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![Firetail Resources (ASX:FTL)](https://investingnews.com/media-library/firetail-resources-asx-ftl.png?id=50427043&width=1200&height=799)
Quarterly Activities Report for the Period Ending 30 June 2024
Australian battery minerals explorer, Firetail Resources Limited (“Firetail” or the “Company”) (ASX: FTL) is pleased to provide a summary of its activities for the three month period ending 30 June 2024.
HIGHLIGHTS
- Strengthening of Copper Asset Portfolio with binding Option Agreement executed for the acquisition of up to 80% of York Harbour Copper-Zinc-Silver Project via a staged earn-in (Acquisition)1.
- The York Harbour Project is a Cyprus-style volcanogenic massive sulphide (VMS) exploration project, located 180km west-south-west of FireFly Metals Ltd (ASX:FFM) Green Bay Copper Project, in Newfoundland, Canada.
- Alongside the Acquisition, FTL raised approximately $1.64m (before costs) by way of a placement to strategic investors together with a non-renounceable entitlement issue to existing eligible shareholders1.
- Experienced Exploration & Mining Geologist Glenn Poole appointed as Chief Executive Officer2.
- Firetail satisfied the Peruvian Projects Stage 1 Performance Milestone through successful completion of a minimum 5,000m diamond drilling campaign at the Picha Copper Project, achieving mineralised intersection targets of over 10m at 2.5% Cu, with the best intercept comprising 2.81% over 13m1.
Commenting on the June Quarter, Executive Chairman, Brett Grosvenor, said:
“The last quarter was of strategic importance to Firetail, as we were able to increase copper exposure with the the acquisition of the York Harbour Project. The York Harbour project was chosen for advanced exploration and its potential to enhance shareholder value, in line with the Board’s vision of securing high-quality copper assets in Tier 1 locations.
“With a portfolio of high quality assets, we were able to attract a high calibre CEO into the business with the appointment of Glenn to Firetail's team. We can now ensure that we have the right in house technical expertise to advance these assets and deliver on our strategy and unlock value for shareholders.
“Furthermore, Firetail achieved a significant milestone with 5,000m of drilling completed at the Picha Copper Project, having intersected promising grades of 2.8% Cu over a 13m interval. This success underscores the prospectivity of the project, prompting further exploration to realise the project’s full potential“
Click here for the full ASX ReleaseThis article includes content from Firetail Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.Firetail Resources Investor Kit
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Firetail Resources
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Overview
Firetail Resources (ASX:FTL) is an Australian exploration company building a strategic portfolio of battery metals in Australia and Peru.
Batteries are a critical foundation of the transition to a greener and more sustainable future. Consequently, between electric vehicles and renewable energy, global demand for batteries is expected to increase from 185 GWh in 2020 to over 2,000 GWh by 2030. This is expected to have a profound impact on the market for battery and base metals such as lithium, nickel, cobalt and copper.
Firetail Resources aims to leverage this significant opportunity to find the critical resources to support the world’s journey to electrification. Under the direction of a proven board and management team with decades of collective experience in mining exploration, development and production, Firetail Resources boasts a diversified asset portfolio with multiple drill-ready targets and advanced exploration projects that all have tremendous potential to increase shareholder value.
Firetail's Australian Yalgoo-Dalgaranga, Mt. Slopeaway and Paterson projects are all located in proven geologic domains and display significant upside for substantial mineral resources. The company's more recent acquisition of two projects in Peru strongly complements these assets.
As the world's third-largest copper producer, Peru has a massive mining industry with a strong prominence in the country’s national economy. Long recognized as an excellent, low-risk mining jurisdiction, the country recently approved roughly $600 million worth of new mining projects. Unsurprisingly, nearly every major global mining company is either operating in the jurisdiction or is aware of it.Although only recently acquired, Firetail's Picha Copper project is now one of its most promising assets. The Picha Project was acquired as part of a deal that includes a farm-in agreement with Barrick Gold Corporation (TSE:ABX) for an earn-in of up to 70 percent interest in the Charaque Project.
Picha is located along a NNW regional trend of carbonate-replacement (CRD) and epithermal deposits, including the San Gabriel Gold Project (Buenaventura NYSE:BVN), which is fully permitted and in construction; and the Berenguela Ag, Cu, Mn, Zn Deposit (Aftermath Silver TSXV:AAG).
