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December 2023 Quarterly Activities Report
Firebird Metals Limited (ASX: FRB, “Firebird” or “the Company”) is pleased to provide an update on its activities during the December 2023 Quarter.
HIGHLIGHTS
CHINESE LMFP BATTERY STRATEGY
- In-house Battery Grade Manganese Sulphate Scoping Study (‘SS’ or ‘the Study’) which delivered excellent results and reaffirmed the opportunity to establish Firebird as low- cost, near-term manganese sulphate producer
- Battery Grade Manganese Sulphate Pre-Feasibility Study at an advanced stage, with completion expected in late Q1 2024
- Establishment and registration of the Company’s Chinese subsidiary named Hunan Firebird Battery Technology Co Ltd
- Advanced and commercialised crystallisation technology secured, providing a key operation and cost advantage for Firebird
- Preferred location for battery grade manganese sulphate plant secured and will be situated in the Jinshi High Tech Industries Development Zone, Jinshi, Hunan province, China
- Subsequent to quarter end, Chinese-based Research and Development (R&D) Centre fit-out completed ahead of schedule and under budget
- R&D Centre situated in the Jinshi High Tech Industries Development Zone, Jinshi, Hunan province, China
- Completion of R&D Centre includes commencement of Pilot Plant operations, with samples of high-purity manganese sulphate (MnSO4) and manganese tetra oxide (Mn3O4) to be produced for potential customers and offtake parties
- R&D centre will be used to complete testing on several other potential manganese rich precursor cathode active materials (pCAM)
- Commencement of Pilot Plant operations represents the execution of another key milestone for the China-based LMFP battery strategy
OAKOVER PROJECT
- Planning for next stage environmental surveys and studies underway
- Diamond drill program for on-going metallurgical test work at Oakover to be carried out in Q1 2024
CORPORATE
- Cash $7.36 M
- The 2023 Annual General Meeting was held on Wednesday 29 November 2023 and all resolutions were successfully passed
CHINESE LMFP BATTERY STRATEGY
BATTERY GRADE MNSO4 SCOPING STUDY COMPLETED
FOR FULL DETAILS REFER TO ASX ANNOUNCEMENT DATED 21/11/2023 CAUTIONARY STATEMENT – CHINA BASED BATTERY GRADE MNSO4 SCOPING STUDY
The China-based Manganese Sulphate Scoping Study, is a preliminary technical and economic study of the potential viability of the processing of part of the manganese concentrate to be produced from the Oakover Manganese Project at a facility to be established in China. The Scoping Study outcomes, production targets and forecast financial information referred to in this release are based on low accuracy level technical and economic assessments that are insufficient to support estimation of Ore resources.
The Scoping Study has been completed to a level of accuracy of +/- 35% in line with a scoping level study accuracy. While each of the JORC modifying factors was considered and applied, there is no certainty of eventual conversion to Ore Reserves or that the production target itself will be realised. Further exploration and evaluation work and appropriate studies are required before the Company will be in a position to estimate any Ore Reserves or to provide any assurance of an economic development case. Accordingly, given the uncertainties involved, investors should not make any investment decisions based solely on the results of the Scoping Study. Given that the results of the Scoping Study are subject to the qualifications above (including assumptions as to accuracy), any results reported in this release should be considered as approximates and subject to variances having regard for the assumptions referred to in this release. The Company has reasonable grounds for disclosing a Production Target, given that approximately 99% of the Life-of-Mine (LOM) Production Target is in the Indicated Mineral Resource category, and 1% is in the Inferred Mineral Resource category. The production target stated in this announcement is based on Firebird’s current expectations of future results or events and should not be relied upon by investors when making investment decisions. Further evaluation work and studies are required to establish sufficient confidence that the production target will be met. Firebird confirms that the financial viability of the Oakover Manganese Project is not dependent on the inclusion of Inferred Resources in the Scoping Study.
