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R3D Resources Limited (ASX: R3D) (the Company), is pleased to advise that it has produced its first shipment of Copper Sulphate Pentahydrate (Copper Sulphate) which is ready for collection at the Tartana mine site. Minimum shipments are 28 bags weighing approximately 1.2 tonne each. The Copper Sulphate comprises 25% Copper and is priced at 25% of the LME copper price plus a premium.
HIGHLIGHTS:
- Production of 28 bulka bags (approximately 34 tonne) of Copper Sulphate Pentahydrate has been completed at Tartana Plant, with this production meeting the minimum shipment requirements
- Offtaker, Kanins International, will purchase the shipment at mine gate, providing important cash flow
- Production is expected to continue early next week again, pending supply of reagents and additional pumps
- Profit margins continue to increase with Copper price improvement which is currently ~US$9000 per tonne
- First $500k of the Rights Issue has been underwritten by Breakaway Investment (controlled by Stephen Bartrop) and is presently scheduled to close on Wednesday, 10 April 2024
R3D Managing Director, Stephen Bartrop, commented:
“It is very exciting to announce the milestone of the first shipment of Copper Sulphate which is ready for pick up by our offtake partner Kanins. This is an important milestone and it means that Tartana’s Copper Sulphate is now entering the Australian technical grade market.
“We are also encouraged with the increase in the copper price which is now around US$9,000 per tonne. We have a positive outlook for the Copper market, influenced by electric vehicle market and energy transition. A potential appreciating Renminbi will also make it cheaper for Chinese consumers.”
The Company continues to expect Kanins to pay for the product at mine gate, pending arrangement of transportation of the product. The Walsh River crossing nearest to the Tartana site continues to be at a level making truck transportation difficult – both for our product to leave the site, and for input materials to be received.
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R3D:AU
More Wide, High-Grade Intercepts at Kamperman
HIGHLIGHTS
- Assay results received for the final 11 holes (1,254 metres) of a 31-hole (3,834 metre) reverse circulation (RC) drill program at the Kamperman Deposit, part of Astral’s 100%-owned Feysville Gold Project near Kalgoorlie. Best results include:
- 33 metres at 3.75g/t Au from 58 metres including 3 metres at 14.8g/t Au from 75 metres in hole FRC387;
- 10 metres at 1.63g/t Au from 131 metres and 22 metres at 5.21g/t Au from 149 metres including 2 metres at 30.9g/t Au from 164 metres and 2 metres at 12.2g/t Au from 168 metres in hole FRC389;
- 22 metres at 4.44g/t Au from 105 metres including 2 metres at 25.9g/t Au from 121 metres in hole FRC388;
- 6 metres at 12.8g/t Au from 76 metres including 1 metre at 63.4g/t Au from 77 metres in hole FRC385;
- 12 metres at 1.19g/t Au from 18 metres and 24 metres at 1.29g/t Au from 80 metres in hole FRC381;
- 13 metres at 1.14g/t Au from 24 metres in hole FRC384; and
- 20 metres at 0.79g/t Au from 30 metres in hole FRC382.
- RC holes FRC387, FRC388 and FRC389 represent a very successful in-fill test of the deposit, with the three holes averaging 112 gram-metres1.
- RC hole FRC385 targeted high-grade gold mineralisation associated with a zone of silicification intersected in three previous holes. FRC385 targeted a potential high-grade zone oriented in a north-west – south-west orientation and successfully intersected 6 metres at 12.8g/t Au including a 1 metre interval of 63.4g/t Au, confirming geological interpretations.
- Results of the 31-hole RC program were not included in the maiden Kamperman Mineral Resource Estimate (MRE) announced on 1 November 2024 of 2Mt at 1.3g/t Au for 83.8koz of contained gold6. The results demonstrate the opportunity for continued MRE growth at Kamperman.
- The RC rig relocated to the Mandilla Gold Project to complete the in-fill program at the Iris Deposit. The RC drill rig is currently completing the final hole of this program and then will commence a 16-hole drill program at Eos testing the extent of fresh rock gold mineralisation adjacent to the Eos palaeochannel deposit.
- Also at Mandilla, a diamond drill (DD) rig has commenced a four-hole/1,600 metre drill program ahead of an update to the Theia MRE, which is expected to be reported in the March Quarter, 2025.
- The first hole of this DD program has already been completed with a significant number of visible gold occurrences observed during the logging process. (Refer to Cautionary Note below).
Figure 1 – Map illustrating the location of the Mandilla and Feysville Gold Projects.
Astral Resources’ Managing Director Marc Ducler said: “Following the recent release of the maiden Kamperman MRE, it is highly encouraging to now be reporting further high-grade in-fill results and a successful drill test of a previously identified high-grade zone. These results highlight the potential for MRE upside at Kamperman.
“The in-fill drill line (FRC387, FRC388 and FRC389) testing the high-grade southern zone at Kamperman returned excellent results including 33 metres at 3.75g/t Au, 22 metres at 4.44g/t Au and 22 metres at 5.21g/t Au. These three in-fill holes averaged a gold accumulation of 112 gram-metres through this high-grade southern zone. This is clearly a very successful in-fill test and bodes well for the potential to upgrade the MRE in this area.
