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Assays of samples from the drilling announced recently1 by EMU NL (ASX:EMU) (“EMU” or “the Company”) confirm significant scale rare earth mineralisation with high values for TREO, HREO and MREO2 at the 100% owned Condingup REE Project near Esperance WA.
The wide-spaced aircore drilling programme targeted deep clay traps and paleochannels, interpreted from EMU’s passive seismic geophysics survey, returned significant TREO results up to 2,513ppm over multiple kilometres and over wide drilling intervals. This proof-of-concept drilling effectively demonstrated that substantial concentrations of REEs are hosted in the deeper clay trap zones within the weathering profile overlying fresh host Booanya granites.
HIGHLIGHTS
- Extensive high grade assay results recorded from standard 4m composite samples up to 2,513pmm Total Rare Earth Oxides (TREO)
- High value Magnetic Rare Earth Oxide (MREO) ratio to TREO of 21% (average for drilling programme) extending to a maximum of 40.7% at Merivale Rd
- Heavy Rare Earth (HREO) ratio of up to 53.08%
- The aircore programme targeted only a minor portion of viable clay trap sites and deeply weathered Booanya granites within the 1,560 square kilometre project, indicating the vast scale of prospectivity available for further testing
- First phase aircore drilling programme demonstrated continuity of grade and thickness over multiple kilometres in the wide-spaced drill programme with mineralised lenses running up 6-8kms in length
- Anomalous grade >300ppm TREO values intersected in 33 of the 34 holes drilled over significant intercepts up to a maximum 59m vertical drill intercept
- High grade >750ppm TREO values intersected in 67% of holes drilled. Flat-lying REE zones located in relatively shallow thick clay zones immediately above fresh granite lithologies
Significant high-grade clay-hosted rare earth intersections include:
The “proof of concept” roadside aircore drilling programme tested three main targets at Kettles- Parmango, Merivale and Baring Roads where interpreted bedrock mapping indicated deep clay traps within the prospective Booanya Suite granitic intrusives. The three drill targets were tested by continuous 4m composite sampling through the complete weathering profile from surface to bedrock. Overall, the drilling tested only a very small proportion of the substantial 1,560 square kilometre Condingup REE Project, leaving scope for multiple target areas remaining for follow-up work (see Figure 1 – Drill Collar Location Plan).
Figure 1 –Drill Collar Plan showing positions relative to geology and Emu tenement boundaries
Results
The Condingup aircore drilling programme and multielement analysis of the sampling has confirmed significant grades of REE mineralisation over wide intercepts in this “first pass” drilling programme designed to test the proof of concept.
The assay results returned anomalous grade >300ppm TREO values in 33 of the 34 holes completed, demonstrating the prospectivity of the region and the fertility of the host rocks. Consistent wide mineralised intercepts confirmed the Condingup REE Project as a project that stands “head-to-head” alongside its peers in the emerging globally significant Esperance clay hosted REE province.
The distribution of anomalous REE elements generally occupy a variable but wide interval of clays and saprolite immediately above the granite bedrock. The width of intercepts in the vertical drilling range up to 59m (Hole 23CAC019) and the lateral extensions of these “lenses” reach at least 6-8km, which points to significant project prospectivity and economics.
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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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EMU NL
Investor Insight
EMU NL is an Australia-focused base and precious metals exploration company offering a compelling opportunity in the highly lucrative copper space. A strategic focus on delineating a potential large-scale copper porphyry system at its Fiery Creek copper deposit in Northern Queensland, combined with a leadership team of significant global experience and expertise, and an upward trending copper market, all make EMU NL worthy of considerable consideration for any investors looking at the copper sector.
Overview
EMU NL (ASX:EMU) is an ASX-listed precious and base metals exploration company with three projects in Queensland, Australia: Georgetown, Badja and Sunfire. EMU’s primary focus is accelerating exploration at the highly promising Fiery Creek prospect, located within the Georgetown project in Northern Queensland.
Australia is one of the most attractive regions for mining, according to the Fraser Institute. It ranks Queensland as the 13th most attractive destination for mining investment.