The Company considers all the material assumptions in this to be based on reasonable grounds. These include assumptions about the availability of funding. While Firebird considers all of the material assumptions to be based on reasonable grounds, there is no certainty that they will prove to be correct or that the range of outcomes indicated by the Scoping Study will be achieved. To achieve the range of potential outcomes indicated in the Scoping Study, funding of in the order of US$82.3 million (excluding working capital and finance costs) will likely be required. Investors should note that there is no certainty that Firebird will be able to raise that amount of funding when needed. However, the Company has concluded it has a reasonable basis for providing the forward-looking statements included in this announcement and believes that it has a "reasonable basis" to expect it will be able to fund the development of the Project. It is also possible that such funding may only be available on terms that may be dilutive to or otherwise affect the value of Firebird’s existing shares. It is also possible that Firebird could pursue other ‘value realisation’ strategies such as a sale, partial sale or joint venture of the project. If it does, this could materially reduce Firebird’s proportionate ownership of the project. Given the uncertainties involved, investors should not make any investment decisions based solely on the results of the Scoping Study.
The Mineral Resources underpinning the production target in the Scoping Study have been prepared by a competent person in accordance with the requirements of the JORC Code (2012). The Competent Person’s Statement is found on page 5 of this announcement.
For full details of the Mineral Resources estimate, please refer to Firebird’s ASX release dated 10th March 2022 and 23 March 2023. Firebird has confirmed that it is not aware of any new information or data that materially affects the information included in that release. All material assumptions and technical parameters underpinning the estimates in that ASX release continue to apply and have not materially changed.
Click here for the full ASX Release
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.
Octava Secures Drilling Contractor for the High-Grade Antimony Project at Yallalong
Octava Minerals Limited (ASX:OCT) (“Octava” or the “Company”), a Western Australia focused explorer of the new energy metals antimony, REE’s, Lithium and gold, is pleased to report that it has secured agreement with a drilling contractor to conduct exploration drilling at its 100% owned Yallalong antimony project. Drilling is expected to start in the last week of this month.
Highlights
- Octava has now completed the selection process for a drilling contractor to conduct exploration at its 100% owned high-grade Yallalong antimony project in the Midwest of Western Australia.
- A 3000m drilling program is expected to commence by the end of this month and will focus on the Discovery target, where previous high-grade intercepts have been recorded including:
- YRC16: 7m @ 3.27% Sb from 12m including 1m @ 11.5% from 18m
- YRC06: 3m @ 6.83% Sb from 21m including 1m @ 13.6% Sb from 22m
- Maiden drill holes will also be completed on the Central antimony target, where no previous drilling has been done.
- Detailed geophysical survey over the identified antimony corridor at Yallalong is progressing well, now 40% complete.
- The geophysical survey will assist in defining additional antimony targets within the corridor, that may be transported cover.
Octava’s Managing Director Bevan Wakelam stated, "We are really pleased to have secured our drillers to undertake the exploration drill program to outline further high-grade antimony at Yallalong. We will target lateral extensions of existing, known high grade antimony mineralisation and also the underlying bedrock contacts. We also look forward to completing the geophysical survey that will provide us with better geological understanding of what’s below the surface along the antimony corridor.”
Figure 1. Cross-section through the Discovery antimony target showing mineralisation occurring parallel to the sedimentary and mafic rock contact and in the fault zone. (refer ASX announcement 17 September 2024)The antimony (Sb) mineralisation identified at Yallalong appears to occur within a 10km north-south striking mineralised corridor that is interpreted to be related to a structural corridor between the Darling and Woodrarung faults. The fault zones act as conduits for mineralising fluids into the sedimentary rocks that are peripheral to mafic intrusive dykes, a well-known geological setting for antimony deposits worldwide.
Octava is planning to drill two of the priority antimony targets at the Yallalong antimony Project, Discovery and Central. Previous exploration identified four principal antimony targets where antimony mineralisation was exposed at surface at all target locations. Only the Discovery Prospect has any drilling and remains open. Antimony ingot prices at that time were ~$8000/tonne compared to over $30,000/tonne now1. Drilling is expected to commence at the end of this month.
The detailed geophysical surveys are progressing well, now at 40% and on track to be completed in the next 7-10 days. The survey will provide clearer understanding on these key structures, such as shears & faults and provide better definition of controlling lithological boundaries.
Figure 2. Progress map of Detailed Geophysical Survey at Yallalong antimony Project.
Figure 3. Geophysical Survey in progress at the Yallalong antimony project.
This announcement has been authorised for release by the Managing Director/CEO.
Click here for the full ASX Release
This article includes content from Octava Minerals 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.
Heavy REEs Terbium and Dysprosium from Korsnäs
Prospech Limited (ASX: PRS, Prospech or the Company) is pleased to announce further assay results from the ongoing program of sampling and assaying of the historic Korsnäs drill core from holes completed in the 1950s, 60s and early 70s.
