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Expansion Of Attwood Lake Lithium Project, Ontario, Canada Capital Raising Update
Redstone Resources Limited (ASX: RDS) (Redstone or the Company) is pleased to announce that it has acquired an additional 1,821 hectares comprising 4 claims, expanding the original tenure of its Attwood Lake Area Lithium Project (Attwood Lake or the Project) by 33% to 7,393 hectares.
HIGHLIGHTS
- Redstone expands the Attwood Lake Area Lithium Project (Attwood Lake or the Project) by 33% to 7,393 hectares.
- On 4 May 2023 Redstone announced that it had entered into an exclusive Option agreement to acquire a 100% interest in the Attwood Lake properties in northwestern Ontario, Canada, which are highly prospective for lithium (Li) and rare elements pegmatite hosted mineralisation.
- Redstone has since expanded the Project 33% from the original two claim groups, Witchwood and Greenside, comprising 3,026 hectares (7 claims) and 2,546 hectares (6 claims) respectively, by staking an additional 1,821 hectares (4 claims) to merge the two original claim groups to comprise a single contiguous Project tenure of 7,393 hectares (refer Figure 1).
- Attwood Lake is located ~ 170km northwest of Nakina, in northwestern Ontario with good all‐ weather road, current and near‐future logging road access in a region that boasts several advanced lithium projects.
- Numerous deposits that host significant lithium oxide (Li2O) that have already been delineated in the region (Figure 2), include:
- Seymour Lake Lithium Deposit and Root Lake‐McCombe Lithium Deposit owned by Green Technology Metals (ASX: GT1);
- Deposits owned by Rock Tech Lithium and Infinite Ore in the Georgia Lake pegmatite field;
- Separation Rapids Lithium deposit owned by Avalon Advanced Materials Inc.; and
- PAK and Sparks deposits owned by Frontier Lithium.
- The structural complexity of the Attwood Lake area with numerous synclines and fault patterns in association with a subprovince terrane boundary provides excellent pathways and fracture systems for parental melts and deposition of pegmatite bodies.
- Planning underway for Phase 1 exploration program to commence as soon as practicable.
- The Attwood Lake Project acquisition complements the Company’s existing 100% owned West Musgrave copper‐nickel project, and its strategy to increase exposure to the growing global battery minerals and explore for minerals that are regarded as critical and in high demand.
- The Company has accepted oversubscriptions of $30,000 for a total Capital Raising of $1.28M. Additionally, the Board has, in consultation with the Lead Manager, resolved to re‐price the 1:3 free attaching option pertaining to the Placement from $0.04 to $0.025.
The Attwood Lake Project, which originally consisted of two claim groups, namely the Witchwood and Greenside Lithium properties comprising 3,026 hectares (7 claims) and 2,546 hectares (6 claims) respectively has now been expanded by 1,821 hectares to merge the two original group claims and expand the Project by 33% to comprise a single contiguous Project tenure of 7,393 hectares (17 claims) (Figure 1). The further 4 unpatented mining claims were included in the Option Agreement for an additional payment of C$4,500 to the vendors.
The Attwood Lake properties are located approximately 170km northwest of Nakina, Ontario. Access to the Project properties can be made by good all‐weather road as well as current and near‐ future logging road access.
Figure 1: The expanded Attwood Lake Lithium Project Tenure in Nakina, Ontario in Canada.
REGIONAL GEOLOGY
The Project is hosted within the English River Subprovince in northwestern Ontario. The English River Subprovince is an 800 km long by 35– 190 km wide Neoarchean metasedimentary belt. Two intrusive suites predominate the English River Subprovince. province. The first is a suite of diorite– tonalite–granodiorite that has been dated at ca. 2698 Ma. The second intrusive suite is a peraluminous granite suite that has been dated at ca. 2691 Ma. These intrusions are related to the migmatization of the metasedimentary rocks and range from in situ leucosome to large peraluminous two‐mica or cordierite–biotite granite intrusions (Breaks 1991)2.
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This article includes content from Redstone Resources Ltd, 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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Overview
The electrification transition is well underway and has spurred a growth in demand for rare metals, such as lithium and base metals, including nickel and copper, which most clean technologies require. The overall sentiment for these battery metals remains healthy and optimistic, even amid global economic turmoil.
Australia is supporting this growth in demand through its mining-friendly, tier-1 jurisdictions. The country is a world leader in producing and exporting a plethora of metals and minerals, including iron, copper, lithium, nickel, bauxite and gold. Australia produces significant amounts of 19 in-demand minerals from more than 350 operating mines. The Musgrave Province contains a Mesoproterozoic crystalline basement terrain that reaches across the shared borders of Western Australia, the Northern Territory and South Australia. The terrain has significant deposits of several essential metals, including nickel, platinum group elements (PGEs), copper, gold, lead, zinc, chromite, and rare earth elements (REEs). Yet, much of Musgrave remains underexplored, especially for the base metals the world now needs.
