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Eclipse Metals Ltd (Eclipse or the Company) (ASX: EPM | FSE: 9EU) ) is pleased to report its activities for the quarter ending 30 June 2023.
HIGHLIGHTS
IVIGTÛT AND GRØNNEDAL PROJECTS
- Sampling of deep diamond drillhole (Hole A) drilled into the centre of the historic Ivigtût mine in 1948 provides new insights into the polymetallic mineralisation.
- Hole A intersected a 12.7m upper zone of iron-zinc mineralisation and a 3.7m lower iron-zinc-copper zone, both accessible from Ivigtût's existing pit.
- Historic drill holes into these zones returned maximum assay values of 1.7% Cu, 18.2% Zn and 7.7% Pb.
- XRF analysis of the historic drill core has detected gold, silver, bismuth, tin and tungsten within the iron-zinc ± copper zones, warranting further investigation.
- Analysis also detected elevated niobium in the greisen body underlying the lower iron- zinc-copper zone. The greisen is known to be enriched in REE, niobium, tin, tantalum and tungsten. Further investigation is warranted.
- Encouraging mineralogical determinations from Grønnedal, with composite ferro- carbonate mineral containing elevated medium to heavy REE
- Grønnedal Pr+Nd account for 55% of the measured 4REE (La+Ce+Pr+Nd)
- Ongoing assessment of material found over a wide area in Grønnedal
- Eclipse completes scoping phase of Environmental and Social Impact Assessments for Ivigtût and submitted reports to Greenland’s Mineral Licence and Safety Authority (MLSA) to progress the Ivigtût project
- Completion of these are integral to applying to the MLSA for a Mining Licence
- Field Work Application approved by Greenland’s Mineral Licence and Safety Authority (MLSA).
- Collaboration with University of Delaware regional development study expected to assist with Eclipse’s Social Impact Assessment
- Working closely with the laboratory in Australia to analyse samples from Ivigtût and Grønnedal
IVIGTÛT (IVITTUUT) PROJECT– GREENLAND
Sampling of Historic Ivigtût Drill Core confirms Polymetallic Mineralisation
During the quarter, Eclipse gained access to historic drill core from Exploration Drillhole A (Hole A) (Figure 1), which was drilled vertically into the centre of the Ivigtût multi-commodity deposit in Greenland in 1948.
Examination of Hole A by Eclipse has served to visually corroborate reports of mineralisation remaining under the present Ivigtût pit floor (Bondam, 1991). The assessment has also served to substantiate significant grades of zinc in a previously identified southwest-dipping tabular body (Domain 2) located directly beneath Domain 1 of the mined cryolite-fluorite body (Figures 2 and 3) (ref ASX announcement dated 10th March 2021).
Figure 1. Location of Exploration Drillhole A, which was drilled vertically from the bottom of the pit (54.00m below sea level) into the centre of the Ivigtût multi-commodity deposit in 1948. Collar details are provided in Table 1.
Spot measurements taken with a portable X-ray fluorescence analyser (pXRF) returned promising zinc and niobium results from certain downhole intervals of Hole A, along with highly anomalous spot values of lead, copper, gold, silver, bismuth, tin and tungsten (Figure 4). Whilst zinc (results ranging from 0.3% to 18.2% Zn), copper (0.04% to 1.7% Cu) and lead (0.05% to 7.7% Pb) are known from the historic Ivigtût drillhole assay data (ref ASX announcement dated 10th March 2021), the presence of niobium as well as gold, silver, bismuth, tin and tungsten warrants further investigation.
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This article includes content from Eclipse Metals, 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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Eclipse Metals
Overview
Eclipse Metals Ltd. (ASX:EPM) is an exploration and mining development company focusing on multi-commodity assets that support the world’s decarbonization goals. The company has a robust portfolio of projects in Australia and Greenland targeting crucial minerals, including rare earth elements (REEs), lithium, zinc, manganese, high-purity quartz, gold, copper, vanadium and uranium.
Governments worldwide have set ambitious goals to reach net-zero emissions in the coming decades, highlighting miners that supply the critical minerals required for low-carbon technologies, which is expected to consume a growing percentage of the world’s total mineral production, with vital elements growing by over 100 percent by 2050, according to the World Bank.
