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Many Peaks Minerals Limited (ASX:MPK) (Many Peaks or the Company) is pleased to announce that exploration activities have commenced at both the Ferké gold project and the Odienné gold project in Côte d’Ivoire, now the wet season is drawing to a close. The first month of this 2024/25 field season will see two concurrent drilling campaigns commence with auger drilling at Ferké, and air core drilling at Odienné.
HIGHLIGHTS
- Over 10,000m of drilling planned for December quarter to follow-up previous drilling successes at the Odienné and Ferké gold projects, Côte d’Ivoire
- Ferké project auger drilling has commenced, with a 5,000m campaign covering +9km segment of gold anomalism, targeting extensions to high-grade gold mineralisation confirmed in previous drilling
- Odienné project air core drilling planned to commence over coming weeks to assess priority targets generated in previous quarter’s auger results
- Both projects fully funded for follow-up diamond and RC drilling as part of staged exploration campaigns planned to continue through the 2024/25 field season
Auger drilling has already commenced at the Ferké gold project, with three drill rigs mobilised to cover 9km of reconnaissance drilling along the highly prospective structural corridor hosting the Ouarigue South prospect. This program is designed to delineate extensional targets to open gold mineralisation confirmed in previous drilling that returned:
- 47m @ 3.72g/t gold from surface
- 77.6m @ 2.33 g/t gold from 45.9m
- 91.1m @ 2.02 g/t gold from surface
- 45.3m @ 3.16g/t gold from 45.9m
Concurrently, field work has commenced at the Odienné project, ahead of a planned 5,000m air core campaign that will assess priority targets delineated from the previous quarter’s auger drill results (refer to ASX release dated 20 August 2024). The drilling will be focussed on target delineation within more than 16km of anomalous gold trends located in the same high-strain corridor that hosts Predictive Discovery’s 5.4Moz Au Bankan deposit, as well as the recent discovery by Awalé Resources/Newmont joint venture, which is located on a contiguous land holding.
Many Peaks’ Executive Chairman, Travis Schwertfeger commented:
“Following the end of the West African wet season, we are pleased to have commenced Many Peaks’ 2024/2025 exploration program at our high-grade Cote d’Ivoire projects. Plans for the coming months include our maiden drilling at Ferké, where three auger rigs will drill 5,000m to identify extensional targets of historic holes that include 45.3m @ 3.16g/t and 39.7m @ 3.54g/t gold. We will also drill 5,000m of air core holes at Odienné, following up on extensive gold anomalism identified from drilling we conducted here in the previous season. We look forward to updating investors on our findings as we systematically assess the potential of these highly prospective projects.”
Ferké Gold Project
The Ferké Gold Project (Ferké) comprises 300km2 in a single granted exploration permit in northern Côte d’Ivoire currently undergoing a renewal process and remaining permitted for exploration activity. Ferké is situated on the eastern margin of the Daloa greenstone belt at the intersection of major regional scale shear zones (Figures 1 & 3). The project area has seen substantial previous exploration activity confirming gold mineralisation but with limited follow-up work. Previous work includes high resolution geophysics, soil sampling, trenching, and RC and Diamond drilling (refer to ASX release dated 26 March 2024).
Planned Work
Many Peaks’ initial field programme at Ferké is a 5,000m auger drilling campaign focused on extending the auger coverage at Ferké along an additional 9km of strike extent in the >16km long corridor of soil anomalism referred to as the Leraba trend. The auger campaign is estimated to be completed in 3 to 4 weeks’ time with 400m to 600m spaced lines of sampling and planned 25m spacing between samples. Results are anticipated to refine targeting for follow-up drilling within the extensive gold anomalism which measures over 2km in width in most places (Figure 1).
Figure 1 | Ferké Project proposed auger drilling locations with locations of previously drilling auger, RC and diamond core drilling on regional scale geology.
The planned auger drilling at Ferké is focused on expanding the footprint of gold mineralisation confirmed in previous drilling success. An initial 18 diamond holes drilled into a limited segment of the extensive gold corridor confirmed gold mineralisation at Ferké that remains open in all directions. Results from previous drilling include 45.3m @ 3.16g/t gold from 45.9m drill depth in hole FNDC001 and 39.7m @ 3.54g/t gold from 51.4m in drill hole FNCD008 (refer to ASX announcement dated 26 March 2024).
The current programme is designed to define extensional targets within in the predominantly undrilled north-south trending segment of gold in soil anomalism of the Leraba trend. This may justify expansion of planned follow-up RC and diamond drilling work over the coming field season, and complement drill ready targets already defined on open mineralisation at the Ouarigue South prospect.
