- AustraliaNorth AmericaWorld
Investing News NetworkYour trusted source for investing success
- Lithium Outlook
- Oil and Gas Outlook
- Gold Outlook Report
- Uranium Outlook
- Rare Earths Outlook
- All Outlook Reports
- Top Generative AI Stocks
- Top EV Stocks
- Biggest AI Companies
- Biggest Blockchain Stocks
- Biggest Cryptocurrency-mining Stocks
- Biggest Cybersecurity Companies
- Biggest Robotics Companies
- Biggest Social Media Companies
- Biggest Technology ETFs
- Artificial Intellgience ETFs
- Robotics ETFs
- Canadian Cryptocurrency ETFs
- Artificial Intelligence Outlook
- EV Outlook
- Cleantech Outlook
- Crypto Outlook
- Tech Outlook
- All Market Outlook Reports
- Cannabis Weekly Round-Up
- Top Alzheimer's Treatment Stocks
- Top Biotech Stocks
- Top Plant-based Food Stocks
- Biggest Cannabis Stocks
- Biggest Pharma Stocks
- Longevity Stocks to Watch
- Psychedelics Stocks to Watch
- Top Cobalt Stocks
- Small Biotech ETFs to Watch
- Top Life Science ETFs
- Biggest Pharmaceutical ETFs
- Life Science Outlook
- Biotech Outlook
- Cannabis Outlook
- Pharma Outlook
- Psychedelics Outlook
- All Market Outlook Reports
Gidji JV Exploration Update
Drilling Advances With Extensions Observed At New Lithium Project - Turner River, WA
QX Resources Limited (ASX: QXR, ‘QXR’ of the ‘Company’) has been advised of encouraging indications of significant areas of potential lithium bearing pegmatites observed in drill pads and drill chips at QXR’s 100%- owned Turner River hard rock lithium project (Carbonate Hill prospect). These indications extend beyond the area with previously reported high grade rock chip samples of 1.6% Li2O, 1.1% Li2O and 4.9% Li2O (refer QXR ASX announcements 8 Nov, 10 Nov, 12 Dec and 30 June 2022).
- RC drilling has advanced at QXR’s Turner River hard rock lithium project with 6 holes completed of a planned 1500 metre maiden drill programme.
- Pegmatites and potential lithium rich micas have been intersected in drilling, based on visual observations.
- Encouraging indications of significant areas of pegmatites were observed in drill pads and drill chips, extending beyond the previously sampled area of high grade lithium rock chip results.
Six holes have been completed (564m) of a maiden 1,500 metre RC drilling programme over an area of 400m x 300m in four drill “fences” at the Turner River hard rock lithium project, located 15 km to south-east of Mineral Resources’ Wodgina lithium mine located within the Pilbara lithium province of Western Australia (Figures 2,3).
Pegmatites and potential lithium rich micas have been intersected, based on visual observations, which has achieved the aim of the drill programme. Discussions are underway to extend the drill programme further.
Drilling is targeting the potential for either lithium mica and spodumene bearing pegmatites, or a new style of large tonnage hard rock lithium deposit hosted near the top of a large granite body rich in lithium micas. Results are anticipated in six weeks.
Managing Director Steve Promnitz said: “Observing considerable lithium micas and pegmatites in drill pads and drill chips is an excellent sign as it indicates the potential for a much larger target than previously sampled at surface. QXR is pursuing a large tonnage lithium project and this is an excellent start.”
Click here for the full ASX Release
This article includes content from QX 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.
QX Resources Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects
GET YOUR FREE INVESTOR KIT
QX Resources
Overview
The encouraging growth of electric vehicles (EVs) is having positive effects on the demand for battery metals such as lithium. Global lithium consumption is expected to reach 1,427 kt of lithium carbon equivalent (LCE) in 2025, up from 797 kt of production in 2022, according to a Q2 2023 report from Australia’s Office of the Chief Economist. Recent lower pricing of lithium in the spot market has not changed the underlying global growth of EV’s and the geopolitical supply risks in the supply chain.