In 2024, Firetail Resources announced the acquisition of York Harbour copper project, Canada. The company has signed a binding option agreement to acquire up to 80 percent of York Harbour project via a staged earn-in. York Harbour is a Cyprus-style volcanogenic massive sulphide (VMS) exploration project, located 180 km west-south-west of FireFly Metals Ltd (ASX:FFM) Green Bay copper project.
With a diversified portfolio of battery and base metals assets in two leading mining jurisdictions, Firetail is perfectly positioned to take advantage of the transition to green energy, driving considerable shareholder value in the process.
Company Highlights
- Demand for batteries is expected to exponentially increase by 2030, consequently driving the demand for battery and base metals.
- An Australian exploration company, Firetail Resources is well-positioned to take advantage of this market trend via a portfolio of Australian and Peruvian battery metals projects.
- Firetail's drill-ready assets are supported by smart field exploration and drilling programs to unlock their resource potential and increase shareholder value.
- The company's current portfolio of assets includes lithium, copper, cobalt, manganese, molybdenum, lead, zinc and nickel.
- All of Firetail's exploration activities are directed by a board and management team with a proven track record in mineral exploration, development and production.
Key Projects
Picha (Copper)
Located in Southern Peru's Moquegua and Puno departments, Picha represents Firetail's most recent acquisition. Intended as a complement to the company's portfolio of battery metals assets, the highly prospective 200-square-kilometre copper project hosts multiple drill-ready targets which Firetail plans to test in the coming months. Picha was obtained as part of a deal that included a farm-in agreement with Barrick Gold Corporation for the Charaque Project located 30 kilometres to the northeast.
Firetail recently confirmed its official drill permit for Picha and site preparations are underway for a October drilling campaign.
Project Highlights
- Promising Geology: Picha is located within Peru's Epithermal Au-Ag-Cu-Pb-Zn metallogenic zone along a north-northwest regional trend of carbonate-replacement and epithermal deposits.
- Nearby Projects: Picha is situated roughly 17 kilometres east-northeast of Compania de Minas Buenaventura's San Gabriel gold-copper-silver project, which hosts:
- Reserves of 14.9 Mt with 4.04 grams per ton (g/t) gold and 6.43 g/t silver representing 1.94 Moz gold.
- Resources of 24.86 Mt with 2.10 g/t gold and 8.46 g/t silver.
- Multiple Mineralisation: The project is prospective for multiple styles of copper mineralisation, including epithermal, stratabound, polymetallic carbonate replacement and porphyry-style. It also hosts several untested and geologically significant geochemical and geophysical anomalies, displaying similar mineralisation to the Storm/Seal copper project on Somerset Island.
- Significant Exploration Potential: Firetail has identified 13 exploration targets through a combination of geological mapping, surface sampling and geophysical surveys. Thus far, the company has collected 651 rock/chip samples and 289 soil samples and performed 118 line-kilometre IPs and 240 line-kilometre magnetic surveys. Highlights of its exploration work include:
- Widespread surface copper mineralisation coincident with IP anomalies.
- Channel Sample Results
- Cobremani: 41.6 metres at 1.12 percent copper and 22.85 g/t gold.
- Maricate: 17.6 metres at 1.95 percent copper and 29.58 g/t gold.
- Cumbre Coya: 32.85 metres at 0.61 percent copper and 209.76 g/t gold.
- Fundicion Target: Identification of a large chargeability anomaly reflecting potential sulphide mineralisation and/or alteration at depth indicative of a large porphyry body. This anomaly is roughly 2 kilometres long and 2 kilometres across at its widest point.
- Additional Drill Targets: Firetail's second IP survey revealed additional anomalies, including:
- Ichucollo: Semi-contiguous 2.5-kilometre long IP anomaly with coincident surface mineralisation and sample results of 24 metres at 1.08 percent copper, 13 metres at 1.38 percent copper and 30 metres at 0.79 percent copper. Manto-type mineralisation at the target's southern end also averages 1.45 percent copper over 18 metres.
- Huancune: A 1.5-kilometre long anomaly coincident with surface mineralisation. Multiple channel samples ranging from less than 0.5 percent copper up to 3.95 percent copper.
