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![Fertoz Limited](https://investingnews.com/media-library/fertoz-limited.png?id=52472737&width=1200&height=800)
Fertoz Increases Focus on Large Rock Phosphate Deposits in Canada
Fertoz Ltd (ASX:FTZ) (Fertoz or the Company) is pleased to provide an update on its development plans for rock phosphate projects in Canada as it assesses suitability for both the Canadian agricultural market applications (including a high value liquid fertilizer) and the lithium iron phosphate (LFP) battery market.
Highlights
- Fertoz holds some of the largest sedimentary, high-grade (+20% P2O5), low impurity rock phosphate assets in Canada, with its Wapiti and Fernie projects located near the Western Prairies of BC and Alberta, a major agricultural region
- Successful bulk mining permitting has occurred in both regions and Fertoz continues to advance applications for two further bulk samples (10,000 tonnes each) and an industrial minerals permit (up to 250,000 tonnes)
- Canada’s Energy and Natural Resources Ministry added phosphate to Canada’s 2024 Critical Minerals List, designating it as a critical mineral for the first time
- Designation is based on its importance to production of fertilizer (phosphorus), necessary for food security, and its growing use in lithium iron phosphate (LFP) battery production, creating a strategic opportunity in North America’s electric vehicle (EV) and battery storage value chain
- Fertoz is reviewing its works program for its Wapiti Project for 2024-25, which contains a combined Inferred and Indicated resource of 1.54Mt at 21.6% P2O5 (at a 7% cut off) 1,2 calculated to a depth of 30m along a strike length of 12.5km.
- Majority of Wapiti’s ~40km strike length is yet to be tested
- Interest received for rock phosphate located at Peace River from manufacturers requiring high-grade rock sourced from Wapiti, BC due to its proximity to the isolated region.
- Fertoz is preparing to test Wapiti rock phosphate core samples from previous drill campaigns for suitability as inclusion into a LFP cathode material for EV batteries and LFP storage batteries.
Fertoz holds some of the largest sedimentary, high-grade low impurity rock phosphate assets in Canada. Its Wapiti Project containing an Inferred and Indicated mineral resource of 1.54Mt at 21.6% P2O5 at 7% cut off1. Fertoz’s Wapiti and Fernie projects are located near Canada’s Western Prairies, a major agricultural region.
Fertoz will focus on expanding the existing resource both at depth and along strike within the current identified strike length area (Figure 1). Further tenements to the southeast of the current Wapiti resource remain untested.
With the Canadian Government having added phosphate to Canada’s 2024 Critical Minerals List3, Fertoz is reassessing its projects as potential sources of phosphorus for fertilizer, needed for food security, but also for use in lithium iron phosphate (LFP) battery production, which is a growing market.
While it awaits approvals for two 10,000-tonne bulk sample permits and a 150,000t industrial minerals permit, with at least one of these expected to be granted in the current September 2024 quarter, it has begun to prepare core samples produced by previous drilling at Wapiti to determine its suitability for the LFP market as well as a high value liquid phosphate fertilizer.
Fertoz Managing Director and CEO Daniel Gleeson said: “We are in the advantageous position of holding some of Canada’s largest and most advanced sedimentary rock phosphate deposits with resources at a grade that is suitable for organic and regenerative agricultural use and we have demand from customers for this that is growing as we await approval of our permit applications.
However, in parallel with the Canadian Government’s recent decision to add phosphate to its Critical Minerals List, we are also experiencing a high level of inbound enquiries regarding our Wapiti rock phosphate deposit and will commence testing this for its suitability in LFP battery manufacturing – for EV and storage batteries.
With the injection of US$3.5B announced in November 2023 by the U.S. Department of Energy to Strengthen Domestic Battery Manufacturing, the path forward is clear in North America, in particular, securing a supply chain within North America. McKinsey & Company4 projected that the entire lithium-ion battery chain, from mining through recycling, could grow by more than 30 percent annually from 2022 to 2030, reaching a value of more than $400 billon and a market size of 4.7 TWh, up from 700GWh in 2022. A significant portion of this is moving towards the inclusion of phosphate within these batteries to provide a much more cost effective, longer life cycle product that is thermally stable, avoiding the current issue of fires often arising in standard lithium-ion batteries.
