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Belararox Limited (ASX:BRX) (“Belararox” or “the Company”), an advanced mineral explorer focused on high- value clean energy metals, is pleased to announce the approval of two (2) of the nine (9) recently submitted Environmental Impact Assessments (“EIA”) for the Company’s Toro-Malambo-Tambo (“TMT”) Project in Argentina.
Key Highlights
- Two (2) of the nine (9) recently submitted Environmental Impact Assessments (“EIA’s”) for the Toro-Malambo-Tambo (“TMT”) Project have been approved.
- The exploration activities provide a pathway to investigating the satellite hyperspectral- interpreted high-sulphidation epithermal and/or porphyry targets.
- The Tambo South target is a high-priority target, for which the approved EIA will permit on-the-ground exploration activities, planned for the start of the field season during September 2023.
- Planned exploration activities to commence shortly include:
- Scout northern access track to assess alternative access route.
- Explore the project’s northern targets.
- Establish an environmental baseline with a registered Biologist as part of the EIAs.
- Condor Prospecting, a company linked with BRX director Jason Ward, has committed to receive BRX securities for the provision of further exploration services to the value of US$500k (A$779,180 @AUD:USD exchange rate of $0.6417) at the TMT project.
Furthermore, having achieved approval for the first two (2) EIA, the company holds a positive outlook regarding the upcoming authorization of the remaining seven assessments. The Company is also anticipating the approval of the EIA that pertains to the project's Toro target, with expectations for it to be granted soon.
Chief Technical Consultant – Argentina, Jason Ward, commented:
“The approval of these EIAs are an important milestone for Belararox. We can now commence exploration at TMT, starting with the Tambo Sur prospect which is one of our highest priority targets and shows a hyperspectral alteration signature indicative of porphyry style mineralization. The field program which will commence in the coming weeks will mark the first recorded systematic exploration at Tambo Sur and I am excited by what we may discover.
Managing Director, Arvind Misra, commented:
“The greenlight on the first 2 EIAs marks a significant stride in advancing exploration at the TMT Project. It's a crucial move forward towards exploration and track construction endeavours. These actions pave the way for investigating the high-sulphidation and/or porphyry targets, a credit to the expertise of our director, Jason Ward, and Consultant Dr. Steve Garwin. We're eagerly awaiting updates as we prepare to kick off field work shortly.”
Issue of securities to Condor Prospecting
The Company also advises that pursuant to the Services Agreement executed with Condor Prospecting Pty Ltd (Condor) in March 2023, it has agreed to issue to Condor 2,000,000 ordinary shares escrowed until 30 June 2025 (Shares) and 1,000,000 listed options exercisable at $0.66 (BRXOA) (Options). The issue of the Shares and Options is in respect of further services of US$500,000 (A$779,180 @AUD:USD exchange rate of $0.6417) to be provided by Condor under the Services Agreement. As Condor is an associated entity of BRX director, Mr Jason Ward, the issue of the Shares and Options is subject to the approval of BRX shareholders which will be sought at the Company’s AGM later this year. The Company has issued an Appendix 3B in respect of the proposed issue of Shares and Options.
TMT Project – Geological Context for Discovery
The TMT project is located Argentina, near the Chile-Argentina border in an area where exploration activities have been closing the underexplored gap between the [i] El Indo Metallogenic Belt, which contains the Veladero and Pascua Lima deposits, and the [ii] Maricunga Metallogenic Belt, which contains the Filo del Sol and Josemaria deposits (refer to Figure 1).
Figure 1: The location of the Toro-Malambo-Tambo (“TMT”) project relative to the El Indo Metallogenic Belt and the Maricunga Metallogenic Belt[1]
[1] = Source data (Filo Mining Corp., 2020), (E& MJ Engineering and Mining Journal, 2021), & (Barrick Gold Corporation, 2023)
EIA Approval
The Tambo Sur V tenure is for a Cateo, as the EIA has been approved this allows the Cateo to progress from an application towards grant. The EIA approval is the key stage that the Tambo Sur V tenure requires prior to its granting.
Tambo Sur I-II-III tenures are classified as Discovery Claims, the EIA approval it allows initial exploration activities to commence including, geological reconnaissance and mapping, surface sampling (soil sampling, talus sampling, and rock chip sampling), trenching, and ground-based geophysical surveys.