Click here for the full ASX Release
This article includes content from Many Peaks 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.
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Many Peaks Minerals
Investor Insight
Significant acquisitions of projects in some of the most prolific gold districts of Côte d’Ivoire, West Africa, position Many Peaks for significant discoveries, giving the stock a compelling investment case.
Overview
Many Peaks (ASX:MPK) is an Australia-based mineral exploration company with gold assets in Côte d’Ivoire, West Africa, and exposure to key energy transition assets in Newfoundland, Canada. With drill-ready targets across its projects, Many Peaks aims to realise growth and value creation through exploration discovery and near-term mineral resource definition.
In West Africa, the company is focused on four recent acquisitions in Côte d’Ivoire totaling 1,919 square kilometres, including the more advanced-stage Odienné and Ferké gold projects with recent gold discoveries and more than US$4 million in previous exploration expenditures.
The company acquired a portfolio of three projects from Turaco Gold Ltd in May 2024, consolidating interests held in the projects by Turaco and Predictive Discovery Ltd. The Company’s establishment into one of the fastest growing gold regions in the world was quickly followed with a binding agreement securing an exclusive option to acquire a 100 percent interest in the Baga gold project, which comprises two permits totaling 644 square kilometres in eastern Côte d’Ivoire.
Many Peaks’ Canadian asset targets the lithium potential in Newfoundland, where an emerging lithium district is strategically positioned with access to both European and North American markets.
A management team with a range of experience throughout the natural resources industry leads the company towards achieving its goals of strengthening shareholder value through exploration.
Company Highlights
- Many Peaks is a mineral exploration company focused on advancing its gold projects in Côte d’Ivoire, West Africa: Odienné, Ferké, Baga and Oumé.
- Land holding in West Africa comprises 1,919 sq km within the Birimian Gold Terrain, providing the company a strategic near-term gold resource potential
- Also holds a 100 percent interest in the Aska lithium project in Newfoundland, Canada.
- An expert management team with extensive experience throughout the natural resources industry leads the team toward fully exploring its assets.
Key Projects
Côte d’Ivoire (West Africa)
Many Peaks’ assets in Côte d’Ivoire comprise four projects – Odienné, Ferké, Baga and Oumé.
Odienné Gold Project
Located in northwest Côte d’Ivoire, Odienné comprises two granted exploration permits covering a total area of 758 square kilometres. It is situated on the flexure of a regional scale structure zone hosting mineralisation to the northwest in neighbouring Guinea and immediately south along the margin of the Archean-aged Man craton.
Odienné Project location in the context of Siguiri Basin geology compilation and gold project locations regionally
Auger drilling in early 2023 defined coherent gold in saprolite anomalism, which prompted a maiden air core drilling campaign in late 2023.
Many Peaks has followed up 2023 success with aggressive exploration, expanding the project’s auger drilling coverage within weeks of acquisition. Systematic coverage of auger has succesfully defined three prioritised targets extending across more than 16 kilometres of a 30-kilometre gold anomaly.
The company is now well positioned for follow-up air core and diamond drilling campaigns to further define confirmed gold mineralisation on the project over the coming 2024-25 field season.
Ferké Gold Project
Located in northern Côte d’Ivoire, the Ferké gold project covers 300 square kilometres within a single granted exploration licence. Ferké is situated on the eastern margin of the Daloa greenstone belt at the intersection of major regional scale shear zones.
Ferké Gold Project outline with drill collar locations, including the location of the Ouarigue discovery within the >16km Leraba Gold Trend
Initial exploration work conducted at Ferké defined a more than 16-kilometre-long gold-in-soils anomaly on the Leraba Gold Trend. Previous exploration included systematic surface geochemistry, trenching and reconnaissance reverse circulation (RC) drilling across the broader Ferké area. Early success in reconnaissance RC drilling included initial intercepts into the Ouarigue target area, including results of 25 metres @ 3.06 grams per ton (g/t) gold from 64 metres in hole FNRC016.
The success in RC drilling was followed up with trenching and an initial 18 diamond drill holes, which confirmed a significant outcropping mineralised body associated with a granite intrusion, including intercepts from surface of 91.1 metres @ 2.02 g/t gold in hole FNDC008 and 47 metres @ 3.72 g/t gold from surface in hole FNDC012.