In addition to this, the production of battery-grade phosphate creates a secondary product that is utilized in the manufacturing of synthetic phosphate fertilizer’s such as MAP and DAP. Currently, the vast majority of Canada’s fertilizer requirements for synthetic phosphate fertilizer production is imported, predominately from the USA, but we see potential in developing our high-grade phosphate deposits to help meet this demand, particularly as shortage concerns continue to grow across North America.
While we have a large, high-grade resource defined at Wapiti, less than a third, or 12.5km, of the estimated 40km strike length of the deposit has been tested to date, providing an opportunity for Fertoz to further grow our phosphate resources, and we are currently determining the way forward to do this. This will include strike extension drilling and potential further depth extension drilling of current resource5.”
In May 2015, Fertoz upgraded the existing JORC Compliant Mineral Resource Estimate at Wapiti, BC with 52% of the previously classified Inferred resource moving into the Indicated category. The resource is shallow, having only been tested to a depth of 30m.
Click here for the full ASX Release
This article includes content from Fertoz 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.
Curzon Offtake Restructure and Placement Completed
Aura Energy Limited (ASX: AEE, AIM: AURA) (“Aura” or “the Company”) is pleased to announce the completion of the previously announced restructure of the uranium offtake agreement with Curzon Uranium Ltd.1 (“Curzon”) which materially increased the price receivable for planned uranium production at the flagship Tiris Uranium Project (the “Project”), while releasing significant value for the Project.
KEY POINTS:
- The restructured offtake agreement improves the Project NPV8 by US$22M to US$388M and increases the IRR by 2% to 36% compared with Front End Engineering Design (“FEED”) study economics delivered in February 20242
- The final restructure agreement and new offtake agreement are on the same terms as previously announced1 to the market and were signed on 15/08/2024
- Consistent with its previous election, Curzon will receive the US$3.5M (A$5.4M) restructuring fee in 29,914,530 Aura shares priced at A$0.18 per share (“Restructuring Fee Shares”), expected to be issued on or around 18/08/2024
- Restructuring Fee Shares will be escrowed until first production from the Project
- Aura will make a private placement to Curzon of 29,914,530 Aura shares, valued at US$3.5M (A$5.4M) in aggregate (“Placement Shares”), expected to be issued on or around 18/08/24
- 50% of the Placement Shares will be escrowed until the earlier of 30 June 2025 or Final Investment Decision (“FID”) is made on the Project
- In addition to the previously disclosed terms for the Curzon placement1, the parties have agreed that Aura will issue 5,982,906 unlisted options (“Options”) priced at A$0.20 per option and expiring 1 September 2025, to Curzon. The terms of the Options are set out in Annexure 1.
- In aggregate, Curzon will be issued 59,829,060 new shares in Aura and 5,982,906 Options. Following completion of the share issues, Curzon will hold approximately 7.2% of the undiluted issued shares in the Aura.
- With the additional funds, Aura is well funded to progress the Project through to FID by Q1 2025
Aura MD and CEO, Andrew Grove commented:
“We are pleased to conclude the value accretive offtake restructure and we welcome Curzon – a leading global trader in uranium – as a new significant long term Aura shareholder and partner for the development of the Tiris Uranium Project. Curzon’s deep market insights and extensive networks will be of significant benefit to the development and successful operation of the Tiris Uranium Mine and will therefore be of enormous benefit to all Aura shareholders and stakeholders.”
Application for Admission and Total Voting Rights
Application will be made to the London Stock Exchange for the 59,829,060 new shares to be admitted to trading (“Admission”). It is expected that Admission will become effective on or around 20 August 2024.
Following the issue of the 59,829,060 shares to Curzon, the total issued share capital of the Company will consist of 848,462,427 ordinary shares of no par value each ("Ordinary Shares"). The Company does not hold any Ordinary Shares in Treasury. Therefore, the total current voting rights in the Company following Admission will be 848,462,427 and this figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.
Click here for the full ASX Release
This article includes content from Aura Energy, 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.
Woomera Secures Advanced Copper / Gold Project in World-Class Mongolian Copper Belt
Woomera Mining Limited (ASX: WML) (“Woomera”, “the Company”) is pleased to announce that it has entered into a legally binding earn-in term sheet (“Agreement”) with Kincora Copper Limited (ASX: KCC)(“Kincora”), granting the right to Woomera to earn a 100% interest in the Bronze Fox Project, located in the world-class Southern Gobi copper belt in Mongolia.