Greenland REE deposits
Eclipse Metal’s flagship asset in Greenland, the Ivigtût project, contains known REE mineralization, industrial minerals and lithium potential.
Multiple academic research and significant rare earths results obtained by Eclipse Metals to date imply that the Grønnedal prospect (located 10 kilometers northeast of Ivigtût) has the potential to contain significant rare earth mineralization. This presence is consistent with other rare earth-bearing carbonatite-syenite intrusive complexes and has elevated ratios in praseodymium (Pr), neodymium (Nd), with enriched in dysprosium (Dy),
zirconium (Zr) and niobium (Nb) — elements that are crucial in the global journey toward a low-carbon, net-zero-emission future. As a mining-friendly jurisdiction, Greenland has an established infrastructure, reducing future development costs.
Additionally, the Ivigtût project contains a high-grade quartz body, a required material for high-end electronics and semiconductors. Eclipse Metals has begun its initial exploration drilling campaign and developed the project’s environmental impact assessment.
Eclipse Metals’ portfolio also includes Australian assets targeting uranium, copper and manganese as part of the company’s mission to support decarbonization. Its Northern Territory and Queensland assets allow the company to capitalize on existing infrastructure and mining-friendly local governments. The company’s uranium assets are in close proximity to other world-class deposits, allowing Eclipse to benefit from existing infrastructure and community support.
A sound management team with decades of experience in the natural resource industry leads Eclipse Metals. The team’s breadth of expertise includes mineral exploration, geology, corporate administration, metallurgy and international trade, creating confidence in the company’s ability to capitalize on its assets.
Company Highlights
- Eclipse Metals is an exploration and mining development company with assets in Greenland and Australia, supporting the world’s decarbonization goals.
- The company’s flagship Ivigtût multi-commodity asset in Greenland exposes the company to REEs, high-purity quartz, and other industrial metals required for emerging technologies.
- Greenland is a mining-friendly yet underexplored jurisdiction, creating tremendous opportunities for the company.
- Eclipse Metals’ portfolio of assets in Australia includes projects in Queensland and the Northern Territory in world-class mining jurisdictions.
- The company has begun its initial exploratory drilling campaign in Greenland and is progressing on the project’s environmental impact assessment for the mining license.
- An experienced management team leads Eclipse Metals with decades of experience in the mining industry.
Key Projects
Ivigtût Multi-commodity Project
The flagship Ivigtût project has a 120-year mining history, having produced 3.8 million tons of cryolite to support aluminum production. The settlement of Kangilinnguit (Grønnedal) approximately 5.5 kilometers to the northeast of Ivigtut provides access to an existing port. In addition, the project is close to existing infrastructure, including a power station, wharf and heliport, which minimizes future development costs.
Project Highlights:
- A Multi-commodity Project: The asset is known to host REEs and undiscovered polymetallic potential. In addition to REEs, the project contains other minerals, which include:
- Cryolite
- Fluorite
- High silica-grade quartz (99.9 percent SiO2)
- Zinc
- Iron
- Lithium
- Rich Exploration Potential: The asset’s area includes a source of carbonatite minerals and REEs, with deposits occurring in the project area that offers additional exploration opportunities to expand known resources. Eclipse Metals is presently strategically exploring the asset, with a drill program, planned pit dewatering, and sampling of 19,000 meters of historical drill cores.
- High-grade Quartz Opportunity: High-grade quartz is necessary to produce photovoltaic products, such as semiconductors and other high-end electronics. The asset contains over 5 million tonnes of quartz mineralization with up to 99.99 percent silica grade.
The company completed scoping phase reports of social and environmental impact assessments for its Ivigtût project with the assistance of Danish consultancy, COWI. The reports are integral to applying to Greenland’s Mineral Licence and Safety Authority for a mining license.
Eclipse also completed its maiden percussion drilling and trench sampling program at the Ivigtût mine site and Grønnedal carbonatite complex.
MEL2007-45 Location map and exploration drill targets
Northern Territory Uranium projects
Liverpool Uranium Project
The Liverpool project comprises five exploration licenses totalling 1,464 square kilometers in the Northern Territory, a proven uranium district. The advanced exploration target contains multiple drill-ready targets.