Charaque (Copper)
The Charaque Copper Project is located roughly 30 kilometres northeast of Firetail's Picha project, consisting of eight claims covering roughly 60 square kilometres. The region around the project is an active exploration area where multiple leading mining companies maintain significant landholdings, including Barrick Gold, Teck Resources (TSE:TECK.B) and Fresnillo (LON:FRES).
Charaque was acquired via a farm-in agreement between Firetail and Barrick Gold which entitles the latter to earn up to a 70 percent interest in the project.
Yalgoo & Dalgaranga (Lithium)
Firetail's Yalgoo and Dalgaranga lithium projects collectively span more than 1,750 square kilometres in Western Australia's highly prospective Murchison region. Located close to Geraldton Port and with easy access to all necessary infrastructure, the two projects host known lithium-caesium-tantalum (LCT) pegmatites with a strong rubidium association. Firetail recently completed a small maiden drilling program in the Johnson Well area of Yalgoo, itself the site of a historic lepidolite mine.
Rock chip sampling of surrounding areas is ongoing along with a detailed analysis of lithium prospectivity. Results and a project update are expected within four to six weeks.
Project Highlights
- Yalgoo Exploration Results: Thus far, exploration at Yalgoo has returned highly promising results, including:
- A 25-kilometre "Goldilocks Zone" at Yalgoo confirmed to host LCT pegmatites with historic results of up to 3.75 percent lithium oxide.
- Rock chip assay results of up to 0.54 percent lithium oxide and under 1 percent rubidium.
- High-grade rubidium, including 10 metres at 0.44 percent rubidium from 10 metres.
- Dalgaranga Exploration Results: Firetail has completed detailed geological mapping in the project's north, returning anomalous lithium, rubidium, caesium and tantalum values indicative of LCT pegmatites. The company plans to undertake further mapping in the area.
- Dalgaranga's Strong Prospectivity: Dalgaranga counts several advanced critical minerals projects amongst its neighbours which together confirm its prospectivity:
- King Tamba (ASX:KTA): Maiden mineral resource estimate (MRE) of 5 Mt at 0.14 percent rubidium oxide with a lithium oxide credit. Open mineralisation in all directions with a planned infill drill program to expand MRE.
- Aldoro Resources Limited (ASX:ARN): Aldoro's Niobe Tantalum-Lithium project has delivered a maiden inferred JORC MRE of 4.6 Mt at 0.17 percent rubidium oxide and 0.07 percent lithium oxide. Potential to upgrade is present thanks to mineralisation at shallow depth.
- Farm-in Agreement on Southern Yalgoo Tenement: Completion of the farm-in agreement completed with SensOre (ASX:S3N), through its joint-venture subisidiary Exploration Ventures AI Pty (EXAI) in partnership with German resource investment group Deutsche Rohstoff AG, on tenement E59/E2252, a part of the Firetail Yalgoo Lithium Project. As per the agreement, EXAI is to earn up to 80 percent of lithium rights on E59/E2252 by spending $3.5 million in two stages. Additional considerations of up to $600,000 will be fulfilled upon the delivery of maiden mineral resource estimate (MRE) and pre-feasibility study (PFS). SensOre will further provide Firetail access to its proprietary AI technology across the Yalgoo and Dalgaranga Lithium Projects. The two companies will work closely together to identify and confirm Lithium exploration targets in the region.
Mt. Slopeaway (Nickel)
Situated in Central Queensland, Firetail's Mt. Slopeaway Nickel Project contains an existing JORC 2012-compliant inferred mineral resource of 4 MT at 1 percent nickel, 0.2 percent cobalt and 1 percent manganese. Having recently been awarded project status, Firetail plans to conduct environmental and heritage surveys. Planning of an onsite drilling program is also underway.
Project Highlights
- Current Progress: In addition to drilling, heritage and environmental surveys, highlights of Firetail's work at Mt. Slopeaway include:
- Development of a geological model indicative of a manganese-cobalt-nickel layer at the base of a limonite section.
- Finalisation of a project land access agreement and completion of site earthworks.
- Phase 1 reverse circulation (RC) drilling with results exceeding historical nickel and cobalt assay data.
- A planned Phase 2 RC and diamond drilling program to upgrade the project's current resource classification.
- Extensional drilling to potentially expand the project's current inferred resource.
