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![EMU NL](https://investingnews.com/media-library/emu-nl.png?id=52155089&width=1200&height=800)
Emu NL (ASX: EMU) – Trading Halt
Description
The securities of Emu NL (‘EMU’) will be placed in trading halt at the request of EMU, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Wednesday, 29 May 2024 or when the announcement is released to the market.
ASX Compliance
Click here for the full ASX Release
This article includes content from EMU NL, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Firetail Resources
Overview
Firetail Resources (ASX:FTL) is an Australian exploration company building a strategic portfolio of battery metals in Australia and Peru.
Batteries are a critical foundation of the transition to a greener and more sustainable future. Consequently, between electric vehicles and renewable energy, global demand for batteries is expected to increase from 185 GWh in 2020 to over 2,000 GWh by 2030. This is expected to have a profound impact on the market for battery and base metals such as lithium, nickel, cobalt and copper.
Firetail Resources aims to leverage this significant opportunity to find the critical resources to support the world’s journey to electrification. Under the direction of a proven board and management team with decades of collective experience in mining exploration, development and production, Firetail Resources boasts a diversified asset portfolio with multiple drill-ready targets and advanced exploration projects that all have tremendous potential to increase shareholder value.
Firetail's Australian Yalgoo-Dalgaranga, Mt. Slopeaway and Paterson projects are all located in proven geologic domains and display significant upside for substantial mineral resources. The company's more recent acquisition of two projects in Peru strongly complements these assets.
As the world's third-largest copper producer, Peru has a massive mining industry with a strong prominence in the country’s national economy. Long recognized as an excellent, low-risk mining jurisdiction, the country recently approved roughly $600 million worth of new mining projects. Unsurprisingly, nearly every major global mining company is either operating in the jurisdiction or is aware of it.Although only recently acquired, Firetail's Picha Copper project is now one of its most promising assets. The Picha Project was acquired as part of a deal that includes a farm-in agreement with Barrick Gold Corporation (TSE:ABX) for an earn-in of up to 70 percent interest in the Charaque Project.
Picha is located along a NNW regional trend of carbonate-replacement (CRD) and epithermal deposits, including the San Gabriel Gold Project (Buenaventura NYSE:BVN), which is fully permitted and in construction; and the Berenguela Ag, Cu, Mn, Zn Deposit (Aftermath Silver TSXV:AAG).
In 2024, Firetail Resources announced the acquisition of York Harbour copper project, Canada. The company has signed a binding option agreement to acquire up to 80 percent of York Harbour project via a staged earn-in. York Harbour is a Cyprus-style volcanogenic massive sulphide (VMS) exploration project, located 180 km west-south-west of FireFly Metals Ltd (ASX:FFM) Green Bay copper project.
With a diversified portfolio of battery and base metals assets in two leading mining jurisdictions, Firetail is perfectly positioned to take advantage of the transition to green energy, driving considerable shareholder value in the process.
Company Highlights
- Demand for batteries is expected to exponentially increase by 2030, consequently driving the demand for battery and base metals.
- An Australian exploration company, Firetail Resources is well-positioned to take advantage of this market trend via a portfolio of Australian and Peruvian battery metals projects.
- Firetail's drill-ready assets are supported by smart field exploration and drilling programs to unlock their resource potential and increase shareholder value.
- The company's current portfolio of assets includes lithium, copper, cobalt, manganese, molybdenum, lead, zinc and nickel.
- All of Firetail's exploration activities are directed by a board and management team with a proven track record in mineral exploration, development and production.
Key Projects
Picha (Copper)
Located in Southern Peru's Moquegua and Puno departments, Picha represents Firetail's most recent acquisition. Intended as a complement to the company's portfolio of battery metals assets, the highly prospective 200-square-kilometre copper project hosts multiple drill-ready targets which Firetail plans to test in the coming months. Picha was obtained as part of a deal that included a farm-in agreement with Barrick Gold Corporation for the Charaque Project located 30 kilometres to the northeast.
Firetail recently confirmed its official drill permit for Picha and site preparations are underway for a October drilling campaign.
Project Highlights
- Promising Geology: Picha is located within Peru's Epithermal Au-Ag-Cu-Pb-Zn metallogenic zone along a north-northwest regional trend of carbonate-replacement and epithermal deposits.