- Woomera signs binding term sheet to earn-in to the Bronze Fox Copper-Gold Project, located within the world-class Southern Gobi copper belt in Mongolia;
- Bronze Fox includes an Inferred Mineral Resource of 194.1 Mt of 0.2% Cu and 0.07 g/t Au containing 426kt of Cu and 437koz Au (refer page 2 for further details) for the West Kasulu prospect;
- The Inferred Resource covers a small section of one of three large near surface porphyry complexes with a number of drill ready priority targets defined;
- Woomera can earn an 80% interest in the Project (in two phases) by spending US$4m (with an election to acquire 100% once WML has earned its 80% interest);
- Drilling program scheduled to commence in the September quarter testing new greenfield and resource expansion targets;
- Firm commitments have been received for a $1.7m share placement with an additional $0.3m Share Purchase Plan to be offered to eligible shareholders.
The Agreement marks a quantum shift for Woomera, paving the way for the Company to explore for copper in an established porphyry copper belt, with field work expected to commence in the current quarter.
BRONZE FOX PROJECT
The Bronze Fox Project covers 175km2 and is located in the Southern Gobi porphyry belt of southern Mongolia, approximately 450km south of the capital Ulaanbataar. It represents an opportunity to secure an 80% interest (with the ability to move to 100% at Woomera’s election) in an underexplored world-class porphyry copper project with genuine Tier-1 potential. Drilling by Kincora totalling approximately 46,625 metres of Reverse Circulation and Diamond Core drilling has defined three shallow, large porphyry complexes, providing genuine new discovery potential, resource delineation and early-stage exploration plays.
Key project components include:
- Bronze Fox Licences: located in the rapidly developing Southern Gobi copper belt.
- two adjacent licences covering 175km2
- 3 underexplored, large and near surface porphyry systems
- plus other early-stage copper and gold targets.
- JORC Compliant Resource and Exploration Target (See Cautionary Statements below & Appendix)
- 194Mt at 0.26% copper equivalent (CuEq) at a 0.2% CuEq cutoff within a notional pit shell to a depth of approximately 325m below surface¹.
- additional Exploration Target for the West Kasulu prospect of between 100Mt and 300Mt at 0.25% to 0.35% CuEq². The Exploration Target comprises potential mineralisation below the current Mineral Resource from approximately 325m to 1,200m below surface.
- Existing mining licence with plans for second covering the full project.
- Team: Established in-country team of internationality experienced geologists with supporting infrastructure and Ulaanbaatar office.
- White Pearl Field Camp: Year-round facility supporting operational needs.
- Country Wide Database: Provides opportunities for new acquisitions in Mongolia.
The Mineral Resource and Exploration Target were first reported by Kincora Copper (ASX:KCC) under its ASX announcement dated 26th July 2022 entitled ‘Mineral resource and updated exploration target for Bronze Fox.’
Click here for the full ASX Release
This article includes content from Woomera 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.
MTM Appoints Highly Credentialed Mineral Processing Executive Michael Walshe as CEO
MTM Critical Metals Limited (ASX:MTM) (MTM or the Company) is pleased to announce the appointment of highly credentialled mineral processing executive Mr Michael Walshe as Chief Executive Officer of the Company with immediate effect.
Highlights:
- Chemical Engineer & MBA Michael Walshe appointed as CEO effective immediately.
- Mr Walshe comes from a 15-year career in mineral processing in executive roles with industry leader Metso (formerly Metso:Outotec), and more recently as CEO of Voltaic Strategic Resources Limited.
- Mr Walshe has been assisting the Company with technical review and analysis of minerals processing opportunities for its highly promising Flash Joule Heating (FJH) technology.
He brings over a decade of experience with industry leader Metso Outotec, in various technical and senior management roles, covering all major commodities including lithium, rare earths, gold, and base metals. Mr Walshe has extensive expertise in process design, metallurgical flowsheet development, and structuring project finance packages for junior miners via export credit funding. Before joining MTM, he served as CEO of the ASX- listed mineral explorer Voltaic Strategic Resources Ltd from October 2022 until assuming his current role.