- Drilling Results: A drilling program completed in Q4 2022 returned up to 51 metres of thick laterite nickel-cobalt mineralisation.
Paterson (Copper)
Firetail's Paterson Copper Project spans five tenements across roughly 1,000 square kilometres in Western Australia. Heritage agreements for the project are in place and desktop studies are currently progressing, with multiple prospective target areas identified for drilling.
Project Highlights
- Shallow Intercepts: Paterson displays the shallowest known historical gold/copper intercepts in the region, with up to 6.5 percent copper, 0.99 g/t gold and copper, 0.99 g/t gold and 1,330 parts per million (ppm) molybdenum across an approximately 50-metre wide magnetite alteration zone.
- Drilling Targets: Paterson has identified the following potential targets for drilling at Paterson:
- 87WDRC2: 17 metres at 1.6 percent copper and 317 ppm molybdenum including 9 metres at 2.6 percent copper and 456 ppm molybdenum from 84 metres.
- 87WDRC6: 9 metres at 2 percent copper and 272 ppm molybdenum including 5 metres at 3.1 percent copper and 430 ppm molybdenum from 84 metres.
- 87WDRC8: 11 metres at 1.5 percent copper and 181 ppm molybdenum including 7 metres at 2.1 percent copper and 250 ppm molybdenum from 83 metres.
- 87WDRC14: 13 metres at 1.1 percent copper including 6 metres at 2 percent copper from 107 metres.
Management Team
Brett Grosvenor — Executive Chair
Brett Grosvenor is a seasoned executive with over 25 years of experience in the mining and power industry. He holds a dual tertiary qualification in engineering and a Master in Business. Prior to his current position, Grosvenor was the director of development at Primero Group, focused on the development of projects from an initial concept through to contract delivery and operation.
Grosvenor is currently a director of ASX-listed Perpetual Resources and Firebird Metals. He is a member of the project steering group for Patriot Battery Metals and also the Australian Industry Consultation Group for Battery and Critical Minerals.
Glenn Poole - Chief Executive Officer
Glenn Poole brings a wealth of experience as a technical geologist and a proven track record in developing and rejuvenating mineral assets with numerous ASX listed companies. Most recently, Poole was technical director and chief geologist at Greenstone Resources (ASX:GSR) prior to the merger with Horizon Minerals (ASX:HRZ). During his time, Poole delivered significant increases in resources to the Coolgardie Gold and Norseman base metal projects. Prior to this, he was technical lead for Firefly Resources and developed the maiden resources for the Yalgoo Project prior to the merger with Spartan Resources (ASX:SPR). Poole has also held senior positions within Northern Star (ASX:NST) and Superior Gold.
Poole's combination of advanced technical and corporate experience will expedite the exploration and development of the York Harbour copper-zinc-silver project in Newfoundland and Labrador. Poole holds a BSc in Geology from the University of Otago and a Master of Business Administration (MBA) from La Trobe University.
Simon Lawson — Non-executive Director
Simon Lawson is a professional geoscientist with more than 16 years operational experience spanning multiple commodities and jurisdictions, and was a founding member of Northern Star Resources (ASX:NST).
He holds a Master of Science in geology from Auckland University and has more than 15 years of exploration, production and management experience in gold and base metals. He is currently the managing director of Spartan Resources (ASX:SPR) formerly Gascoyne Resources (ASX:GCY).
Cai Kecheng — Non-executive Director
Cai Kecheng is a representative of Hong Kong Jayson Mining Co. (Jayson), a substantial shareholder of Firetail. Kecheng has over eighteen years of experience in financial investment and corporate strategy. He is currently the associate president and head of investment & strategy for Jayson. Prior to that, he served as managing director at a number of private equity firms in Shanghai
George Bauk — Non-executive Director
George Bauk is an experienced director with over 17 years as a listed company director and 30 years within the resources industry including global operational and corporate roles.
He has experience managing everything from exploration to production in Australia and internationally, with expertise across a variety of commodities including rare earths, lithium, graphite, gold, uranium and copper. During his time as managing director of Northern Minerals, he led his team from a greenfields heavy rare earth explorer to one of the few global producers of high-value dysprosium outside of China.