- Nearby Projects: Picha is situated roughly 17 kilometres east-northeast of Compania de Minas Buenaventura's San Gabriel gold-copper-silver project, which hosts:
- Reserves of 14.9 Mt with 4.04 grams per ton (g/t) gold and 6.43 g/t silver representing 1.94 Moz gold.
- Resources of 24.86 Mt with 2.10 g/t gold and 8.46 g/t silver.
- Multiple Mineralisation: The project is prospective for multiple styles of copper mineralisation, including epithermal, stratabound, polymetallic carbonate replacement and porphyry-style. It also hosts several untested and geologically significant geochemical and geophysical anomalies, displaying similar mineralisation to the Storm/Seal copper project on Somerset Island.
- Significant Exploration Potential: Firetail has identified 13 exploration targets through a combination of geological mapping, surface sampling and geophysical surveys. Thus far, the company has collected 651 rock/chip samples and 289 soil samples and performed 118 line-kilometre IPs and 240 line-kilometre magnetic surveys. Highlights of its exploration work include:
- Widespread surface copper mineralisation coincident with IP anomalies.
- Channel Sample Results
- Cobremani: 41.6 metres at 1.12 percent copper and 22.85 g/t gold.
- Maricate: 17.6 metres at 1.95 percent copper and 29.58 g/t gold.
- Cumbre Coya: 32.85 metres at 0.61 percent copper and 209.76 g/t gold.
- Fundicion Target: Identification of a large chargeability anomaly reflecting potential sulphide mineralisation and/or alteration at depth indicative of a large porphyry body. This anomaly is roughly 2 kilometres long and 2 kilometres across at its widest point.
- Additional Drill Targets: Firetail's second IP survey revealed additional anomalies, including:
- Ichucollo: Semi-contiguous 2.5-kilometre long IP anomaly with coincident surface mineralisation and sample results of 24 metres at 1.08 percent copper, 13 metres at 1.38 percent copper and 30 metres at 0.79 percent copper. Manto-type mineralisation at the target's southern end also averages 1.45 percent copper over 18 metres.
- Huancune: A 1.5-kilometre long anomaly coincident with surface mineralisation. Multiple channel samples ranging from less than 0.5 percent copper up to 3.95 percent copper.
Charaque (Copper)
The Charaque Copper Project is located roughly 30 kilometres northeast of Firetail's Picha project, consisting of eight claims covering roughly 60 square kilometres. The region around the project is an active exploration area where multiple leading mining companies maintain significant landholdings, including Barrick Gold, Teck Resources (TSE:TECK.B) and Fresnillo (LON:FRES).
Charaque was acquired via a farm-in agreement between Firetail and Barrick Gold which entitles the latter to earn up to a 70 percent interest in the project.
Yalgoo & Dalgaranga (Lithium)
Firetail's Yalgoo and Dalgaranga lithium projects collectively span more than 1,750 square kilometres in Western Australia's highly prospective Murchison region. Located close to Geraldton Port and with easy access to all necessary infrastructure, the two projects host known lithium-caesium-tantalum (LCT) pegmatites with a strong rubidium association. Firetail recently completed a small maiden drilling program in the Johnson Well area of Yalgoo, itself the site of a historic lepidolite mine.
Rock chip sampling of surrounding areas is ongoing along with a detailed analysis of lithium prospectivity. Results and a project update are expected within four to six weeks.
Project Highlights
- Yalgoo Exploration Results: Thus far, exploration at Yalgoo has returned highly promising results, including:
- A 25-kilometre "Goldilocks Zone" at Yalgoo confirmed to host LCT pegmatites with historic results of up to 3.75 percent lithium oxide.
- Rock chip assay results of up to 0.54 percent lithium oxide and under 1 percent rubidium.
- High-grade rubidium, including 10 metres at 0.44 percent rubidium from 10 metres.
- Dalgaranga Exploration Results: Firetail has completed detailed geological mapping in the project's north, returning anomalous lithium, rubidium, caesium and tantalum values indicative of LCT pegmatites. The company plans to undertake further mapping in the area.
- Dalgaranga's Strong Prospectivity: Dalgaranga counts several advanced critical minerals projects amongst its neighbours which together confirm its prospectivity:
- King Tamba (ASX:KTA): Maiden mineral resource estimate (MRE) of 5 Mt at 0.14 percent rubidium oxide with a lithium oxide credit. Open mineralisation in all directions with a planned infill drill program to expand MRE.
