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Enterprise Maiden Resource Highlights Prospectivity of AR1’s Eastern Tenure
Copper producer Austral Resources Australia Ltd (ASX:AR1) (“Austral” or the “Company”) is pleased to announce the completion of a maiden Mineral Resource for the Enterprise deposit within EPM 17527 in Austral’s Eastern Succession tenement package.
Highlights:
- Maiden Mineral Resource Estimate completed for the Enterprise Deposit within Austral’s Eastern Succession tenements
- The Mineral Resource at a 0.7% Copper cut-off and to a depth of 85m below surface is:
- 0.58 Mt @ 1.3% Cu (Inferred Sulphide Mineral Resource)
- Mineralisation is tested to over 200m in depth, remains open at depth and the high- grade core appears to lengthen at depth
- The Enterprise Mineral Resource has potential to improve with further exploration and is adjacent to other current copper operations
- The maiden Enterprise Mineral Resource Estimate highlights the prospectivity of AR1’s Eastern tenure
The Enterprise deposit was originally discovered and initially drilled out by CST Minerals’ Lady Annie Exploration Pty Ltd (“CST”) in 2015 and 2016. Further work planned by CST was not completed due to budget constraints.
Today’s maiden Mineral Resource is classified as Inferred and reflects the broad 40m by 120m drill hole spacing.
Austral has completed the maiden Mineral Resource estimate originally planned by CST to determine the next phase of resource definition infill drilling.
The maiden Mineral Resource estimate, along with preliminary mining studies has indicated the potential for a small sulphide open pit mine with toll treatment potential at one of several regional copper processing mills.
The Enterprise Mineral Resource warrants further work including drilling to test depth potential and infill current drill spacing, metallurgical evaluation and the measurement of density.
Click here for the full ASX Release
This article includes content from Austral 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.
Lundin Mining Announces Updated Share Capital and Voting Rights
News Provided by Canada Newswire via QuoteMedia
Far Northern Resources Quarterly Report 31 March 2024
During the March quarter 2024, Far Northern Resources Ltd (ASX: FNR) successfully raised $4.165 million and was accepted to admission to the official list of the Australian Stock Exchange (ASX). Shares in FNR started trading on 12 April 2024. The initial Public Offering (IPO) raised $4,165,000 through the issue of 20,825,000 shares at an issue price of $0.20. The total undiluted shares on issue at the date of listing was 70,961,135 with FNR having a Market Capitalisation of $14,192,227 and an Enterprise Value (EV) of $10,027,227.
- Far Northern Resources successfully raised $4.165M and satisfied the listing conditions to enable the quotation of its shares on ASX
- FNR acquired 100% of Premier Mining and Bridge Creek Mining post 31 March
- Director Conducted Site Visit to Bridge Creek in the NT
- Directors conducted Pre-Listing Road Shows Brisbane, Sydney, and Perth
- Rock Chip sampling over copper anomalies at Empire - see announcement 15 April 2024.
FNR has accumulated an exciting package of tenements in the Northern Territory and Queensland that are highly prospective for Gold and Copper. Exploration will commence shortly in the Northern Territory while a rock chip program has been conducted in North Queensland at the Empire project over the southern end of the Empire Mining Lease (see FNR’s announcement dated 15 April 2024).
This article includes content from Far Northern 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.
Mining Exploration Entity or Oil and Gas Exploration Entity Quarterly Cash Flow Report
True North Copper Limited (ASX:TNC) (True North Copper, TNC or the Company) is pleased to provide its mining exploration entity or oil and gas exploration entity quarterly cash flow report.
Click here for the full ASX Release
This article includes content from True North Copper, 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.
True North Copper March 2024 Quarterly Report
True North Copper Limited (ASX:TNC) (True North Copper, TNC or the Company) is pleased to provide the following quarterly update and Appendix 5B for Q3 FY24.