Baga Gold Project
Baga and Oumé project locations on generalised regional scale geology interpretation
The Baga gold project is a 644 sq km landholding comprising two granted permits in Côte d’Ivoire. The project is located 150 km east of the city of Bouaké and covers an underexplored region of structural complexity located just 21 km east of a recent greenfields gold discovery by Endeavour Mining, which over the past three years rapidly defined the 4.5 Moz Assafou gold resource estimate within their Tanda-Iguela permit areas.
Within weeks of securing the option to acquire a 100 percent interest in Baga, Many Peaks has completed the first surface geochemical campaign covering the project area.
The permits are situated where the southern extent of the Duango-Fitini shear zone in Côte d’Ivoire’s north forms a flexure or structural splay into the Oumé-Fetekro parallel shears within Birimian metasediments and metavolcanics. At this change of orientation in structures within the Birimian terrane the Baga project area also covers the intersection, or truncation of the Bui Belt structural trend which hosts Tarkwaiian sediments and conglomerate units extending east and northeast into central Ghana. Baga Gold represents a highly prospective area to advance exploration activity by Many Peaks.
Oumé Gold Project
The Oumé project is an early-stage exploration asset located in south-central Côte D’Ivoire. It comprises a single exploration permit (the Beriaboukro licence) and is situated on the Oumé-Fetekro belt, historically one of Côte d’Ivoire’s most productive greenstone belts. The area is host to Allied Gold’s 2.5 million-ounce (Moz) Bonikro, the 1.9 Moz Agbaou gold deposit and Endeavour’s 3 Moz Lafigué gold project.
Newfoundland (Canada)
Aska Lithium
Many Peaks’ 100-percent-owned Aska project is approximately 45 kilometres east of Cape Ray, Newfoundland. The project covers 193 square kilometres in proven lithium terrane and is situated in a growing lithium district known to host lithium-caesium-tantalum type pegmatites.
Management Team
Travis Schwertfeger - Executive Chairman
Travis Schwertfeger is a geologist with over 25 years of global industry experience primarily in gold and copper projects across Africa, Australia, Africa and the Americas. Schwertfeger has previously held several technical roles in exploration and production, including over seven years operating in West Africa with Newmont Mining and other ASX-listed explorers. He has prior experience as a director of ASX-listed mineral resource companies through previous roles, including a former role with Exore Resources (acquired by Perseus in September 2020 for ~A$80m).
Ben Phillips - Non-executive Director
Ben Phillips has more than 15 years of experience in commercial negotiations and has worked in several industries, including oil and gas, resource, technology and defence. He provides advice on a wide range of operational aspects, from R&D and exploration to production, commercialization and sales. Phillips is the executive chairman of Norfolk Metals (ASX:NFL), was previously a non-executive director at Bronson Group (ASX:BGR) and, subsequently, Mandrake Resources (ASX:MAN). He is currently a corporate executive at Ironside, focused on sourcing, structuring, funding, and management requirements for public and private small-cap companies.
Marcus Harden - Independent Non-executive Director
Marcus Harden is a geologist with extensive gold and base metals exploration and management experience throughout Australia, Africa, Asia and the Americas. Harden's more recent roles include chief geologist of AuTECO Minerals, head of regional exploration for Bellevue Gold, chief geologist of Alicanto Minerals Ltd, and other senior exploration roles with Gryphon Minerals and First Quantum Minerals. He has played key roles in the discovery and definition of several gold deposits globally with ASX-listed junior companies. Among previous projects with contributions to discovery, three are currently operating mines and one is in development. He is also a member of The Australian Institute of Geoscientists.
Aaron Bertolatti - Company Secretary
Aaron Bertolatti is a chartered accountant and company secretary with more than 10 years of experience in the mining industry and accounting profession. Bertolatti has significant experience in the administration of ASX-listed companies, corporate governance and corporate finance.