EVs are driving the rising demand for lithium-ion batteries resulting in the growth of the market globally. This puts the focus on junior mining companies that are busy developing critical mineral projects around the world especially with potentially lower operating costs long term. With lithium prices experiencing a downward trend, now could be an opportune time for investors to get into the lithium space as it remains a critical element for batteries and electric vehicles. With lithium assets in Tier 1 mining jurisdictions, Australia-based QX Resources (ASX:QXR) offers investors exposure to this rapidly expanding market.
QXR’s lithium strategy is centered around the development of its Liberty Lithium Brine Project in California and a portfolio of lithium projects within the Pilbara region of Western Australia. Liberty Lithium is one of the largest single lithium brine projects in the US with contiguous claims over 102 square kilometres (equivalent to twice the area of Sydney Harbour). The geological setting of the project mirrors Albemarle’s Silver Peak lithium brine deposit in Clayton Valley, Nevada, and major Argentina brine projects. Like Silver Peak, QXR’s Liberty could be a large-scale, producing lithium brine asset.
Downstream producers in the US, including automakers, are in need of securing lithium supply, especially if domestic supply is available. As such, automakers in the US have been making significant investments in lithium projects. The most recent was a $100-million investment by Stellantis into Controlled Thermal Resources, which owns a lithium project in California. It is encouraging to note growing interest from end-users investing directly into projects making Liberty Lithium an attractive opportunity.
The company has an indicative development plan involving drilling, sampling and testwork starting with two permitted drill holes over the main part of the surface lithium anomaly, planned for November-December 2023. The aim is to identify lithium-bearing brine aquifers at depth, which is anticipated to lead to detailed drilling toward an initial resource by mid-2024. QXR has sufficient financial muscle to carry out the drilling and other work, especially with the recent AU$3 million raise via a private placement and access to an additional AU$3 million under an at-the-market (ATM) facility.
QXR intends to collect large volumes of lithium brines and submit them for testwork with various direct lithium extraction (DLE) providers. DLE technologies has the potential to significantly increase the supply of lithium from brine projects given higher recoveries, along with the bonus of sustainability and ESG benefits. A number of proven DLE technologies are emerging and being tested at scale, presenting an opportunity for QXR to find strategic partners.
The company is headed by managing director Steve Promnitz, who has a proven track record in the lithium sector. He successfully transformed Lake Resources, a lithium brine developer, from a $1-million market value private company to an ASX-listed company with an AU$2.1-billion market capitalization upon his departure in 2022. His geology and chemistry background along with experience of working in major mining companies, such as CRA and Rio Tinto, should prove beneficial for QXR.
Company Highlights
- QX Resources is an Australia-based company focused on the exploration and development of battery minerals, with a huge lithium brine project in the US, hard rock lithium assets in a prime location in Western Australia (WA), copper-molybdenum-gold assets in Queensland and a strategic investment in nickel sulphides in Sweden.
- Liberty Lithium Brine Project, located in California, is considered analogous to Albemarle's Silver Peak deposit and is one of the largest single lithium brine projects in the USA with contiguous claims over 102 square kilometres.
- The potentially large-scale lithium brine project located in the US is of significant importance, as participants in the electric vehicle value chain are aggressively seeking to secure domestic battery minerals supply to balance potential supply-side geopolitical risks to the energy transition.
- QXR has commenced drilling of the Liberty Lithium Project and secured AU$3 million in funding in late 2023 along with access to an additional AU$3 million under an at-the-market facility. The target is to publish an initial resource on the project by mid-2024.
- Additionally, the fundraise also offers flexibility to ramp up exploration activities across its Pilbara lithium hard rock project which are also very exciting prospects. It has four lithium hard rock projects in the Pilbara Province spanning 350 square kilometres and in proximity to some of Australia’s largest lithium deposits and mines.
- The company's other assets include the copper-gold-molybdenum project in Queensland and a 39-percent stake in Bayrock Resources, which owns a portfolio of battery metals projects in Sweden.
Key Projects
Liberty Lithium Brine Project
QXR has entered into a binding agreement with vendor IG Lithium LLC (IGL) to acquire a 75 percent interest in the Liberty Lithium Brine Project in California. Separately, QXR agreed to purchase a small package of leases adjacent to Liberty Lithium to consolidate the area, requiring payment of US$100,000 cash and QXR shares of the same value to the third-party leaseholder.
