% Cu from 111.5m.
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This article includes content from Breaker Resources NL, 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.
BRB:AU
Crown Prince Maiden Ore Reserve & Feasibility Study Results
HIGHLIGHTS
- New Murchison Gold Limited (ASX:NMG) is pleased to announce the results of a Feasibility Study into the Crown Prince Gold Deposit (Crown Prince Feasibility Study) in WA which outlines pre-tax cash flow of $226m (undiscounted) over a period of 30 months at current spot gold prices (A$4,385/oz).
- Capital expenditure required to commence production of $5.4m is very low relative to peer gold projects given the Company’s Ore Purchase Agreement (OPA) with Westgold Resources Limited (WGX or Westgold).
- NMG is also expecting to be able to utilise its substantial tax loss position (30-Sep-24: $84.4m in accumulated losses, $76.4m usable)1 to offset tax liabilities on initial pre-tax profits from Crown Prince.
- 140koz contained ounces of gold are to be mined and trucked to WGX over 30-month open pit.
- Upside in potential underground mine below the pit, which will be studied in 2025.
- NMG’s production plan is based on Ore Reserves only. Contained ounce production profiles in the study comprise only that material delineated in Ore Reserves (estimated using a A$3,250 /oz gold price assumption) for the project.
- Commencement of mining is expected in June 2025 with first ore sales scheduled in August 2025. Mining and environmental approval documentation was submitted to relevant regulators and counterparties in late 2024.
- The Crown Prince Feasibility Study (FS) was completed in January 2025 and demonstrates sound financial returns based on:
- An updated Mineral Resource Estimate (MRE) of 2.205Mt @ 3.Gg/t for 27Gkoz2
- An Ore Reserve estimate for Crown Prince Project of 0.8G million tonnes @ 4.8g/t gold (Au) containing 140,000oz Au.
- Crown Prince ore sold at the mine gate under an Ore Purchase Agreement (OPA) for haulage to Westgold’s Bluebird Mill south of Meekatharra.
- Production from the Crown Prince Open Pit only, which is covered by the granted mining leases.
- Next steps to expand the resource base are to assess Crown Prince underground potential and other deposits including Lydia and New Murchison King. These were not considered in the FS.
- The FS Life of Mine (LOM) production schedule metrics are shown on Table 1. Financial results with sensitivity to gold price, are shown in Table 2. Summary of LOM Cash Flow is shown in Figure 1.
Table 1: Production Schedule Metrics – Crown Prince Open Pit
Table 2: Financial Results (AUD)
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This article includes content from New Murchison Gold 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.
December 2024 Quarterly Activities Report & Appendix 5B
Key Developments & Exploration Progress
- Major untested conductive and phase anomaly were both identified proximal to each other within Altair’s Olympic Domain Project which is highly prospective for IOCG style mineralisation.1
- The newly uncovered conductive and phase anomaly body1 located ~5km Northwest of BHP Oak Dam Deposit (1.34Bt @ 0.66% Cu & 0.33g/t Au)2
- Ovoid conductive anomalous body shares parallels to those of Khamsin and Carrapateena deposits, with a follow up with TEM survey that can precisely identify the depth of the body for drill targeting1
- Previous drilling appears to have narrowly missed the newly identified phase anomaly with impressive results on the mineralised halo surrounding the target anomaly1, 5, 6, 7:
- HWDD08: 115m @ 0.32% CuEq from 1040m (Drilled ~2km North of main phase anomaly)
- HWD1: 61m @ 0.33% CuEq from 901m
- HWDD05: 115m @ 0.62% CuEq from 1095m (Drilled ~700m North of conductive high)
- HWDD05W1: 70m @ 0.67% CuEq from 962m
- Altair executive team continued reviewing multiple complimentary business opportunities in the resources sector globally.
OLYMPIC DOMAIN PROJECT
The Olympic Domain Project consists of three prospects (Horse Well, Pernatty C, Lake Torrens) situated in one of the largest copper provinces in the world – the Gawler Craton, which hosts mega-IOCG discoveries such as Oak Dam West, Olympic Dam, Prominent Hill and Carrapateena.
Figure 1: Horse Well Total Magnetic Intensity (TMI) overlaid with TMI variable reduction to pole (VRTP) 2nd derivative - SARIG. Shown are two of Altair’s key high-priority magnetic targets1.
The Horse-Well Project represents a strategic opportunity for Altair, being the only project held by a junior exploration company in the vicinity (merely 2km away) of BHP’s Oak Dam West discovery with a recently defined inferred resource of 1.34Bt @ 0.66% Cu and 0.33g/t Au, including 220Mt @ 1.96% Cu and 0.68g/t Au2. The Horse-Well Project consists of EL’s 6122 and 6183 spanning a large area of 147km2 with initial drill results within geophysical anomalies having returned very positive levels of Cu-Au mineralisation associated with IOCG style alteration, with the possibility that these represent intersections peripheral to major targets.
During the quarter, Geophysical Audio Magnetotelluric (AMT) data acquired across Horse-Well in 2019 reprocessing was finalised as part of Altair’s strategy for the next step in targeted work plans. The 3D forward geophysics model has defined major conductive and phase anomalous bodies which has shown significant scale to host a potential large IOCG deposit which is analogous to the genesis of the Oak Dam Deposit.
The AMT data model includes 220 different sounding stations covering an area of 146km2, with conductivity and phase readings across a spectrum of 90 frequencies at each sounding station with additional repeat soundings for both Conductivity and Phase, leading to a model formed from analysing ~40,000 data points. For further detail see announcement dated 4th of December 20241
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This article includes content from Altair 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.