Redstone Resources (ASX:RDS) is a base and precious metals exploration company, exploring its 100-percent-owned, highly prospective West Musgrave Project, which includes the Tollu Copper deposit, located in the West Musgrave Province of Western Australia. The company’s West Musgrave Project is located proximal to BHP’s world-class Nebo-Babel nickel-copper-PGE sulphide deposit and Succoth copper (nickel, palladium) deposit, and Nico Resources’ Wingellina nickel-cobalt project. Redstone also has other pending tenement applications prospective for nickel and copper in the same region. The company is led by a management team with expertise in geology and mineral exploration, business development and corporate law, creating confidence in the team’s ability to capitalize on its assets.The unique Musgrave terrain has already drawn the interest of notable miners, such as BHP. BHP is progressing with the development of its Nebo-Babel nickel-copper-PGE sulphide deposit, which has been estimated to have a resource of 390 million tonnes grading 0.33 percent copper and 0.30 percent nickel, for 1.2 million tonnes of contained nickel metal and 1.3 million tonnes of contained copper metal (Mea + Ind + Inf – 2012 JORC). Final regulatory approval to begin construction of the Nebo-Babel mine has been granted. Other discoveries and deposits in the area, such as the Wingellina nickel-cobalt deposit, indicate the potential of the West Musgrave region to become a significant base metal jurisdiction.
Redstone’s flagship, 100-percent-owned West Musgrave Project is situated between these two deposits — approximately 40 kilometres east of BHP’s Nebo Babel nickel-copper-PGE deposit and 50 kilometres west-southwest of Nico Resources’ Wingellina nickel-cobalt deposit. Redstone’s West Musgrave Project is highly prospective yet largely underexplored. The asset has the right geological and structural setting for large magmatic nickel-copper sulphide deposits, volcanic-hosted massive sulphide (VHMS) deposits and other large intrusive related hydrothermal systems.
Location of Redstone’s West Musgrave Project, which includes the Tollu copper deposit, in relation to the world-class Nebo-Babel Ni-Cu-PGE deposit.
The 100-percent-owned Tollu Copper Vein deposit, located within the West Musgrave Project, has a JORC-compliant indicated and inferred resource estimate of 3.8 million tonnes grading 1 percent copper, for 38,000 tonnes of contained copper with a cut-off of 0.2 percent. There is also a current estimated conceptual exploration target*, suggesting a potential for up to 627,000 tonnes of copper at Tollu. (*conceptual exploration target ranges from 31 to 47 million tonnes of mineralization at 0.8 to 1.3 percent copper, containing 259,000 to 627,000 tonnes copper.)
Outside Australia, Redstone Resources is an emerging battery metals explorer and has been building its portfolio of lithium and other critical mineral assets in Canada.
In May 2023, the company signed an exclusive option agreement to acquire 100 percent interest in the Attwood Lake Area Lithium Properties in Northwestern Ontario. The properties are considered highly prospective for lithium and/or rare element pegmatites.
Results from the Phase 1 Exploration Program at Attwood Lake showed numerous pegmatite outcrops. The program consisted of a helicopter‐supported geological mapping and sampling program for lithium and rare‐earth-element-bearing pegmatites. Results from the 209 rock grab samples collected indicate elevated Li is present across the project.
In July 2023, Redstone Resources entered into another exclusive option agreement to acquire 100 percent interest in the Radisson East and Sakami Projects located in the prolific James Bay Lithium District in Quebec, host to several advanced lithium projects and new lithium discoveries in Canada including:
- Patriot Metals (ASX: PMT, TSXV:PMET) Corvette Project (~170 kms east)
- Winsome Resources Ltd (ASX: WR1) Cancet Project (~100 kms east); and
- Q2 Metals Corp (TSXV: QTWO) Mia Lithium Project (~40 kms southeast).
These projects have a combined area of 90 square kilometres and cover more than 50 kilometres of highly prospective greenstone belts with coincident lithium‐in‐lake anomalism and are host to several known pegmatite occurrences and outcrops.
Prospectivity analysis and multispectral analysis recently undertaken by Redstone Resources on Radisson East and Sakami has identified a significant number of high priority lithium-caesium-tantalum (LCT) pegmatite target areas requiring follow up exploration.
Redstone Resources also recently entered into a 50/50 joint venture agreement with Galan Lithium (ASX:GLN) to acquire 100 percent of the highly prospective suite of lithium projects that include the Camaro, Taiga and Hellcat Projects in the James Bay Lithium Province in Quebec. Redstone will be the manager of the joint venture which covers 5,187 hectares of tenure. The joint venture also secured an option to acquire 100 percent of the PAK South and PAK Southeast Lithium Projects comprising 1,415 hectares in Ontario's Electric Avenue near Frontier Lithium's PAK Lithium Project.
An experienced management team leads Redstone with decades of experience in the mineral resources sector, with expertise in mineral exploration, mining operations and corporate finance.
Company Highlights
- Redstone Resources is an Australia-based mineral exploration company exploring highly prospective properties for copper and nickel in the West Musgrave region of Western Australia.
- The West Musgrave region has already drawn the interest of miners who have made significant discoveries, including the world-class Nebo-Babel nickel-copper-PGE sulphide deposit and the Wingellina nickel-cobalt deposit.
- Redstone’s flagship West Musgrave Project is located near these existing projects, only 40 km west of BHP’s Nebo-Babel deposit, indicating the potential of the company’s tenure.