The Liberty Lithium Brine Project, located in SaltFire Flat, California, is made up of 1,269 contiguous claims over 102 square kilometres (10,230 hectares). It is one of the largest single lithium brine projects in the US. The project is located near long-life evaporation operations and is well-serviced by roads and power in a region keen to be part of the energy transition.
Project Highlights:
- Promising Geology. The project has a similar appearance to well-known lithium brine projects in Argentina/Chile, increasing confidence in the potential for large-scale lithium discovery. QXR has indicated it is seeing significant local county and regulatory interest in developing Liberty Lithium towards production, driven by the support for battery minerals production in this part of California.
- Strong Sampling Results. Sampling at the project has returned up to 215 mg/L lithium in brine at surface. These elevated lithium results extend over an impressive distance of 10 kilometres, demonstrating the robust potential of the Liberty Lithium Project. Similar nearby brine projects, such as Pure Energy Minerals’ Clayton Valley project just across the California/Nevada border, are advancing to potential economic development on lower grades downhole of 110 to 160 mg/L lithium. Geophysical analysis shows a large basin over 1,000 metres deep and indicating brine aquifer targets at depth.
- Drill Program Underway. QXR has undertaken a diamond drill program with two permitted drill holes totaling 1,000 metres, along with downhole sampling and geophysics, targeted at the centre of the surface lithium anomaly. Drilling began in November-December 2023 and is continuing in early 2024. Bulk volumes of lithium brines will be submitted for testwork with various DLE providers. The aim is to identify lithium-bearing brine aquifers at depth, which is anticipated to lead to an initial resource by mid-2024.
- Future Partnerships. End-users, DLE technology providers, project developers, and battery makers have already intimated interest in participating with QXR once lithium brines are identified in drill holes.
Hardrock Lithium - Pilbara
In addition to its California asset, QXR has a highly prospective portfolio of lithium projects within the Pilbara region of Western Australia, covering a combined area of 355 square kilometres. The portfolio comprises four hard rock lithium projects - Turner River, Western Shaw, Split Rock and Yule River.
Turner River Project
The Turner River lithium project is located about 120 kilometres south of Port Headland and is accessible via the Great Northern Highway. It is located about 12 kilometres south of the Woodgina lithium mine site, one of the world’s largest hardrock lithium deposits.
Rock chip sampling at the Turner River Lithium project returned grades of up to 4.90 percent lithium oxide in samples of lepidolite. Assay results from additional rock chip sampling returned 1.6 percent and 1.1 percent lithium oxide. Pegmatites have been observed in other areas at Turner River, which will be drilled in future drilling campaigns.
Western Shaw Lithium Project
The project spanning 96 square kilometres is located 220 kilometres southeast of Port Hedland in Western Australia with access via the Great Northern Highway. Multiple pegmatites have been identified and sampled in the west and south of QXR’s Western Shaw leases. Pegmatites appeared larger and more abundant in the southern section. Numerous pegmatites returned encouraging lithium results from mobile XRF analysis. Eighteen samples returned between 300 and 600 parts per million (ppm) lithium in pegmatites at Western Shaw.
Split Rock Project
The project covers an area of 35 square kilometres and is approximately 200 kilometres southeast of Port Hedland and 180 kilometres north of Newman. It is located along the southeast margin of the Split-Rock Supersuite, which is considered regionally prospective for lithium-bearing pegmatites. The project is easily accessible via an established road network. The proximity to Thor Mining’s (ASX: THR) Ragged Range project, which has reported a number of targets prospective for lithium within its tenement area, is encouraging. The project is likely to also be prospective for base metals including copper, lead, zinc, silver and gold, given the numerous base metals prospects that occur along the north and south margins of its tenement.