Project Highlights:
- Nearby World-class Deposits: The Devil’s Elbow prospect within the asset is near several world-class deposits, including:
- Ranger 1 No 1: 0.34 percent uranium
- Ranger 1 No 3: 0.17 percent uranium
- Nabarlek: 1.95 percent uranium
- Jabiluka 1: 0.25 percent uranium
Encouraging Sample Results:
- Samples from shallow trenching yielded high-grade uranium assays including 3.2 percent uranium oxide, 3.7 percent uranium oxide, 4.40 percent uranium oxide, and 5.8 percent uranium oxide, with 38.1 g/t gold and 28.02 g/t palladium, related to fractures within altered amygdaloidal basalt of the Nungbalgarri Volcanics.
- Samples from the radioactive volcanic boulders returned assays of up to 1,720 ppm uranium (0.17 percent uranium), 1,210 ppm uranium (0.12 percent uranium) and a peak value of 3,300 ppm uranium (0.33 percent uranium).
Ngalia Basin Uranium Project
As Eclipse Metals’ second Northern Territory project, the Ngalia Basin project comprises eight exploration licenses totaling 7,280 square kilometers.
Project Highlights:
- Drill-ready Targets Identified: The company has identified two high-priority drill-ready targets within granted tenements.
- Benefitting from Previous Explorers: The asset’s previous explorers discovered anomalous uranium values, streamlining Eclipse’s exploration program and creating a clear progression path.
Mary Valley Manganese Project
The company’s Queensland project covers 35 square kilometers and is 16 kilometers southwest of Gympie Township. The Mary Valley hosts historic mines, such as Amamoor, which produced roughly 20,000 tonnes at 51 percent manganese. In addition, existing road and power infrastructure significantly reduce future development costs.
Project Highlights:
- Promising Historical Results: Drill results from the previous explorer include:
- 2018 drilling: 3.2 meters at 59.8 percent manganese dioxide
- 2020 shallow drilling: 3.5 meters at 24.9 percent manganese dioxide from the surface
- High-grade Manganese Potential: As an essential component in lithium-ion batteries, high-grade manganese is growing in demand. The Mary Valley deposit may support mill feed for a beneficiation plant capable of producing marketable, high-grade manganese.
- Encouraging Intersection: Previous diamond drill holes produced encouraging results, including:
- ADD 006 – 8.8 to 12 meters manganese oxide = 59.8 percent
- ADD 007 – 14.9 to 17.3 meters manganese oxide = 26.3 percent
- ADD 010 – 0.0 to 5.0 meters manganese oxide = 16.8 percent
Rock Hill Copper Project
The Northern Territory Rock Hill copper project contains encouraging copper-silver mineralization. Eclipse Metals plans to conduct airborne electromagnetic surveys and reverse circulation drilling over the mineralized zones, followed by diamond drilling. The potential mineralized corridor extends for over 10 kilometers.
Project Highlights:
- Promising Historical Results: Historical results indicate upside potential including:
- 3.0 meters at 1,420 g/t silver from 6.1 meters
- 11.6 meters at 0.43 percent copper from 58.2 meters
- 0.3 meters at 4.6 percent copper and 10 g/t silver
- 0.3 meters at 10.20 percent copper, 27 g/t silver
Management Team
Carl Popal - Executive Chairman
Carl Popal has more than 20 years of entrepreneurial experience covering a diverse range of commodities trading, corporate management, minerals exploration, asset management and construction, to name some. Previously, Popal was chief executive director of ASX-listed company Paynes Find Gold Ltd. He is the managing director of Ghan Resources Pty Ltd and Popal Enterprise Pty Ltd. Since 2001, Popal has managed several entities conducting international trading. He has more than 12 years’ experience in property development and has managed various commercial dealings within a network of companies around the world including in India, China and Malaysia.
Rodney Dale - Non-executive Director
Rodney Dale holds a Fellowship Diploma in geology from the Royal Melbourne Institute of Technology and is a Fellow of the Australasian Institute of Mining and Metallurgy. His experience covers more than 60 years, working in many parts of Australia, Indonesia and Africa on gold, tin, wolfram, base metals and industrial mineral exploration and mining, including trial mining and export of high-grade quartz. He has worked in and managed small gold mines in Western Australia. Since 1970, Dale has been an independent geological consultant with three periods as a director of ASX-listed companies. More recently, he has been involved with the assessment of iron ore projects in Australia, South America, India, China and Africa.