- The company owns 100 percent of the West Musgrave Project, which includes the Tollu Copper vein deposit.
- It has the right geological and structural setting for large magmatic nickel-copper sulphide deposits, VHMS deposits and other large intrusive-related hydrothermal systems
- The Tollu Copper vein deposit is proof of a significant hydrothermal system in the project area.
- In May 2023, Redstone entered into an agreement to acquire a 100 percent interest in the Attwood Lake Area Lithium properties, in Northwestern Ontario, Canada, which was closely followed by another option agreement entered into in July 2023, to acquire 100 percent of the Radisson East and Sakami Projects in James Bay, Quebec, Canada. These projects are known to be highly prospective for lithium and/or rare earth element pegmatites, and close to several advanced lithium projects.
- The Attwood and Radisson East and Sakami Project acquisitions complement the company’s West Musgrave copper-nickel project and its strategy to increase exposure to the growing global battery metals and explore for critical minerals in high demand.
- A Phase 1 exploration program conducted on the Attwood project has identified numerous pegmatite outcrops with sample assay results indicating elevated lithium is present across the project.
- Several high priority exploration targets have been confirmed from recent prospectivity analysis and multispectral analysis undertaken over the Radisson East and Sakami Projects.
- Redstone Resources has also entered into a 50/50 joint venture agreement with Galan Lithium (ASX:GLN) to acquire 100 percent of a highly prospective suite of lithium projects in James Bay, Quebec, and option agreement for lithium projects in Northwestern Ontario.
- A strong management team leads the company with decades of experience in the resources sector.
Key Projects
The West Musgrave Project
The West Musgrave Project covers 237 square kilometres of highly prospective yet underexplored terrain. The asset is 40 kilometres east of the world-class Nebo-Babel nickel-copper-PGE sulphide deposit owned by BHP, and contains suitable geological structure and settings for nickel-copper deposits. Redstone plans to continue the exploration of the asset to follow up on recent drilling and exploration results which identified numerous prospective targets.
Significantly, recent drilling at 7.5 km northeast of the Tollu Copper Vein deposit has confirmed for the first time the presence of mafic-ultramafic intrusions on the project, which are potential host and/or source rocks for nickel-copper-PGE ± cobalt mineralisation. This confirmation is significant for Redstone especially considering the western boundary of the project area is only 40 kms east of the BHP-owned world-class Nebo Babel nickel-copper-cobalt-PGE deposit and may also be a potential explanation for a source of the high grade copper at Tollu.
The Tollu Copper Vein Project
Redstone’s Tollu Copper Vein deposit is located within the broader West Musgrave Project and has already produced promising drilling results. Tollu hosts a giant swarm of hydrothermal copper-rich veins in a mineralized system covering an area of at least 5 square kilometres. Copper mineralization is exposed at the surface and forms part of a dilation system within and between two major shears.
Redstone has defined a JORC 2012 resource estimate for Tollu of 3.8 million tonnes grading 1 percent copper, for 38,000 tonnes of contained copper and 0.01 percent cobalt, which equates to 535 tonnes of contained cobalt. However, the company considers that this estimate may be far greater with further drilling.
Drilling results from Redstone Resources’ most recent exploration program continue to deliver outstanding copper results for the Chatsworth and Forio prospects at the Tollu Copper Vein deposit.
At Chatsworth, RC drill hole TLC205 intersected 11 metres at 1.2 percent copper from only 29 metres downhole, extending the previously intersected high‐grade copper lens a further 20 metres towards the surface.
Together with the previous drilling, TLC205 has shown that the targeted high grade copper lens at Chatsworth is up to 26 metres thick (downhole), has a copper grade always over 1 percent copper and extends over 140 metres vertical from TLC205 to its deepest intersection to date in TLC188 at 174 metres-184 metres downhole. No drilling has tested beneath the intersection in TLC188 and so this significant, up to 26 metre thick (downhole) vertically long high-grade copper lens remains open at depth.
Previous intersections of the same high‐grade copper lens intersected in TLC205 include:
- TLC188 ‐ 10 m at 2.51 percent copper from 174 m downhole including 3 m at 4.71 percent copper from 175 m downhole;
- TLC189 ‐ 26 m at 1.46 percent copper from 61 m downhole including 1 m at 5.1 percent copper from 84 m downhole;
- TLC033 ‐ 5 m at 2.21 percent copper from 100 m downhole; and
- TLC034 ‐ 15 m at 1.39 percent copper from 136 m downhole including 3 m at 3.67 percent copper from 122 m downhole.
E-W Cross-section of high grade copper lens at Chatsworth Prospect, Tollu Copper Deposit. Recent intersection in RC drill hole TLC205 is shown along with intersections from 2021 drilling in TLC188 and TLC189 as well as intersections in historical drilling, RC drill holes TLC033 and TLC034
Recent drilling has also delivered further high-grade intersections at Forio, including the highest Cu grade ever intersected with 1 m at 18.5 percent copper from 18 m downhole in RC drill hole TLC203.
Drilling completed at Forio in late 2022 RC drilling campaign at Tollu were aimed at testing the continuity along strike of a zone of high grade copper lenses at Forio identified in previous drilling.
