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Investing Guides
Drilling Commenced at Salazar
May 19, 2024
West Cobar Metals Limited (ASX:WC1) (“West Cobar”, “the Company”) is pleased to announce drilling has commenced at the Company’s 100%- owned Salazar Project, 120 km north-east of Esperance in southern Western Australia.
Highlights
- Drilling has commenced at the Salazar project
- Program to test for major extensions of REE, TiO2 and scandium resources
- Previously reported Mineral Resources (JORC 2012) at the Newmont Deposit are:
- Rare earth elements1 – 83 Mt at 1117 ppm TREO (Indicated + Inferred, 600 ppm TREO cut-off)2
- Titanium dioxide3 - 29 Mt of 5.01% TiO2 and 942 ppm TREO (2% Ti cut-off)
- Alumina3 - 4 Mt at 29.6% Al2O3, (15% Al cut-off) potentially suitable to be upgraded to a high-grade high purity alumina (HPA feedstock)
- 12 Mt of 103 ppm Sc Inferred Mineral Resource (JORC 2012) declared for the Newmont deposit4
- Previously reported Mineral Resources (JORC 2012) at the O’Connor Deposit are:
- Rare earth elements – 107 Mt at 1216 ppm TREO (Inferred, 600 ppm TREO cut-off)2
- West Cobar’s tenements cover a particularly prospective but
- unexplored part of the Albany-Fraser orogen
The project area lies in the Biranup Zone, a structural extension from the Fraser Zone that hosts the Nova-Bollinger Ni Cu deposit.
Air core drilling of holes to bedrock is planned as the key next step to our exploration program.
West Cobar Metals’ Managing Director, Matt Szwedzicki, commented:
“We are excited to commence this aircore drilling campaign in West Cobar’s large tenement holding which is highly prospective and relatively unexplored, and includes numerous geophysical features of interest.
In this program we are primarily testing extensions of the Newmont critical minerals deposit targeting high grade scandium, titanium and rare earths with the potential to materially increase the deposit strike length.”
Introduction
The Salazar Critical Minerals Project (consisting of the Newmont and O’Connor deposits and exploration licences covering 1,171 km2) is situated in the Esperance district approximately 120 km north-east of the township of Esperance. All the project’s tenements are located on non-agricultural undeveloped state land.
A program of AC drilling has commenced comprising 60 holes for about 2,000m and is designed to extend existing REE, TiO2 and Sc Inferred Mineral Resources at the Newmont deposit and along the Newmont – Matilda South zone.
Figure 1 shows the planned drilling and the geology of the tenements, while Figure 2 shows the tenement area over a regional gravity image. The generally higher gravity response over the western part of the area, covered by West Cobar’s tenements, reflects the more mafic nature of the bedrock that includes gabbro and amphibolite, compared to more granitic and felsic gneiss terrane to the east.
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.
1h
Juggernaut Commences Drilling on 600 Meters by 350 Meters Bingo Main Zone - Contains up to 31.20 gpt Gold, 8.98 % Copper and 0.58 % Cobalt - Remains Wide Open - Bingo Property, Golden Triangle, B.C.
Juggernaut Exploration Ltd (JUGR.V) (OTCQB: JUGRF) (FSE: 4JE) (the “Company” or “Juggernaut”) is pleased to report that drilling has recently commenced on its 100% controlled Bingo property. Following the discovery of multiple new sulphide-rich outcrops on surface, the drill program has been expanded to ~3,000 meters of drilling planned in 14 holes from 7 pad locations on 600 meters by 350 meters Bingo Main Zone on the Bingo property in world class geologic terrane.
Drilling includes expansion along strike and to depth of known mineralization at the high-grade gold-silver-copper shear hosted vein at Bingo as well as testing a series of new cobalt-rich and native copper outcrops recently identified by the mapping crew currently working on the property.
Dan Stuart, President and CEO of Juggernaut Exploration, states,“We are excited to resume drilling on our 100% controlled Bingo property after the successful inaugural drill programs carried out in 2023. We designed a comprehensive drill plan that will allow us to expand the high-grade gold-silver copper and cobalt mineralization at Bingo along strike and depth. The discovery of highly economic cobalt values at surface prompted the Company to revise the calculated AuEq values of the 2023 drill core assay results where cobalt was originally omitted, increasing its value by >20%.”