Oliver Kreuzer - Non-executive Director
Dr. Oliver Kreuzer is a registered professional geoscientist and company director with a broad skill set in structural, generative and corporate geology honed within more than a 20-year career in applied research and mineral exploration across a wide range of gold, base, energy and battery metals projects worldwide. His generative work laid the foundations for several new company floats, project acquisitions and new discoveries. Kreuzer is currently a non-executive director of ASX-listed exploration companies 92 Energy Ltd and NickelX Ltd.
Ibrar Idrees – Non-executive Director
Ibrar Idrees has a Bachelor of Commerce (majoring in Accounting and Finance) from Deakin University and has over 10 years of professional and corporate experience gained in a diverse range of industries in Australia and South Asia. Idrees, a practicing accountant, has worked in a variety of business development and financial positions in small and large companies.
Sebastian Andre - Company Secretary
Sebastian Andre is a chartered secretary with over 14 years of experience in corporate advisory, governance, compliance, and risk services. Andre has previously acted as an adviser at the ASX and has a thorough understanding of the ASX listing rules. He holds qualifications in accounting, finance and corporate governance and is a member of the Governance Institute of Australia
CuFe Limited: Multi-Commodity Assets in Western Australia and Northern Territory
CuFe Limited (ASX:CUF) is a multi-commodity exploration and development company with projects situated in Western Australia and the Northern Territory. The company focuses on its high-grade premium product iron ore projects as well as its exposure to copper, lithium and niobium.CuFe's portfolio includes mature copper targets at Tennant Creek, drill-ready lithium targets at North Dam, and greenfield exploration ground in close proximity to WA1's recent niobium discovery.
CuFe also has exposure to a near-term iron ore price upside via the high-grade JWD iron ore mine. It plans to leverage the mine to take advantage of elevated iron ore price cycles with the ability to cost-effectively suspend production as the market dictates. CuFe is also evaluating the Yarram project, as its close proximity to Darwin port gives it the potential for low opex.
Tennant Creek hosts a mineral resource estimate of 7.3 million tons (Mt) at 1.7 percent copper and 0.6 grams per ton (g/t) gold for 127 kt copper and 145 koz gold. CuFe currently owns a 55 percent interest over 240 kilometres of the highly-prospective tenure, situated in the Northern Territory. CuFe's near-term plan for the mine, based on detailed mine planning, involves a staged cutback of the Orlando open pit to gain access to an ore supply for fast start options.
Company Highlights
- CuFe Limited is an ASX-listed iron, copper, lithium and niobium exploration and development company with a multi-commodity portfolio of assets.
- The company's assets are situated in mature mining regions in Western Australia and the Northern Territory, with access to extensive pre-existing infrastructure.
- CuFe's projects are highly prospective in copper (Tennant Creek, Bryah Basin), lithium (North Dam, Tambourah) and niobium (West Arunta).
- CuFe has 100 percent interest in the iron ore mining rights at the operating Wiluna West JWD mine, known to contain high-grade iron ore product.
- Additionally, the company has a 50 percent interest in the Yarram project, an advanced iron ore development project with potential for low-cost production.
- CuFe also has a 2 percent net smelter royalty over the Crossroads gold project in Kalgoorlie.
- The company is led by a proven and experienced in-house team with expertise in identification, discovery, evaluation, deployment and operations.
This CuFe Limited profile is part of a paid investor education campaign.*
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HiPurA® HPA Pilot Plant Early-Stage Commissioning Commenced
The leach circuit is a key part of ChemX’s unique flowsheet and comprises the first part of the patented, HiPurA® purification process. It takes the aluminous chemical feedstock and sufficiently upgrades its purity for the solvent extraction (SX) stage.