- Aldoro Resources Limited (ASX:ARN): Aldoro's Niobe Tantalum-Lithium project has delivered a maiden inferred JORC MRE of 4.6 Mt at 0.17 percent rubidium oxide and 0.07 percent lithium oxide. Potential to upgrade is present thanks to mineralisation at shallow depth.
- Farm-in Agreement on Southern Yalgoo Tenement: Completion of the farm-in agreement completed with SensOre (ASX:S3N), through its joint-venture subisidiary Exploration Ventures AI Pty (EXAI) in partnership with German resource investment group Deutsche Rohstoff AG, on tenement E59/E2252, a part of the Firetail Yalgoo Lithium Project. As per the agreement, EXAI is to earn up to 80 percent of lithium rights on E59/E2252 by spending $3.5 million in two stages. Additional considerations of up to $600,000 will be fulfilled upon the delivery of maiden mineral resource estimate (MRE) and pre-feasibility study (PFS). SensOre will further provide Firetail access to its proprietary AI technology across the Yalgoo and Dalgaranga Lithium Projects. The two companies will work closely together to identify and confirm Lithium exploration targets in the region.
Mt. Slopeaway (Nickel)
Situated in Central Queensland, Firetail's Mt. Slopeaway Nickel Project contains an existing JORC 2012-compliant inferred mineral resource of 4 MT at 1 percent nickel, 0.2 percent cobalt and 1 percent manganese. Having recently been awarded project status, Firetail plans to conduct environmental and heritage surveys. Planning of an onsite drilling program is also underway.
Project Highlights
- Current Progress: In addition to drilling, heritage and environmental surveys, highlights of Firetail's work at Mt. Slopeaway include:
- Development of a geological model indicative of a manganese-cobalt-nickel layer at the base of a limonite section.
- Finalisation of a project land access agreement and completion of site earthworks.
- Phase 1 reverse circulation (RC) drilling with results exceeding historical nickel and cobalt assay data.
- A planned Phase 2 RC and diamond drilling program to upgrade the project's current resource classification.
- Extensional drilling to potentially expand the project's current inferred resource.
- Drilling Results: A drilling program completed in Q4 2022 returned up to 51 metres of thick laterite nickel-cobalt mineralisation.
Paterson (Copper)
Firetail's Paterson Copper Project spans five tenements across roughly 1,000 square kilometres in Western Australia. Heritage agreements for the project are in place and desktop studies are currently progressing, with multiple prospective target areas identified for drilling.
Project Highlights
- Shallow Intercepts: Paterson displays the shallowest known historical gold/copper intercepts in the region, with up to 6.5 percent copper, 0.99 g/t gold and copper, 0.99 g/t gold and 1,330 parts per million (ppm) molybdenum across an approximately 50-metre wide magnetite alteration zone.
- Drilling Targets: Paterson has identified the following potential targets for drilling at Paterson:
- 87WDRC2: 17 metres at 1.6 percent copper and 317 ppm molybdenum including 9 metres at 2.6 percent copper and 456 ppm molybdenum from 84 metres.
- 87WDRC6: 9 metres at 2 percent copper and 272 ppm molybdenum including 5 metres at 3.1 percent copper and 430 ppm molybdenum from 84 metres.
- 87WDRC8: 11 metres at 1.5 percent copper and 181 ppm molybdenum including 7 metres at 2.1 percent copper and 250 ppm molybdenum from 83 metres.
- 87WDRC14: 13 metres at 1.1 percent copper including 6 metres at 2 percent copper from 107 metres.
Management Team
Brett Grosvenor — Executive Chair
Brett Grosvenor is a seasoned executive with over 25 years of experience in the mining and power industry. He holds a dual tertiary qualification in engineering and a Master in Business. Prior to his current position, Grosvenor was the director of development at Primero Group, focused on the development of projects from an initial concept through to contract delivery and operation.
Grosvenor is currently a director of ASX-listed Perpetual Resources and Firebird Metals. He is a member of the project steering group for Patriot Battery Metals and also the Australian Industry Consultation Group for Battery and Critical Minerals.
Simon Lawson — Non-executive Director
Simon Lawson is a professional geoscientist with more than 16 years operational experience spanning multiple commodities and jurisdictions, and was a founding member of Northern Star Resources (ASX:NST).
