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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
Drilling Commenced at Viani in Fiji
HIGHLIGHTS
- The Phase 1, three-hole diamond drilling program has commenced at the Viani Project, Fiji and will test for extensions to the quartz vein gold mineralisation at depth.
- Phase 1 is expected to be completed in early 2025, with plans for additional drilling under the same program dependent on the initial results
- The Viani Project (SPL1513) covers an area of approximately 200km2 and is largely underexplored.
- At the Dakuniba prospect within Viani, low sulphidation epithermal high-grade gold mineralisation has been mapped over >3km strike length.
- Diamond drilling completed by Japan International Cooperation Agency (JICA) in 1995 to 1997 intersected high-grade gold in low sulphidation epithermal quartz veins, including 0.6m @ 27.6 g/t Au.
Alice Queen’s Managing Director, Andrew Buxton said,
With drilling underway, Alice Queen is positioned to test the epithermal gold-style mineralisation identified in historic drilling at the Viani Project. Weather permitting, we anticipate completing the Phase 1, three-hole diamond drilling program in early 2025. Following this, our exploration team will mobilise the drill rig to the Sabeto Project in Fiji to maintain the momentum of this campaign. To deliver timely results to shareholders, we intend to accelerate the analysis of the drill core at ALS Brisbane.”
Image 1 – Diamond drilling at Viani
Details
Geology
The geology of the Viani Project (SPL 1513) comprises olivine basalts and volcaniclastics of the Natewa Volcanic Group which are intruded by andesite sills and dykes. In the 1940s, gold mineralisation was found by local prospectors near the village of Dakuniba. At Dakuniba, low sulphidation style epithermal gold occurs in quartz veins, and silicified rocks along a 3km long NE trending zone.
In 1995-1997, Japan International Cooperation Agency (JICA) drilled six diamond holes at Dakuniba and intersected high-grade gold in chalcedonic, crustiform, colloform banded quartz veins at depths of 50m to 100m below surface (i.e. MJVFV-5 intersected 2.2m @ 11.3 g/t Au, incl 0.6m @ 27.6 g/t Au at 121m downhole). This high-grade gold mineralisation is open in all directions.
Proposed Drill program
The initial Phase 1 drill program at Viani (see Table 1) will comprise three diamond drillholes designed to test continuity to the epithermal gold mineralisation previously intersected in JICA drillhole MJVFV- 5 (2.2m @ 11.3 g/t Au) (see Figure 2). The drilling will test for extensions to the gold mineralisation at depth and along strike.
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This article includes content from Alice Queen 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.