Figure 1 – CMX Operations Manager (Russell Vallis) pictured in front of the commissioned leach circuit
ChemX, CEO Peter Lee said: “Our 24tpa HiPurA® HPA Pilot Plant is starting to rapidly take shape, and we are pleased to have commissioned the leach circuit. Achieving this milestone delivers on our commitment to commence early-stage commissioning in Q2 of the 2024 calendar year”.
“Structural, mechanical, piping (SMP) activities are progressing well with electrical and control infrastructures accelerating ahead. As with any project integration, key work scopes require careful planning and the HiPurA® HPA Pilot Plant is on track to achieve operational readiness toward the end of the next quarter”.
” We look forward to sharing further commissioning updates in the coming months as we advance towards full Pilot Plant commissioning”.
Click here for the full ASX Release
This article includes content from ChemX Materials, 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.
CuFe Limited
Overview
CuFe Limited (ASX:CUF) is a multi-commodity exploration and development company with interest in eight projects situated throughout mature mining jurisdictions in Western Australia and the Northern Territory. The company's value proposition is predicated on its high-grade premium product iron ore projects as well as its exposure to copper, lithium and niobium. Its exploration portfolio includes mature copper targets at Tennant Creek, drill-ready lithium targets at North Dam, and greenfield exploration ground in close proximity to WA1's recent niobium discovery.
Tennant Creek hosts a mineral resource estimate of 7.3 million tons (Mt) at 1.7 percent copper and 0.6 grams per ton (g/t) gold for 127 kt copper and 145 koz gold. CuFe currently owns a 55 percent interest over 240 kilometres of the highly-prospective tenure, situated in the Northern Territory. CuFe's near-term plan for the mine, based on detailed mine planning, involves a staged cutback of the Orlando open pit to gain access to an ore supply for fast start options.
The JWD iron ore operation is an ultra-flexible high-grade, low-impurity iron ore operation optimised for efficiency, the mine benefits from a low capex, with the capacity to export 60 kt of lump and 15 kt of fines per month at current production rate. CuFe owns 100 percent interest in this operation.
In addition to taking advantage of the growing market for strategic metals, CuFe also has exposure to a near-term iron ore price upside thanks to the high-grade JWD iron ore mine. It plans to leverage the mine to take advantage of elevated iron ore price cycles with the ability to cost-effectively suspend production as the market dictates. CuFe is also evaluating the Yarram project, as its close proximity to Darwin port gives it the potential for low opex.
Lastly, CuFe has a low-risk 2 percent NSR gold royalty over the Northern Star Crossroads project, where mining is expected to commence in 2024.
CuFe is led by a highly experienced management team adept at identifying opportunities, making discoveries, evaluating and developing projects and maintaining operations. The team is led by executive director Mark Hancock, who has 25 years experience in resource projects across a variety of commodities in senior finance, commercial and marketing roles.
Company Highlights
- CuFe Limited is an ASX-listed iron, copper, lithium and niobium exploration and development company with a multi-commodity portfolio of assets.
- The company's assets are situated in mature mining regions in Western Australia and the Northern Territory, with access to extensive pre-existing infrastructure.
- CuFe's projects are highly prospective in copper (Tennant Creek, Bryah Basin), lithium (North Dam, Tambourah) and niobium (West Arunta).
- CuFe has 100 percent interest in the iron ore mining rights at the operating Wiluna West JWD mine, known to contain high-grade iron ore product.
- Additionally, the company has a 50 percent interest in the Yarram project, an advanced iron ore development project with potential for low-cost production.
- CuFe also has a 2 percent net smelter royalty over the Crossroads gold project in Kalgoorlie.
- The company is led by a proven and experienced in-house team with expertise in identification, discovery, evaluation, deployment and operations.
Key Projects
Copper
Tennant Creek
The Tennant Creek project is located in the highly prospective Gecko-Goanna copper-gold corridor of the Northern Territory. A mature project comprising three high-grade copper and gold mineral resources, it contains a combined JORC 2012 mineral resource of 7.3 at 1.7 percent copper and 0.6 g/t gold for 127 kt copper and 145 koz gold. Highly-prospective for further resource growth from resource extensions and new discoveries, Tennant Creek is also located in close proximity to grid power, a gas pipeline, the Stuart highway and the rail line to Darwin.