He holds a Master of Science in geology from Auckland University and has more than 15 years of exploration, production and management experience in gold and base metals. He is currently the managing director of Spartan Resources (ASX:SPR) formerly Gascoyne Resources (ASX:GCY).
Cai Kecheng — Non-executive Director
Cai Kecheng is a representative of Hong Kong Jayson Mining Co. (Jayson), a substantial shareholder of Firetail. Kecheng has over eighteen years of experience in financial investment and corporate strategy. He is currently the associate president and head of investment & strategy for Jayson. Prior to that, he served as managing director at a number of private equity firms in Shanghai
George Bauk — Non-executive Director
George Bauk is an experienced director with over 17 years as a listed company director and 30 years within the resources industry including global operational and corporate roles.
He has experience managing everything from exploration to production in Australia and internationally, with expertise across a variety of commodities including rare earths, lithium, graphite, gold, uranium and copper. During his time as managing director of Northern Minerals, he led his team from a greenfields heavy rare earth explorer to one of the few global producers of high-value dysprosium outside of China.
Alongside his position as director at Firetail, he is also an executive chairman of ASX-listed Valor Resources (ASX:VAL) and Lithium Australia (ASX:LIT), as well as an executive director of PVW Resources (ASX:PVW).
Robin Wilson — Technical Director
Robin Wilson has held senior exploration positions in several exploration and mining companies, including Valor Resources, Polaris Metals, Tanganyika Gold, Troy Resources, CRA Exploration and Northern Minerals. He has also spent five years working in oil and gas exploration for Woodside Energy.
During nearly 30 years of involvement in mineral exploration, Wilson has worked on gold, nickel, REE, uranium, copper, lithium and phosphate projects throughout Australia, Africa, South America and North America and was involved in the initial discovery and outlining of several gold deposits in Australia. Between 2006 and 2021 he led the Northern Minerals exploration team that discovered the Browns Range REE deposits that have advanced through development to production of HRE carbonate.
Frank Bierlein — Technical Consultant
Dr. Frank Bierlein is a geologist with 30 years of experience as a consultant, researcher, lecturer and industry professional. He served on the Firetail board of directors from the time of its listing on ASX in April 2022 until July 2023. He remains a technical consultant to Firetail, in particular for ongoing technical work on the Mt Slopeaway Project.
Bierlein has held exploration and generative geology management positions with QMSD Mining, Qatar Mining, Afmeco Australia and Areva NC and consulted for, among others, Newmont Gold, Resolute Mining, Goldfields International, Freeport McMoRan and the International Atomic Energy Agency.
He is currently a Non-executive director of Blackstone Minerals, Impact Minerals and Variscan Mines.
Leon Bagas — Senior Exploration Geologist
Leon Bagas is an exploration geologist with forty years of industry experience. He has held senior exploration roles with multiple Australian companies and senior research positions for the University of Western Australia.
Bagas is highly experienced in developing mineralisation models using geochemistry and geochronology. Combined with his proficiency in the field, this makes Bagas an excellent candidate to assist in the development of the exploration and drilling programs at Firetail's Paterson Orogen and Yalgoon-Dalgaranga project areas.
Phillip Mackenzie — Senior Exploration Geologist
Phillip Mackenzie has worked in Central Queensland over several decades, exploring the Marlborough and Yeppoon terrain to assess and explore for nickel, cobalt, chromite, magnesite and gold related to the Princhester Serpentinite. His work included management of projects and teams to perform activities ranging from regional sampling to resource drilling. As a result of his work, several hundred drill holes targeting lateritic nickel and cobalt were assessed and an indicated resource determined for a mining lease.
Aura Increases Tiris’ Mineral Resources by 55% to 91.3 Mlbs U3O8
Resource growth adds confidence in future expansion and scale opportunities
Aura Energy Limited (ASX: AEE, AIM: AURA) (“Aura” or “the Company”) is pleased to provide an update on the Mineral Resource Estimate (“MRE”) for the Tiris Uranium Project (“Tiris” or the “Project”) in Mauritania.