In 2023, Queensland's mines yielded 12.6 tons of gold, positioning it as Australia's fourth most prolific state for this precious metal. The company's presence in relatively attractive mining jurisdictions positions it to capitalize on opportunities in Australia's resource sector and deliver sustainable returns to its shareholders. The recent fundraises of A$1.45 million have provided sufficient funding to advance its exploration projects.
Gold and copper continue to demonstrate bullish trends. Various factors are driving the surge in copper prices, including demand patterns such as upgrades in utility grids, the increasing use of copper in electric vehicles, and housing construction. Additionally, the growing energy demand from data centres powering AI applications and servers contributes to the increased need for copper. Both gold and copper prices have hit their all-time high in 2024, which also enhance the prospects for junior miners to progress their projects and potentially secure financing easily.
Key Projects
Georgetown Project
The Georgetown project tenements span 850 sq. km. in North Queensland and comprises three exploration permits: Georgetown, Perpendicular Peak and the Fiery Creek copper prospect. Of these, Fiery Creek is the most promising and the current exploration interest for EMU.
The Georgetown project is located in a resource-rich yet under-explored region in Queensland’s far north, situated within the Georgetown mining district, with a significant history of mining activities and mineral discoveries.
EMU has identified the Fiery Creek copper prospect as a potentially massive-scale copper porphyry system within the 29 sq. km. Yataga Igneous complex. In the middle of 2023, EMU's reconnaissance efforts at Fiery Creek yielded numerous instances of heightened copper and polymetallic values. EMU conducted additional sampling to further assess the potential of the Fiery Creek prospect.
The work confirmed the significant, large-scale potential of the Fiery Creek copper prospect. It identified additional high-priority targets within the Yataga Granitoid complex, revealing polymetallic rock chip values reaching up to 0.27 parts per million (ppm) gold, 460 ppm silver, 1.9 percent bismuth, 23.5 percent copper, 43 ppm indium, 2.7 percent lead, and 341 ppm antimony. Similarly, values of 0.13 ppm gold, 44 ppm silver, 0.28 percent bismuth, 13.5 percent copper, 89 ppm indium, 1.62 percent lead, and 667 ppm antimony were recorded at Yataga South.
Initial fieldwork has provided strong indications of a potential large-scale copper porphyry system at Fiery Creek. EMU is planning further geological mapping, systematic geochemistry and a geophysics survey to delineate the indicated porphyry system.
Badja Project
The Badja project is located 32 kilometres southeast of the township of Yalgoo and covers an area of 870 hectares. The project's tenements include a centrally granted mining lease covering 7.3 hectares, an adjoining mining lease application covering 279.3 hectares, and a granted exploration license covering 590.3 hectares. EMU’s previous drilling work has identified areas that are prospective for high-grade gold, tungsten and lithium.
EMU is evaluating options to maximize the value of the project, either through sale or retention.
Sunfire Project
Sunfire is a nickel, copper and PGE exploration project in Western Australia. The project is currently awaiting permission from the Western Australian government to allow drilling activities in the area within the State forest. EMU has fulfilled all necessary environmental requirements for accessing these areas within the project and initiated onsite exploration activities. However, there has been no significant advancement to date, and government departments have not indicated the likelihood of granting drilling consent.
Management Team
Peter Thomas – Non-executive Chairman
Peter Thomas has over thirty years of experience running a legal practice specializing in giving advice to listed explorers and miners. He has served on the boards of various listed companies, including as the founding chairman of copper producer Sandfire Resources and mineral sands producer Image Resources. His current ASX-listed company board positions include non-executive director of Image Resources and non-executive chair of Middle Island Resources.
Terry Streeter – Non-executive Director
Terry Streeter brings over 30 years of experience in the exploration sector. He served as a director of West Australian nickel explorer and miner Jubilee Mines NL from 1993 to May 2004. In 1999, he became a founding shareholder of Western Areas NL (ASX:WSA), which later discovered and developed two high-grade nickel sulphide mines in the Forrestania region of Western Australia, producing 22,000 to 25,000 tons of nickel annually. He has served in leadership roles at Fox Resources, Midas Resources, Minera IRL and Alto Metals.