The area where Tennant Creek is hosted is a re-emerging mineral field with recent neighbouring exploration success from companies such as Emmerson Resources (ASX:ERM) and Tennant Minerals (ASX:TMS). Near-mine targets include the potential to extend resources and open enrichment within the Orlando and Gecko structural corridors.
The current focus for Tennant Creek is to identify and drill high-potential exploration targets with a view to growing the resource base while considering a staged cutback of the existing Orlando open pit to gain access to an ore supply for a fast start option.
Bryah Basin JV projects
Through wholly owned subsidiary Jackson Minerals, CuFe has a 20 percent interest in roughly 804 square kilometres of highly-prospective tenements proximal to the former Sandfire Resources' (ASX:SFR) Doolgunna project and Degrussa copper gold mine, as well as several other prominent gold and copper prospects. Collectively known as the Bryah Basin JV projects, the tenements are currently subject to joint ventures and farm-ins with several companies. The most prominent of these is the Morck Well project, which is under an exploration licence with Auris Minerals (ASX:AUR) alongside the Forrest project.
The Morck Well project tenements cover an area of 600 square kilometres in the highly-prospective region, which has been recognized to have high iron ore potential.
Lithium
North Dam
The North Dam project is a highly prospective lithium tenure situated in the emerging Yilgarn Lithium Belt. Located roughly 50 kilometres south-southeast of the township of Coolgardie, the project is contained within the same lithium belt that contains known spodumene deposits such as Mt Marion, Pioneer Dome, Bald Hill, Manna and Buldania. There have also been several well-known junior exploration successes immediately adjacent to the tenement, including Kali Metals (ASX:KM1), Marquee Resources (ASX:MQR) and Maximum Resources.
To date, work on the project has included defining prospective pegmatites through rock chip sampling, soil sampling and geological mapping. Anomalous lithium and key pathfinder elements have also defined a prospective corridor of roughly 3.5 kilometres in strike length. Columbite and tantalite rock chips selected from a stream bed also contain up to 44 percent niobium and 14.53 percent tantalum.
CuFe has also completed a recent heritage survey and, pending results and conditions, plans to commence a maiden drill program.
Tambourah
The 100 percent owned Tambourah Tenure is a prospective lithium tenure with known gold occurrences. Located roughly 90 kilometres south of the Pilgangoora and Wodgina lithium complexes, and 175 kilometres south of Port Hedland, the project was historically explored for gold and contains known gold occurrences within alluvial material and reef systems. Current work on the project to date has involved geological mapping and rock chip sampling.
Niobium
West Arunta
The fully owned West Arunta consists of three tenements located in the highly-prospective region of the same name. The tenure is known to be prospective for carbonatite-hosted niobium and rare earth element mineralization. Spanning roughly 220 square kilometres, it surrounds Lycaon Resources' (ASX:LYN) Stansmore project and is located 70 kilometres north of several prominent recent discoveries.
CuFe has not yet finalised native title arrangements to commence work in the ground so in the meantime it engaged Southern Geoscience Consulting to undertake a geophysical review of publicly available airborne magnetic data for the tenements including re-processing of said data and 3D unconstrained inversion modeling. Analysis of the total magnetic imagery revealed three anomalous areas across the package, resulting in nine target anomalies for further investigation and exploration.
Iron
JWD iron ore mine
The JWD iron ore operation is an optimised and flexible high-grade, low impurity iron ore operation over the Wiluna West JWD deposit. CuFe has 100 percent interest in the iron ore mining rights agreement for the project, which was started for less than $5 million and produces a high-grade, low-impurity lump iron ore for direct shipping.
At its current production rate, the mine has capacity for 60 kt of lump and 15 kt of fines per month. Mining and crushing is conducted by contractors, with the finished product trucked 800 kilometres to the Geraldton port for export in vessels of circa 6Ma0 kt. The mine also benefits from flexible operating contracts and price hedging, allowing CuFe to more readily react to iron ore price volatility.
Although no JORC reserve has been reported, a JORC resource dated June 30, 2023 reveals an estimate of 9.6 Mt at 63.7 percent iron using a 55 percent iron cut-off.