Mr Walshe holds a Bachelor of Chemical and Process Engineering (Hons.) from University College Dublin, Ireland, and a Master of Business Administration (Finance) from the Australian Institute of Business (AIB). He is a chartered professional engineer with both Engineers Australia and the Institution of Chemical Engineers (IChemE) and is a member of the Australasian Institute of Mining and Metallurgy (AusIMM).
MTM Chairman, John Hannaford said, “We are delighted that Michael has agreed to join MTM as CEO after serving in an advisory role for the Company. His extensive network in the mining and metals sector, built during his time with Metso Outotec, a global leader in technology, equipment and services for the mining and process industries across all metals, will be crucial to driving MTM in its next phase of growth. Michael’s expertise and insights have already had a positive impact and we are looking forward to seeing what he can deliver in the CEO role.”
Michael Walshe added, “I am excited to join MTM at such a pivotal moment in the company’s journey. The potential of the Flash Joule Heating technology to revolutionise metal recovery is very compelling, and I am thrilled to lead the company in bringing this innovative process to commercial reality.
“With my background in process technology scale-up, heat transfer equipment, and mineral processing across a range of commodities, I am confident that this experience is highly complementary to the ambitious goals set by MTM. The opportunity to apply this expertise to a pioneering technology is both a professional and personal milestone, with the opportunity to redefine efficiency, sustainability, and economic viability in the metals industry.
“I look forward to working with the MTM team to unlock the full potential of this novel technology for our shareholders and the broader industry, while also generating value from our portfolio of promising Critical Metal exploration projects.”
Click here for the full ASX Release
This article includes content from MTM Critical 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.
Auric Mining
Investor Insight
Given its quick transition from ASX listing to gold production in just three years, and a significant exploration upside at its world-class assets in Western Australia's prolific goldfields, Auric Mining is well-worth a good deal of consideration for sophisticated investors.
Overview
Auric Mining Limited (ASX:AWJ) is a gold exploration and mining company based in Western Australia. In three-and-a-half years since its ASX listing, Auric has become a gold producer in this premier jurisdiction.
Since incorporation, it has moved from zero to 250,000 ounces of gold resources and zero to 282 square kilometers of tenements. Auric Mining is in the company of some of the biggest gold projects in the Goldfields, including the St Ives Gold Mine, Karora Resources’ Higginsville Operations & Beta Hunt Mine, all multi-million-ounce mines.
Besides gold, there are numerous precious metals being mined in the area with world-class deposits of nickel, lithium and rare earths. Auric is gold-focused and has the potential to become a significant producer in the region.
The Jeffreys Find Pit as of 16 July 2024
Partnering with Auric in its Jeffreys Find Project is BML Ventures of Kalgoorlie (BML), a well-known and adept Kalgoorlie contractor. BML is a specialist mining contractor. It has particular expertise in shallow, open-pit mining with short duration projects in The Goldfields.
The Jeffreys Find Project commenced in May 2023 and is due for completion in the first quarter of 2025. The joint venture is partially exploiting 47,000 ounces of gold resources.
Gold ore on the ROM Pad at Jeffreys Find, Norseman. Ore was hauled to Coolgardie for milling in 2023.
Stage One is now complete and Auric has commenced its second gold milling campaign for 2024 of 150,000 dry metric tonnes from the Jeffreys Find gold mine on 24 July 2024.
Success for Auric at Jeffreys Find means the company is self-funding for 2024 and able to sustain its exploration and development activity without need for additional capital raising. Auric now has a road map for five years of continuous mining and profits.
Grade control drilling at Munda was completed in January 2024
Auric’s primary focus continues to be on the company’s flagship asset - The Munda Gold Project.
To date almost 200,000 ounces of gold resources have been identified at Munda, the asset being part of the wider Widgiemooltha Gold Project, encompassing 22 tenements.
Munda is one of the largest deposits in the Widgiemooltha area having the potential to become a significant gold project.
In mid-year 2023 the company released to the ASX a third-party scoping study on the economics and potential of open-pit mining at Munda.
The scoping study estimates the mining of up to 120,000 ounces of gold over a three-year mine life. It is envisaged gold ore would be toll-processed at a nearby Coolgardie Mill. The study projects free cash profits of between $50 million and $100 million, based on various gold prices.
Production from Munda could commence in the fourth quarter of 2024.