Bingo Property Highlights:
- Early season mapping and prospecting resulted in the discovery of multiple new outcrops along strike with the Bingo Main Zone containing semi-massive chalcopyrite, pyrite and cobalt-rich sulphide mineralization as well as native copper extending the Bingo Main Zone by 100 m to the south from 350 meters to 450 meters and remains open along strike and at depth. Outcrop 1 imageOutcrop 2 imageOutcrop 3 image, Outcrop 4 image
- The discovery of highly economic cobalt values on surface prompted the Company to revise the calculated AuEq values of the 2023 drill core assay results where cobalt was originally omitted, increasing it’s value by 20%:
- Drill hole BI-23-01 intersected 12.09 gpt AuEq (7.57 gpt Au, 20.23 gpt Ag, 2.72 % Cu and 1624 ppm Co) over 5.11 meters (increased from 11.42 gpt AuEq (7.57 gpt Au, 20.23 gpt Ag and 2.72 % Cu) over 5.11 meters);
- Drill hole BI-23-04 intersected 5.25 gpt AuEq (2.52 gpt Au, 11.05 gpt Ag, 1.16 % Cu and 2468 ppm Co) over 10.12 meters, including 8.05 gpt AuEq (4.01 gpt Au, 17.37 gpt Ag, 1.85 % Cu and 3179 ppm Co) over 5.89 meters (increased from 4.23 gpt AuEq (2.52 gpt Au, 11.05 gpt Ag and 1.16 % Cu) over 10.12 meters, including 6.74 gpt AuEq (4.01 gpt Au, 17.37 gpt Ag and 1.85 % Cu) over 5.89 meters);
- Drill hole BI-23-02 intersected 5.36 gpt AuEq (2.86 gpt Au, 8.72 gpt Ag, 1.39 % Cu and 1325 ppm Co) over 7.05 meters (increased from 4.81 gpt AuEq (2.86 gpt Au, 8.72 gpt Ag and 1.39 % Cu) over 7.05 meters); and
- Drill hole BI-23-03 intersected 2.62 gpt AuEq (1.39 gpt Au, 4.06 gpt Ag, 0.58 % Cu and 982 ppm Co) over 5.78 meters, including 2.97 gpt AuEq (1.66 gpt Au, 4.58 gpt Ag, 0.62 % Cu and 987 ppm Co) over 4.73 meters (increased from 2.22 gpt AuEq (1.39 gpt Au, 4.06 gpt Ag and 0.58 % Cu) over 5.78 meters, including 2.56 gpt AuEq (1.66 gpt Au, 4.58 gpt Ag and 0.62 % Cu) over 4.73 meters).
- The program on the Bingo property will consist of ~3000 meters of drilling (from 7 pads and 14 holes) designed to expand the known high-grade gold-silver-copper-cobalt mineralization along strike and to depth on the Bingo Main Zone that remains open, as well as testing additional shear zones at depth and new showings discovered in 2024. Bingo Property Map
- Mapping and prospecting on the property, including the Double Down Hinge Zone highlighted by an airborne magnetic survey will continue throughout the season in preparation for future drilling. 2023 Bingo Doubledown
- High-grade gold-silver-copper-cobalt mineralization has been intersected in multiple inaugural test drill holes in 2023 collared from within the Bingo Main Zone along a north trending, west-dipping, shear hosted vein within a 600 meters by 350 meters precious metal rich mineralized corridor that remains open. 3d Model
- The broad sulphide-rich mineralized vein consists of semi-massive aggregates and stockwork of chalcopyrite (up to 10 %), pyrrhotite (up to 10 %), and cobalt-rich sulphides, with minor pyrite and galena, part of a shear hosted vein within a strongly altered diorite unit that remains open to the north, south and to depth.
- The maiden drill program in 2023 on this discovery confirmed strong gold-silver-copper-cobalt mineralization on the Bingo Main outcrop to a depth of 40 meters that remains open, leaving over 90% of the known mineralized corridor untested.