KEY POINTS:
- Tiris’ global Mineral Resources increased by 55% to 91.3 Mlbs U3O8, up from 58.9Mlbs U3O81 (global Mineral Resources includes Tiris East and Oum Ferkik Project areas)
- The recent 15,262m drill program delivered a very large 28.9 Mlbs U3O8 increase in the Tiris East Uranium Project’s Mineral Resources, totalling 76.6 Mlbs U3O8, delivered at a discovery cost of only US$ 0.14 per lb U3O8
- Measured and Indicated Mineral Resources increased by 35% adding 10.3 Mlbs U3O8 providing further confidence to the Front End Engineering Design (“FEED”)2 production schedule
- Drilling results and the increase in Mineral Resources both demonstrate significant future resource growth potential at Tiris from ongoing exploration activities
- The major increase in the Tiris Mineral Resources:
- Reinforces Auras’ commitment to progress Tiris towards a development decision in late 2024 or early 2025;
- Offers significant potential to materially enhance the already excellent FEED economics of NPV8 US$ 388 M and IRR 36% after tax3,4, and
- Presents real opportunities to increase the Project’s future scale beyond the current 17-year mine life at 2 Mlbs pa U3O8 production
- Additional Mineral Resources were defined from extensions to known mineralisation and exhibit the same characteristics as the current shallow free digging mineralisation that has proven exceptional beneficiation characteristics
- Mine scheduling and optimisation including a review of the Ore Reserve Estimate will now be undertaken on the enhanced Mineral Resources
Aura Energy’s Managing Director and CEO Andrew Grove said:
"The resource growth at Tiris confirms our view that this is an important uranium province with the capacity for further growth upside.
The Board believes that the very significant increase in Mineral Resources resulting from the successful drilling campaign will have a materially positive impact on Tiris’ economics and has been delivered at a very low discovery cost of just US$ 0.14 per lb.
Mineralisation was identified not only from high strength radiometric anomalies, but from areas of low strength anomalies, significantly increasing the exploration potential of the area as these low-level anomalies have been ignored in past exploration.
More opportunities remain to expand the known mineralisation within the current granted tenements. In addition, the potential for future discoveries within the 13,000km2 of new tenement applications is significant as we have only just begun exploration over this district-scale opportunity.
The increased Mineral Resource inventory will further support the funding and development of the Tiris Uranium Project in the near future.”
Tiris Global Mineral Resource Estimate reported using a 100ppm U3O8 cut-off grade, see Table 1 for details
The drilling program undertaken in 2024 has delivered a major increase to the Project’s Global Mineral Resources totalling 184 Mt at 225ppm for 91.3 Mlbs U3O8 at a 100ppm cut-off grade. This is a 55% increase in the contained U3O8 from the previous MRE, reported in 2023, of 113Mt at 236ppm for 58.9Mlbs5 U3O8.
This drilling program was aimed at assessing additional resource potential at Tiris East and delivered a 10.3 Mlbs or 35% increase of Measured and Indicated (“M&I”) Resources, which stands at 83 Mt @ 219ppm for 39.9 Mlbs U3O8, and a 76% increase in total Inferred Resource, which stands at 102 Mt @ 229ppm for 51.4 Mlbs U3O8. The detail of the upgraded resource across the project areas and the previous resources are shown in Table 1.
In April 20246, Aura completed an air core (“AC”) drilling program of 2,995 holes for 15,262 metres, a 37% increase in the total number of holes available for resource calculations, to evaluate a previously announced exploration target of between 8 Mlbs and 32 Mlbs7. The Mineral Resource increase of
32.4 Mlbs U3O8 exceeded the upper end of the exploration target range, providing strong support to Aura’s exploration methodology, and is a strong indication to the mineralisation potential that may be available in regional leases that are currently under application8.
In addition to targeting extensions to known mineralisation, and testing previously un-drilled radiometric anomalies around Tiris East, the program considered several conceptual targets over low- level radiometric anomalies. Several of these conceptual targets returned very positive results, further increasing exploration potential of the area. This is a major change from previous exploration in the area.
Mineral Resource estimates were undertaken utilising Multiple Indicator Kriging (“MIK”) estimation methodology and recoverable Mineral Resources reported using a 10x10x1m Selective Mining Unit (“SMU”). The Competent Person for the 2024 Tiris Mineral Resource Estimates is Mr Arnold van der Heyden of H&S Consulting Pty Limited (“HSC”).
Click here for the full ASX Release
This article includes content from Aura Energy, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Latest Assays Demonstrate Significant Increase in Murga Scandium Grades
Rimfire Pacific Mining (ASX: RIM, “Rimfire” or “the Company”) is pleased to advise that re-assaying of aircore drill samples from the Murga Scandium Prospect has demonstrated a significant increase in scandium grade for the prospect, which is located on Rimfire’s Fifield Project 70kms NW of Parkes NSW (Figure 1).