Yarram
The Yarram iron ore project is a mature development opportunity with the potential for low-cost production. CuFe currently holds a 50 percent interest in the project, which includes operatorship. Partially located on an existing mining lease on freehold land, Yarram has a high-grade DSO resource of 5.6 MT at +60 percent iron as well as a low-grade component of 7.1 Mt with the potential for beneficiation.
Situated 110 kilometres from Darwin Port and adjacent to underutilised mining infrastructure, Yarram also features favourable ore body geometry, with existing infrastructure and services contributing to its low capex and opex.
An initial diamond drilling program provided HG core from two deposits within the project. Physical and thermal metallurgical testing confirms the generation of a lump product with roughly 41 percent yield, elevated gangue levels in the very fine fractions and acceptable thermal and materials handling properties, making it suitable as a blast furnace lump burden feed.
CuFe has also undertaken geotechnical testwork on the diamond drill core to provide parameters for pit optimizations and designs. Final pit shells and a high-level mine schedule have been developed for use in regulatory approvals.
Gold Royalty
Crossroad gold project
Through fully owned subsidiary Jackson Minerals, CuFe holds a 2 percent net smelter royalty over M24/462, which contains Northern Star's (ASX:NST) Crossroads gold project. This project is the subject of a recently approved mining proposal envisaging the mining of 2.67 Mt of gold-bearing ore. The project is expected to commence sometime in 2024 and run for a 36-month period, with the majority of ore mined in the second and third years after pre-stripping.
This project represents a potential near-term revenue source for CuFe with no associated costs.
Management Team
Tony Sage — Executive Chairman (BCom, FCPA, CA, FTIA )
Tony Sage is an entrepreneur with over 36 years of experience in corporate advisory services, funds management and capital raising, predominantly within the resource sector. He is based in Western Australia and has continued to be involved in managing and financing listed mining and exploration companies with a diverse commodity base.
Sage has developed global operational experience within Europe, North and South America, Africa, Oceania, Asia and the Middle East. He is currently executive chairman of ASX-listed Cyclone Metals Limited (ASX:CLE) and European Lithium (ASX:EUR).
Mark Hancock — Executive Director
Mark Hancock has over 30 years’ experience in key financial, commercial and marketing roles across a variety of industries with a strong focus on natural resources. During his 13 years at Atlas Iron Ltd, Hancock served in numerous roles including CCO, CFO, Executive Director and Company Secretary. He has also served as a director on a number of ASX listed entities and is currently a director of Centaurus Metals Ltd and Strandline Resources Ltd.
Hancock holds a Bachelor of Business (B.Bus) degree, is a Chartered Accountant (CA) and is a Fellow of the Financial Services Institute of Australia (F FIN).
Nicholas Sage — Non-executive Director
Nicholas Sage is an experienced marketing and communications professional with in excess of 25 years in various management and consulting roles. Sage is based in Western Australia and currently consults to various companies and has held various management roles within Tourism Western Australia. He also runs his own management consulting business.
Scott Meacock — Non-executive Director
Scott Meacock has a wealth of experience as external counsel acting in, and advising on, complex corporate and commercial law transactions and disputes for clients in a wide range of industry sectors including natural resources and financial services.
Meacock currently serves as the Chief Executive Officer and General Counsel of the Gold Valley Group. He holds a Bachelor of Laws (LLB) degree and a Bachelor of Commerce (BComm) degree from the University of Western Australia.
Matthew Ramsden – GM Development
Matthew Ramsden is an experienced geologist and project developer commencing his career in Tasmania before stints in the Pilbara with Rio Tinto and Atlas Iron, where he played a key role in the development and ramp-up of six iron ore mines.
He joined CuFe in 2021 to commence the JWD operations and now has oversight over the company’s exploration and development projects.
Ramsden is a member of the Australasian Institute of Geoscientists.
Siobhán Sweeney — Geology Manager
Siobhán Sweeney brings over 13 years’ geology experience to the CuFe team, from greenfield’s exploration to resource development with a strong focus on target generation and development of iron ore projects. During her 8 years at Atlas Iron Ltd, Sweeney was instrumental in developing critical iron ore projects in the Pilbara such as Miralga Creek and Corunna Downs. Her background in managing complex and challenging exploration programs has been key to delivering successful projects.