HIGHLIGHTS
Funding and Strategic Partnerships
- A$42M (USD28M) USD-denominated senior secured loan facility (Loan Facility) with Nebari Natural Resources Credit Fund II LP (Nebari)1. The Loan Facility is provided in two tranches. Drawdown of Tranche 1 – USD$18M (approximately A$27M) occurred 9 February 20242.
- Binding offtake and toll-milling agreements with Glencore International AG(Glencore) for 100% of copper concentrate from TNC’s Cloncurry Copper Project (CCP) and toll-milling services of up to 1Mt of ore per year for the CCP’s Life of Mine (LoM)5.
Cloncurry Copper Project Mining Preparedness
- Mining restart study confirms positive CCP project economics. Study reported anticipated mine revenue of A$367M with free cash flow of A$111M, and a pre-tax NPV10 of A$88M over a 4.6 year mine life, at USD$8,500/t Cu price and USD$1,850/oz Au price (0.7 A$:USD exchange rate)6.
- Wallace North Mine preparation and mobilisation progressed. Wallace North is scheduled as the first open pit (one of four – Wallace North, Great Australia Mine [GAM], Taipan and Orphan Shear) to be mined as part of the mining restart at the CCP6. Mining ramp-up will initially build ore stockpiles, with mining expected to start Q4 FY24. Oxide copper-gold ore will be transported by road train to the Cloncurry Operations heap leach. Sulphide ore will be transported to a nearby concentrator for toll treatment under TNC's toll-milling agreement with Glencore7.
Resources and Reserves
- Maiden Wallace North Ore Reserve. Mine designs produced a maiden Wallace North Ore Reserve totalling 0.7Mt (Probable) grading 1.01% Cu and 0.46g/t Au for 6.8kt Cu and 10.0koz Au8.
- CCP’s total Ore Reserves increased. Addition of the Wallace North Ore Reserve raises TNC’s Cloncurry Copper Project (CCP) total Reserves to 4.7Mt Probable Ore Reserves grading 0.80% Cu and 0.13g/t Au, containing 37.5kt of copper and 20.0koz of gold8, with MEC advancing a further GAM upgrade in Q4 FY24.
- Mt Oxide Project Resources: Vero Resource metallurgical studies completed on schedule allowing revised Vero Mineral Resource Estimate (MRE) incorporating 2023 confirmation drilling to be reported in Q4 FY24.
Copper Sulphate Production
- Copper Sulphate Crystal sales totalled 164.9t (45.6t contained Cu) Q3 FY24. Operational costs were substantially reduced in line with depleting production from existing stockpiled ore. Operations were disrupted with frequent high intensity weather events.
Exploration
- 2024 Exploration Program announced. Aggressive exploration strategy targeting transformative discoveries across TNC’s more than 850 sq km of tenure package within the Mt Isa Inlier10.
- TNC awarded Queensland Government $300,000 Collaborative Exploration Initiative (CEI) Grant. The CEI grant will be used towards delivery of leading edge MIMDAS Induced Polarisation, Resistivity and Magnetotelluric geophysical surveysat the Mt Oxide. The exploration aims to identify massive and disseminated sulphide mineralisation at Mt Oxide11.
- Cloncurry Projects - prioritised targeting for geophysics on mining and exploration tenure completed. TNC will schedule geophysical contractors for commencement during Q4 FY24.
- Camp Gossans prospect (Mt Oxide) - strongly anomalous copper-cobalt zones. Anomalous Cu, Co & As zones identified from multiple gossanous breccia structures that are up to 16m wide with a combined strike length of over 500m12.
- Cloncurry and Flamingo Projects – surface exploration – confirms prospectivity of multiple underexplored Cu-Au mineral systems. Highly encouraging copper and gold assays returned from rock chip sampling confirms prospectivity of multiple underexplored Cu-Au mineral systems.
Corporate
- TNC’s cash balance and receivables totalled A$3.1M as at 31 March 2024. Trade Receivables - $A0.1M. ▪ Environmental Bonds required under the Company’s tenements secured by A$13.47m in restricted cash.