Highlights
- Re-assaying of March 2024 aircore drill samples increases average scandium grade by 11% with some samples achieving 25 – 50% increases
- Maiden Murga North JORC Resource to be estimated in conjunction with Melrose maiden JORC resource estimate
- Planning for further aircore and diamond drilling to determine the lateral extents and infill wide spaced anomalies of the scandium at Murga underway
- All scandium exploration funded by exploration partner GPR with a further $250K received during the last month
This is a significant development as the re-assay data demonstrate that the actual scandium grades for Murga could be significantly higher than the original drill intercepts previously reported by Rimfire and reinforces the potential of Murga to host a large-scale pure scandium resource.
On the back of these great results, Rimfire has decided to estimate a JORC resource for the Murga North portion of Murga, which will be carried out in conjunction with the upcoming Melrose JORC resource estimate”.
Re-assaying of Samples
Original assaying of drill samples from the reconnaissance March 2024 Murga aircore drilling program was undertaken using a 4-acid digestion / ICP analysis technique which is considered a “partial digest” analytical method and was used by Rimfire to cost effectively “screen” large numbers of drill samples generated by the drill program (see Rimfire’s ASX Announcement dated 6 May 2024).
Having identified multiple scandium occurrences at Murga (i.e. Murga North, Murga Northwest, Murga East and Murga South, Rimfire subsequently resubmitted 260 of the most anomalous samples (greater than 120ppm Sc) from the drilling for additional scandium analysis using the more expensive lithium borate fusion XRF method.
This technique is a “whole digest” analytical method whereby a fused disk of the sample is created and analysed with XRF spectroscopy. The assay grade achieved by this method is considered to be a more representative scandium assay value.
The additional assaying aimed to confirm and potentially increase the scandium assay values obtained from the 4-acid digestion / ICP analysis method. Where the two methods have been previously employed on other Rimfire scandium prospects in the area, the lithium borate fusion method has typically increased individual scandium assay values by 5 – 10%.
As shown in Table 1, the most recent batch of lithium borate fusion XRF assaying returned an average increase in scandium assay values of 11% compared to the corresponding assay value obtained from the 4-acid digestion / ICP analysis method. There were also several individual samples that showed an increase in scandium grade of 25 – 50%.
The lithium borate fusion XRF results are important as they demonstrate that the actual scandium grades for Murga could be significantly higher than the original Murga drill intercepts (calculated using the 4-acid digestion / ICP analysis technique) previously reported by Rimfire (see Rimfire’s ASX Announcement dated 6 May 2024).
Click here for the full ASX Release
This article includes content from Rimfire Pacific Mining 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.
Investor Presentation - West Musgrave Copper Project
Redstone Resources Limited (ASX: RDS) (Redstone or the Company) is pleased to present its investor presentation.
This presentation has been prepared by Redstone Resources Ltd (“Redstone”). The information contained in this presentation is a professional opinion only and is given in good faith. Certain information in this document has been derived from third parties and though Redstone has no reason to believe that it is not accurate, reliable or complete, it has not been independently audited or verified by Redstone.
This presentation is not to be construed as legal, financial or tax advice and any recipients of this information (“Recipients”) or prospective investors should contact their own legal adviser, independent financial adviser or tax adviser for legal, financial or tax advice.
Any forward-looking statements included in this document involve subjective judgement and analysis and are subject to uncertainties, risks and contingencies, many of which are outside the control of, and maybe unknown to, Redstone. In particular, they speak only as of the date of this document, they assume the success of Redstone’s strategies, and they are subject to significant regulatory, business, competitive and economic uncertainties and risks. No assurance can be given by Redstone that the assumptions reflected in any forward ooking statements will prove to be correct and actual future events may vary materially from the forward looking statements and the assumptions on which the forward looking statements are based. Recipients are cautioned to not place undue reliance on such forward-looking statements.
Redstone and its officers, employees, related bodies corporate and agents (“Agents”) make no representation or warranty, express or implied, as to the accuracy, reliability or completeness of information or opinions in this document and do not take responsibility for updating any information, providing recipients with access to additional information or correcting any error or omission which may become apparent after this document has been issued.