Auric also announced the execution of a binding term sheet for the partial purchase of Win Metals' nickel and lithium rights within the Munda gold project area including seven tenements or applications. Auric further plans to mine a trial pit at Munda Gold potentially in Q1 2025.
Auric is also planning to progress its Spargoville Project, where it has tenements ideally positioned along strike from the Wattle Dam gold mine, a prolific mine which produced 268,000 ounces of gold at 10 g/t, between 2006 and 2013.
An experienced and savvy management team leads Auric Mining towards its vision of becoming a significant gold producer in Western Australia. With the three directors owning approximately 17 percent of the company, they are focused and motivated for success.
Auric Mining’s board of directors: Mark English, Managing Director; Steve Morris, Chair; and John Utley, Technical Director
Steve Morris, non-executive chairman, has more than 25 years of experience in financial and natural resources markets.
Mark English, managing director, has a 40-year career as a chartered accountant and is at ease with all facets of running a public company on the ASX including major equity and debt raisings.
John Utley, technical director, has 35 years of experience in gold exploration and development.
This range of expertise offers a high level of confidence that the company will achieve its goals.
Company Highlights
- Auric Mining is a publicly listed company with a market cap of around $13m.
- Its flagship asset is the 200,000-ounce Munda Gold Project at Widgiemooltha, just 100 kms from Kalgoorlie. It has an aim to begin production in 2024 before more intensive mining from 2025 onwards.
- During 2023 the focus was on mining at its Jeffreys Find Gold Mine, near Norseman. Stage One mining between May and November 2023 produced 9,741 ounces of gold, creating almost $30 million in gross revenue.
- A final reconciliation saw surplus cash of $9.5 million generated. Auric banked $4.78 million, being 50% of the surplus cash as agreed with its JV partner, BML Ventures of Kalgoorlie.
- Auric has commenced the second gold milling campaign for 2024 of 150,000 dry metric tonnes from the Jeffreys Find gold mine.
- The company executed a binding term for the partial purchase of Win Metals' nickel and lithium rights within the Munda Gold Project area further improving the pathway to mining a trial pit at Munda gold project, potentially in Q1 2025.
- As an explorer, Auric has accumulated 282 square kilometers of tenure as it looks to find and mine a million ounces of gold between Kalgoorlie and Norseman.
- The area hosts some of the richest mineral deposits and mines in the world. In addition to gold, Auric also has opportunities for discovery of lithium, rare earths and nickel.
- Auric has three main projects: The Munda Gold Project which is part of the Widgiemooltha Gold Project; Jeffreys Find Gold Mine; The Spargoville Project.
- The company has a board and leadership team with a track record of delivering success for shareholders, particularly in discovering and bringing to production gold projects.
Auric’s tenements are between Norseman and Kambalda in Western Australia.
Key Projects
Widgiemooltha Gold Project & Munda Gold Project
Progression to open-pit mining is gathering momentum with a plan to commence gold production via a starter pit in the last quarter of 2024 at the Munda Gold Project.
The Widgiemooltha Gold Project combines 22 tenements of highly prospective gold country near Widgiemooltha and includes the Munda Gold Project. Since acquiring the Munda tenements, drilling results confirm indicated and inferred gold resources of almost 200,000 ounces (4.48 mt @ 1.38 g/t with 0.5 g cut off).
The Widgiemooltha tenements have substantial coverage at the north end of the Widgiemooltha Dome.
Even with the extensive mining history in the area, considerable exploration prospectivity remains. Several significant gold projects discovered or developed in the past ten years, including:
Auric Mining is now fast-tracking development at Munda. With a number of gold processing mills in the vicinity, the move to production is now gathering momentum.
In mid-2023 a Scoping Study on Munda produced a positive result. The study proposed a shallow open gold mine. At gold prices from $2,400/oz to $2,800/oz, the Production Target for the Project ranges from approximately:
- 1.67Mt at 2.2g/t producing 112.0koz gold, to
- 2.18Mt at 1.9g/t producing 129.1koz gold.
The Production Target generates an undiscounted accumulated cash surplus after payment of all working capital costs, but excluding pre-mining capital requirements, of between approximately $54.7m to $101.4m.
Mining is contemplated over an approximately 3-year period (13 calendar quarters).
Pre-mining capital and start-up costs are estimated to be approximately $0.8m to $1.7m.