Early season mapping and prospecting on the Bingo property resulted in the discovery of multiple new outcrops along strike with the Bingo Main Zone containing semi-massive chalcopyrite, pyrite and cobalt-rich sulphide mineralization as well as native copper extending the Bingo Main Zone by 100 m to the south from 350 meters to 450 meters and remains open. The discovery of highly economic cobalt values on surface prompted the Company to revise the calculated AuEq values of the 2023 drill core assay results where cobalt was originally omitted, increasing it’s value by >20%. Outcrop 1 image,Outcrop 2 image,Outcrop 3 image, Outcrop 4 image
Results from the 2023 drill season include 4 holes collared from Pad 1 located in the northern part of the Bingo Main Zone, which intersected broad sulphide-rich mineralized horizon consisting of semi-massive aggregates, and stockwork of chalcopyrite (up to 10 %), pyrrhotite (up to 10 %) and cobalt-rich sulphides, with minor pyrite and galena, that are part of a shear hosted vein within a strongly altered diorite unit that remains open to the north, south and to depth. Drill hole BI-23-01 intersected 12.09 gpt AuEq (7.57 gpt Au, 20.23 gpt Ag, 2.72 % Cu and 1624 ppm Co) over 5.11 meters. Drill hole BI-23-04 intersected 5.25 gpt AuEq (2.52 gpt Au, 11.05 gpt Ag, 1.16 % Cu and 2468 ppm Co) over 10.12 meters, including 8.05 gpt AuEq (4.01 gpt Au, 17.37 gpt Ag, 1.85 % Cu and 3179 ppm Co) over 5.89 meters. Drill hole BI-23-02 intersected 5.36 gpt AuEq (2.86 gpt Au, 8.72 gpt Ag, 1.39 % Cu and 1325 ppm Co) over 7.05 meters. Drill hole BI-23-03 intersected 2.62 gpt AuEq (1.39 gpt Au, 4.06 gpt Ag, 0.58 % Cu and 982 ppm Co) over 5.78 meters, including 2.97 gpt AuEq (1.66 gpt Au, 4.58 gpt Ag, 0.62 % Cu and 987 ppm Co) over 4.73 meters. 3d Model
Table 1: Selected 2023 Bingo drill hole assay results recalculated with Co included in AuEq.
Hole ID | From (m) | To (m) | Interval (m) | Au (g/t) | Ag (g/t) | Cu (%) | Pb (%) | Zn (%) | Co (ppm) | AuEq (g/t) | |
BI-23-01 | Interval | 24.39 | 29.50 | 5.11 | 7.57 | 20.23 | 2.72 | 0.01 | 0.10 | 1624.44 | 12.09 |
Including | 25.58 | 28.48 | 2.90 | 13.0 | 34.93 | 4.70 | 0.02 | 0.17 | 2604.85 | 20.77 | |
BI-23-04 | Interval | 41.1 | 51.22 | 10.12 | 2.52 | 11.05 | 1.16 | 0.01 | 0.15 | 2468.69 | 5.25 |
Including | 42.18 | 48.07 | 5.89 | 4.01 | 17.37 | 1.85 | 0.01 | 0.24 | 3179.83 | 8.05 | |
BI-23-02 | Interval | 25.95 | 33.00 | 7.05 | 2.86 | 8.72 | 1.39 | 0.01 | 0.07 | 1325.60 | 5.36 |
Including | 27.85 | 31.15 | 3.30 | 5.69 | 17.36 | 2.70 | 0.01 | 0.14 | 2087.29 | 10.35 | |
Including | 27.85 | 30.30 | 2.45 | 7.31 | 23.11 | 3.58 | 0.02 | 0.18 | 2522.45 | 13.39 | |
BI-23-03 | Interval | 23.22 | 29.00 | 5.78 | 1.39 | 4.06 | 0.58 | 0.01 | 0.07 | 982.05 | 2.62 |
Including | 24.27 | 29.00 | 4.73 | 1.66 | 4.58 | 0.62 | 0.01 | 0.07 | 987.39 | 2.97 | |
Including | 24.27 | 25.19 | 0.92 | 6.77 | 21.30 | 2.69 | 0.02 | 0.29 | 2440.00 | 11.67 |
Widths are reported in drill core lengths and AuEq metal values are calculated using Au 1997.07 USD/oz, Ag 22.96 USD/oz, Cu 3.83 USD/lbs, Pb 1997.50 USD/ton, Zn 2397.00 USD/ton on December 8, 2023 and Co 12.00 USD/lbs on July 2, 2024.
Table 2: Selected 2023 Bingo drill hole assay results originally reported without Co included in AuEq.