Olympio to Acquire Advanced Bousquet Gold Project, Quebec, Canada
Highlights
- Option to acquire up to 80% of the Bousquet Gold Project from Bullion Gold
- Located on the Cadillac Break, a regional structure associated with world class gold and copper mineralisation (>110 Moz Au1)
- Numerous high-grade prospects including Paquin East with historical intercept of 9m @ 16.96g/t Au6
- Within 15km of multi-million ounce working gold mines (Agnico Eagle’s La Ronde - 15.8Moz Au2 and Iamgold’s Westwood - 2.4Moz Au3)
- High-grade, quartz hosted vein systems with common visible gold, similar to nearby O’Brien Project 15km to the east (1.0Moz Au4, Radisson)
- 24km2 of contiguous tenure, covering a 10km strike of the Cadillac Break
- Complements the Company’s Dufay Au-Cu Project 60km to the west, and provides a combined 20km strike exposure to highly prospective segments of the Cadillac Break
- Excellent road, rail and hydroelectric infrastructure runs through the project, with year- round access
- Underexplored property with the majority of drillholes completed pre-1947
- The Option provides further exposure to a strong gold price with flexible structure terms
Olympio’s Managing Director, Sean Delaney, commented:
“Acquiring the advanced Bousquet Gold Project presents a significant opportunity for Olympio to expand our exposure to one of the world’s premier gold-bearing structures—the renowned Cadillac Break. The project is strategically positioned between substantial gold deposits to the east and west, with numerous high-grade gold prospects featuring gold both at surface and in drilling. This makes Bousquet an exceptional exploration target. The geological setting and mineralisation style closely resemble the nearby million-ounce O’Brien Project, where high-grade gold zones are often associated with visible gold in quartz veining.
“The Project is next to working gold mines with under-utilised mills (<20km by road), with a major highway, railway and hydroelectric power all traversing the centre of the project.
Bullion are divesting Bousquet to focus on their large Bodo polymetallic project which provides Olympio with this great opportunity to explore in one of the world’s best gold regions.”
Figure 1 Setting of Olympio projects, Bousquet and Dufay, on the Cadillac Break
The Bousquet Gold Project is a strategic land acquisition which complements the Dufay Gold-Copper Project 60km to the west along the renowned Cadillac Break. The southern half of the project covers a well-defined, regionally mineralised zone to the south of the Cadillac Break, which hosts numerous gold prospects within Timiskaming Group sediments that are exclusively correlated with the development of the Cadillac Break.
The Bousquet Project includes several advanced gold prospects and numerous structural and geophysical targets that remain untested by drilling or modern exploration. The majority of drilling on the project is pre-1947, and all prospects remain under-explored.
HIGH GRADE QUARTZ VEINS IN FAVOURABLE GEOLOGICAL CONTEXT
Gold mineralisation at Bousquet is structurally controlled, quartz vein-hosted, high-grade gold associated with second and third order structures peripheral to the Cadillac Break, which is typical of the majority of mineralisation on the Cadillac Break1.
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This article includes content from Olympio 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.
Adavale Resources
Investor Insight
Adavale Resources’ transformative January 2025 acquisition of gold and copper assets in the prolific Lachlan Fold Belt in New South Wales puts the company on a growth trajectory, presenting a compelling investment opportunity for savvy investors.
Overview
Adavale Resources (ASX:ADD) is a dynamic junior exploration company primarily focused on its flagship gold and copper projects in New South Wales (NSW), within the prolific Lachlan Fold Belt. This portfolio spans 354.15 sq kmand comprises four tenements: EL7242, EL8830, EL8831 and EL9711. The acquisition of these assets represents a transformational opportunity, strategically positioning Adavale Resources in one of the world’s richest gold and copper belts.
Parkes Project in the Lachlan Fold Belt
In addition to gold and copper, Adavale boasts extensive uranium assets in South Australia and nickel projects in Tanzania. These diversified holdings place the company at the forefront of exploration across commodities critical for global industrial and technological advancement.
Adavale Resources is poised for significant growth as it advances its gold and uranium projects through strategic drilling programs in 2025. With a robust exploration pipeline, world-class assets in tier-one jurisdictions, and a leadership team aligned with shareholder interests, the company is well-positioned to capitalise on favourable commodity trends.
Company Highlights
- A junior explorer, with projects in tier-one jurisdictions; focused on gold and copper, Adavale also holds valuable uranium and nickel licences .
- The January 2025 acquisition of the Parkes project in the Lachlan Fold Belt, spanning 354.15 sq km, strategically positions Adavale to expand on the historic orogenic gold resource (124 koz gold) and make a major epithermal and/or porphyry gold and copper discovery in this tier-1 mining jurisdiction. The Lachlan Fold Belt assets are strategically located near world-class mining operations, including Cadia, Northparkes and Cowal.
- The company’s extensive uranium tenements span 4,959 sq km across the Flinders Ranges and Eyre Peninsula, regions known for hosting tier-one uranium deposits.
- Adavale’s nickel projects in Tanzania’s East African Nickel Belt are strategically located adjacent to the Kabanga nickel project — the world’s largest undeveloped high-grade nickel sulphide deposit.