“A potential high-grade gold zone was also tested with hole FRC385, returning a spectacular intercept of 6 metres at 12.8g/t Au from 76 metres including 1 metre at 63.4g/t Au from 77 metres.
“Previous drilling in the vicinity has seen this characteristically silicified zone intersected in three holes with assay results of 3.7 metres at 12.2g/t Au, 5 metres at 3.11g/t Au and 10 metres at 5.04g/t Au including 1 metre at 28.5g/t Au inFRC350.
“This further successful test of an interpreted high-grade shoot adds confidence as to the continuity of this zone and our ability to interpret controls and presents as further upside to the current Kamperman MRE.
“The RC rig is now progressing with the in-fill and extensional programs at Iris and Eos respectively and, once complete, will be returned to Kamperman to complete a 15-hole (2,110 metre) in-fill program.
“Diamond drilling of four in-fill holes at Theia is progressing well. The first hole of this program has already been completed with, pleasingly, a significant number of occurrences of visible gold observed during the logging process.
Plans are underway to secure a second diamond drill rig. This has the potential to increase the rate of progress of both the current four-hole in-fill program at Theia and the geotechnical program required to inform the open pit parameters for the Hestia and Eos open pits in the Mandilla PFS.”
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This article includes content from Astral 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.
Drilling Commenced at Ferke Gold Project, Cote d’Ivoire
HIGHLIGHTS
- Over 10,000m of drilling planned for December quarter to follow-up previous drilling successes at the Odienné and Ferké gold projects, Côte d’Ivoire
- Ferké project auger drilling has commenced, with a 5,000m campaign covering +9km segment of gold anomalism, targeting extensions to high-grade gold mineralisation confirmed in previous drilling
- Odienné project air core drilling planned to commence over coming weeks to assess priority targets generated in previous quarter’s auger results
- Both projects fully funded for follow-up diamond and RC drilling as part of staged exploration campaigns planned to continue through the 2024/25 field season
Auger drilling has already commenced at the Ferké gold project, with three drill rigs mobilised to cover 9km of reconnaissance drilling along the highly prospective structural corridor hosting the Ouarigue South prospect. This program is designed to delineate extensional targets to open gold mineralisation confirmed in previous drilling that returned:
- 47m @ 3.72g/t gold from surface
- 77.6m @ 2.33 g/t gold from 45.9m
- 91.1m @ 2.02 g/t gold from surface
- 45.3m @ 3.16g/t gold from 45.9m
Concurrently, field work has commenced at the Odienné project, ahead of a planned 5,000m air core campaign that will assess priority targets delineated from the previous quarter’s auger drill results (refer to ASX release dated 20 August 2024). The drilling will be focussed on target delineation within more than 16km of anomalous gold trends located in the same high-strain corridor that hosts Predictive Discovery’s 5.4Moz Au Bankan deposit, as well as the recent discovery by Awalé Resources/Newmont joint venture, which is located on a contiguous land holding.
Many Peaks’ Executive Chairman, Travis Schwertfeger commented:
“Following the end of the West African wet season, we are pleased to have commenced Many Peaks’ 2024/2025 exploration program at our high-grade Cote d’Ivoire projects. Plans for the coming months include our maiden drilling at Ferké, where three auger rigs will drill 5,000m to identify extensional targets of historic holes that include 45.3m @ 3.16g/t and 39.7m @ 3.54g/t gold. We will also drill 5,000m of air core holes at Odienné, following up on extensive gold anomalism identified from drilling we conducted here in the previous season. We look forward to updating investors on our findings as we systematically assess the potential of these highly prospective projects.”
Ferké Gold Project
The Ferké Gold Project (Ferké) comprises 300km2 in a single granted exploration permit in northern Côte d’Ivoire currently undergoing a renewal process and remaining permitted for exploration activity. Ferké is situated on the eastern margin of the Daloa greenstone belt at the intersection of major regional scale shear zones (Figures 1 & 3). The project area has seen substantial previous exploration activity confirming gold mineralisation but with limited follow-up work. Previous work includes high resolution geophysics, soil sampling, trenching, and RC and Diamond drilling (refer to ASX release dated 26 March 2024).
Planned Work
Many Peaks’ initial field programme at Ferké is a 5,000m auger drilling campaign focused on extending the auger coverage at Ferké along an additional 9km of strike extent in the >16km long corridor of soil anomalism referred to as the Leraba trend. The auger campaign is estimated to be completed in 3 to 4 weeks’ time with 400m to 600m spaced lines of sampling and planned 25m spacing between samples. Results are anticipated to refine targeting for follow-up drilling within the extensive gold anomalism which measures over 2km in width in most places (Figure 1).
Figure 1 | Ferké Project proposed auger drilling locations with locations of previously drilling auger, RC and diamond core drilling on regional scale geology.