To the extent permitted by law, Redstone and its Agents disclaim all liability, direct, indirect or consequential (and whether or not arising out of the negligence, default or lack of care of Redstone and/or any of its Agents) for any loss or damage suffered by a Recipient or other persons arising out of, or in connection with, any use or reliance on this presentation or information. All amounts are in A$ unless stated otherwise.
Click here for the full ASX Release
This article includes content from Redstone Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Mineral Resources vs. Mineral Reserves: Key Mining Terms for Investors to Know
Resource investors have access to huge amounts of information when evaluating junior mining stocks, but understanding exactly what a company has in the ground is one of the most crucial steps.
Mineral resources and mineral reserves are key to the due diligence process. While these terms may at first sound interchangeable, they carry distinct meanings and implications within the mining industry.
Mineral resources break down into the measured, indicated and inferred categories, while mineral reserves are divided into the proven and probable segments. Each of these terms provides a different level of insight into a company's deposit. So what do they all mean? Below are definitions that can help investors make informed decisions.
What are mineral resources?
According to the Canadian Institute of Mining, there are two primary ways a company in the mining industry can report on deposits at a certain location: mineral resources and mineral reserves.
Mineral resources are typically linked to the exploration phase of a project, with the inferred, indicated and measured categories providing different levels of confidence in what exists in the ground.
What are inferred resources?
An inferred resource is part of an exploration company’s earliest activities. Usually when inferred resources are released there has been limited exploration. A site may have undergone some surface sampling or a couple of drill holes.
At this stage, a company has some level of confidence that there may be mineralization on site, but needs to raise funds to further explore and help define the size and shape of the deposit.
Because inferred resource values are derived from limited sampling, they must be reported separately from measured and indicated data. When it comes to rules outlined in National Instrument 43-101 reporting standards, inferred resources can be included in preliminary economic assessments, but not in prefeasibility or feasibility studies.
For investors, inferred resources can provide some information about early stage exploration efforts, but are the lowest measure of confidence. While grade and size at this step in the process could seem stellar, inferred resources represent a higher-risk investment due to the limited work put in at the site.
What are indicated resources?
Once a company has conducted more extensive exploration through drill programs and has gained more confidence in the characteristics of a particular deposit, it can begin to report an indicated resource.
By this point, the company has a better idea of the shape of deposit, how deep it is situated and its strike length. Through drilling, it will also have a better idea of the grade and the types of minerals that are hosted at the project.
As there is greater confidence in reporting indicated resources, they can be included in more detailed prefeasibility and feasibility studies and can begin to shape the viability of turning a particular resource into a producing mine.
Indicated resources are designed to give investors a better idea of the longer-term potential of a site and allow them to begin to understand the scale of a potential mine. Through various studies, the company may even have some indication of how profitable a site may be once fully developed.
What are measured resources?
A measured resource is made up of the most detailed and reliable sets of data a company has, and is typically used to fill out late-stage technical reports and feasibility studies. A mining company will use measured resource data to determine if there is sufficient material to make mining a particular deposit a viable enterprise.
Investors can look at measured resource values as a good indicator of what exists in the ground and can use this documentation to determine whether a company may be a worthwhile investment.
As development proceeds, measured resource values can be converted into proven and probable mineral reserves.
What are mineral reserves?
While the terminology is similar, there are differences between mineral resources and mineral reserves.
Where a mineral resource accounts for all mineralization in an area, a mineral reserve only includes the portions of a resource that are economically viable. This is typically defined by the quantity of ore that will be delivered for processing or for sale. This means a mineral reserve estimate may exclude project areas that are too far from the main deposit and too costly to pursue, or may exclude portions of the resource that are too low in quality to be profitable.
For investors, mineral reserves are typically reported in the development stage of a project as a company is putting together its feasibility study and determining the long-term prospects of turning an exploration project into a mine.
What are probable reserves?
A probable mineral reserve bears some relation to an indicated resource in that it requires the same level of confidence; however, it attaches modifying factors that affect the viability of the resource.
These factors can include the percentage of minerals that can expect to be extracted from the ore due to metallurgic analysis, processing techniques and technology or environmental or economic factors.
Probable reserves require some level of realistic economic and engineering study when they are being reported in a prefeasibility or feasibility study. They begin to demonstrate the value of materials contained within a potential mine site and show how long the asset's life may be and how much time it will take to recover initial capital costs.
What are proven reserves?