- Drilling and resource-definition programs in 2025 will target key gold, copper and uranium assets, building on the company’s diversified growth strategy.
Key Projects
Gold and Copper – Lachlan Fold Belt, NSW
Adavale Resources recently acquired a 72.5 percent interest in the Parkes project, located in the highly prospective Lachlan Fold Belt of New South Wales. Adavale’s flagship project encompasses 354.15 sq km across four tenements in the Lachlan Fold Belt, a region that has produced over 80 million ounces (Moz) of gold and 13 million tonnes (Mt) of copper historically. The London-Victoria gold mine (EL7242) is a cornerstone of this portfolio, with historical production of 200,000 ounces of gold at an average grade of 2 grams per ton (g/t). London-Victoria (EL7242) also recently received a successful renewal until November 2030.
Exploration activity in 2024 included diamond drilling, which intersected a 12-meter-thick zone of quartz-carbonate veining and shearing, consistent with high-grade mineralisation seen in historical operations. Assay results from this program are pending and expected to provide critical insights for resource expansion.
In addition to the London-Victoria gold mine, the Ashes Prospect (EL8831) has returned high-grade rock chip samples, including results of 8.8 g/t gold and 5.5 percent copper. Similarly, the Birthday mine (EL8830) boasts historical grades averaging 11 g/t gold. The 2025 exploration strategy focuses on resource definition and advancing London-Victoria to JORC-compliant status, testing extensions, and unlocking additional mineralised zones at these prospects, supported by advanced geophysical and geochemical surveys.
Uranium – South Australia
Adavale holds 4,959 sq kmof uranium-rich tenements across the highly prospective Flinders Ranges outwash and Eyre Peninsula, regions known for hosting tier-1 uranium deposits. Historical drilling has revealed promising results, including intercepts of 1 metre at 263 parts per million (ppm) eU3O8 and 0.65 meters at 235 ppm eU3O8. These results underscore the region’s potential to host significant uranium resources.
The company is advancing its maiden 2,000 metre air core drilling program in Q1 of 2025, targeting paleochannel extensions and uranium redox boundaries, which have been identified through advanced geophysical surveys. Adavale’s uranium portfolio is particularly well-positioned to benefit from increasing global demand for uranium, driven by geopolitical factors, rising nuclear energy investment globally, and surging prices, which reached $106/lb in early 2024.
Nickel – East African Nickel Belt, Tanzania
Adavale’s nickel portfolio includes 1,315 sq km across 12 highly prospective exploration licences in Tanzania’s East African Nickel Belt. It is strategically located next to and along strike of the world-class Kabanga nickel project — the world’s largest undeveloped high-grade nickel sulphide deposit. Recent exploration at the Luhuma Central prospect has confirmed nickel sulphides in all five drill holes completed, with mineralisation trends extending southwest.
The company employs a combination of geophysical methods, including gravity, magnetics and Heli-EM surveys, to refine its understanding of subsurface structures and identify high-priority drill targets. Adavale’s ongoing exploration in this globally significant nickel belt is expected to build on recent successes, advancing resource definition and project development, making the company well-positioned to make a significant contribution to the global demand for battery metals.
Leadership Team
Allan Ritchie - Executive Chairman and CEO
Allan Ritchie is a seasoned executive with more than 30 years of experience in corporate finance and resource management, including as director and officer of ASX and HK listed companies. Ritchie’s distinguished career spans both the energy, resources, and investment banking sectors, and includes leadership roles in both private and publicly listed companies.
Ritchie has served as non-executive director of ASX listed Hydrocarbon Dynamics (ASX:HCD), and executive director and deputy CEO of HK listed energy group, EPI Holdings (0689.HKEX).
Ritchie’s investment banking background includes structuring commercial transactions in the energy and resources sector. Senior roles include positions within Westpac, ANZ Bank, HSBC and BNP Paribas in Australia, London, New York and Asia Pacific. His investment banking achievements have been recognised several times at the top of BRW’s annual poll of bankers.
Ritchie graduated from the University of Technology in Sydney in 1986 with a Bachelor of Business and subsequently attained a post graduate diploma in Applied Finance from the Financial Services Institute of Australia.
John Hicks - Non-executive Director
John Hicks is a qualified geologist with over 40 years’ experience in exploration and mining in Australia. John is regarded as a nickel sulphide specialist, having held various senior exploration and development roles on several major nickel sulphide projects in Western Australia.