The high grade Cu intersections at Forio include:
- 8 m at 4.1 percent copper from 13 m downhole depth (TLC203) including 1 m at 18.5 percent copper from 18 m downhole.
- 4 m at 1.2 percent copper from 45 m downhole (TLC203)
- 6m at 1.47 percent copper from 80 m downhole (TLC201).
The high grade copper intersections in RC drill holes TLC201 and TLC203 extend the zone of high grade copper lenses at Forio along strike north and south for at least 60 m continuous.
Long-section of RC drill holes TLC201 and TLC203 recently drilled to test for extension of the high grade copper mineralisation intersected in TLC181, TLC153 and TLC173 in previous drilling. Cross-section is drawn along strike N-S of the Forio vein system and looking towards the east
The significant drilling intersections of high‐grade copper mineralisation at both the Chatsworth and Forio Prospects (dating back to 2017) at Tollu are yet to be included in the existing JORC 2012 Tollu resource estimate, which suggests there may be opportunities in the Tollu resource yet to be realised.
Attwood Lake Lithium Project
Geologist exposes pegmatite outcrop beneath lichen.
The Attwood Lake lithium project is located approximately 115 kilometres east‐southeast from the community of Pickle Lake in northwestern Ontario. Geologically, the project forms part of the Neoarchean English River subprovince of the Superior Province. It straddles or is located within a few kilometres of the boundary to the Uchi subprovince, which is located to the north. The English River subprovince is an Archean gneiss belt of mostly metasediments and sedimentary derived‐orthogneisses. Reconnaissance bedrock mapping by the Ontario Geological Survey (OGS) in 2016 identified largely gneissic metasediments in the western part and along the eastern margin of the property, while the central part is dominated by muscovite‐bearing, peraluminous granitic rocks including some metavolcanic and migmatized supracrustal rocks. Mapping identified muscovite‐bearing pegmatites, mostly in metasediments near their contact with the granitic rocks, a setting that is favorable for potential lithium pegmatites.
Results from the Phase 1 Exploration Program at Attwood Lake showed numerous pegmatite outcrops. The program consisted of a helicopter‐supported geological mapping and sampling program for lithium and rare‐earth-element-bearing pegmatites. Results from the 209 rock grab samples collected indicate elevated Li is present across the project.
Radisson East and Sakami Lithium Projects
The Radisson East and Sakami lithium projects in the prolific James Bay Lithium District, Québec are located near:
- Patriot Battery Metals Inc. (ASX:PMT, TSXV:PMET) Corvette Project (~170 kms east)
- Winsome Resources Ltd (ASX:WR1) Cancet Project (100 kms east)
- Q2 Metals Corp (TSXV: QTWO) Mia Lithium Property (~40 kms southwest)
Radisson East and Sakami Lithium Project location map
The Sakami Lithium Project spans 68 square kilometres consisting of three claim blocks within the La Grande sub‐province approximately 14 kilometres north of the boundary between the La Grande and Opinaca sub‐provinces, in a similar geological setting as the Corvette (Patriot Battery Metals), Cancet (Winsome Resources) and Adina Lithium Deposits (Winsome Resources) lithium deposits, which all occur 10 to 20 kilometres north of the boundary.
A prospectivity analysis has generated eighteen target areas that are prospective for LCT
pegmatites across the Sakami Lithium Project. The two easternmost claim blocks follow a north‐south trend of elevated prospectivity scores, and the northwestern‐most claim block is highlighted by an elevated prospectivity score along its northern boundary. The north‐south trend of prospectivity appears to be associated with amphibolite and paragneiss units along north‐northeast‐trending faults. The highest priority targets on the Sakami Lithium Project are targets S01 through S04 to the south end of the project towards the La Grande‐Opinaca sub‐province boundary. These high priority targets occur in an area where a north to south trending amphibolite unit is truncated by east-to-west faulting and an increase in low-level geochemical anomalism that is associated with LCT pegmatites occurs in the direction of the La Grande‐Opinaca regional geological boundary.
Prospectivity analysis of Sakami Lithium Project
The Radisson East Lithium Project spans 22 square kilometres consisting of two claim blocks, both within the La Grande sub‐province and 55 kilometres to the northeast of Q2 Metals’ Mia Lithium project.
The prospectivity analysis has generated six target areas for prospective LCT pegmatites across the Radisson East Lithium Project. The easternmost claim block follows a northwest trend of elevated prospectivity, and includes targets RE01 and RE02, the highest priority targets on this project. The westernmost claim block follows a northeast trend of lower but slightly elevated prospectivity scores and includes targets RE03 through RE06. These trends of elevated prospectivity both follow basalt units that underlay both claim blocks.
Prospectivity analysis of Radisson East Lithium Project
A preliminary field programme will be completed over the Sakami and Radisson East Projects to assess the highest prospectivity target areas identified from a recent prospectivity analysis, in conjunction with the significant number of potential LCT pegmatite outcrop targets identified by multispectral analysis. The first pass programme will include field mapping, outcrop sampling and geochemical sampling to verify the presence of pegmatite outcrops and to test for lithium mineralisation.