Gavin Rutherford – Non-executive Director
Gavin Rutherford has accumulated over 20 years of experience in the mining services, fabrication and contracting sectors. He served as managing director of a contracting and construction company in the water industry. His current endeavors involve project development in the renewable energy sector, business development in the Indigenous mining segment, and interests related to aviation.
Tim Staermose – Non-executive Director
Tim Staermose boasts 23 years of expertise in equity capital markets and equity research. His professional journey includes roles at international sell-side equity brokerage firms based in South Korea and Hong Kong, notably Banque Indosuez (now part of Credit Agricole) in the late 1990s and Lehman Brothers in the early 2000s. Transitioning from sell-side equity research, Staermose has since operated as an independent researcher and stock-picker for several private research firms, focusing on natural resources, gold and mining investments.
Airborne EM over Multiple Targets on Ti-Tree Project
- Augustus Minerals has contracted UTS Geophysics to conduct a VTEM Max survey over several Copper, Cu-Ni-PGE, Zn-Pb-Ag and Uranium targets along the money Intrusion and within proximity of the prospective 85k long Ti-Tree Shear.
- The surveys will cover:
- The Money Intrusion, prospective for Cu-Ni-PGE mineralisation.
- Copper Ridge and Nics Bore over anomalous Copper Drilling results
- The Coo Creek prospect where drilling by Augustus in 2023 identified strongly anomalous Zn-Pb-Ag mineralisation.
- The Munaballya Well North area which shows potential for economic Uranium mineralisation.
- The surveys will help to advance the untapped potential of the Ti-Tree project to host economic mineralisation of multiple commodities.
Andrew Ford, GM Exploration
“The VTEM survey will provide key targeting data over three highly prospective and different prospects with potential for multiple commodities. Whilst the high prospectivity for copper mineralisation has been well documented, the addition of uranium and Broken Hill base metal style mineralisation highlights the quality of the underexplored Ti-Tree project”.
VTEM
UTS Geophysics has been engaged to conduct a helicopter borne VTEM Max survey comprising 646-line km over three separate survey areas. The system is excellent for locating discrete conductive anomalies as well as mapping lateral and vertical variations in resistivity which helps map structure, alteration and rock type. The system also collects magnetic data through a caesium magnetometer. The transmitter/receiver loop is suspended on a cable approximately 40m below the helicopter (Figure 1).
Figure 1 VTEM Max helicopter deployed electromagnetic survey arrangement.
Figure 2 Prospects and VTEM Survey areas.
Money Intrusion
The Money Intrusion, which has proven potential to host Ni-Cu-Co-PGE (platinum group elements), is part of the regional Mundine Well Dolerite Suite, a regionally extensive dolerite (strike length >80km). This extensive mafic intrusion, which is comprised of a variety of lithologies, including gabbro in the core, olivine dolerite on the chilled lower contact or keel and fine-grained dolerite on the outer edges. Mapping, aeromagnetics and multi-spectral imagery show that the Money Intrusion within the Ti-Tree Project covers a strike length greater than 16km, reaching widths >600m in the north of E09/23241.
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Latest Kameelburg Assays Up To 10.38% Nb2o5 and 9.89% TREO
Highlights
- A total of 74 highly prospective rock samples recently collected from various beforsite and mafic dykes
- Most notable assays reveal up to 10.38% Nb2O5 and 9.89% TREO
- Large scale geological mapping of Kameelberg carbonatite is nearing completion
- Track access clearance & preparation for underground water supplies underway for upcoming maiden diamond drilling programme
Results from recently collected seventy-four (74) samples were received and highlighted the REE rich nature of the carbonatite with TREO(+Y) assays ranging from 1.16 to 9.89%, refer to Figure 1 for samples locations and Table 1 for results.
Figure 1: Southern Carbonatite Margin Geological mapping area with rock chip samples
Niobium Results Along Mafic Dykes
In addition to sampling the carbonatite plug, a further four (4) samples were collected across the Nb dyke zone on the southwest flank of the carbonatite. Results for these samples ranged from 5.44% to 10.38% Nb2O5. This provides additional confidence to previous niobium findings (see announcements dated 28 February 2024 and 27 December 2023). Table 2 compiles the Nb results with Figure 2 depicting recent sample locations in relation to the previous Nb2O5 results.