- Final tranche of share placement announcement 17 November 2023 was settled on 16 January 2024. Settlement occurred following the Company’s major shareholder Tembo Capital Holdings receiving FIRB approval for the transaction. The Company subsequently issued 54,166,667 fully paid ordinary shares at 12 cents per share of which 36,286,100 shares were issued to settle the short-term loan provided by Tembo Capital Holdings UK and the remaining 17,880,567 shares were issued for cash totalling $A2.15M.
- A$5M placement by Millinium Capital Managers Limited as trustee for MP Materials and Mining Group Fund - comprising the issue of 41,666,667 fully paid ordinary shares in the Company (Shares) at an issue price of A$0.12 per Share (Placement)3. Settlement of $1 million of this placement occurred on 26 April 2024 with the remainder to be settled no later than 31 May 20244.
COMMENT
True North Copper’s Managing Director, Marty Costello said:
The global demand for copper continues to rise against a backdrop of diminishing supply, creating exceptionally favourable market conditions as True North Copper prepares to become Australia’s next copper producer.
This quarter has marked a significant and rapid transformation. We have entered into strategic partnerships and created critical pathways for our future mining operations, including an off-take and toll-milling agreement with Glencore. In terms of financing, we secured a US$28M (~A$42M) of debt funding from Nebari and separately Millinium Capital Partners has agreed to make a substantial investment by subscribing for A$5M at $0.12 per share.
We have also executed significant project milestones this quarter. The completion of our CCP Mining Restart Study confirmed the CCP is a low-risk, low-cost operation with a short payback period. Additionally, we finalised the maiden Wallace North Reserve.
Thanks to the hard work of our Mining Operations Team, and following some cost cutting and improvements to management control and reporting processes, we are prepared and ready to deliver on our Cloncurry Copper Project Mining Restart Plan with mining expected to commence at Wallace North in Q4 FY24.
We are also committed to developing the Vero Resource at our Mt Oxide Project into our next mine. This quarter, we progressed the re-estimation of the Vero Resource and mine optimisation studies. We look forward to announcing these Q4 2024."
Click here for the full ASX Release
This article includes content from True North Copper, 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.
RM Research Outlines Potential Rerating of Culpeo Minerals Driven by Chilean Copper Projects
Description
Australian market analyst firm RM Research projects a potential rerating of Culpeo Minerals (ASX:CPO,OTCQB:CPORF), a copper exploration and development company, to more than $100 million market capitalization, driven by potential success in either of the company’s high-grade copper projects in Chile.
ASX-listed Culpeo Minerals maintains two copper projects in Chile - Lana Corina and Fortuna - both located in Chile’s Coastal Cordillera, targeting district-scale, underexplored mineralised systems.
“RM Research maintains a speculative buy on the back of the potential to outline high-grade copper-molybdenum at Lana Corina which we believe has potential for mineral resources of +80Mt (million tons) @ >0.80 percent CuEq (copper equivalent,” RM Research stated in its analyst report dated April 16, 2024.
Culpeo recently increased its ownership of Lana Corina to 50 percent, earning 80 percent to 100 percent. Recent drilling at Lana Corina showed copper-molybdenum mineralization over a strike length of 2 to 3 kilometres.
“The return of a drill rig to Lana Corina is imminent with extensions of breccia/porphyry hosted mineralisation being targeted as well as deeper copper and molybdenum associated with the silica cupola. Further surface geochemical results are also due this quarter from the La Florida Prospect,” the analyst report cited as near-term catalysts.
The Fotuna property is 10 kilometres north of Lana Corina, comprising three prospects along a 3-kilometre strike length. Results of recent drilling at Fortuna include 26 metres @ 0.81 percent copper equivalent, with elevated surface channel and rock chip samples up to 1.3 percent copper and 2.4 grams per ton gold.