A total of 307 samples from 25 holes are reported.
- Further impressive assay results received from 307 samples, 25 historical drill holes
- Assays include heavy REEs (Terbium (Tb) and Dysprosium (Dy)) results up to 86 ppm and 313.4 ppm respectively
- Numerous high grade and broad REE intersections are reported, such as:
- KR-272: 11.4m @ 13,383 ppm TREO1 from 102.7 (NdPrO2 3,982 ppm)
Including4.0m @ 32,831 ppm TREO from 106.7m
(40.9 ppm Tb4O7; 227.4 ppm Dy2O3; 9,943 ppm NdPrO) - SO-187: 17.4m @ 9,798 ppm TREO from 0.0m (NdPrO 3,087 ppm)
Including3.0m @ 48,465 ppm TREO from 11.4m
(86.0 ppm Tb4O7; 313.4 ppm Dy2O3; 15,557 ppm NdPrO)
- KR-272: 11.4m @ 13,383 ppm TREO1 from 102.7 (NdPrO2 3,982 ppm)
- The tables of REE Mineralised Zones >1,000 ppm TREO (in the announcement below) detail many more results worthy of attention
Prospech Managing Director, Jason Beckon, commented:
"Korsnäs keeps delivering standout results, with recent recognition of high grade zones rich in critical Heavy Rare Earth Elements (HREEs) like dysprosium (Dy) and terbium (Tb).
While Korsnäs is primarily a carbonatite-associated deposit known for valuable magnet REEs such as neodymium (Nd) and praseodymium (Pr), the presence of significant Dy and Tb mineralisation is a major advantage. These heavy REEs are crucial for producing high strength magnets which hold up under high temperatures and perform reliably in demanding applications like electric vehicles, wind turbines and high-efficiency motors.
With current supply disruptions in China, securing a stable source of these materials is more important than ever. Prospech is looking to meet this need, positioning itself as a dependable future supplier of magnet critical HREEs. Our commitment to thoroughly assessing these enriched zones at Korsnäs reflects our confidence in the project’s potential and our determination to support the growing global demand for sustainable energy technologies. By developing Korsnäs as a secure supply source, we are not just meeting immediate industry needs; we’re playing a key role in strengthening the resilience of global rare earth supply chains for the long term."
Initially developed as a lead mine, the Korsnäs project also hosts extensive rare earth element (REE) zones, which remain open both along strike and at depth. The site features a series of layered carbonatite zones, each up to 20 metres thick and separated by 50 to 100 metres along the strike. These REE enriched zones correlate with gravity anomalies, represented as orange ellipses on the included plan. So far, five such anomalies have been identified, extending over a strike length of more than 5 kilometres.
Focusing on REE mineralisation, the Company has conducted a comprehensive REE sampling program on the historic Korsnäs core stored by GTK at their data facility. Assay results have been reported in ASX announcements on 11 May 2023, 14 June 2023, 5 September 2023, 24 October 2023, 21 November 2023, 12 December 2023, 16 January 2024, 5 February 2024, 26 March 2024, 4 July 2024 and 4 November 2024.
Map showing the locations of drilling at Korsnäs. Newly reported holes are marked with red circles, previously reported holes with additional new assays are represented by blue triangles. Gravity-low anomalies are indicated by orange ellipses.
Presented below are two tables of assay intersections from the latest batch. The first table lists intersections from newly assayed holes that have not been reported before. The second table (in two parts) includes intersections from previously reported holes, now updated with additional assays from the margins of mineralised zones.
Click here for the full ASX Release
This article includes content from Prospech 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.
Ultra-High Grade Naturally Occurring Antimony at Alturas Project with Assays up to 69.98% Sb
Equinox Resources Limited (ASX: EQN) (“Equinox Resources” or the “Company”) is pleased to announce reconnaissance assay results from its maiden exploration program at the Alturas Antimony project within British Columbia, Canada. The company has increased its total land holding interests to 6.31km2 on the Alturas project.