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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
High grade Massive Sulphide Intercepts Confirmed at Oval
HIGHLIGHTS:
- OVD027 confirms the continution of high grade massive sulphide from OVD0211 with an intercept of 6.1 metres of 4.16% Cu, 3.51% Ni, 0.G3g/t E3, and 0.13% Co from G8.2 metres encountered between broader high grade zones of:
- A dense disseminated intercept - 26.2 metres of 0.44% Cu, 0.52% Ni, 0.12g/t E3, and 0.03% Co from 72.0 metres and
- A net textured intercept - 15.3 metres of 1.15% Cu, 0.79% Ni, 0.35g/t E3, and 0.04% Co from 104.3 metres;
- A high grade broad intersection is confirmed at the central part of the Oval area by OVD026. It includes a massive sulphide intercept in hole OVD026 of 1.8 metres of 3.21% Cu, 3.32% Ni, 0.6Gg/t E3, and 0.14% Co from 105.0 metres within broader mineralisation of:
- 19.8 metres of 1.23% Cu, 0.98% Ni, 0.36g/t E3, and 0.05% Co from 91.2 metres.
OVD026 is located 100 metres northwest of the previously announced 8.8 metres of massive sulphide identified in drillhole OVD021.
On completion of the Phase 2 exploration work and receipt of all assays, Managing Director Gan-Ochir Zunduisuren, commented:“The 2024 Phase 1 and 2 drilling and exploration programs have confirmed the broad presence of high-grade mineralisation in the Oval gabbroic intrusion. The grades intercepted in some of the drillholes are exceptional and may be indicative of broader potential over a larger area, given Oval is a greenfields discovery.
The 2025 exploration program will focus on obtaining information on the size/metal content potential of the Oval Cu-Ni-PGE mineral system as well as targeting the possible deeper magmatic sources at Oval. Broader exploration is also planned at potential extensions of Oval and nearby look-a-like prospects. We look forward to updating shareholders on progress, with drilling expected to commence in around 8 weeks”.
Summary of Phase 2 exploration drilling at Oval Cu-Ni-PGE project
The Company’s recent drilling work has predominantly focused on finding high-grade mineralisation in the olivine-amphibole gabbro at the Oval project. The multiple intercepts of massive sulphide mineralisation with different ratios of metal contents throughout the Oval gabbroic intrusion is highly encouraging for the presence of one or more deeper sources of high grade mineralisation in the opinion of ABM.
Figure 1. Plan view of drillhole locations on high resolution magnetics map (RTP)
Drillhole OVD02c
Drillhole OVD026 was designed to test the Down-Hole Electromagnetic (DHEM) conductor plate identified as OVD007_L2_B (reinterpretation of OVD007_L2_A2 by Southern Geoscience Consultants), which exhibits a conductance of 1,000 siemens. The drilling intersected a total of 1G.8 metres of mineralisation with 1.23% Cu, 0.G8% Ni, 0.36g/t E3, and 0.05% Co from G1.2 metres including;
- 4.8 metres of @ 0.45% Cu, 0.43% of Ni, 0.14g/t E3, and 0.02% Co of dense disseminated mineralised gabbro from 91.2 metres,
- 6.6 metres of @ 1.56% Cu, 0.G0% Ni, 0.50g/t E3, and 0.04% Co of net textured mineralisation from G6.0 metres,
- 2.4 metres of @ 1.52% Cu, 1.3G% Ni, 0.43g/t E3, and 0.07% Co of semi massive sulphide mineralisation from 102.6 metres,
- 1.8 metres of @ 3.21% Cu, 3.32% Ni, 0.6Gg/t E3, and 0.14% Co of massive sulphide mineralisation from 105.0 metres, and
- 4.2 metres of @ 0.57% Cu, 0.45% of Ni, 0.21g/t E3, and 0.02% Co of dense disseminated mineralised gabbro from 106.9 metres (Table 1 provides a detailed breakdown of mineralisation intervals).
OVD026 is located in the Oval area, which is approximately 100 metres northwest of the previous intersection identified in drillhole OVD0213. This intercept may represent an extension of the known massive sulphide mineralisation in the Oval area and highlights the potential for further expansion of massive sulphide zones within the broader prospect area (Figures 1 and 3).
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This article includes content from Asian Battery Metals PLC, 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.