For the previous 15 years, Hicks was the general manager of exploration at Panoramic Resources (ASX:PAN), where he was instrumental in the discovery of the komatiite hosted Deacon and Lower-Schmitz orebodies at Lanfranchi and the intrusive hosted Savannah North nickel orebody in Western Australia. Hicks was also a key member of the team responsible for taking these discoveries through to final investment decisions.
Prior to joining Panoramic, Hicks held various roles with several notable mining companies including Australian Consolidated Minerals and WMC Limited where he worked on the Mount Keith nickel project. As an independent geological consultant between 1998 and 2005, he was involved with the Cosmos and the Honeymoon Well nickel projects.
Maurice (Nic) Matich - Non-executive Director
Maurice (Nic) Matich is a mechanical engineer and finance professional with over 17 years’ experience in the resources sector. His wide industry experience includes the provision of engineering, risk consulting and insurance services to numerous tier-1 mining companies with operations in lithium, iron ore, mineral sands, gold and kaolin.
Matich previously served as managing director of Pinnacle Minerals (ASX:PIM) and executive director of Heavy Minerals (ASX:HVY), delivering both a maiden resource and scoping study (NPV8 $253M) for the Port Gregory project.
He holds a Bachelor of Engineering with Honours, Bachelor of Science (Phys/IT) and a graduate diploma in Applied Finance and is a graduate of the AICD.
Leonard Math - CFO & Company Secretary
Leonard Math is a chartered accountant with extensive experience managing financial operations for ASX listed resources companies. He graduated with a Bachelor of Business (double major in accounting and information systems) from Edith Cowan University in 2003 and became a chartered accountant in September, 2008. He has held multiple director, CFO and company secretary roles in the resources sector, most recently with Summit Minerals (ASX:SUM).
Metallurgical Drilling Confirms Historic Grades at the Byro REE / Li Project
Highlights
- Assay results received from metallurgical drilling at the Byro REE & Li Project confirm historic REE / Li mineralisation intercepts.
- Intercepts of over 50m from surface with grades including 500ppm Total Rare Earth Oxides (TREO) with 20% magnetic REE’s, 375ppm Lithium Oxide (Li2O) and 523ppm Vanadium Pentoxide (V2O5).
- Mineralisation has been intercepted in historic drilling over 30km of strike.
- The drilling was to provide fresh samples of the Byro black shale to undergo metallurgical extraction testwork.
Octava’s Managing Director Bevan Wakelam stated;
”Octava is investigating the potential for Australia’s first, large scale, low cost sedimentary basin deposit of REE’s, lithium and base metals. Metal extraction from black shales is a proven, low- cost technology used in other operations around the world. We will commence initial metallurgical testwork to determine the viability of extracting these metals from the black shale at Byro. We look forward to providing further updates as this work proceeds.
The Byro Project is located on the Byro Plains of the Gascoyne Region, Western Australia, 220km south-east of Carnarvon and consists of two granted Exploration Licences – E 09/2673 and E 09/2674 – totalling 798 km2. The Byro Project also has Native Title agreements in place. Nearby infrastructure includes accessibility to a commercial port (Geraldton) and power from the NW gas pipeline and future potential access to Western Australian government proposed green energy sites.
Two metallurgical HQ3 coreholes were drilled for a total of 204m. The holes were drilled adjacent to previously drilled RC holes to confirm mineralisation and to provide fresh sample material for metallurgical testwork.
Figure 1. Metallurgical Core Drilling at the Byro REE Project.
The Byro project lies at the centre of the Permian Byro Sub-basin of the Carnarvon Basin. The Byro Group hosts sedimentary packages of sandstones, siltstones and mudstones, including black shales and coal seams. The dominant unit in the tenure is the Bulgadoo shale, which consists of banded carbonaceous shale and arenite, containing beds of enriched pyrite, bivalves and bryozoans.
The black shales in the Byro sub basin appear to have formed a metal sink that contains large volumes of anomalous REE, Li and base metals. The source of the metals at Byro is likely the Archean basement rocks of the Yilgarn Craton located ~40km to the east. The REE host rocks at Byro have been transported to their current location, unlike typical REE clay exploration targets in Australia which are formed in situ, from weathered granitic basement rocks.
Permian Black shales are known worldwide for their potential to host enriched poly-metallic deposits. These deposits contain considerable volumes of lower concentration resources of base metals, rare earths, lithium and other strategic minerals. They offer the opportunity for large-scale, low-cost mining operations capable of supplying the metals for a number of years. Octava is examining the black shales at the Byro project for the same potential.
Click here for the full ASX Release
This article includes content from Octava 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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