Redstone and Galan Joint Venture
James Bay Lithium Projects - Taiga, Camaro and Hellcat
The Redstone and Galan 50/50 JV recently acquired the James Bay Lithium Projects, namely three high quality projects consisting of Taiga, Camaro and Hellcat Projects (TCH). The projects cover 3,850 hectares and are adjacent to Patriot Battery Metals’ (TSXV:PMET) Corvette Lithium discovery in James Bay. PMET’s CV8 pegmatite is one of the finest new hard rock lithium discoveries, with grab samples averaging 4.6 percent lithium oxide Li2O, and is located only 1.4 kilometres north of the Taiga Project. PMET’s newly-discovered CV13 pegmatite cluster is located 1.5 kilometres north of the Camaro Project.
James Bay Project Highlights:
The Taiga and Camaro are situated in the Meso-Archean to Paleoproterozoic La Grande Subprovince of the Superior Province underlain by the Poste Le Moyne and Langelier plutons, respectively. The Camaro project is hosted in the Semonville Pluton with local windows of the Rouget Formation metabasalt. Properties are hosted in hornblende biotite diorite, quartz-rich diorite, biotite hornblende tonalite, granodiorite, granite, conglomerate, wacke, and amphibolite.
The Hellcat Project hosts Vieux Comptoir Granitic suite believed to be the source of the spodumene-bearing pegmatite dykes found within the region. The primary greenstone within the project is amphibolites of the rouget greenstone belt, a similar age to the Grupe de Guyer greenstone belt, located within Patriot Battery Metals Corvette discovery.
Previous initial exploration on the James Bay Lithium Projects completed by Axiom Exploration identified 28 prospective pegmatite dykes.
Ontario Lithium Projects - PAK South and PAK Southeast
As part of the joint venture with Galan Lithium, Redstone Resources has secured an option to acquire 100 percent of the PAK South and PAK Southeast claims in Ontario’s “Electric Avenue”, located approximately 170 kilometres north of Red Lake, Ontario, in the Red Lake Mining Division.
The PAK South and PAK Southeast properties cover 1,258 hectares and 157 hectares, respectively, and several pegmatite units have been identified in regional mapping by the Ontario Geological Survey (OGS).
The projects are adjacent to Frontier Lithium’s (TSXV:FL) PAK Lithium Project, which includes two lithium deposits, the Spark Deposit and PAK Deposit, and two other prospects.
Highlighting the prospectivity of the Electric Avenue province, Frontier recently reported an intersection of 108.4 m of continuous pegmatite averaging 2.12 percent lithium oxide from its Spark Pegmatite(Frontier’s TSX-V announcement dated 25 September 2023).
Board and Management
Richard Homsany - Non-executive Chairman
Richard Homsany is executive vice-president of Mega Uranium, a Toronto Stock Exchange listed company and executive chairman of Toro Energy Limited, an ASX-listed uranium company. He is also the non-executive chairman of Galan Lithium and the Health Insurance Fund of Australia Limited.
Prior to this Homsany was a corporate and commercial advisory partner with one of Australia’s leading law firms. He is currently the principal of Cardinals Lawyers and Consultants and has been admitted as a solicitor for over 20 years. Homsany has extensive experience in corporate law, including advising public resources and energy companies on corporate governance, finance, capital raisings, takeovers, mergers, acquisitions, joint ventures and divestments.
He also has significant board experience with publicly listed resource companies and in the resources industry. He has also worked for an ASX top 50-listed internationally diversified resources company in operations, risk management and corporate.
Homsany is a certified practicing accountant and is a fellow of the Financial Services Institute of Australasia (FINSIA). He has a commerce degree and honors degree in law from the University of Western Australia and a graduate diploma in finance and investment from FINSIA.
Edward van Heemst - Non-executive Director
Edward van Heemst is a prominent Perth businessman with over 40 years of experience in managing a diverse range of activities with large private companies.
He is the managing director of Vanguard Press and was previously the long-time chairman of Perth Racing (1997 to 2016). He was also appointed as non-executive chairman of NTM Gold, an ASX-listed company from July 2019 to March 2021.
Van Heemst holds a bachelor of commerce degree from the University of Melbourne, an MBA from the University of Western Australia and is a member of the Institute of Chartered Accountants Australia.
He has extensive knowledge of capital markets and established mining industry networks.
Brett Hodgins - Technical Director
Brett Hodgins has over 20 years of professional experience in the resources sector primarily focused on exploration and mining operations. He began his career as a geologist with Robe River Mining and Rio Tinto Iron Ore. During that time he was involved with the commissioning and development of the West Angelas and Hope Downs operations. Hodgins' recent roles include general manager project development for Iron Ore Holdings and he is president/CEO of Central Iron Ore Ltd, a TSXV-listed company gold and iron ore explorer. He brings a wide range of experience in exploration, feasibility studies, operations, and has a broad knowledge of the resource sector.
Hodgins has completed a bachelor of science degree with honors in geology from Newcastle University, diploma of management and a graduate diploma in finance and investment from FINSIA.