Report highlights:
- Culpeo has increased its ownership of Lana Corina, where recent drilling returned impressive results of copper and molybdenum, over a 2 to 3 kilometre strike length. Near-term drilling will likely target extensions of the wide high-grade copper mineralisation hosted within the outcropping breccia pipes and associated porphyry intrusion.
- Achieving success in either the Lana Corina or Fortuna projects may lead to a rerating of Culpeo Minerals to more than $100 million market capitalization.
- RM Research maintains a speculative buy for Culpeo, driven by the potential to define the high-grade copper-molybdenum at Lana Corina, with a possible mineral resource of more than 80 million tons @ more than 0.80 percent copper equivalent.
Read the full report here.
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Western Copper and Gold Announces Exercise of Participation Right in Full by Rio Tinto
Western Copper and Gold Corporation ("Western" or the "Company") (TSX: WRN) (NYSE American: WRN) announces that, in connection with the Company's offering of common shares for gross proceeds of approximately $40 million announced on April 16, 2024 (the "Offering"), Rio Tinto Canada Inc. ("Rio Tinto") has notified the Company that it will exercise its participation right in full, allowing Rio Tinto to maintain its interest of approximately 9.7%.
Rio Tinto will subscribe for 2,269,470 common shares of the Company at a price of $1.90 per share for proceeds of $4,311,993 (the "Rio Tinto Subscription"). In the event that the over-allotment option (the "Option") granted to the underwriters in connection with the Offering is exercised in full, Rio Tinto will subscribe for an additional 340,420 common shares for additional proceeds of $646,798.
The Rio Tinto Subscription is expected to be completed on or about May 6, 2024 and is subject to the Company receiving approvals from the Toronto Stock Exchange and the NYSE American LLC.
ABOUT WESTERN COPPER AND GOLD CORPORATION
Western Copper and Gold Corporation is developing the Casino Project, Canada's premier copper-gold mine in the Yukon Territory and one of the most economic greenfield copper-gold mining projects in the world.
The Company is committed to working collaboratively with our First Nations and local communities to progress the Casino project using internationally recognized responsible mining technologies and practices.
For more information, visit www.westerncopperandgold.com.
On behalf of the board,
"Sandeep Singh"
Sandeep Singh
Chief Executive Officer
Western Copper and Gold Corporation
Cautionary Disclaimer Regarding Forward-Looking Statements and Information
This news release contains certain forward-looking statements concerning the approvals from the Toronto Stock Exchange and the NYSE American LLC required for the Rio Tinto Subscription being received, whether the Option will be exercised and to what extent, and the expected closing date of the Rio Tinto Subscription. Statements that are not historical fact are "forward-looking statements" as that term is defined in the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" as that term is defined in National Instrument 51-102 ("NI 51-102") of the Canadian Securities Administrators (collectively, "forward-looking statements"). Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible" and similar expressions, or statements that events, conditions or results "will", "may", "could" or "should" occur or be achieved. The material factors or assumptions used to develop forward-looking statements include, but are not limited to, the assumptions that the approvals from the Toronto Stock Exchange and the NYSE American LLC required for the Rio Tinto Subscription will be obtained in a timely manner; all conditions precedent to completion of the Rio Tinto Subscription will be satisfied in a timely manner; and that market or business conditions will not change in a materially adverse manner.
Forward-looking statements are statements about the future and are inherently uncertain, and actual results, performance or achievements of Western and its subsidiaries may differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements due to a variety of risks, uncertainties and other factors. Such risks and other factors include, among others, risks involved in fluctuations in gold, copper and other commodity prices and currency exchange rates; uncertainties related to raising sufficient capital in a timely manner and on acceptable terms; and other risks and uncertainties disclosed in Western's AIF and Form 40-F, and other information released by Western and filed with the applicable regulatory agencies.
Western's forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made, and Western does not assume, and expressly disclaims, any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as otherwise required by applicable securities legislation. For the reasons set forth above, investors should not place undue reliance on forward-looking statements.
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