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This article includes content from Aldoro Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Firetail Resources
Overview
Firetail Resources (ASX:FTL) is an Australian exploration company building a strategic portfolio of battery metals in Australia and Peru.
Batteries are a critical foundation of the transition to a greener and more sustainable future. Consequently, between electric vehicles and renewable energy, global demand for batteries is expected to increase from 185 GWh in 2020 to over 2,000 GWh by 2030. This is expected to have a profound impact on the market for battery and base metals such as lithium, nickel, cobalt and copper.
Firetail Resources aims to leverage this significant opportunity to find the critical resources to support the world’s journey to electrification. Under the direction of a proven board and management team with decades of collective experience in mining exploration, development and production, Firetail Resources boasts a diversified asset portfolio with multiple drill-ready targets and advanced exploration projects that all have tremendous potential to increase shareholder value.
Firetail's Australian Yalgoo-Dalgaranga, Mt. Slopeaway and Paterson projects are all located in proven geologic domains and display significant upside for substantial mineral resources. The company's more recent acquisition of two projects in Peru strongly complements these assets.
As the world's third-largest copper producer, Peru has a massive mining industry with a strong prominence in the country’s national economy. Long recognized as an excellent, low-risk mining jurisdiction, the country recently approved roughly $600 million worth of new mining projects. Unsurprisingly, nearly every major global mining company is either operating in the jurisdiction or is aware of it.
Although only recently acquired, Firetail's Picha Copper project is now one of its most promising assets. The Picha Project was acquired as part of a deal that includes a farm-in agreement with Barrick Gold Corporation (TSE:ABX) for an earn-in of up to 70 percent interest in the Charaque Project.
Picha is located along a NNW regional trend of carbonate-replacement (CRD) and epithermal deposits, including the San Gabriel Gold Project (Buenaventura NYSE:BVN), which is fully permitted and in construction; and the Berenguela Ag, Cu, Mn, Zn Deposit (Aftermath Silver TSXV:AAG).
In 2024, Firetail Resources announced the acquisition of York Harbour copper project, Canada. The company has signed a binding option agreement to acquire up to 80 percent of York Harbour project via a staged earn-in. York Harbour is a Cyprus-style volcanogenic massive sulphide (VMS) exploration project, located 180 km west-south-west of FireFly Metals Ltd (ASX:FFM) Green Bay copper project.
With a diversified portfolio of battery and base metals assets in two leading mining jurisdictions, Firetail is perfectly positioned to take advantage of the transition to green energy, driving considerable shareholder value in the process.
Company Highlights
- Demand for batteries is expected to exponentially increase by 2030, consequently driving the demand for battery and base metals.
- An Australian exploration company, Firetail Resources is well-positioned to take advantage of this market trend via a portfolio of Australian and Peruvian battery metals projects.
- Firetail's drill-ready assets are supported by smart field exploration and drilling programs to unlock their resource potential and increase shareholder value.
- The company's current portfolio of assets includes lithium, copper, cobalt, manganese, molybdenum, lead, zinc and nickel.
- All of Firetail's exploration activities are directed by a board and management team with a proven track record in mineral exploration, development and production.
Key Projects
Picha (Copper)
Located in Southern Peru's Moquegua and Puno departments, Picha represents Firetail's most recent acquisition. Intended as a complement to the company's portfolio of battery metals assets, the highly prospective 200-square-kilometre copper project hosts multiple drill-ready targets which Firetail plans to test in the coming months. Picha was obtained as part of a deal that included a farm-in agreement with Barrick Gold Corporation for the Charaque Project located 30 kilometres to the northeast.
Firetail recently confirmed its official drill permit for Picha and site preparations are underway for a October drilling campaign.
Project Highlights
- Promising Geology: Picha is located within Peru's Epithermal Au-Ag-Cu-Pb-Zn metallogenic zone along a north-northwest regional trend of carbonate-replacement and epithermal deposits.
- Nearby Projects: Picha is situated roughly 17 kilometres east-northeast of Compania de Minas Buenaventura's San Gabriel gold-copper-silver project, which hosts:
- Reserves of 14.9 Mt with 4.04 grams per ton (g/t) gold and 6.43 g/t silver representing 1.94 Moz gold.