Dr. Greg Shirtliff – Geological Consultant
Dr. Greg Shirtliff has over 20 years of experience in industry-related geology and geochemistry, including a PhD in mine-related geology from the Australian National University. Since his studies, Shirtliff has spent over 17 years in various roles in the mining and exploration industry ranging from environmental, mine geology, resource development, exploration and management roles, exploration and technical projects inclusive of engineering and metallurgical. His roles have included several years at ERA-Rio Tinto’s Ranger Uranium Mine, as the senior geoscientist for Cameco Australasia and more recently as the lead geologist and technical manager for Toro Energy Ltd, an ASX-listed uranium development company in Australia where he is the exploration and technical lead responsible for increasing the viability of the company’s uranium and mineral resources, developing and directing the company’s uranium and non-uranium exploration strategy, aiding the company technically through EPA approval for a uranium, and guiding the engineering and metallurgical through to scoping level economic assessment.
Shirtliff has had recent exploration success at Toro Energy, discovering multiple zones of massive nickel sulphide mineralization along the Dusty Komatiite, arguably the first massive nickel sulphide mineralization discovered in the Yandal Greenstone Belt in Western Australia.
Shirtliff holds directorships on privately owned consultancy and prospecting companies.
Shirtliff is a long-standing member of the Australian Institute of Mining and Metallurgy and the internationally recognized Society of Economic Geologists.
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DISCLAIMER
This presentation contains summary information about Firebird Metals Limited (Firebird) (ABN 24 610 035 535) and is current as of 7th May 2024. The information in this presentation is of a general background and does not purport to be complete. This presentation is not investment or financial product advice (nor tax, accounting or legal advice) and is not intended to be used for the basis of making an investment decision.
The information contained in this presentation has been prepared without taking into account the objectives, financial situation or needs of individuals. Investors should obtain their own advice before making any investment decision. Firebird has prepared this document based on information available to it at the time of preparation. No representation or warranty, express or implied, is made as to the fairness, accuracy or completeness of the information, opinions and conclusions contained in this presentation.
This presentation contains certain “forward-looking statements”. Forward looking statements can generally be identified by the use of forward-looking words such as, “expect”, “should”, “could”, “may”, “predict”, “plan”, “will”, “believe”, “forecast”, “estimate”, “target” and other similar expressions. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements. Forward- looking statements, opinions and estimates provided in this presentation are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. Forward-looking statements including projections, guidance on future earnings and estimates are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance
This presentation contains statements that are subject to risk factors associated with Firebird and the mining exploration industry. It is believed that the expectations reflected in these statements are reasonable, but they may be affected by a range of variables which could cause actual results or trends to differ materially. Firebird disclaim any intent or obligation to publicly update any forward-looking statements, whether as a result of new information, future events or results or otherwise. To the maximum extent permitted by law, Firebird, their related bodies corporate (as that term is defined in the Corporations Act 2001 (Cth)) and the officers, directors, employees, advisers and agents of those entities do not accept any responsibility or liability including, without limitation, any liability arising from fault or negligence on the part of any person, for any loss arising from the use of the presentation or its contents or otherwise arising in connection with it.
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This article includes content from Firebird Metals 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.
Feasibility Study Confirms Potential for Low-Cost, High-Purity Manganese Production
Firebird Metals Limited (ASX: FRB, “Firebird” or “the Company”) is pleased to announce excellent results from the Company’s Battery Grade Manganese Sulphate Feasibility Study (“Feasibility Study” or “Study”) for stage one of production in China, which will utilise third party manganese ore to produce high-purity manganese sulphate.
HIGHLIGHTS
CHINA-BASED HIGH-PURITY MANGANESE PROJECT FEASIBILITY STUDY RESULTS
- Study results demonstrate the opportunity for Firebird to become a low-cost producer of high-purity manganese sulphate
- Significant cost, development and operational advantages gained by building a plant and establishing operations in China
- Feasibility Study incorporated conservative cost estimates and the lowest selling sulphate price compared with peers
- Key results include:
- Projected CAPEX of US$ 83.5 million – refer to pages 14, 15 and 17 of the Feasibility Study
- Projected Working Capital of US$ 10.6 million - refer to pages 14 and 15 of the Feasibility Study
- Chinese circular industry and plant location within the Jinshi High-Tech Industrial Park provides localised key reagents and inputs that drive a low OPEX of approximately US$609/mt for production of battery grade manganese sulphate
- Plant Capacity for Battery Grade Manganese Sulphate (MnSO4) of 50kt/a & Manganese Tetra Oxide (Mn3O4) 10kt/or equivalent MnSO4 of 72.5kt/a
- Firebird aims to become a low-cost producer of battery grade high-purity manganese at a time when the Lithium Manganese Iron Phosphate (LMFP) battery market is forecast to experience significant growth in coming years
DEVELOPMENT PROGRESS UPDATE
- Strong progress and support from the Jinshi Government and tier-one banks for the development and construction of the Company’s Battery-Grade Manganese Sulphate Plant
- Advanced discussions with Chinese Banks regarding attractive financing options, with the Company expecting to provide an update in the coming weeks
- Positive formal advice from Jinshi Government and relevant departments regarding the process to repatriate profits generated from operations
- European customer site visits and offtake discussions commenced with initial positive feedback
- Third party manganese ore offtake discussions for the Study progressing well
- Permitting and design completion expected by late Q3 2024
- Final Investment Decision expected in H2 2024, with a 12-15 month construction
- Flagship Oakover Project continues to be an integral part of Firebird’s long term manganese battery materials strategy and development at the site is ongoing
The Feasibility Study referred to in this announcement is a Technical Feasibility of the establishment of the Battery Grade Manganese Sulphate Project Stage 1 Processing Plant in China (the Plant).