Pad ID | Hole ID | From (m) | To (m) | Interval (m) | Au (g/t) | Ag (g/t) | Cu (%) | Pb (%) | Zn (%) | AuEq (g/t) | |
Pad 1 | BI-23-01 | Interval | 24.39 | 29.50 | 5.11 | 7.57 | 20.23 | 2.72 | 0.01 | 0.10 | 11.42 |
Including | 25.58 | 28.48 | 2.90 | 13.05 | 34.93 | 4.70 | 0.02 | 0.17 | 19.69 | ||
BI-23-04 | Interval | 41.1 | 51.22 | 10.12 | 2.52 | 11.05 | 1.16 | 0.01 | 0.15 | 4.23 | |
Including | 42.18 | 48.07 | 5.89 | 4.01 | 17.37 | 1.85 | 0.01 | 0.24 | 6.74 | ||
BI-23-02 | Interval | 25.95 | 33.00 | 7.05 | 2.86 | 8.72 | 1.39 | 0.01 | 0.07 | 4.81 | |
Including | 27.85 | 31.15 | 3.30 | 5.69 | 17.36 | 2.70 | 0.01 | 0.14 | 9.49 | ||
Including | 27.85 | 30.30 | 2.45 | 7.31 | 23.11 | 3.58 | 0.02 | 0.18 | 12.35 | ||
BI-23-03 | Interval | 23.22 | 29.00 | 5.78 | 1.39 | 4.06 | 0.58 | 0.01 | 0.07 | 2.22 | |
Including | 24.27 | 29.00 | 4.73 | 1.66 | 4.58 | 0.62 | 0.01 | 0.07 | 2.56 | ||
Including | 24.27 | 25.19 | 0.92 | 6.77 | 21.30 | 2.69 | 0.02 | 0.29 | 10.67 |
Widths are reported in drill core lengths and AuEq metal values are calculated using Au 1997.07 USD/oz, Ag 22.96 USD/oz, Cu 3.83 USD/lbs, Pb 1997.50 USD/ton and Zn 2397.00 USD/ton on December 8, 2023.
The program on the Bingo property will consist of ~3000 meters of drilling designed to expand the known high-grade gold-silver-copper-cobalt mineralization along strike and to depth on the Bingo Main Zone, as well as testing additional shear zones at depth and new showings discovered in 2024. Mapping and prospecting on the property, including the Double Down Hinge Zone highlighted by an airborne magnetic survey will continue throughout the season in preparation for future drilling.
The mineralized shear hosted vein was intersected in a narrow copper-rich interval from a drill hole in the southern part of the Bingo Main Zone 200 m south of Pad 1 from 2023, where a surface grab sample assayed 9.79 gpt Au. Drilling in this area in 2024 is designed to fully test the southern extent of the mineralized corridor. Mapping and drilling have shown that the mineralized vein pinches and swells and is parallel to the axial plane of a moderate size fold identified in the magnetic signature of the Bingo Main Zone. The 2023 drill program has helped better understand the geometry of the mineralized vein which is steeply dipping on surface and rotates to 45 degrees to the west at deeper levels. The 2024 drill program is designed to expand on the depth and strike extent of the high-grade gold-silver-copper mineralization in the northern part of the Bingo Main Zone, where a step-out pad will allow to test the vein at depth and extend its strike along the trend where numerous surface samples assayed multi-gram gold. Additional drill locations on trend with the mineralized vein both to the north and to the south will help determine the extent of the mineralization along strike.
A secondary vein was discovered in outcrop 400 m to the northeast of Pad 1, where two grab samples assayed 7.39 gpt Au and 5.93 gpt Au, respectively. The outcrop is partially covered by overburden, but structural investigations indicate a similar orientation to the main mineralized vein. Both samples collected from this outcrop consist of strongly altered, crackled intrusive with up to 5 % chalcopyrite and 10 % pyrite. This showing will be drill tested with multiple drill holes during the 2024 drill season. A third vein is outcropping 250 m southeast of Pad 1. A grab sample that assayed 1.11 gpt Au collected from this vein consists of a metamorphosed, strongly altered intrusive rock with 5 % pyrite and 1 % chalcopyrite. A number of drill holes have been designed to test this showing in 2024. Deeper drill holes designed to test the contact between a close-by intrusion and the surrounding rocks are also planned for the 2024 drill season.