- Resources of 24.86 Mt with 2.10 g/t gold and 8.46 g/t silver.
- Multiple Mineralisation: The project is prospective for multiple styles of copper mineralisation, including epithermal, stratabound, polymetallic carbonate replacement and porphyry-style. It also hosts several untested and geologically significant geochemical and geophysical anomalies, displaying similar mineralisation to the Storm/Seal copper project on Somerset Island.
- Significant Exploration Potential: Firetail has identified 13 exploration targets through a combination of geological mapping, surface sampling and geophysical surveys. Thus far, the company has collected 651 rock/chip samples and 289 soil samples and performed 118 line-kilometre IPs and 240 line-kilometre magnetic surveys. Highlights of its exploration work include:
- Widespread surface copper mineralisation coincident with IP anomalies.
- Channel Sample Results
- Cobremani: 41.6 metres at 1.12 percent copper and 22.85 g/t gold.
- Maricate: 17.6 metres at 1.95 percent copper and 29.58 g/t gold.
- Cumbre Coya: 32.85 metres at 0.61 percent copper and 209.76 g/t gold.
- Fundicion Target: Identification of a large chargeability anomaly reflecting potential sulphide mineralisation and/or alteration at depth indicative of a large porphyry body. This anomaly is roughly 2 kilometres long and 2 kilometres across at its widest point.
- Additional Drill Targets: Firetail's second IP survey revealed additional anomalies, including:
- Ichucollo: Semi-contiguous 2.5-kilometre long IP anomaly with coincident surface mineralisation and sample results of 24 metres at 1.08 percent copper, 13 metres at 1.38 percent copper and 30 metres at 0.79 percent copper. Manto-type mineralisation at the target's southern end also averages 1.45 percent copper over 18 metres.
- Huancune: A 1.5-kilometre long anomaly coincident with surface mineralisation. Multiple channel samples ranging from less than 0.5 percent copper up to 3.95 percent copper.
Charaque (Copper)
The Charaque Copper Project is located roughly 30 kilometres northeast of Firetail's Picha project, consisting of eight claims covering roughly 60 square kilometres. The region around the project is an active exploration area where multiple leading mining companies maintain significant landholdings, including Barrick Gold, Teck Resources (TSE:TECK.B) and Fresnillo (LON:FRES).
Charaque was acquired via a farm-in agreement between Firetail and Barrick Gold which entitles the latter to earn up to a 70 percent interest in the project.
Yalgoo & Dalgaranga (Lithium)
Firetail's Yalgoo and Dalgaranga lithium projects collectively span more than 1,750 square kilometres in Western Australia's highly prospective Murchison region. Located close to Geraldton Port and with easy access to all necessary infrastructure, the two projects host known lithium-caesium-tantalum (LCT) pegmatites with a strong rubidium association. Firetail recently completed a small maiden drilling program in the Johnson Well area of Yalgoo, itself the site of a historic lepidolite mine.
Rock chip sampling of surrounding areas is ongoing along with a detailed analysis of lithium prospectivity. Results and a project update are expected within four to six weeks.
Project Highlights
- Yalgoo Exploration Results: Thus far, exploration at Yalgoo has returned highly promising results, including:
- A 25-kilometre "Goldilocks Zone" at Yalgoo confirmed to host LCT pegmatites with historic results of up to 3.75 percent lithium oxide.
- Rock chip assay results of up to 0.54 percent lithium oxide and under 1 percent rubidium.
- High-grade rubidium, including 10 metres at 0.44 percent rubidium from 10 metres.
- Dalgaranga Exploration Results: Firetail has completed detailed geological mapping in the project's north, returning anomalous lithium, rubidium, caesium and tantalum values indicative of LCT pegmatites. The company plans to undertake further mapping in the area.
- Dalgaranga's Strong Prospectivity: Dalgaranga counts several advanced critical minerals projects amongst its neighbours which together confirm its prospectivity:
- King Tamba (ASX:KTA): Maiden mineral resource estimate (MRE) of 5 Mt at 0.14 percent rubidium oxide with a lithium oxide credit. Open mineralisation in all directions with a planned infill drill program to expand MRE.