Like a probable reserve, a proven reserve represents a modified reporting of a measured resource, but attaches economic, geologic, environmental and other factors to the estimate. Proven reserves represent the highest level of confidence when discussing a deposit or portion of a deposit where mining operations are being planned.
Investors should view proven reserves as a company’s final estimate of the quantity of minerals contained within a deposit. They are often reported based on current commodity prices.
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Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Update - Minnie Springs High Grade Cu-Mo Porphyry Targeting
Augustus Minerals Limited (the Company) refers to the announcement dated 7 June 2024 titled “Minnie Springs High Grade Cu-Mo Porphyry Targeting” (Announcement).
The Company wishes to update the Announcement adding information in respect to Figure 1. Enclosed with this cover page is the updated announcement.
Authorised by the Board of Augustus Minerals Limited.
Augustus Minerals (ASX: AUG; “Augustus” or the “Company”) is pleased to provide an update on geological modelling of mineralisation and alteration mapping following recent RC drilling and reprocessing of historic IP survey data for the Minnie Springs Copper (Cu)-Molybdenum (Mo) project in the Gascoyne Region.
- Augustus Minerals has conducted re-processing of historic Induced Polarisation (IP) geophysics at the Minnie Springs Cu-Mo porphyry project which highlights the potential for near surface extensions to existing Mo mineralisation.
- Potential identified for higher grade Cu and Mo zones at depth below “tilted” porphyry model.
- Cu mineralised quartz veins drilled by Augustus in the 2024 RC program over the eastern part of the prospect may be “smoke” remobilized from higher grade zones at depth by shearing related to the regional Minga Bar fault system.
- Previous drilling at Minnie Springs intersected mineralisation, geology and alteration halo consistent with the zoning of a large porphyry copper / molybdenum system.
- Two holes with EIS funding planned to test for the higher-grade zones at depth.
Andrew Ford, GM Exploration
“Modelling of the Minnie Springs system in an integrated manner by incorporating recent drilling, alteration mapping and geophysics has highlighted both potential extensions to existing near surface Mo rich zones, as well as the potential for higher grade Cu-Mo zones at depth”.
Minnie Springs
Minnie Springs hosts porphyry related Cu-Mo mineralisation that was previously drilled by Equatorial Mining and Catalyst Metals. A molybdenum Exploration Target has previously been defined by SRK Consulting for the historic drilling area comprised of between 12 - 84Mt as outlined below (Table 1 and Figure 2)1. Clarifying Statement: The potential quantity and grade of the exploration target is conceptual in nature, there has been insufficient exploration to estimate a Mineral Resources, and it is uncertain if further exploration will result in the estimation of a Mineral Resource.
Table 1. Exploration target size estimate for Minnie Springs Molybdenum depositNote: Based on ~300 ppm Mo cut-off at 100% recovery.
The recently completed 3,070m RC drilling program that infilled around hole MSRC012 drilled last year (18m @ 0.37% Cu and 9.7 g/t Ag from 94m downhole, and 16m @ 0.38% Cu and 19.4g/t Ag from 121m downhole2) and tested the northern half of the 2km long copper-in soil anomaly continued to extend the footprint of Cu anomalism. Assays from this program >0.1% Cu are Listed in Table 2 below; collar details are listed in Table 3.
The RC drilling has confirmed strong Cu anomalism within quartz veins over a strike length of greater than 3km beneath the strong Cu-in-soils anomaly (Figure 2). The association of the copper with the quartz veins with moderate to low levels of pyrite (no chargeability IP response) suggest structural remobilisation from a deeper copper source. Shearing within the Cu zone increases significantly as it approaches the major northwest trending Minga Bar Fault system; this is supported by a marked increase in water intersected within the RC drilling within the easternmost holes.
As discussed above, the Mo rich core of the system is located southwest of the Cu anomaly which implies that the system is tilted to the east, exposing the Mo rich zone which is usually seen deeper within the porphyry than the Cu zone.
Geophysics
Southern Geoscience Consultants (SGC) reprocessed the two IP Surveys conducted by Equatorial Minerals in 1997. A gradient array survey was conducted over both the Mo and Cu zones, highlighting elevated chargeability over the Mo rich zone, with no significant chargeability over the Cu-in-soil anomaly to the east. The chargeability anomaly over the Mo mineralisation appears to be reflecting a combination of disseminated pyrite and molybdenite observed in the historic drilling (Figure 3).
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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