The planned auger drilling at Ferké is focused on expanding the footprint of gold mineralisation confirmed in previous drilling success. An initial 18 diamond holes drilled into a limited segment of the extensive gold corridor confirmed gold mineralisation at Ferké that remains open in all directions. Results from previous drilling include 45.3m @ 3.16g/t gold from 45.9m drill depth in hole FNDC001 and 39.7m @ 3.54g/t gold from 51.4m in drill hole FNCD008 (refer to ASX announcement dated 26 March 2024).
The current programme is designed to define extensional targets within in the predominantly undrilled north-south trending segment of gold in soil anomalism of the Leraba trend. This may justify expansion of planned follow-up RC and diamond drilling work over the coming field season, and complement drill ready targets already defined on open mineralisation at the Ouarigue South prospect.
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This article includes content from Many Peaks Minerals, 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.
Aurum Hits 36 g/t Gold at Boundiali BM Target 1, Extending Strike to 2.5km
Highlights
- Exploration diamond drilling (26 holes for 5,049.5m) from the expanded diamond program targeting multiple prospects on the Boundiali BM tenement returns shallow, wide and high- grade gold hits1 including:
- 1m @ 35.86 g/t Au from 82m & 4.25m @ 3.75 g/t Au from 120m (MBDD070)
- 17m @ 1.60 g/t Au from 230m inc. 10.05m @ 2.02 g/t Au (MBDD057)
- 13m @ 2.07 g/t Au from 139m inc. 4m @ 3.29 g/t Au (MBDD054)
- 6m @ 3.57 g/t Au from 118m inc. 2m @ 10.14 g/t Au (MBDD065)
- Gold mineralisation remains open along strike and down dip at BM Targets 1 (up to 2.5km strike), 2 & 3
- Diamond drilling continues at both Boundiali tenements with assays pending for ~60 holes (13,000m), next batch expected end of November
- Aurum has six self-owned diamond rigs at Boundiali Gold Project with up to ~10,000m drilling capacity per month and will complete more than 45,000m in CY2024
- Results from metallurgical test work overseen by MACA Interquip Mintrex (MIM) and ALS (Perth) expected by year end
- Inaugural Mineral Resource Estimate for Boundiali Gold Project targeted for late CY2024
- Aurum’s takeover of Mako Gold (ASX: MXG)2 progressing well – the merged company will achieve greater scale and market presence, creating a stronger platform for future growth and success in the industry
- Aurum is well-funded (~$19M cash at bank at 30 Sept) for continued aggressive exploration.
Aurum’s Managing Director Dr. Caigen Wang said: “Our exploration drilling at BM continues to grow the known extent of gold mineralisation, which is now up to 2.5km at BM Target 1. Our expanded drilling program at BM is hitting multiple intercepts downhole including shallow high-grade hits such as 1m @ 35.86 g/t Au from 82m and 4.25m @ 3.75 g/t Au from 120m in MBDD070.
Our six rigs are systematically ramping up production and with our new camp coming online, we expect to see increased operational efficiencies to demonstrate the full potential of the Boundiali gold project. We're well-funded with $19 million cash at bank, allowing us to accelerate drilling and build on these encouraging results. We're targeting an inaugural JORC resource for Boundiali by late 2024.”
BM Target 1 - Latest Drill Results
Aurum reports results for 26 holes for 5,049.5m of diamond core drilled at BM Target 1 (19 holes for 3,445m), BM Target 2 (two holes for 314.5m) and BM Target 3 (five holes for 1,290m) on the BM Tenement, part of an expanded drill program on the BM Tenement where Aurum is working toward and 80% project interest3. Best results for these holes4 include:
BM Target 1
- 1m @ 35.86 g/t Au from 82m (Figure 1) & 4.25m @ 3.75 g/t Au from 120m (MBDD070)
- 17m @ 1.60 g/t Au from 230m inc. 10.05m @ 2.02 g/t Au (MBDD057)
BM Target 3
- 13m @ 2.07 g/t Au from 139m inc. 4m @ 3.29 g/t Au (MBDD054)
- 6m @ 3.57 g/t Au from 118m inc. 2m @ 10.14 g/t Au (MBDD065).
Figure 1 Visible gold at 82m in MBDD070
These new results are in addition to diamond holes previously drilled by Aurum at BM Target 1 and reported on 22 January 2024, 1 March 2024 and 18 September 2024, which included:
- 11.46m @ 6.67 g/t Au from 162.54m incl. 1.46m @ 45.04 g/t Au (MBDD049)
- 45m @ 0.93 g/t Au from 78m incl. 8m @ 1.18 g/t Au from 78m & 25m @ 1.15 g/t Au from 98m (MBDD0045)
- 16m @ 1.24 g/t Au from 117m incl. 6m @ 2.44 g/t Au (MBDD0010)
- 7.39m @ 1.94 g/t Au from 139.34m incl. 5.35m @ 2.53 g/t Au (MBDD017)
- 16.3m @ 1.02 g/t Au from 86.7m incl. 8m @ 1.71 g/t Au (MBDD019)
- 16.64m @ 1.45 g/t Au from 56.26m incl. 10.40m @ 2.11 g/t Au (MBDD007)
- 5m @ 4.73 g/t Au from 53.5m incl. 1.10m @ 20.35 g/t Au (MBDD004).
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This article includes content from Aurum 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.