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Firebird Metals Limited (ASX: FRB) (“Firebird” or “the Company”) is pleased to announce a significant Resource upgrade at its flagship Oakover Manganese Project, which is located 85km East of Newman in the Eastern Pilbara region of Western Australia.
Highlights
- 80% uplift in Indicated Mineral Resource at flagship Oakover Project from 58.7 Mt to 105.8 Mt
- 33.9 Mt @ 9.7% Mn Indicated Resource at Karen deposit
- 13.1 Mt @ 9.7% Mn Indicated Resource at Jay Eye deposit
- Impressive Resource upgrade is a result of the 82 hole, 2,828m infill drill program at the Jay Eye and Karen deposits, completed in October 2022
- Significant intercepts from infill drill program continue to demonstrate the impressive geology of Oakover, highlighted by shallow near surface, thick mineralisation (Refer to Appendix 3 for the full results)
- FRB0278 – 28m @ 10.61% Mn from 2m
- FRB0287 – 30m @ 10.67% Mn from Surface
- FRB0301 – 24m @ 10.01% Mn from Surface
- FRB0243 – 37m @ 10.27% Mn from 5m
- FRB0266 – 21m @ 10.91% Mn from 7m
- Overall Oakover Mineral Resource increased from 172.3 Mt t to 176 Mt at 10% Mn
- Significant Resource growth upside through:
- Sixty Sixer – mineralisation remains open to the northwest and southwest
- Karen - mineralisation remains open to the northwest
- A Scoping Study was completed in July 2020 based solely on the Sixty Sixer deposit, which generated a 10-year Life-of-Mine, NPV of A$329M and EBITDA of $72.7M per annum, see Firebird’s ASX announcement dated 20 July 2022
The Company has delivered an impressive 80% increase to the Oakover Indicated Resource, which has grown from 58.7 Mt to 105.8 Mt, using a 7% Mn cut off. The Resource upgrade is a result of the 82-hole 2,828m infill drilling program completed at the Jay Eye and Karen deposits in October 2022.
Additionally, the results have also grown the total Oakover Mineral Resource from 172.3Mt to 176.7Mt.
Commenting on the Resource growth at Oakover Firebird Managing Director Peter Allen said, “This is another fantastic result for Firebird and our shareholders. We are focused on establishing Oakover as major Western Australian manganese operation and this significant milestone announced today is another step towards achieving our primary objective. De- risking the development pathway at Oakover through the addition of another 47 million tonnnes in an Indicated category from Jay-Eye and Karen places us in a strong development position moving forward and we look forward to continuing to progress our flagship Project throughout a busy 2023 and beyond.
“These results come off the back of the Scoping Study that we released last year on Oakover, which delivered strong economics based on a 10-year mine life. That Study did not include the Indicated Resources of Karen and Jay Eye and was produced solely off the Sixty Sixer deposit. The material assumptions and factors that underpin the results of the Scoping Study are set out in Firebird’s announcement dated 20 July 2022.
“Strategically, we are developing Oakover at a time where demand for manganese within the lithium-ion battery sector continues to grow rapidly, as electric vehicle and battery cathode manufacturers have stated their desire to increase the amount of manganese within lithium- ion batteries, due to the cost benefits obtained whilst maintaining energy density.”
Table 1: Updated Oakover Mineral Resource Estimate reported at a cut-off grade of 7% Mn
Figure 1: Oakover Project Mineral Resource
Table 2: Significant Assay Results from Infill Drill Program (Refer to Appendix 3 for the full results)
In July 2022, the Company completed a Scoping Study that produced a manganese concentrate based solely on the Indicated and Inferred tonnage at the Sixty Sixer deposit, which generated a 10-year Life-of-Mine and an NPV of A$329M at a discount rate of 8%, with average EBITDA of approximately $72.2M per annum (based on original modifying factors, refer to ASX announcement “Impressive Results from Manganese Concentrate Scoping Study” dated 20thJuly 2022).
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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.
High grade Assay Results Continue at Youanmi
- The latest batch of assays have been received from the 11,000m drilling program (both diamond core and reverse circulation) at the high gold-grade Youanmi Gold Project, located centrally in Western Australia’s prolific gold fields
- The recently-completed infill/exploration program aimed to improve resource confidence and open up corridors for resource growth; to underpin the Definitive Feasibility Study (DFS), and, additionally, provide sample material for ongoing metallurgical optimisation test-work for the DFS program
- Latest highlights from the program include:
- RXDD131: 4.38m @ 19.07 g/t Au from 387.98m,
- incl. 1.73m @ 41.43 g/t Au from 389.96m
- RXDD119: 4.56m @ 14.60 g/t Au from 220.64m
- RXDD115: 2.99m @ 21.11 g/t Au from 249.88m
- RXDD119: 4.0m @ 7.37 g/t Au from 162.0m
- RXDD132: 7.19m @ 3.90 g/t Au from 263.61m
- RXDD133: 2.83m @ 6.53 g/t Au from 431.00m
- RXDD128: 3.82m @ 4.51 g/t Au from 364.59m,
- incl. 1.73m @ 8.22 g/t Au from 364.59m
- incl. 1.73m @ 8.22 g/t Au from 364.59m
- RXDD122: 0.95m @ 13.50 g/t Au from 204.44m
- §These results further demonstrate the continuity of high- grade gold mineralisation along the Youanmi greenstone belt belt, and the potential for resource growth both at depth and along-strike, with discovery potential to the south
- 35,000m Step-up drill campaign well underway with the plan to bring forward ounces and increase the mine plan
The program focused on converting Inferred stopes at Pollard, United North and Youanmi Main to higher confidence Indicated classification and providing material for metallurgical testing for the upcoming Definitive Feasibility Study (DFS) – on track for H2 CY25.