Working capital requirements of approximately $3.9m to $8.1m were estimated based on a Stage 1 starter pit design.
Grade Control Program results at Munda.
To further advance the project, Auric completed a grade control drilling program at Munda in January 2024. In total 351 holes were sunk on a 10m x 10m grid over a potential starter pit.
Assay results include numerous significant intercepts at a 0.5g/t cut-off with high grade or broad intercepts such as:
Further grade control drilling is envisaged as the company hones in on this high grade deposit.
A starter pit lasting about three months is envisaged in the last quarter of 2024. More intensive mining would follow in the period 2025-2027.
In all, Munda is projected to be a short-life project, able to produce exceptional cash profits with a gold price continuing at above $3000 an ounce.
Jeffreys Find Gold Mine
Fresh from mining almost 10,000 ounces of gold in 2023, Jeffreys Find’s Stage Two is certain to be significantly greater in scope.
The Jeffreys Find Gold Mine is located approximately 45 kilometers northeast of the town of Norseman and 12 kilometers off the main Eyre Highway via a haul road.
Jeffreys Find is a short-life mine with a total gold-resources estimate of nearly 50,000 ounces.
Magnetic image of the gold resource at Jeffreys Find
The company has performed remarkably well with this mine, having acquired the tenements just 3.5 years ago.
Stage One mining took place over six months, from May to November 2023 with about 175,000 tonnes of gold ore hauled to the Greenfelds Mill at Coolgardie where it was processed. Final refining and sale of gold bullion produced took place at the Perth Mint.
Stage One – Production & Revenue Statistics
The project is a joint venture undertaking between Auric and well-known Kalgoorlie contractor BML Ventures Pty Ltd (BML).
Auric’s risk is mitigated by BML who assume all operating costs including mining and haulage. Gold processing costs are recovered from the sale of gold bullion. After all costs have been deducted surplus cash is split equally between the partners.
For final mining in 2024 Auric has contributed $1 million in cash towards working capital which will be repaid towards the end of the final phase of mining.
The final pit shell at Jeffreys Find Gold Mine will be premised on a gold price of $2,900 an ounce, compared to the Stage One pit which was designed on the basis of gold at $2,600 an ounce. As a result the tonnage of ore being hauled to the mill will be substantially higher in 2024.
Equipment is being mobilised to the mine site in February and mining will recommence in March 2024. A continuing higher gold price has placed the joint venture in a solid position to throw off surplus cash well in excess of what was achieved in 2023.
Auric’s MD Mark English, Chairman Steve Morris and Technical Director John Utley at the Perth Mint with Auric gold bars from its Jeffreys Find Gold Mine.
Spargoville Project
Highly prospective tenements as company looks for gold on strike to Wattle Dam
Located approximately 35 kilometers southwest of the mining town Kambalda, the Spargoville Project is an underexplored asset with partially tested or entirely untested gold, nickel and lithium anomalies.
The asset sits north of the Wattle Dam gold mine. The Wattle Dam gold mine produced 268,000 oz of gold at an average grade of 10 g/t between 2006 and 2013.
While only partially drilled, initial exploration results from the Fugitive Prospect include an intercept at 14 meters with a grade of 2.51 g/t gold, indicating the asset’s promising potential.
Auric’s tenements at The Spargoville Project.
Management Team
Auric Mining’s Management and Board of Directors have a wealth of experience in gold discovery, in mine operations and across the full spectrum of finance and administration. That experience stretches to all parts of the globe.
Board of Directors
Steven Morris – Non-executive Chairman
Steve Morris is a well-known financial markets executive with more than two decades experience at a senior level. He garnered industry respect as head of private clients for Patersons Securities, now Canaccord Genuity, and has also been managing director of Intersuisse. Mr. Morris has served as a senior executive of the Little Group. From 2014 to 2019, Morris was a non-executive director of De Grey Mining (ASX:DEG), a gold company now with a $2.4 billion market capitalization. Mr. Morris is well connected in finance circles and was a board member of The Melbourne Football Club for nine years including three years as the vice chairman.
Mark English – Managing Director
Mark English is a Chartered Accountant with more than 40 years’ experience in business. English was the founding director of Bullion Minerals Ltd, now DevEX Resources (ASX:DEV) a company he managed for seven years before taking it to an IPO. Mr. English has considerable experience with major equity and debt raisings. He currently sits on the Board of WA integrated agricultural company Moora Citrus Group, one of the nation’s largest citrus producers and processors.