Recently, a new fold located 1 kilometer to the north of the Bingo Main Zone named the Double Down Hinge Zone has been identified in an airborne magnetic survey. This fold shows the same orientation and characteristics as the fold observed at the Bingo Main Zone. A fault separates the two folds potentially indicating that the two structures are in fact the same fold that has been displaced, in which case gold-silver-copper mineralization is projected to be found in the Double Down Hinge Zone as well. Detailed mapping and prospecting on the property will focus on identifying the relationship between the Double Down Hinge Zone and the Bingo Main Zone, as well as understanding the controls on mineralization at the contact between metamorphosed sediments and the intrusion to the West, and the volcanic units to the East. 2023 Bingo Doubledown
Highlights from the high-grade gold Bingo property:
- The Bingo Main zone is part of a 600 meters by 350 meters mineralized corridor that remains open with high-grade gold drill samples (12.09 gpt AuEq over 5.11 meters) and surface samples (up to 13.4 gpt Au) locatedalong the axial plane of a fold hinge.
- Bingo is located in the Eskay Rift in an evolving gold district in a world-class geologic setting within the Golden Triangle of British Columbia, host to several multi-million ounce gold deposits confirming the untapped discovery potential that remains while vast areas of newly exposed bedrock are exposed due to recent snowpack and glacial abatement.
- Bingo comprises the same world-class geological units as Goliath Resource's Surebet discovery located 15 km to the West, including Hazelton Volcanics and related sediments and intrusive rocks as well as the same style of mineralization of pyrrhotite, chalcopyrite and galena, hosted in a similarly oriented west dipping shear zone.
- Gold mineralization in drill samples (4 out of 7 holes intersected significant high-grade gold mineralization) and surface outcrops (83 % of surface samples collected contained gold mineralization), stream sediment geochemistry, ground magnetic survey, soil sampling and other lines of evidence confirm strong gold-mineralization potential on the property.
- Mineralization is characterized by aggregates and stockwork of chalcopyrite, pyrrhotite, galena and pyrite from a shear hosted vein along which gold-silver-copper rich fluids intruded and altered the host rock.
- Recently, a new fold located 1 kilometer to the north of the Bingo Main Zone named the Double Down Hinge Zone has been mapped. This fold shows the same orientation and characteristics to the fold observed at the Bingo Main Zone. A fault separates the two folds potentially indicating that the two structures are in fact the same fold that has been displaced, in which case gold-silver-copper mineralization is projected to be found in the Double Down Hinge Zone as well.
- The Bingo property is located in a fertile area in the southern part of the Golden Triangle surrounded by a number of known deposits, including Anyox, Surebet, Dolly Varden, Porter Idaho, Premier, and more.
- Infrastructure includes direct access to tide water in close proximity to roads and high-tension power.
The Bingo property has an area of 989 hectares and is located 45 km SSW of Stewart, BC and 28 km W of Kitsault, and only 12 km to tidewater landing and roads in the historic mining town of Anyox providing for cost effective exploration. The Bingo Main Zone contains gold mineralized grab, chip and channel samples along the axial plane of a fold hinge over an area of 600 meters x 350 meters in a region of recent glacial retreat and permanent snowpack abatement located within the Eskay Rift region of the Golden Triangle, British Columbia. High-grade gold from surface grab samples assayed up to 9.79 gpt Au. Channel samples assayed up to 1.77 gpt Au and 0.20 % Cu over 4.85 meters and 1.48 gpt Au and 0.37 % Cu over 3.2 meters, respectively. The Bingo property has strong similarities to Goliath Resources’ Surebet Project located further to the east, including same mineralogy, textures and structures.
Qualified Person
Rein Turna P. Geo is the qualified person as defined by National Instrument 43-101, for Juggernaut Exploration projects, and supervised the preparation of, and has reviewed and approved, the technical information in this release.
Other
Oriented NQ-diameter diamond drill core from the drill campaign is placed in core boxes by the drill crew contracted by the Company. Core boxes are transported by helicopter to the staging area, and then transported by truck to the core shack. The core is then re-orientated, meterage blocks are checked, meter marks are labelled, Recovery and RQD measurements taken, and primary bedding and secondary structural features including veins, dykes, cleavage, and shears are noted and measured. The core is then described and transcribed in MX Deposit. Drill holes were planned using Leapfrog Geo and QGIS software and data from the 2017-2022 exploration campaigns. Drill core containing quartz breccia, stockwork, veining and/or sulphide(s), or notable alteration are sampled in lengths of 0.5 to 1.5 meters. Core samples are cut lengthwise in half, one-half remains in the box and the other half is inserted in a clean plastic bag with a sample tag. Standards, blanks and duplicates were added in the sample stream at a rate of 10%
Grab, channels, chip and talus samples were collected by foot with helicopter assistance. Prospective areas included, but were not limited to, proximity to MINFile locations, placer creek occurrences, regional soil anomalies, and potential gossans based on high-resolution satellite imagery. The rock grab and chip samples were extracted using a rock hammer, or hammer and chisel to expose fresh surfaces and to liberate a sample of anywhere between 0.5 to 5.0 kilograms. All sample sites were flagged with biodegradable flagging tape and marked with the sample number. All sample sites were recorded using hand-held GPS units (accuracy 3-10 meters) and sample ID, easting, northing, elevation, type of sample (outcrop, subcrop, float, talus, chip, grab, etc.) and a description of the rock were recorded on all-weather paper. Samples were then inserted in a clean plastic bag with a sample tag for transport and shipping to the geochemistry lab. QA/QC samples including blanks, standards, and duplicate samples were inserted regularly into the sample sequence at a rate of 10%.