This final consignment of diamond assay results are the fourth batch of assays results returned from the drill program and have been entirely drilled from the Pollard, Youanmi and United North areas (Figure 1).
Rox Resources’ Chief Executive Officer, Phillip Wilding, commented:
“It’s pleasing to round out the 11,000m RD and DD drilling program with another batch of excellent intercepts.
“More importantly, the program has significantly improved our knowledge of the high grade and underexplored Youanmi ore system, and shown that mineralisation remains open at depth.
“Next steps are to convert Inferred areas of the Resource to the higher confidence Indicated classification, and finalise key intercepts of sample material for metallurgical test work to feed into the Youanmi DFS.
“We are excited to have commenced the 35,000m Step-up program to potentially bring forward ounces in the mine plan and significantly increase the size of the Pollard ore zone.”
Youanmi Major Growth Drill program
Resource drilling has focused on converting selected Inferred stopes in the current Mineral Resource of 16.2Mt at 4.4g/t Au for 2.3Moz (Indicated: 10.7Mt at 4.5g/t Au for 1.6 Moz : Inferred 5.5Mt at 4.2g/t Au for 0.7 Moz) 1 to higher confidence Indicated classification at Pollard, United North and Youanmi Main as shown in plan on Figure 1. The drilling has also provided both sample material for metallurgical testing and valuable geological data for the pending Definitive Feasibility Study (“DFS”) planned for second half of 2025.
Figure 1: Plan view of the Youanmi Gold Project featuring drill hole collar locations and 2024 Resource outline overprinted on aerial photography
Outside of the immediate resource area, drilling was also conducted on near-mine exploration and focused on the Youanmi South prospect area, or Paddy’s Lode, first reporting high-grade intercepts in 20232. The drilling at Paddy’s has complimented the Company’s exploration strategy moving south along the Main Lode Shear Zone (MLSZ) and adding additional gold ounces to the Resource. Youanmi South has the potential to grow the Resource above the 103kozpa Production Target outlined in the recently completed Pre-Feasibility Study (“PFS”)3.
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This article includes content from Rox Resources 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.
Drilling Commenced at Viani in Fiji
HIGHLIGHTS
- The Phase 1, three-hole diamond drilling program has commenced at the Viani Project, Fiji and will test for extensions to the quartz vein gold mineralisation at depth.
- Phase 1 is expected to be completed in early 2025, with plans for additional drilling under the same program dependent on the initial results
- The Viani Project (SPL1513) covers an area of approximately 200km2 and is largely underexplored.
- At the Dakuniba prospect within Viani, low sulphidation epithermal high-grade gold mineralisation has been mapped over >3km strike length.
- Diamond drilling completed by Japan International Cooperation Agency (JICA) in 1995 to 1997 intersected high-grade gold in low sulphidation epithermal quartz veins, including 0.6m @ 27.6 g/t Au.
Alice Queen’s Managing Director, Andrew Buxton said,
With drilling underway, Alice Queen is positioned to test the epithermal gold-style mineralisation identified in historic drilling at the Viani Project. Weather permitting, we anticipate completing the Phase 1, three-hole diamond drilling program in early 2025. Following this, our exploration team will mobilise the drill rig to the Sabeto Project in Fiji to maintain the momentum of this campaign. To deliver timely results to shareholders, we intend to accelerate the analysis of the drill core at ALS Brisbane.”
Image 1 – Diamond drilling at Viani
Details
Geology
The geology of the Viani Project (SPL 1513) comprises olivine basalts and volcaniclastics of the Natewa Volcanic Group which are intruded by andesite sills and dykes. In the 1940s, gold mineralisation was found by local prospectors near the village of Dakuniba. At Dakuniba, low sulphidation style epithermal gold occurs in quartz veins, and silicified rocks along a 3km long NE trending zone.
In 1995-1997, Japan International Cooperation Agency (JICA) drilled six diamond holes at Dakuniba and intersected high-grade gold in chalcedonic, crustiform, colloform banded quartz veins at depths of 50m to 100m below surface (i.e. MJVFV-5 intersected 2.2m @ 11.3 g/t Au, incl 0.6m @ 27.6 g/t Au at 121m downhole). This high-grade gold mineralisation is open in all directions.
Proposed Drill program
The initial Phase 1 drill program at Viani (see Table 1) will comprise three diamond drillholes designed to test continuity to the epithermal gold mineralisation previously intersected in JICA drillhole MJVFV- 5 (2.2m @ 11.3 g/t Au) (see Figure 2). The drilling will test for extensions to the gold mineralisation at depth and along strike.
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This article includes content from Alice Queen Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