Central Queensland Gold Projects
QXR is developing two Central Queensland gold projects (the Belyando and Lucky Break Mines) through an earn-in agreement with Zamia Resources. QXR currently owns 70 percent of Zamia Resources and has the ability to earn up to 90-percent interest by spending a further $1 million on exploration and project development works. Both gold projects are strategically located within the Drummond Basin, a region that has a more than 6.5-Moz gold endowment.Map of Locations of Zamia’s Exploration Tenements in Australia
In addition to the two gold projects, Zamia owns an advanced-stage pure Molybdenum (Mo) deposit in Central Queensland, the Anthony Molybdenum Project. The project is adjacent to major sealed roads and near rail and energy support. The Anthony Project has a JORC-2012 compliant indicated and inferred mineral resource estimate of 24,700 tonnes (53.7 million pounds) of contained molybdenum in sulphide, transition (partial oxide), and oxide zones from surface.
Bayrock Resources
QXR holds 39 percent of Bayrock Resources, an unlisted public Australian company, which has a portfolio of battery minerals exploration and development assets in Sweden, primarily in nickel, cobalt and copper. The two main projects include the Lainejaur Project and the Vuostok Project within the Northern Nickel Line. Bayrock is fully funded to carry out its planned exploration activities at the Lainejaur Ni-Cu-Co project and the Vuostok project.
The Lainejaur project is an advanced-stage nickel-dominated battery metals asset, where recent drilling (July 2023) has returned 4.7 metres at 2 percent nickel, 1.6 percent copper and 0.1 percent cobalt from 283 metres downhole. The project has an existing JORC 2012 inferred mineral resource estimate of 460,000 tonnes @ 2.2 percent nickel, 0.15 percent cobalt, 0.70 percent copper, 0.68 g/t palladium, 0.20 g/t platinum and 0.6 5g/t gold.
The Northern Nickel Line covers nearly 340 square kilometres comprising five exploration permits over areas favourable for nickel-copper-cobalt in Northern Sweden. The primary focus within the Northern Nickel Line is the Vuostok Project, where a diamond drill program has returned encouraging results, so far. High-grade nickel-copper has been intersected including 6.9 metres at 1.2 percent nickel, 2.2 percent copper from 5 metres downhole, and in another drillhole with 6.2 metres at 1.2 percent nickel, from 11 metres downhole.
Management Team
Maurice Feilich – Executive Chairman
Maurice Feilich has been involved in investment markets for nearly 30 years, commencing his career as an institutional derivative broker at McIntosh Securities in 1998. He joined Tricom Equities in 2000 as head of equities, and in 2010, became a founding partner of Sanlam Private Wealth. Feilich has a track record of success and solid networks in the small resources sector.
Steve Promnitz – Managing Director
Steve Promnitz has significant experience in the resources sector, having worked in the gold sector with major and mid-tier producers as well as across the battery minerals of copper, nickel and rare earths. Previously, he was CEO of small/mid-tier companies and has held senior management roles with global resource companies (Rio Tinto, WMC) and senior corporate finance roles with major banks (Westpac, Citigroup). Promnitz successfully transformed Lake Resources, a lithium brine developer, from a $1-million market value private company to an ASX-listed company with an AU$2.1-billion market capitalization at the time of his departure. He holds a BSc (Hons) from Monash University.
Ben Jarvis – Non-executive Director
Ben Jarvis has extensive experience in the small resources sector as both a public company director and strategic advisor. Since 2011, he has been a non-executive director of South American-focused gold and silver mining company, Austral Gold (ASX:AGD) which is dual-listed on the Australian Securities Exchange and the Toronto Venture Exchange (TSX-V: AGLD). Jarvis is the managing director and co-founder of Six Degrees Investor Relations, an Australian advisory firm he formed in 2006 that provides investor relations services to a broad range of companies listed on the Australian Securities Exchange.
Roger Jackson – Non-executive Director
A qualified geologist with a career spanning more than 25 years, Roger Jackson has considerable experience in mineral exploration, mine management, mining services and the marketing of mineral concentrates. Jackson is the founding director of a number of companies including Central Gold Mines, Bracken Resources, and Hellyer Gold Mines. He is a long-standing member of the Australian Institute of Company Directors, member of the Australian Institute of Geoscientists, fellow of the Geological Society of London and a fellow of the Australasian Institute of Mining and Metallurgists.
Dan Smith – Non-executive Director & Company Secretary
Dan Smith holds a Bachelor of Arts and is a fellow of the Governance Institute of Australia. He has 14 years of primary and secondary capital markets expertise and has advised on and been involved in a number of IPOs, RTOs and capital raisings on the ASX and NSX. Smith serves as non-executive director and company secretary of a number of companies on ASX and AIM.