Highlights
- Rock chip samples from the Alturas Antimony project in British Columbia, Canada, have returned outstanding ultra-high grade Antimony assays, including:
- 69.98% Sb – sample ALT24-PS-R003
- 67.96% Sb – sample ALT24-JL-R004
- 49.98% Sb – sample ALT24-JL-R005
- 47.97% Sb – sample ALT24-JL-R002
- 45.55% Sb – sample ALT24-JL-R003
- 44.45% Sb – sample ALT24-PS-R002
- 37.39% Sb – sample ALT24-PS-R004
- 28.81% Sb – sample ALT24-PS-R005
- 20.89% Sb – sample ALT24-JL-R009
- 20.17% Sb – sample ALT24-PS-R001
- 18.01% Sb – sample ALT24-JL-R007
- 16.77% Sb – sample ALT24-JL-R010
- 14.75% Sb – sample ALT24-JL-R001
- 12.42% Sb – sample ALT24-PS-R006
Pure Stibnite, Antimony Ore contains 71.4% Sb
- Additional ground totaling 3.3 km2 has been strategically staked to the east and west of the property, offering further potential to expand the mineralised footprint.
- 105 tonnes of Antimony ore, averaging 57.20% Sb has been historically sold from the Alps- Alturas Antimony Mine on this property.
- Since the execution of the option agreement for the Alturas project, the price for Antimony has reached US$36,000 per metric ton as of October 25, 2024, from approximately US$24,000 per metric ton at the time of acquisition. This significant price increase has been driven by supply constraints arising from new export controls on antimony announced by China in September 2024.
- Malachite stained rock chip from copper-bearing boulder field returned up to 0.96% Cu, offering potential for copper mineralisation beneath the surface.
- Drilling underway at Brazilian REE projects with assay results pending.
Equinox Resources Managing Director, Zac Komur commented:
We are thrilled to announce our latest exceptional exploration results, revealing extraordinary antimony assays that highlight the immense potential of the Alturas Project. Rock chip samples have returned grades as high as 69.98% antimony (Sb), establishing some of the world's highest reported natural stibnite (Sb2S3) grades. Considering that pure stibnite contains 71.4% antimony, these findings confirm Alturas as a truly unique and valuable asset.
By strategically expanding our footprint with additional claims to the east and west, we are positioned to explore beyond the known mineralisation. The discovered copper zone, with rock chips grading at 0.96% Cu, along with an extensive shear system, further solidifies Alturas as an outstanding opportunity. This project offers us a rare chance to unlock substantial value by systematically exploring an underexplored, ultra-high-grade asset in a mining-friendly jurisdiction.
We’re also continuing drilling at our Mata da Corda Titanium and Campo Grande Rare Earth Projects in Brazil, with assays pending.”
Reconnaissance Sampling
In September 2024, Equinox Resources conducted a maiden reconnaissance sampling campaign at the Alturas Antimony Project to evaluate the potential for high-grade antimony and associated polymetallic mineralisation along the extensive shear zone. The objectives of the reconnaissance campaign were to map and sample key structures by focusing on the 1.5 km shear zone, identified as the main mineralising structure, and to assess antimony concentrations in rock chip samples across newly identified dilation zones and extensions.
Figure 1: Location diagram of rock chip and soil samples taken with mapped shear zone identified
Figure 2: Assay results concentrated across the shear zone (Sb grades greater than 1%)
Project Overview
The Alturas Antimony Project is located in the Slocan Mining Division of British Columbia, Canada, approximately 15 kilometers northeast of New Denver. The project area is situated within a favorable geological setting, featuring a 1.5 km shear zone with polymetallic potential, including antimony, copper, and silver. The tenements cover the historic Alps-Alturas mine, an Antimony mine which operated between 1916 and 1926 selling ultra-high grade Antimony, averaging 57.2% Sb and up to 59.50% Sb. On 10 September 2024, Equinox Resources entered into a 12-month option to acquire 100% interest in all three tenements.
Click here for the full ASX Release
This article includes content from Equinox 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.
Woomera Completes Maiden Drilling Program at Bronze Fox Copper-Gold Porphyry Project
Woomera Mining Limited (ASX: WML) (“Woomera”, “the Company”) is pleased to announce that its two-pronged diamond core programme for the recently acquired Bronze Fox Project in Mongolia has been completed. Woomera was able to complete the program in less than four weeks, with all drillholes reaching proposed target depths. In total 16 holes were completed for 2516.4m (Refer to Table 1).
- Woomera’s first drill programme at the Bronze Fox Project in Mongolia has been completed.
- 16 Diamond drill holes were completed for a total of 2516m.
- Drilling largely focussed on shallow infill and extension drilling with a single deeper hole (F109/916.4m) testing a coincident geophysical/structural target.
- The target porphyry was intersected in all holes with assays due late December/early January.