The Feasibility Study is based on the material assumptions contained in the Feasibility Study document accompanying this announcement. These include assumptions about the availability of funding. While the Company considers all of the material assumptions to be based on reasonable grounds, there is no certainty that they will prove to be correct or that the range of outcomes indicated by the Feasibility Study will be achieved.
Investors should note that there is no certainty that the Company will be able to raise the amount of funding to develop the Plant when needed. It is also possible that such funding may only be available on terms that may be dilutive to or otherwise affect the value of Company’s existing shares.
It is also possible that the Company could pursue other ‘value realisation’ strategies such as a sale, partial sale or joint venture of the Plant. If it does, this could materially reduce the Company’s proportionate ownership of the Plant.
Given the uncertainties involved, investors should not make any investment decisions based solely on the results of the Feasibility Study.
The Company’s long-term strategy is to develop into a low-cost manganese producer and provide security of supply across both traditional outputs and new materials being used in fast-growing energy storage industries.
Completion of the Feasibility Study follows the announcement by Firebird in September 2023 of the Company’s China-based Lithium Manganese Iron Phosphate (“LMFP”) growth strategy, aimed at establishing the Company as a low-cost producer of battery-grade MnSO4 (high-purity manganese sulphate) and Mn3O4 (high purity manganese tetra oxide). Both products are key cathode materials in LMFP batteries for electric vehicles.
LMFP is considered a key future cathode for electric vehicle (“EV”) batteries and is a significant upgrade from the Lithium Iron Phosphate (LFP) cathode, which is currently he most popular EV battery cathode.
Adding high purity manganese sulphate (MnSO4) to LFP, creates LMFP, delivering significant operational and safety benefits to a battery, including:
- a higher thermal runaway temperature than nickel-based batteries
- costs approximately 30% lower than nickel-based batteries
- enhanced voltage platform and 15-20% increase in energy density
The Chinese chemical project design and engineering process differs from western processes.
A Feasibility Study is completed first and forms the basis of engineering design, government permitting and financing activities. The Feasibility Study contains a large portion of compliance and project economics assessment.
The Feasibility Study was completed by Hunan Chemical Engineering Design Institute Co., Ltd (“HCEDI”) and in line with stringent Chinese regulations. Importantly, HCDEI have completed several similar studies for the Chinese Manganese Sulphate industry.
HCEDI is the leading MnSO4 project design institute globally and Firebird’s in-country technical team have previously worked closely with HCEDI on several projects.
Results from the China-based high-purity manganese project Feasibility Study validates Firebird’s LMFP battery strategy to produce battery grade manganese sulphate in China.
These results have continued to build upon the solid platform for Firebird to successfully deliver on its vision to become a global leader in the manganese industry, combining mining and downstream processing with a dedication to the advancement of the Li-ion battery sector.
The company is working closely with HCEDI on preliminary plant design which is 50% complete. At the same time, equipment supplier engagement and due diligence of supplier’s manufacturing process and supplier’s customer experience are vital in the development and operational process in China. Through this process, the Company has identified that further efficiencies can be achieved and has applied for two patents on energy saving (calcining process & product drying), which will further improve the impressive economics of the Project.
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This article includes content from Firebird Metals 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.
30,300 Tonnes Processed in Opening Campaign of 2024.
Six Doré Bars Delivered to Perth Mint.
Through our joint venture with BML Ventures Pty Ltd of Kalgoorlie (BML), Auric Mining Limited (ASX: AWJ) (Auric or the Company) is pleased to announce that toll milling of 30,300 dry metric tonnes of gold ore from the Jeffreys Find Gold Mine (the Project) near Norseman is now complete.
Highlights
- 30,300 tonnes processed by Coolgardie Mill for first gold campaign of 2024.
- 6 Doré bars weighing 64.68 kg delivered to Perth Mint.
- First gold sales now imminent.
- Total ounces and reconciliation of campaign to be advised.
- Joint Venture remains on track to mill more than 300,000 tonnes in 2024.
Managing Director, Mark English, said“BML are wrapping up the first gold campaign of the year from Jeffreys Find.
“It looks good and will create millions of dollars in gross revenue for our joint venture.
“BML are currently stockpiling ore at the mine and at the mill. The next processing campaigns at the mill are scheduled for July and August 2024.
“Jeffreys Find Gold Mine will be a substantial cash producer to Auric throughout 2024 and 2025,” said Mr English.
Doré bars at Greenfields Mill.
Photo of the pit at Jeffreys Find (2 May 2024).
The Greenfields Mill at Coolgardie (Greenfields) commenced milling of Jeffreys Find ore on 17 April 2024 and the campaign finished on 30 April 2024. The first six Doré bars of the campaign, weighing 64.68kg, have been poured and dispatched to the Perth Mint for refining and sale.
The number of ounces of gold from the campaign and gross revenue from gold sales will be known shortly and advised to the ASX. BML are continuing to mine and stockpile ore on the mine site ROM Pad and at the Greenfields Mill. The next gold campaigns are scheduled for July and August 2024.
