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Drilling Results Confirm Extensions Of Mineralisation At Native Bee
May 11, 2023
Belararox Ltd (ASX: BRX)(Belararox or the Company), an advanced mineral explorer focused on high value clean energy metals, is pleased to announce the drill results from the recently commenced Phase 2 drill program.
Key Highlights
- Drilling results from Phase 2 drilling confirm and extend the continuity of massive sulphide mineralisation at Native Bee.
- Mineralisation extends more than 100m further south than the estimated resource at Native Bee and remains open at depth.
- Highlights include:
- 6.0m at 4.00% Zn, 0.27% Cu, 1.15% Pb, 33.70g/t Ag and 0.37g/t Au from 151.0m in NBDD007, including 3.0m at 7.57% Zn, 0.06% Cu, 2.11% Pb, 58.27g/t Ag and 0.70g/t Au.
- 8.0m at 2.17% Zn, 1.08% Cu, 0.14% Pb, 15.55g/t Ag and 0.16g/t Au from 175.0m in NBDD009.
- 7.0m at 1.49% Zn, 0.20% Cu, 0.80% Pb, 30.69g/t Ag and 0.02g/t Au from 205.0m in NBDD008.
- 4.0m at 1.22% Zn, 0.47% Cu, 0.75% Pb, 27.12g/t Ag and 0.23g/t Au from 75.0m in NBDD012.
- The mineralised intersection in NBDD007 is the best to date at Native Bee and suggests that the thickness of the massive sulphide lode is increasing with depth, potentially adding significant mineralisation below the known Native Bee sulphide resource.
- Planned exploration activities include:
- Phase 2 Drilling has been paused to assess the potential of thicker and higher-grade material at depth.
- Exploration targeting and field mapping over a further 20km of prospective host rocks and structural corridor south of Belara and Native Bee is ongoing on the recently granted EL9523 and EL9538.
Managing Director, Arvind Misra, commented:
“These results from Phase 2 drilling at Native Bee continue to extend the mineralisation with the best intersection to date recorded at Native Bee and indicate this is a highly prospective asset with more massive sulphide mineralisation discovered and further exploration upside.”
Phase 2 Drilling Campaign at Belara/Native Bee
The Phase 2 drill program is focussed on identifying additional mineralisation to the previously announced maiden Mineral Resource Estimate (MRE) at Belara and Native Bee comprising of an Inferred Resources of 5.0 million tonnes (Mt) at 3.41% Zinc equivalent (ZnEq) (see ASX announcement dated 3 November 2022).
Initial drill results from the Phase 2 diamond drill holes at Native Bee indicate that the mineralisation thickness at Native Bee is increasing at depth below the central part of the known Native Bee sulphide resource. The lode appears less consistent to the south than initially expected and may not be contiguous between the north zone of reported Inferred Resources and the area of historical mining at Native Bee (Figure 1). Belararox has therefore paused the Phase 2 drill campaign after approximately 1200m of diamond drilling to consider the potential for retargeting drilling into higher-grade areas.
This article includes content from Belararox 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.
BRX:AU
1h
Firebird Executes Farm-Out Agreement with Macro Metals on Non-Core Manganese Tenements
Firebird Metals Limited (ASX: FRB, “Firebird” or “the Company”) is pleased to announce that it has signed an agreement with Macro Metals Ltd (“Macro”) regarding the development of Firebird’s Wandanya, Disraeli and Midgengadge tenements.
HIGHLIGHTS
- Firebird executes farm-out agreement for Macro Metals Ltd (ASX:M4M) to acquire an 80% interest in the Wandanya, Disraeli and Midgengadge Manganese tenements
- Macro will invest an initial $150,000 within the first 12 months and undertake a 10-hole RC drill program with a minimum of 100m to be drilled on each of the four tenements
- Firebird will retain a free-carried 20% interest in the Projects until decision to mine
- Firebird to earn 1% sales commission (based on FOB revenue)
- Agreement enables Firebird to focus on the development of the Oakover Project and the Company’s Chinese manganese sulphate plant
- Agreement gives Firebird exposure to upside from future development of the tenements
- Macro has proven and strong management in the exploration and development of greenfield projects
This agreement will see Macro invest $150,000 over 12 months at the Wandanya (E46/1456 and E46/1457), Disraeli (E46/1389) and Midgengadge (E45/5906) tenements and completion of at least 10 RC drill holes, with 100m to be drilled on each of the tenements, to earn an 80% interest.
Firebird Managing Director Mr Peter Allen commented: “This agreement allows Firebird to continue its strategic focus on the Oakover Project and our Chinese LMFP strategy. By partnering with Macro, we leverage their expertise and resources to drive the development of these tenements, which not only ensures that they receive the necessary investment and development attention but also allows Firebird to benefit from potential production and value growth without immediate capital outlay.