- Woomera can earn an 80% interest in the Bronze Fox Project by spending US$4m on exploration (with an election to acquire 100%).
Assays for the program are expected to be available in late December 2024 or early January 2025. Woomera can earn an 80% interest in the Bronze Fox Project from Kincora Copper Limited (ASX: KCC) by expenditure of US$4m and has to the right to acquire a 100% interest.
Figure 1: Drilling at Bronze Fox
Figure 2: Field work at Bronze Fox
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 Ulaanbaatar. It represents an opportunity to secure a 100% interest in an underexplored world-class porphyry copper project with genuine Tier-1 potential. Drilling by Kincora totalling 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.
The Bronze Fox Project contains the West Kasulu Inferred Mineral Resource of 194.1Mt at 0.26% Copper Equivalent (CuEq), at a 0.2% CuEq cut-off to a depth of approximately 325m below surface and an Exploration Target of between 100Mt and 300Mt at 0.25 to 0.35% CuEq.20221
The Bronze Fox Project is located proximal to several world class mineral deposits including Oyu Tolgoi, Kharmagtai, Tsagaan Suvarga and Tavan Tolgoi (see Figure 3).
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.
US Indexes Reach Fresh Highs as Trump Secures Election Win
Key US indexes hit new records following Donald Trump's victory in the presidential election.
Trump’s campaign, which focused on reviving traditional industries and reinforcing tariffs, suggests a shift in economic priorities that investors in the US and elsewhere are now trying to assess.
Immediate reactions were seen across various asset classes on Wednesday (November 6), including American indexes and equities, the US dollar, cryptocurrencies and commodities.
Key US indexes reach new all-time highs
The S&P 500 (INDEXSP:.INX), Dow Jones Industrial Average (INDEXDJX:.DJI) and Nasdaq Composite (INDEXNASDAQ:.IXIC) all reached new record levels as Trump's victory hit markets. The S&P traded as high as 5,922.53 on Wednesday, while the Dow rose to 43,707.92. For its part, the Nasdaq reached 18,962.46.
"The market is definitely moving in line with the Trump playbook; stocks and small caps, in particular, are higher on the idea that Trump will be good for U.S. companies," Seema Shah, chief global strategist for Principal Asset Management, explained to Reuters. She added that markets outside the US are reacting as well.
"Across emerging markets, you can see China and Europe are struggling with the idea that they could face higher tariffs, and U.S. bond yields higher with expectations for a higher fiscal deficit and inflation."
US dollar rallies, Bitcoin hits new all-time high
On the US dollar front, Trump’s win put the greenback on track for its strongest daily gain in four years.
Investors anticipate that a renewed focus on tariffs could increase inflation, potentially prompting the US Federal Reserve to cut interest rates by less than previously expected. The Fed's next meeting is currently in progress, with many market watchers anticipating a 25 basis point reduction after September's 50 basis point drop.
Bitcoin, which some see as a hedge against traditional financial instability, hit a new all-time high, reaching US$75,397 shortly after Trump’s victory. The cryptocurrency’s surge reflects investor sentiment that a Trump administration will be more favorable to digital assets than a Kamala Harris-led country might have been.
The boost continues the trend of cryptocurrencies being perceived as alternative assets in times of uncertainty.
Gold, also typically seen as a safe-haven asset, experienced a decline. The yellow metal sank as low as US$2,660.84 per ounce on Wednesday after spending the better part of the last three weeks above US$2,700.
Experts see the yellow metal facing opposing pressures: inflation risks from tariffs could increase demand for safe-haven assets like gold, while the strong dollar and stabilized economic growth might dampen that demand.
Silver also fell on Wednesday, dropping to US$30.99 per ounce at its lowest point.
Oil, copper and agricultural commodities react
Other commodities saw contrasting responses to Trump's victory at the polls.
Both Brent and West Texas Intermediate crude futures saw small declines on Wednesday. Looking longer term, some analysts believe a Trump presidency could be positive for oil — if he renews sanctions on countries like Iran and Venezuela, these nations' oil exports could be reduced, creating a tighter supply situation.
Copper saw a more significant decline, with Reuters reporting that it is set to record its biggest intraday loss in five months. Market participants appear to be pricing in the possibility of reduced US support for electrification projects, which could lower demand for copper, along with other industrial metals.