- Aldoro Resources Limited (ASX:ARN): Aldoro's Niobe Tantalum-Lithium project has delivered a maiden inferred JORC MRE of 4.6 Mt at 0.17 percent rubidium oxide and 0.07 percent lithium oxide. Potential to upgrade is present thanks to mineralisation at shallow depth.
- Farm-in Agreement on Southern Yalgoo Tenement: Completion of the farm-in agreement completed with SensOre (ASX:S3N), through its joint-venture subisidiary Exploration Ventures AI Pty (EXAI) in partnership with German resource investment group Deutsche Rohstoff AG, on tenement E59/E2252, a part of the Firetail Yalgoo Lithium Project. As per the agreement, EXAI is to earn up to 80 percent of lithium rights on E59/E2252 by spending $3.5 million in two stages. Additional considerations of up to $600,000 will be fulfilled upon the delivery of maiden mineral resource estimate (MRE) and pre-feasibility study (PFS). SensOre will further provide Firetail access to its proprietary AI technology across the Yalgoo and Dalgaranga Lithium Projects. The two companies will work closely together to identify and confirm Lithium exploration targets in the region.
Mt. Slopeaway (Nickel)
Situated in Central Queensland, Firetail's Mt. Slopeaway Nickel Project contains an existing JORC 2012-compliant inferred mineral resource of 4 MT at 1 percent nickel, 0.2 percent cobalt and 1 percent manganese. Having recently been awarded project status, Firetail plans to conduct environmental and heritage surveys. Planning of an onsite drilling program is also underway.
Project Highlights
- Current Progress: In addition to drilling, heritage and environmental surveys, highlights of Firetail's work at Mt. Slopeaway include:
- Development of a geological model indicative of a manganese-cobalt-nickel layer at the base of a limonite section.
- Finalisation of a project land access agreement and completion of site earthworks.
- Phase 1 reverse circulation (RC) drilling with results exceeding historical nickel and cobalt assay data.
- A planned Phase 2 RC and diamond drilling program to upgrade the project's current resource classification.
- Extensional drilling to potentially expand the project's current inferred resource.
- Drilling Results: A drilling program completed in Q4 2022 returned up to 51 metres of thick laterite nickel-cobalt mineralisation.
Paterson (Copper)
Firetail's Paterson Copper Project spans five tenements across roughly 1,000 square kilometres in Western Australia. Heritage agreements for the project are in place and desktop studies are currently progressing, with multiple prospective target areas identified for drilling.
Project Highlights
- Shallow Intercepts: Paterson displays the shallowest known historical gold/copper intercepts in the region, with up to 6.5 percent copper, 0.99 g/t gold and copper, 0.99 g/t gold and 1,330 parts per million (ppm) molybdenum across an approximately 50-metre wide magnetite alteration zone.
- Drilling Targets: Paterson has identified the following potential targets for drilling at Paterson:
- 87WDRC2: 17 metres at 1.6 percent copper and 317 ppm molybdenum including 9 metres at 2.6 percent copper and 456 ppm molybdenum from 84 metres.
- 87WDRC6: 9 metres at 2 percent copper and 272 ppm molybdenum including 5 metres at 3.1 percent copper and 430 ppm molybdenum from 84 metres.
- 87WDRC8: 11 metres at 1.5 percent copper and 181 ppm molybdenum including 7 metres at 2.1 percent copper and 250 ppm molybdenum from 83 metres.
- 87WDRC14: 13 metres at 1.1 percent copper including 6 metres at 2 percent copper from 107 metres.
Management Team
Brett Grosvenor — Executive Chair
Brett Grosvenor is a seasoned executive with over 25 years of experience in the mining and power industry. He holds a dual tertiary qualification in engineering and a Master in Business. Prior to his current position, Grosvenor was the director of development at Primero Group, focused on the development of projects from an initial concept through to contract delivery and operation.
Grosvenor is currently a director of ASX-listed Perpetual Resources and Firebird Metals. He is a member of the project steering group for Patriot Battery Metals and also the Australian Industry Consultation Group for Battery and Critical Minerals.