This article was written in collaboration with Couloir Capital Ltd.
Investor Presentation Fiery Creek Georgetown
FIERY CREEK COPPER PROSPECT
- Georgetown Project Queensland
- Fiery Creek Copper Prospect
- 29 square kilometre Yataga Granitoid Intrusive Complex
- Identified as potential massive scale constrained copper porphyry system
- Targeting millions of tonnes of contained copper in “pencil porphyry style” Cadia type system
- 1,000 mines, prospects, mineral occurrences in Georgetown District
- 3 exploration permits covering 850km2
- Significant historical gold production, very little systematic modern exploration
- Gold, lithium, silver, lead, zinc, copper, tin, tantalum, niobium, uranium, fluorine and molybdenite
- 8 potential scale prospects gold, copper, silver lead identified to date
- 23% copper, 14 ounces silver (460 g/t)* from rock samples in quartz breccia hosted veins at Fiery Creek
- Hosted within the massive Yataga Granitoid Complex
- 1600m x 750m outcropping copper veining up to 2m wide
- Interpreted shallow constrained, scale porphyry copper system
- Veining has extensive secondary copper mineralisation at surface
- Multi element assays point to possibility of a significant copper polymetallic system
- Pathfinder element anomalism widespread
- 2 geochemistry surveys completed by EMU
Click here for the full ASX Release
This article includes content from EMU 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.
EIS Grant for Minnie Springs Copper Porphyry Drilling
Augustus Minerals (ASX: AUG; “Augustus” or the “Company”) is pleased to advise the grant of a co-funded EIS drilling grant of up to $110,000 for the Minnie Springs Cu-Mo project in the Gascoyne Region. Augustus thanks the State Government and DEMIRS for supporting exploration in Western Australia with these grants.
- Augustus Minerals has been granted a co-funded drilling grant of up to $110,000 for 2 x 700m deep diamond drill holes under the WA Government’s Exploration Incentive Scheme (EIS) for the Minnie Springs prospect.
- The deeper diamond drill program is designed to test and to provide a 550m deep, 1km wide geological/geochemical/structural cross-section through the large 3km long by 1km wide copper moly porphyry system, linking the Mo mineralised leucogranite to the extensive Cu in soil anomaly to the northeast.
- Previous RC drilling at Minnie Springs intersected mineralisation, geology and alteration halo consistent with the zoning of a large porphyry copper / moly system.
Andrew Ford, GM Exploration
“The Company is pleased to receive an EIS grant to complete deeper drilling at the Minnie Springs Copper Molybdenum Project. The resultant data will enable mapping of the lithology and alteration to a depth of 550m and potentially intersect, or provide vectors to, higher grade Mo-Cu mineralisation using a Mo-Cu porphyry geological model”.
Minnie Springs
Minnie Springs hosts porphyry related copper molybdenum mineralisation previously drilled and defined by Catalyst Metals. A molybdenum Exploration target has been defined for the historicdrillingareacomprisedofbetween12-84Mtasoutlinedbelow (Table 1 and Figure 1, 2.)1.
Table 1. Exploration target size estimate for Minnie Springs Molybdenum depositNote: Based on ~300 ppm cut-off at 100% recovery.
The potential quantity and grade of the exploration target is conceptual in nature, there has been insufficient exploration to estimate a Mineral Resources, and it is uncertain if further exploration will result in the estimation of a Mineral Resource.
The planned diamond drilling will complement the recently completed 3,200m RC drilling program that infilled around hole MSRC012 (18m @ 0.37% Cu and 9.7 g/t Ag from 94m downhole, and 16m @ 0.38% Cu and 19.4g/t Ag from 121m downhole2) and tested the northern half of the 2km long copper-in soil anomaly. Assays from this program are expected to become available over the next month.
The limited exploration in the region, highlighted by 95% of the Ti-Tree project having no previous exploration, demonstrates the prospectivity of this underexplored mineral province.
Click here for the full ASX Release
This article includes content from Augustus 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.
Quarterly Activity Report 31 March 2024
EMU NL (ASX: EMU) (“EMU” or “the Company”) is pleased to report on its activities for the quarter ending 31 March 2024.