All samples, including core, rock grabs, channels, and talus samples, are transported in rice bags sealed with numbered security tags. A transport company takes them from the core shack to the ALS labs facilities in North Vancouver. ALS is either certified to ISO 9001:2008 or accredited to ISO 17025:2005 in all of its locations. At ALS samples were processed, dried, crushed, and pulverized before analysis using the ME-MS61 and Au-SCR21 methods. For the ME-MS61 method, a prepared sample is digested with perchloric, nitric, hydrofluoric and hydrochloric acids. The residue is topped up with dilute hydrochloric acid and analyzed by inductively coupled plasma atomic emission spectrometry. Overlimits were re-analyzed using the ME-OG62 and Ag-GRA21 methods (gravimetric finish). For Au-SCR21 a large volume of sample is needed (typically 1-3kg). The sample is crushed and screened (usually to -106 micron) to separate coarse gold particles from fine material. After screening, two aliquots of the fine fraction are analysed using the traditional fire assay method. The fine fraction is expected to be reasonably homogenous and well represented by the duplicate analyses. The entire coarse fraction is assayed to determine the contribution of the coarse gold.
Some of the reported data is historical in nature and is a compilation of third-party data from previous operators. The reader is cautioned that grab samples are spot samples which are typically, but not exclusively, constrained to mineralization. Grab samples are selective in nature and collected to determine the presence or absence of mineralization and are not intended to be representative of the material sampled. In addition, the reader is cautioned that proximity to known mineralization does not guarantee similar mineralization will exist on the properties.
For more information, please contact:
Juggernaut Exploration Ltd.
Dan Stuart
President and Chief Executive Officer
Tel: (604)-559-8028
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
FORWARD LOOKING STATEMENT
Certain disclosure in this release may constitute forward-looking statements that are subject to numerous risks and uncertainties relating to Juggernaut’s operations that may cause future results to differ materially from those expressed or implied by those forward-looking statements, including its ability to complete the contemplated private placement. Readers are cautioned not to place undue reliance on these statements.
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17 July
Australian Organisations Make Case for Natural Capital Accounting in Resource Sector
Two organisations have collaborated on the release of a new suite of resources geared at helping companies in the Australian mining industry implement natural capital accounting (NCA).
The Cooperative Research Centre for Transformations in Mining Economies (CRC TiME) and CSIRO, Australia’s national science agency, announced the news in a press release on Monday (July 15).
NCA is a means of “accounting for impacts on nature over the life of projects.” Mining companies of all stages are increasingly being asked to show how they affect the environment and mitigate their impact accordingly.
Funding for the suite of resources came from the Commonwealth Department of Climate Change, Energy, the Environment and Water (DCCEEW), the initiator of the overarching CRC TiME NCA project.
Bryan Maybee, program leader at CRC TiME, said that risks to economic stability associated with changing climates and declining biodiversity “have generated calls for greater action from the private sector.”
“The prominence of NCA and natural capital assessment in responding to these calls for improved disclosure has accelerated considerably over the last decade,” continued Maybee, who is also associate professor of minerals and energy economics at Curtin University in Perth. “This has seen the emergence of numerous initiatives, frameworks, metrics and targets, all aimed at improving the consistency and comparability of reporting in relation to natural capital.”
Dr. Anthony O’Grady, a CRC TiME project manager and senior principal research scientist in CSIRO's natural capital group, described NCA as a key tool for understanding how the environment and economy interact.
He added that by improving disclosure and sustainability in mining companies, the industry can do a better job of showing environmental accountability — a characteristic many investors would like to see.
The suite of resources includes a business case that analyses the benefits of adopting NCA, along with an indicative roadmap. It also provides guidance on concepts, methods and reporting structures for NCA and risk assessment.