John Utley – Technical Director
John Utley has a 35-year career in mining and exploration with a dominant focus on gold assets. He holds a master’s degree in Earth sciences from the University of Waikato in New Zealand. Mr Utley has worked in Australia, South America, Papua New Guinea and most recently in Canada where he was the Chief Geologist for Atlantic Gold Corporation, a company now owned by St Barbara (ASX:SBM). He spearheaded exploration and development of the Touquoy Gold Mine in Nova Scotia, Canada, prior to being acquired by St Barbara. Mr Utley previously worked with Plutonic Resources (ASX:PLU) and was head of the exploration team at the Darlot Gold Mine during the discovery and development of the 2.3-million-ounce Centenary gold deposit.
Diamond Drilling Underway at Bald Hill Cobalt Copper Prospect, Broken Hill
Rimfire Pacific Mining (ASX: RIM, “Rimfire” or “the Company”) is pleased to advise that a 1,000-metre diamond drill program has commenced at its 100% - owned Bald Hill Copper Cobalt Prospect (Broken Hill Project) which is located 30 kilometres west of Broken Hill, NSW (Figures 1 and 2).
Highlights
- 1,000m diamond drill program testing for extensions to previously obtained high grade drill intercepts at Bald Hill, e.g.;
- 125m @ 0.13% Co from 198m incl 97m @ 0.15% Co,
- 58m @ 0.13% Co from 62m incl 12m @ 0.24% Co and 17m @ 0.15% Co,
- 33m @ 0.11% Co from 58m incl 4m @ 0.23% Co and 2m @ 0.21% Co, and
- 6m @ 0.51% Cu from 56m in FI2471
- Drilling will also test a very strong magnetic anomaly which is interpreted to be a potential extension to the previously demonstrated Bald Hill cobalt and copper mineralisation
- Rimfire’s Broken Hill Project lies within same geological domain as the Mutooroo Deposit (HAV.ASX) - 191Kt copper, 20Kt cobalt and 86Koz gold and the Broken Hill Cobalt Project (COB.ASX) - 87Kt cobalt
- Drilling assay results expected by mid-October 2024
Commenting on the announcement, Rimfire’s Managing Director Mr David Hutton said: “Rimfire is exploring throughout New South Wales for critical minerals that are associated with global decarbonisation strategies, such as scandium, PGEs, copper, and cobalt.
While we remain firmly focussed on delivering a maiden scandium JORC resource at Fifield and Avondale, we are also keen to advance our highly prospective Broken Hill Project especially the Bald Hill prospect.
Given the existing drill intercepts coincide with an outstanding magnetic anomaly along strike and with all targets lying within a favourable geological setting we think that Bald Hill is an exciting opportunity to discover a significant cobalt and copper deposit. We look forward to providing further market updates as new information comes to hand.”
Drilling will test the significance of a very strong magnetic anomaly interpreted to be a potential extension to previously drilled high-grade cobalt (Co) and copper (Cu) mineralisation at Bald Hill, (See Rimfire ASX Announcement dated 18 September 2023), i.e.;
- 33m @ 0.11% Co from 58 metres in FI2469 including 4m @ 0.23% Co and 2m @ 0.21% Co
- 100m @ 0.08% Co from 71 metres in FI2470 including 68m @ 0.10% Co,
- 125m @ 0.13% Co from 198 metres in FI2470 including 97m @ 0.15% Co,
- 58m @ 0.13% Co from 62 metres in FI2471 including 12m @ 0.24% Co and 17m @ 0.15% Co, and
- 6m @ 0.51% Cu from 56 metres in FI2471.
Mineralisation at Bald Hill is associated with a greater abundance of sulphides with zones of coarse-grained semi-massive pyrite / pyrrhotite (plus lesser amounts of chalcopyrite and sphalerite) hosting individual single metre grades of up to 0.79% Co (FI2471 – 67 to 68 metres).
Detailed ground magnetic surveying (on 50m spaced east west lines) undertaken post the 2023 drilling identified a very strong magnetic anomaly [peak value – 57,744nT] coincident with and extending from the cobalt and copper drill intercepts (See Figures 3 – 5).