Figure 1. Fiery Creek Copper Prospect/Yataga Granodiorite summarizing rock (brown diamonds) and termite mound sample results (black crosses)
Continuing with its primary exploration focus on the Georgetown project in the latter half of 2023, EMU received assay results during the quarter from its second, in field reconnaissance work. The geochemical sampling programme covered the Fiery Creek high grade copper vein swarm and the Snake Creek prospects with significant element results returned from the Fiery Creek Copper (elevated Cu-Au-Ag-Bi-In-Pb-Sb-Te) and Snake Creek (elevated Pb-Ag-Au-Sb).
Whilst the survey was cut short due to inclement weather, EMU was encouraged by the significant success reflected in the assays results. The results from mineralogical studies confirmed EMU’s interpretation of an indicative, scale Copper-Porphyry system at the Fiery Creek prospect and was a highlight of the survey with new information building on the scale and potential of the prospect1.
Assay results returned included:
- Fiery Creek rock assay results up to 23.5% Cu, 0.27ppm Au, 460ppm Ag, 1.9% Bi, 89ppm In, 2.7% Pb, 667ppm Sb, 1470ppm Zn2.
- evidence of strong potential for the presence of critical and strategic minerals (Cu, Bi, In), with precious and base metals.
- evidence of alteration mineralogy, mineralisation geochemistry and areal extent of the Fiery Creek quartz-Cu-Bi vein swarm strongly suggesting a previously unrecognised subjacent porphyry Cu-Mo system.
- Yataga Granitoid Complex termite mound and coincident rock chip sampling returned several anomalous polymetallic zones for follow up.
- Snake Creek Prospect assays returned 0.20ppm Au, 390ppm Ag, 22.4% Pb, 464ppm Sb1.
Significant results were returned from the Fiery Creek Copper prospect with elevated Cu-Au- Ag-Bi-In-Pb-Sb-Te and from the Snake Creek prospect with elevated Pb-Ag-Au-Sb.
The elevated pathfinder element results and a macro-petrology assessment3 of rock samples completed by Mr Nigel Maund, Consulting Economic Geologist, from the previously unexplored Fiery Creek Prospect, point to the discovery of a porphyry copper system.
The sampling program assessed a number of high-priority prospects within the Georgetown Project tenements utilising termite mound and outcrop rock chip geochemistry. A total of 46 rock chip and 489 termite mound samples were collected across eight prospects.
Click here for the full ASX Release
This article includes content from EMU 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.
Quarterly Report for the Period Ending 31 March 2024
Redstone Resources Limited (ASX: RDS) (Redstone or the Company) is pleased to provide its quarterly report for the period ending 31 March 2024 (the Quarter).
HIGHLIGHTS
WEST MUSGRAVE COPPER PROJECT (100% RDS) – WEST MUSGRAVE, WESTERN AUSTRALIA
- Redstone currently planning work programs to advance its copper exploration strategy at its 100% owned West Musgrave Project in WA
- Foundation set for growth ‐ existing copper resource base at West Musgrave:
- Tollu copper vein deposit with a resource of 3.8 million tonnes at 1% Cu, containing 38,000 tonnes of copper (ASX announcement of 15 June 2016).
- Significant drilling intersections of high‐grade Cu mineralisation at the Chatsworth and Forio Prospects within Tollu (dating back to 2017) are yet to be included in the existing JORC 2012 resource estimate.
- Significant and consistent high‐grade copper results at depth and to the surface at Tollu:
- Most recent drilling at Chatsworth intersected 11m at 1.2% Cu from only 29m downhole (TLC205), extending the previously intersected high‐grade copper lens a further 20m towards the surface.