A comprehensive case study report can also be found in the suite. It presents synopses of pilot case studies testing the System of Environmental Economic Accounting-Ecosystem Accounting framework’s applicability in the Australian mining sector. These case studies assisted in the development of the business case and guidance materials.
“These reports have analyzed existing data to facilitate the development of the consistent approach that is needed across the mining sector,” Maybee said. Tests and demonstrations on the potential use of NCA information for strategic forecasting purposes in the mining sector are included in the report as well.
Other CRC TiME partners include Alcoa (NYSE:AA), BHP (ASX:BHP,LSE:BHP,NYSE:BHP), Curtin University, Hanson Construction Materials, Murdoch University, Syrinx Environmental and the University of South Australia.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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16 July
Investor Presentation - July 2024
Copper-Gold-Base Metals-Uranium Ti-Tree Shear Project Gascoyne Region, WA
Augustus Minerals Limited (ASX: AUG; Augustus or the Company) is pleased to present its investor presentation.
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.
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15 July
$1.66M Raised to Accelerate Exploration at Ti-Tree
Augustus Minerals Limited (ASX: AUG; Augustus or the Company) is pleased to announce that it has received commitments from institutional, professional and sophisticated investors to raise $1,667,500 (Placement).
- Augustus Minerals has received commitments to raise over $1.66m via a Placement.
- Proceeds from the capital raising will fund:
- Deep diamond drilling at the Minnie Springs Cu-Mo porphyry (supported by EIS drilling grant)
- VTEM (Versatile Time Domain Electromagnetic) Helicopter program testing major Cu-Ni-PGE and Uranium targets
- Expanded soil and rock chip sampling program to progress new high-grade Gold and Copper targets to drill ready status
- Commence a program of extensive field work over the large 4-kilometer-long Supergene Carbonate hosted Munaballya Well Uranium Target.
- Exploration works are continuing over various targets along the highly prospective Ti- Tree Shear with drilling to commence this quarter.
Under the placement, AUG will issue up to 23,821,430 fully paid ordinary shares (Shares) at an issue price of $0.07 per Share. The Placement includes one (1) attaching unlisted option (Options) for every two (2) Placement Shares. The Options will be exercisable at $0.12 each expiring 2 years after the date of issue.
Funds raised through the Placement will be used for the following:
- Deep Diamond drilling at the very large Minnie Springs Cu-Mo Porphyry system to test the core of the system for high-grade Copper Sulphide mineralisation.
- The initial 2 x 700m deep holes planned for Q3, 2024 is with assistance from the co- funded Government EIS drilling grant of up to $110,000 as announced 2 May 2024.
- Success in the first two planned holes will justify additional diamond drilling to further expand the Minne Springs Porphyry system
- A VTEM airborne geophysics program testing the Cu-Ni-PGE potential at the Money Intrusion, the Coo Creek Broken Hill Style target and the Munaballya Well uranium U targets.
- An expanded soils/rock chip program to progress newly identified rock chip prospects to drill ready status and continue the exploration over as yet untested areas.
- Working capital and costs of the Placement.
GM Exploration Commented:
“The Augustus Board are very pleased with the overwhelming support for the placement and thank existing and new sophisticated investors for their support that positions the Company to advance exploration at the Ti-Tree project. The heavily oversubscribed placement demonstrates the strong interest in the EIS Supported drill program at the Minnie Springs Cu-Mo Porphyry system as well as continued exploration at the recently discovered Tiberius, Claudius, Justinian and South Snowy gold-copper-gold-silver prospects. The next six months will be an exciting period of exploration activity for the Company and the team are looking forward to the results”.
The Placement Shares will be issued utilising the Company’s existing Listing Rule 7.1 and 7.1A capacity. The Company will seek shareholder approval for the issue of Options.
Evolution Capital Pty Ltd (Evolution) and Morgans Corporate Limited (Morgans) acted as joint lead managers to the Placement.
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.
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15 July
$8m Queensland State Government Funding
Queensland Pacific Metals Limited (ASX:QPM) (“QPM” or “the Company”) is pleased to announce the receipt of an $8m grant from the Queensland State Government.
Highlights
- Queensland Government will make available up to $8m in the form of a grant to prepare the Townsville Energy Chemicals Hub (“TECH Project”) for investment readiness.
- The Queensland Government grant is in addition to the recently announced $8m grant received from the Australian Federal Government under the International Partnerships in Critical Minerals program.