“We are seeing industrial metals taking the biggest hit, led by copper and iron ore, while grains trade lower, led by soybeans on fears that China’s countermeasures may hurt US exports of soybeans and corn," Ole S. Hansen, head of commodity strategy at Saxo, said in an emailed note.
China is a leading importer of soybeans from the US, making the market heavily dependent on the Asian nation.
Trump's election has raised concerns that new tariffs could disrupt the US-China agricultural trade relationship, potentially prompting China to impose retaliatory tariffs on American crops.
Wheat and corn, while less reliant on Chinese markets, also trended downward before recovering.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Kurundi Main Assay Results Tennant Creek
King River Resources Ltd (ASX: KRR) is pleased to provide the following update on results for the 2024 drilling at Kurundi Main prospect. Drilling focused on extending previously discovered high grade gold mineralisation (reported in 2022) and testing alternative structural positions identified in detailed drone magnetics completed in 2023 (KRR ASX: 28 June 2024). Significant results have been returned (Figure 1) including the discovery of a new high grade gold zone 250m south of the central main workings with best result of:
- TTRC098: 9m @ 1.62g/t Au from 49m including 1m @ 12.75g/t Au from 53m.
Other high-grade results include:
- TTRC103: 3m @ 8.3g/t Au from 35m including 1m @ 16.25/t Au from 36m at the central main zone.
- TTRC092: 5m @ 2.14g/t Au from 38m including 1m @ 6.39g/t Au from 40m at the central main zone.
- TTRC110: 2m @ 5.11g/t Au from 44m including 1m @ 6.33g/t Au from 45m at the northern workings
Also, a possible new style of mineralisation on a porphyry-basalt contact, footwall to the central main mineralized zone has been identified (requires further investigation - see Central Target Area section below) with an intersection of:
- TTRC103: 2m @ 10.93g/t Au from 51m including 1m @ 20.75g/t Au from 51m.
All intersections are stated as down hole widths which are close to true width for the Kurundi Main structure. A second phase of drilling has commenced to test the new southern high-grade zone and continue exploring the other Kurundi Main targets.
Figure 1: Kurundi Main Prospect 2024 drilling (blue dots) with best new results (yellow labels). 2022 drilling shown as black dots.
A total of 28 RC holes for 1,986m have been completed (results listed in Table 2) testing 3 main targets: (1) northern and southern extensions of the Kurundi structure up to 1km from the central main workings, (2) testing the plunge of the central high-grade shoot intersected in 2022 drilling, (3) testing mineralisation deeper under the central main workings.
Central Target Area:
Drilling has confirmed a southerly plunge to the central main high grade gold mineralisation identified in 2022 drilling with TTRC0103 and TTRC092 intersecting high grade gold mineralisation (Figure 2). Also, TTRC103 intersected an unexpected high grade gold zone of mineralisation footwall to the central main zone, on the contact between the basalt host rock and a porphyry intrusive unit (cross section in Figure 3). Due to the lack of structure and alteration being visible in the drill chips the result was initially perceived as a sampling error (2 composite samples from this interval returned anomalous results). However, re-assaying of the pulps followed by resampling at 1m intervals confirmed the presence of gold mineralization and eliminated possible sampling and laboratory errors. This possible new style of mineralisation will be investigated thoroughly with reinterpretation, drill hole relogging, multi element analysis, petrography and drilling to understand possible orientations, further targeting and to eliminate the possibility of down hole contamination of samples during the drilling of TTRC103.
In the Central Target Area KRR’s previous 2022 drilling only tested to a vertical depth of 40m. Four new holes have now been drilled to test a vertical depth of 65m. All holes intersected strong structure, alteration and veining confirming the continuation of the central target zone at depth. TTRC105 intersected a broad zone of veining and alteration and returned 10m @ 0.32g/t Au including 1m @ 0.98g/t Au from 68m with mineralisation open at depth and to the south, shown in the long projection below (Figure 2). The presence of strong veining and shearing at depth across the strike of the central zone is very encouraging for further, deeper drilling.
Figure 2: Long projection of the Central Main Kurundi mineralized zone beneath the central workings area. View is perpendicular to the main vein which dips approximately 35o towards 215o. New results shown in yellow boxes, 2022 results shown in grey boxes, light purple box is for the footwall intersection.
TTRC112 was drilled to test a resistivity anomaly identified by 2023 DDIP survey (KRR ASX: 28 June 2024) however no cause for the resistivity anomaly was identified.
Click here for the full ASX Release
This article includes content from King River 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.
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