- Together with prior drilling, TLC205 also confirmed the targeted high‐grade Cu lens at Chatsworth has the following encouraging characteristics:
- Up to 26m thick (downhole) and has a consistent Cu grade over 1% Cu;
- Extends over 140m vertical from TLC205 to its deepest intersection to date in TLC188;
- A consistent high average grade of over 1% in numerous holes; and
- Remains open at depth
- Historical Cu intersections at Chatsworth include mineralisation that continues from the surface to the maximum vein intersection depth at over 424m (downhole), where grades of 3.73% Cu over 10m, including 5m at 5.3% Cu from 427m (downhole), still continue and are not closed out
- Drilling at the Forio Prospect, which included the highest grade intersection ever recorded at Tollu, being 1m at 18.5% Cu from 18m downhole (TLC203) within an intersection of 8m at 4.1% Cu from 13m downhole, extend Forio’s high grade Cu mineralisation zone at Forio to a 60m strike length (north and south) of continuous high grade copper.
- The high grade Forio Cu Zone extends all the way to the surface with lenses of Cu mineralisation up to 34m thick (downhole) with average grades always over 1% Cu (34m at 1.04% Cu from 15m downhole in TLC181)
- Nearby to major BHP deposit: Tollu copper deposit is located 40km east of BHP’s world‐class Nebo‐ Babel Ni‐Cu‐Co‐PGE deposit ‐ estimated to have a resource of 390 million tonnes grading 0.33% copper and 0.30% nickel, for 1.2 million tonnes of contained nickel metal and 1.3 million tonnes of contained copper metal
- Redstone has been successfully awarded a $220,000 drilling grant from the DMIRS under the Round 29 Exploration Incentive Scheme (EIS) – grant will co‐fund a single deep drill hole of approximately 1,000m at the Chatsworth Prospect at Tollu
Click here for the full ASX Release
This article includes content from Redstone 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.
Metals Australia Quarterly Activities Report - to 31 March 2024
Metals Australia Limited (ASX: MLS) (“Metals Australia”, the “Company” or “MLS”) is pleased to report its activities for the quarter ended 31 March 2024 (“Quarter”):
Highlights
- Highly experienced Mining Executive, Paul Ferguson commenced employment with the Company, as Chief Executive Officer on January 22nd, 20241. Paul’s commencement has enabled the Company to significantly advance planning and preparation for the exploration, metallurgical test work programs and design studies required to move its flagship Lac Rainy high-grade graphite project towards development. Contract awards for key programs and studies are imminent and will be announced during May.
- The Company completed a $3.5M AUD2(before costs) capital raise to support funding of its planned exploration programs in Quebec, Canada. The raise was completed at a 40% premium to the prevailing stock price and utilised the Canadian Federal Governments exploration tax incentive program (Flow Through Shares). This program is provided by the Canadian Government to help stimulate mineral exploration investment by providing increased tax incentives to investors who support companies exploring for critical minerals. The Company has subsequently noted announcements in the April 16th Canadian Federal Govt budget of changes likely to negatively impact these investor incentives from June 25th. Having completed the capital raise, the Company has ensured it has sufficient funding to achieve its exploration and development objectives.
- Company representatives, including its CEO, hosted an investor booth at PDAC3(Prospectors & Developers Association of Canada) Mining convention in Toronto March 3rd to 6th. The convention was hugely successful with significant contacts and connections established, who have expressed their interest in our project. Connections made include government representatives, fund managers, investors and a wide range of technical services and engineering companies covering all aspects of the study programs required to advance the companies projects. This helped raise the profile of our Company’s flagship Lac Rainy project, along with our other Quebec based projects. Follow up meetings with the government and supportive, Quebec based, exploration and project investment funds has further enhanced our profile in Canada.
- The Company held strategic planning workshops in Australia and Canada to review the extensive portfolio of high-quality exploration tenements held by the group. Strategic plans and priorities were developed for each project and plans are advancing to progress further exploration and metallurgical test programs. The Company is also investigating additional exploration or project opportunities where they add scale or accelerated pathways to development. The balance of the financial year will see further announcements, outlining plans.
Click here for the full ASX Release
This article includes content from Metals Australia, 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.
Basin Energy Mining Exploration Entity or Oil and Gas Exploration Entity Quarterly Cash Flow Report
Basin Energy (ASX:BSN) is pleased to announced its mining exploration entity or oil and gas exploration entity quarterly cash flow report.
Click here for the full ASX Release
This article includes content from Basin Energy, 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.
Latest News
QX Resources Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects
GET YOUR FREE INVESTOR KIT
Latest Press Releases
Related News
TOP STOCKS
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.