- Upon execution of the respective grant agreements, QPM will commence to ramp up activities for the TECH Project to advance it to stage where it is ready for a Final Investment Decision.
- The combination of the two grants represents significant and non-dilutive funding for the TECH Project. In light of this, the QPM Board has resolved to formally commence evaluation of a demerger of the TECH Project from the QPM Energy business (“Demerger”).
- The Board believes that QPM has two high quality projects that are currently undervalued in the existing corporate structure. A Demerger would allow both QPM Energy and the TECH Project to grow more efficiently and maximise value for shareholders.
Grant Funding
QPM refers to Media Statement published by the Honourable Scott Stewart, Minister for Resources and Critical Minerals on Friday 12th July1. QPM has worked with the Queensland Government, which has previously declared the TECH project a Prescribed Project and a Significant Investment Project. As a result of this collaboration with the Queensland Government, the Hon. Scott Stewart announced that the Queensland Government will make available up to $8m in the form of a grant to prepare the TECH Project for investment readiness. This is in addition to the $8m grant recently awarded to the TECH Project under the Australian Federal Government International Partnerships in Critical Minerals program (refer to ASX announcement 11 July). The Queensland Government grant also satisfies the matched funding condition required under the Federal Government grant.
QPM will now work with Queensland Treasury to finalise an agreement for the delivery of the grant and will provide more information to shareholders when it is available.
TECH Project Activities
Over the past few years, QPM has made great strides in advancing the project to a stage where it is ready for a Final Investment Decision. The two grants represent a total of $16m of non-dilutive funding which will facilitate QPM’s ability resume technical workstreams for the TECH Project without impacting the QPM Energy business and QPM’s group financial position.
Upon execution of the respective grant agreements, QPM will commence to ramp up activities on the TECH Project. This will put the TECH Project in a strong competitive position compared with other development stage nickel projects which have largely been halted. The grants will advance the TECH Project towards investment readiness, ready to capitalise on any positive sentiment change in the nickel market.
QPM Director Dr Stephen Grocott commented,
“Government support is essential for advanced manufacturing projects like TECH to be competitive on the global stage. We believe in the merits of the TECH Project with its gold standard sustainability credentials and world class partners. I would like to personally thank both the State and Federal Governments for their ongoing support, particularly at a time where it is most needed for critical minerals.”
Click here for the full ASX Release
This article includes content from Queensland Pacific 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.
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15 July
Rare Earths Specialist CEO joins the PVW Team
PVW Resources (“PVW” or “the Company”) (ASX:PVW) is pleased to report the appointment of Mr Alistair Stephens as Chief Executive Officer of PVW.
Appointment of Chief Executive Officer
- Mr. Alistair Stephens, an industry-renowned specialist in rare earths and rare metals, joins the PVW team as Chief Executive Officer effective immediately
- With 20 years’ experience specifically in rare earths and niobium/tantalum, he brings relevant and highly strategic operational experience to accelerate the PVW resource portfolio
- A standout resource industry achiever who has collectively defined over 7 million tonnes of Total Rare Earth Oxides (TREO) resources (1,2)
- He has extensive project development skills and successfully managed multiple feasibility study programs in rare earths and rare metals
- Mr Stephens has a 35-year corporate and operations career in mining geology and mineral processing in gold, nickel and specialty metals and has a 20-year corporate career in commercial transactions, marketing and sales, and corporate governance.
- This appointment accelerates the focus on project development for PVW and complements the current Board talent in specialty and critical minerals
Board Changes
- Mr George Bauk will by rotation assume the role of Non-Executive Chair with Mr Colin McCavana and Mr David Wheeler remaining as Non-Executive Directors.
Non-Executive Chairman Mr George Bauk said: “The board of PVW Resources is extremely excited in the appointment of Mr Alistair Stephens to the role of CEO of PVW Resources.
Mr Stephens has an extensive career in leading organisations with particular reference to critical minerals including rare earths and rare metals. Over the past two decades, Mr Stephens has overseen the establishment of two significant rare earth deposits in Australia and Africa. This knowledge and leadership put PVW in a fantastic position to advance its position in the REE sector.”
Chief Executive Officer, Mr Alistair Stephens said “I am delighted to join the PVW Resources team and look forward to working with the Board in strategically relevant project developments that will deliver value for PVW shareholders.”
Click here for the full ASX Release
This article includes content from PVW 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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