BML expects to mill more than 300,000 tonnes of ore during Stage Two of The Project. Stage One saw 176,000 tonnes processed to recover 9,741 ounces of gold.
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This article includes content from Auric Mining, 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.
Multiple Thick Scandium Zones at Murga
Rimfire Pacific Mining (ASX: RIM, “Rimfire” or “the Company”) is pleased to advise that a recent 100-hole air core drilling program has successfully defined thick zones of strong scandium anomalism from surface, across multiple locations at the Murga Scandium Prospect which is located on Rimfire’s Fifield Project 70kms NW of Parkes NSW (Figure 1).
Highlights
- Thick zones of strong scandium anomalism defined from surface across multiple locations throughout 20km² Murga Intrusive Complex (true widths);
- 22m @ 232ppm Sc from surface incl 12m @ 305ppm Sc,
- 22m @ 156ppm Sc from 2m incl 4m @ 220ppm Sc,
- 28m @ 148ppm Sc from 5m incl 6m @ 291ppm Sc,
- 13m @ 188ppm Sc from 3m incl 4m @ 248ppm Sc,
- 18m @ 174ppm Sc from 1m incl 3m @ 226ppm Sc
- Drill Intercepts remain open in all directions with further air core and diamond drilling planned to determine the lateral extents of the scandium at each location
- Scandium occurs within a flat-lying weathered saprolite horizon developed on top of ultramafic (pyroxenite) intrusive rocks
Rimfire’s primary objective is to build a globally significant scandium resource inventory at our Fifield and Avondale Projects. The Murga intersections announced today in conjunction with the upcoming Melrose resource are the first components in satisfying that objective.
Rimfire offers unique ASX exposure to scandium and we feel that the shallow mineralisation which occurs over a large footprint gives rise to the potential for Murga to host a large-scale scandium resource”.
Drilling details
100 Air core holes (FI2472 to FI2571 - 2,664 metres: Table 1) were drilled to determine the significance of a Rimfire 2023 reconnaissance air core drilling program which successfully intersected strongly anomalous scandium in multiple drillholes at Murga (See Rimfire ASX Announcement dated 3 October 2023).
At Murga, scandium occurs within a flat – lying weathered saprolite (clay) horizon overlying magnetic ultramafic (pyroxenite) intrusive rocks of the Ordovician-age Murga Intrusive Complex, which have been demonstrated from previous drilling at both Murga and the adjacent Melrose Prospect to be intimately associated with scandium mineralisation (See Rimfire ASX Announcement dated 6 December 2023).
The most recent air core holes were drilled on 100 x 100 metre centres at Murga North and on 400 x 400 metre centres over the remainder of the Murga Intrusive Complex. In total the drilling was carried out over an area of approximately 20km² with locations shown in Figures 4 and 5.
The drilling has successfully defined an initial 4 areas - Murga North, Murga Northwest, Murga East and Murga South within the Murga Intrusive Complex for immediate drill follow up Figures 2 - 6).
All are characterised by thick vertical widths of strong scandium anomalism (+100ppm) with little of no associated nickel and / or cobalt anomalism which is in contrast to other scandium prospects in the area.
Significantly all the areas remain open and further drilling is required to determine the lateral extents of the scandium at each location.
Also, several magnetic features within the Murga Intrusive Complex that were not assessed by this phase of air core drilling have (based on the latest drilling results) been subsequently identified as new scandium targets for drill testing. These targets are additional to the 4 areas detailed below and include a +1 kilometre – long, WNW trending linear magnetic feature immediately west of the Murga East scandium area (Figure 2).
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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.
Firebird Metals Limited (ASX: FRB) – Trading Halt
Description
The securities of Firebird Metals Limited (‘FRB’) will be placed in trading halt at the request of FRB, 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, 8 May 2024 or when the announcement is released to the market.
ASX Compliance
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This article includes content from Firebird Metals 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 Fiery Creek Georgetown
FIERY CREEK COPPER PROSPECT
- Georgetown Project Queensland
- Fiery Creek Copper Prospect
- 29 square kilometre Yataga Granitoid Intrusive Complex
- Identified as potential massive scale constrained copper porphyry system
- Targeting millions of tonnes of contained copper in “pencil porphyry style” Cadia type system
- 1,000 mines, prospects, mineral occurrences in Georgetown District
- 3 exploration permits covering 850km2
- Significant historical gold production, very little systematic modern exploration
- Gold, lithium, silver, lead, zinc, copper, tin, tantalum, niobium, uranium, fluorine and molybdenite
- 8 potential scale prospects gold, copper, silver lead identified to date
- 23% copper, 14 ounces silver (460 g/t)* from rock samples in quartz breccia hosted veins at Fiery Creek
- Hosted within the massive Yataga Granitoid Complex
- 1600m x 750m outcropping copper veining up to 2m wide
- Interpreted shallow constrained, scale porphyry copper system
- Veining has extensive secondary copper mineralisation at surface
- Multi element assays point to possibility of a significant copper polymetallic system
- Pathfinder element anomalism widespread
- 2 geochemistry surveys completed by EMU
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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.
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