The Bald Hill magnetic anomaly trends NNE, dips to the southeast, and has a near surface extent of 450 x 400 metres and extends to a vertical depth of approximately 300 metres below surface. 3D modelling suggests that the anomaly plunges to the southeast with Rimfire’s 2023 diamond holes just “clipping” the top of the anomaly.
This is highly significant as the Bald Hill mineralisation is intimately associated with magnetic minerals, i.e. pyrrhotite and magnetite, and as such the magnetic anomaly is interpreted to be “mapping” a potential extension to existing cobalt and copper mineralisation.
Diamond drillholes will be positioned specifically to intersect the magnetic anomaly to confirm its significance.
Plenty of upside with additional targets identified
In addition to Bald Hill, several other targets have been identified across the Broken Hill Project from a review of historic exploration data – principally aeromagnetic and gravity geophysical data, drilling data and surface geochemistry. Ground magnetic surveying, geological mapping and rock chip sampling undertaken by Rimfire during the last 12 months have refined the targets.
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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.
Fine Grained Alkaline Igneous Host of High Grade Nb/REE Identified at Wabli Creek
Reach Resources Limited (ASX: RR1 & RR1O) (“Reach” or “the Company”) is pleased to provide an update on the Company’s high-grade Niobium and REE project at Wabli Creek, Gascoyne, W.A.
HIGHLIGHTS
- Identification of a fine-grained alkaline igneous rock type as the host of the high grade Niobium/REE/Titanium mineralisation announced 28 May 2024. This is a significant development as the host is not from pegmatite geology and increases the likelihood of a carbonatite association.
- Expert geophysical consultant Southern Geoscience has identified multiple new targets they consider high priority for the potential discovery of more Niobium/REE enriched intrusive features at Wabli Creek, Gascoyne, W.A.
- Detailed geophysical imagery analysed by Southern Geoscience shows a strong correlation with geochemical targets, previously identified by Sugden Geoscience (ASX Announcement 21/12/23), adding additional confidence to high-grade Niobium (Nb) and Rare Earth Elements (REE) targets.
- The majority of the new Nb & REE targets identified are located in and around the margins of the ovoid intrusive feature (ASX Announcement 28 May 2024).
- The recently identified ovoid late-stage intrusive feature, considered the likely parental source of the Nb-Y-Ta-Ti-REE fine grained Alkaline igneous rocks at Wabli Creek, has been clearly confirmed by the high resolution imagery.
- The latest interpretation by Southern Geoscience was primarily concerned with the identification of places which may provide further intrusive features prospective for Niobium, Tantalum, REE’s and Lithium. Targeting strategies focused on lithological associations, structural context, structural complexity and deformation and proximity to possible source granitic bodies.
The source of the high grade niobium, REE, titanium mineralisation outlined in ASX announcement 28 May 2024 has most recently been identified by the Reach exploration team as a fine grained alkaline igneous rock. This is a significant development for the project as it was considered previously that the mineralisation was from a pegmatite source. Importantly, the alkaline igneous rock has a strong association with carbonatite and therefore further laboratory assessment is underway to confirm the potential presence of carbonatite material.
Figure 1: Multiple new high priority Niobium/REE targets, Wabli Creek.
Figure 2: Location of In situ assay results (24WRCK049 & 24WRCK046), previously announced per ASX Announcement 12 June 2024. Also, an example of one of the new high priority Nb/REE targets.
In addition, Southern Geoscience was engaged to analyse detailed 50m line spaced magnetic and radiometric data that was flown over the tenement. The analysis of this data by Southern Geoscience enabled this latest interpretation of major structures, including faults and traps that may act as conduits for potentially more fine grained alkaline igneous intrusions, resulting in multiple new targets for the Company.
Targeting by Southern Geoscience was largely focused around the margins of the late stage ovoid feature and aimed to identify sites of significant structural complexity and or/lithological contacts which may be exploited by dykes or other intrusive features such as the alkaline igneous mineralised rock.
Across the targets a major shear zone with cross-cutting faults over printed by the late stage ovoid feature was identified, in addition to the identification of two areas that more represent more late stage intrusives and a layered magnetic unit of potential greenstone lithology which is often an area where dykes intrude.
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This article includes content from Reach 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.
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