“We are confident that this collaboration will unlock value for our shareholders and look forward to a prosperous collaboration with Macro.”
Key Agreement Terms
Firebird has signed a binding Heads of Agreement with Macro Metals Ltd (“Macro”), an unrelated party, whereby Macro has the exclusive right to earn 80% in four tenements (E46/1456, E46/1457, E46/1389 and E45/5906) (Tenements) by committing to spend $150,000 in exploration and development expenditure on the Tenements within 12 months (Agreement).
This expenditure must include at least 10 RC holes, for a minimum total of 100 metres drilled on each of the four tenements. Macro will assume full responsibility for the Tenements over this earn-in period.
Firebird’s 20% interest will be free carried until such time Macro makes a decision to mine, at which point Macro and Firebird will enter into an incorporated joint venture (“SPV”). The SPV will enter into a life of mine, mining services contract with Macro’s wholly owned, mining services subsidiary, Macro Mining Services Pty Ltd, for the provision of all services across the entire pit to customer supply chain on a commercial, arms’ length schedule of rates. Firebird retains the ability to transfer its 20% interest into a 1% royalty. The Agreement also allows for Firebird to earn 1% sales commission (based on Free on Board (FOB) revenue).
Completion of the transaction is conditional upon due diligence to the absolute satisfaction of Macro and any necessary regulatory or third-party consents or approvals required before close of business on 30 September 2024 (or such time as otherwise agreed).
The Agreement otherwise contains terms and conditions considered standard for agreements of this nature.
The Company notes that Mr Evan Cranston is a Director of both Firebird and Macro, however, this Transaction has been approved by the independent Directors of Firebird.
Firebird’s original agreement for the acquisition of the Wandanya tenements was established with Mining Equities Pty Ltd in 2022. Under this agreement, a total shipment milestone consideration of up to $500,000 was to be paid to Mining Equities Pty Ltd in instalments based on export shipments or mine gate sales. Upon reaching the maximum milestone consideration, a 1% royalty would be payable on an FOB basis for export shipments or a mine gate basis for domestic sales. Mining Equities Pty Ltd has agreed to amend the original terms by removing the $500,000 payable with the 1% royalty now payable on all export shipments and domestic sales.
Click here for the full ASX Release
This article includes content from Firebird 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.
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4h
Auric Buys Specific Mineral Rights and Related Assets from WIN Metals for $1.2M
Auric Mining Limited (ASX: AWJ) (Auric) together with WIN Metals Ltd (ASX: WIN) (WIN Metals or WIN) are pleased to announce that the two parties have successfully executed a Binding Term Sheet on 22 July 2024 for the partial purchase of WIN’s nickel and lithium rights within the Munda Gold Project area, water access rights and other related assets, to Auric.
HIGHLIGHTS
- Binding Term Sheet executed on 22 July 2024.
- Milestone agreement improves pathway to mining a trial pit at Munda Gold Project, potentially in Q1 2025.
- Auric now owns all mineral rights, down to 235m RL, (approximately 150m below surface) over planned mining area.
- Purchase price totals $1.2 Million, including $1.00 Million, for the nickel rights.
- Binding Term Sheet includes sole access to stored water in the 132 North pit by Auric for 3 years from settlement date and shared access for a further 5 years.
- Acquisition includes 7 tenements or applications.
- $100,000 deposit paid to WIN. Additional $600,000 payable at settlement. Further payments totalling $500,000 to be paid over next 12 months.
MANAGEMENT COMMENTS
Auric Mining. Managing Director, Mark English, said: “We now have greater control over our destiny for open pit gold mining at the Munda Gold Project.
“Buying the nickel and lithium rights from WIN Metals down to the 235m RL (which is approximately 150m below surface) and having sole rights to an agreed area means we have now taken another major step forward to commencing a trial pit at Munda.
“There’s not much water around Widgiemooltha, so as part of this transaction we are acquiring access to stored water in the 132 North pit from WIN, removing a significant obstacle for us.
“WIN Metals has been pragmatic about the negotiation. We have reached a highly satisfactory agreement for Auric shareholders.
“We’ve moved Munda along rapidly this year and this hurdle has been removed. We are planning to mine a trial pit in Q1 2025,” said Mr English.
WIN Metals. Managing Director & Chief Executive Officer, Steve Norregaard, said:
“We wish Auric well in its ambition to mine at Munda Gold Project.
“We have no intention of standing in their way and have reached an equitable agreement to sell our nickel and lithium rights, within a specified area, at the Munda Gold Project and minor non-core assets.
“It’s a great result for both companies,” said Mr Norregaard.
Click here for the full ASX Release
This article includes content from Auric Mining, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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12h
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.
Keep reading...Show less
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