Simon Lawson — Non-executive Director
Simon Lawson is a professional geoscientist with more than 16 years operational experience spanning multiple commodities and jurisdictions, and was a founding member of Northern Star Resources (ASX:NST).
He holds a Master of Science in geology from Auckland University and has more than 15 years of exploration, production and management experience in gold and base metals. He is currently the managing director of Spartan Resources (ASX:SPR) formerly Gascoyne Resources (ASX:GCY).
Cai Kecheng — Non-executive Director
Cai Kecheng is a representative of Hong Kong Jayson Mining Co. (Jayson), a substantial shareholder of Firetail. Kecheng has over eighteen years of experience in financial investment and corporate strategy. He is currently the associate president and head of investment & strategy for Jayson. Prior to that, he served as managing director at a number of private equity firms in Shanghai
George Bauk — Non-executive Director
George Bauk is an experienced director with over 17 years as a listed company director and 30 years within the resources industry including global operational and corporate roles.
He has experience managing everything from exploration to production in Australia and internationally, with expertise across a variety of commodities including rare earths, lithium, graphite, gold, uranium and copper. During his time as managing director of Northern Minerals, he led his team from a greenfields heavy rare earth explorer to one of the few global producers of high-value dysprosium outside of China.
Alongside his position as director at Firetail, he is also an executive chairman of ASX-listed Valor Resources (ASX:VAL) and Lithium Australia (ASX:LIT), as well as an executive director of PVW Resources (ASX:PVW).
Robin Wilson — Technical Director
Robin Wilson has held senior exploration positions in several exploration and mining companies, including Valor Resources, Polaris Metals, Tanganyika Gold, Troy Resources, CRA Exploration and Northern Minerals. He has also spent five years working in oil and gas exploration for Woodside Energy.
During nearly 30 years of involvement in mineral exploration, Wilson has worked on gold, nickel, REE, uranium, copper, lithium and phosphate projects throughout Australia, Africa, South America and North America and was involved in the initial discovery and outlining of several gold deposits in Australia. Between 2006 and 2021 he led the Northern Minerals exploration team that discovered the Browns Range REE deposits that have advanced through development to production of HRE carbonate.
Frank Bierlein — Technical Consultant
Dr. Frank Bierlein is a geologist with 30 years of experience as a consultant, researcher, lecturer and industry professional. He served on the Firetail board of directors from the time of its listing on ASX in April 2022 until July 2023. He remains a technical consultant to Firetail, in particular for ongoing technical work on the Mt Slopeaway Project.
Bierlein has held exploration and generative geology management positions with QMSD Mining, Qatar Mining, Afmeco Australia and Areva NC and consulted for, among others, Newmont Gold, Resolute Mining, Goldfields International, Freeport McMoRan and the International Atomic Energy Agency.
He is currently a Non-executive director of Blackstone Minerals, Impact Minerals and Variscan Mines.
Leon Bagas — Senior Exploration Geologist
Leon Bagas is an exploration geologist with forty years of industry experience. He has held senior exploration roles with multiple Australian companies and senior research positions for the University of Western Australia.
Bagas is highly experienced in developing mineralisation models using geochemistry and geochronology. Combined with his proficiency in the field, this makes Bagas an excellent candidate to assist in the development of the exploration and drilling programs at Firetail's Paterson Orogen and Yalgoon-Dalgaranga project areas.
Phillip Mackenzie — Senior Exploration Geologist
Phillip Mackenzie has worked in Central Queensland over several decades, exploring the Marlborough and Yeppoon terrain to assess and explore for nickel, cobalt, chromite, magnesite and gold related to the Princhester Serpentinite. His work included management of projects and teams to perform activities ranging from regional sampling to resource drilling. As a result of his work, several hundred drill holes targeting lateritic nickel and cobalt were assessed and an indicated resource determined for a mining lease.