Since joining Cufe in July 2021, Sweeney has been tasked with developing and implementing mine geology processes during the start-up phase of the JWD mine. Most recently she has delivered a successful exploration drill campaign to further define the Yarram iron ore deposit.
Sweeney is a member of the Australian Institute of Geoscientists and holds a Bachelor of Science degree (hons) in geology from the National University of Ireland Galway.
Exceptional Clay Hosted Rare Earth Grades Intersected at Poços
KEY HIGHLIGHTS
- Enova confirms significant assay results for a non-invasive shallow subsurface auger sampling programme at Poços; highlights of these are results greater than 2,000 ppm TREO2 are as follows:
- A1-TR001-001 including 3m @2,744
- A1-TR003-001 including 3m @3,030
- A1-TR006-001 including 3m @3,508
- A1-TR008-001 including 2m @2,113
- A1-TR009-001 including 3m @3,964
- A1-TR010-001 including 3m @2,524
- A2-TR001-001 including 1m @2,786
- A2-TR002-001 including 2m @2,043
- A2-TR006-001 including 2m @2,099
- A3-TR002-001 including 3m @2,306
- A3-TR005-001 including 2m @2,145
- A4-TR001-001 including 2m @2,488
- A4-TR001-001 including 3m @4,950
- Peak rare earth element (REE) assays were 5,158 ppm TREO or 0.52% TREO, 5,042 ppm TREO or 0.50% TREO, 4,650 ppm TREO or 0.47% TREO, providing guidance for a high-grade exploration target at Poços,
- REE enriched tenements at Poços confirm the areas’ potential for a prospect scale high grade REE deposit,
- Shallow surface and subsurface sampling confirmed surface saprolite clay systems w
- across all Poços tenements, with potential deeper mineralisation upside.
- The project is located nearby to townships, well-developed highways, infrastructure, water access, hydroelectric power and well connected to a commercial port.
ANNOUNCEMENT
Enova Mining Ltd (ASX: ENV) (“Enova” or the “Company”) is pleased to announce assay results from non-invasive shallow surface and subsurface auger sampling at Poços tenements 832.174/2023, 832.175/2023, 832.177/2023, 832.179/2023 and 830.652/2020. The locations of the auger sampling and significant assay intercepts are provided in Figure 2. In accordance with ASX reporting of mineral results, details of the sampling, assay results and other technical details are contained in JORC Table 1 and Significant Results and Auger Sampling Data for Poços Project in Table 2 in Appendix A.
The Poços alkaline complex massif region (Poços) hosts world-class rare earth element (REE) mineral discoveries. Enova aims to replicate the success of peers in the region. Refer to Figure 1 (below) for a location plan of Enova’s tenements and surrounding tenements of IAC REE significance.
Figure 1: Regional location of Poços tenements
Enova is assessing results from the current exploration program and the potential for future air-core drilling program. Regarding tenements overlain by the Pedra Branca APA area and buffer zone, identified during Due Diligence, further clarification is being sought regarding requirements for more impactful exploration in the future, such as air-core/reverse circulation drilling and future development.
Mr. Eric Vesel Managing Director of Enova, commented:
“The assay results from the Poços sampling programme confirm the prospectivity of the tenements, which is not surprising for tenements within the alkaline complex. The largest tenement, located near the southern rim of the complex, was encouraging but with mixed results (Above and below 1000ppm TREO). Overall, the Poços results have returned exceptional near- surface grades which has significant unexplored deeper saprolite strata worthy of follow up exploration. This Phase 1 exploration work was part of our initial reconnaissance to investigate our portfolio of prospective REE tenements.
Our team is currently focused on the CODA maiden drill programme; we recognise the importance of assessing all our other projects. We have arranged a consulting exploration team to explore our Juquiá tenements, a potential carbonatite prospect. There is also REE potential within our Santo Antonio (do Jacinto) tenements based on a strong thorium anomaly3, as shared by SI6’s Pimenta Project.
Enova is now in the envious position of holding two major potential IAC REE project areas: POÇOS and CODA with further areas currently under investigation. It’s remarkable that in such a short period of time, Enova has acquired and brought from concept to exploration stage, two major projects with significant upside and worthy of development.”
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This article includes content from Enova 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.
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