Aura Increases Tiris’ Mineral Resources by 55% to 91.3 Mlbs U3O8
KEY POINTS:
- Tiris’ global Mineral Resources increased by 55% to 91.3 Mlbs U3O8, up from 58.9Mlbs U3O81 (global Mineral Resources includes Tiris East and Oum Ferkik Project areas)
- The recent 15,262m drill program delivered a very large 28.9 Mlbs U3O8 increase in the Tiris East Uranium Project’s Mineral Resources, totalling 76.6 Mlbs U3O8, delivered at a discovery cost of only US$ 0.14 per lb U3O8
- Measured and Indicated Mineral Resources increased by 35% adding 10.3 Mlbs U3O8 providing further confidence to the Front End Engineering Design (“FEED”)2 production schedule
- Drilling results and the increase in Mineral Resources both demonstrate significant future resource growth potential at Tiris from ongoing exploration activities
- The major increase in the Tiris Mineral Resources:
- Reinforces Auras’ commitment to progress Tiris towards a development decision in late 2024 or early 2025;
- Offers significant potential to materially enhance the already excellent FEED economics of NPV8 US$ 388 M and IRR 36% after tax3,4, and
- Presents real opportunities to increase the Project’s future scale beyond the current 17-year mine life at 2 Mlbs pa U3O8 production
- Additional Mineral Resources were defined from extensions to known mineralisation and exhibit the same characteristics as the current shallow free digging mineralisation that has proven exceptional beneficiation characteristics
- Mine scheduling and optimisation including a review of the Ore Reserve Estimate will now be undertaken on the enhanced Mineral Resources
Aura Energy’s Managing Director and CEO Andrew Grove said:
"The resource growth at Tiris confirms our view that this is an important uranium province with the capacity for further growth upside.
The Board believes that the very significant increase in Mineral Resources resulting from the successful drilling campaign will have a materially positive impact on Tiris’ economics and has been delivered at a very low discovery cost of just US$ 0.14 per lb.
Mineralisation was identified not only from high strength radiometric anomalies, but from areas of low strength anomalies, significantly increasing the exploration potential of the area as these low-level anomalies have been ignored in past exploration.
More opportunities remain to expand the known mineralisation within the current granted tenements. In addition, the potential for future discoveries within the 13,000km2 of new tenement applications is significant as we have only just begun exploration over this district-scale opportunity.
The increased Mineral Resource inventory will further support the funding and development of the Tiris Uranium Project in the near future.”
Tiris Global Mineral Resource Estimate reported using a 100ppm U3O8 cut-off grade, see Table 1 for details
The drilling program undertaken in 2024 has delivered a major increase to the Project’s Global Mineral Resources totalling 184 Mt at 225ppm for 91.3 Mlbs U3O8 at a 100ppm cut-off grade. This is a 55% increase in the contained U3O8 from the previous MRE, reported in 2023, of 113Mt at 236ppm for 58.9Mlbs5 U3O8.
This drilling program was aimed at assessing additional resource potential at Tiris East and delivered a 10.3 Mlbs or 35% increase of Measured and Indicated (“M&I”) Resources, which stands at 83 Mt @ 219ppm for 39.9 Mlbs U3O8, and a 76% increase in total Inferred Resource, which stands at 102 Mt @ 229ppm for 51.4 Mlbs U3O8. The detail of the upgraded resource across the project areas and the previous resources are shown in Table 1.
In April 20246, Aura completed an air core (“AC”) drilling program of 2,995 holes for 15,262 metres, a 37% increase in the total number of holes available for resource calculations, to evaluate a previously announced exploration target of between 8 Mlbs and 32 Mlbs7. The Mineral Resource increase of
32.4 Mlbs U3O8 exceeded the upper end of the exploration target range, providing strong support to Aura’s exploration methodology, and is a strong indication to the mineralisation potential that may be available in regional leases that are currently under application8.
In addition to targeting extensions to known mineralisation, and testing previously un-drilled radiometric anomalies around Tiris East, the program considered several conceptual targets over low- level radiometric anomalies. Several of these conceptual targets returned very positive results, further increasing exploration potential of the area. This is a major change from previous exploration in the area.
Mineral Resource estimates were undertaken utilising Multiple Indicator Kriging (“MIK”) estimation methodology and recoverable Mineral Resources reported using a 10x10x1m Selective Mining Unit (“SMU”). The Competent Person for the 2024 Tiris Mineral Resource Estimates is Mr Arnold van der Heyden of H&S Consulting Pty Limited (“HSC”).
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