Alongside his position as director at Firetail, he is also an executive chairman of ASX-listed Valor Resources (ASX:VAL) and Lithium Australia (ASX:LIT), as well as an executive director of PVW Resources (ASX:PVW).
Robin Wilson — Technical Director
Robin Wilson has held senior exploration positions in several exploration and mining companies, including Valor Resources, Polaris Metals, Tanganyika Gold, Troy Resources, CRA Exploration and Northern Minerals. He has also spent five years working in oil and gas exploration for Woodside Energy.
During nearly 30 years of involvement in mineral exploration, Wilson has worked on gold, nickel, REE, uranium, copper, lithium and phosphate projects throughout Australia, Africa, South America and North America and was involved in the initial discovery and outlining of several gold deposits in Australia. Between 2006 and 2021 he led the Northern Minerals exploration team that discovered the Browns Range REE deposits that have advanced through development to production of HRE carbonate.
Frank Bierlein — Technical Consultant
Dr. Frank Bierlein is a geologist with 30 years of experience as a consultant, researcher, lecturer and industry professional. He served on the Firetail board of directors from the time of its listing on ASX in April 2022 until July 2023. He remains a technical consultant to Firetail, in particular for ongoing technical work on the Mt Slopeaway Project.
Bierlein has held exploration and generative geology management positions with QMSD Mining, Qatar Mining, Afmeco Australia and Areva NC and consulted for, among others, Newmont Gold, Resolute Mining, Goldfields International, Freeport McMoRan and the International Atomic Energy Agency.
He is currently a Non-executive director of Blackstone Minerals, Impact Minerals and Variscan Mines.
Leon Bagas — Senior Exploration Geologist
Leon Bagas is an exploration geologist with forty years of industry experience. He has held senior exploration roles with multiple Australian companies and senior research positions for the University of Western Australia.
Bagas is highly experienced in developing mineralisation models using geochemistry and geochronology. Combined with his proficiency in the field, this makes Bagas an excellent candidate to assist in the development of the exploration and drilling programs at Firetail's Paterson Orogen and Yalgoon-Dalgaranga project areas.
Phillip Mackenzie — Senior Exploration Geologist
Phillip Mackenzie has worked in Central Queensland over several decades, exploring the Marlborough and Yeppoon terrain to assess and explore for nickel, cobalt, chromite, magnesite and gold related to the Princhester Serpentinite. His work included management of projects and teams to perform activities ranging from regional sampling to resource drilling. As a result of his work, several hundred drill holes targeting lateritic nickel and cobalt were assessed and an indicated resource determined for a mining lease.
Redstone Resources Quarterly Report for the Period Ending 30 June 2024
Redstone Resources Limited (ASX: RDS) (Redstone or the Company) is pleased to provide its quarterly report for the period ending 30 June 2024 (the Quarter).
WEST MUSGRAVE COPPER PROJECT (100% RDS) – WEST MUSGRAVE, WESTERN AUSTRALIA
- Core focus on advancing copper exploration strategy at 100% owned West Musgrave Project in WA
- Work programmes, permits and approvals are well advanced for next phase of exploration which will test copper targets nearby to high grade Tollu Cu deposit
- Near‐term plans include a single deep drillhole at the Chatsworth Prospect and follow‐up evaluation of anomalous copper at EM5 and surrounding target areas outside of Tollu.
- Redstone awarded EIS grant for up to $220,000 to assist with a potential single deep drill hole of approximately 1,000m underneath the currently defined Tollu Cu deposit.
- Previous drilling completed by Redstone at Tollu confirmed extremely high‐grade and continuouscopper mineralisation from significant depths and to the surface:
- Most recent drilling at Chatsworth Prospect intersected 11m at 1.2% Cu from only 29mdownhole (TLC205);
- Historical intersections at Chatsworth Prospect include grades of 3.4% Cu over 10m, including5m at 5.3% Cu from 427m deep (downhole)(TC80), still continue and are not closed out;
- Drilling at the Forio Prospect, which included the highest‐grade intersection ever recorded atTollu, being 1m at 18.5% Cu from 18m downhole (TLC203) within an intersection of 8m at 4.1% Cu from 13m downhole;
- Significant exploration upside with high‐grade mineralised zone at Forio now covering a60m strike length (north and south) of continuous high‐grade copper;
- High‐grade Forio copper zone extends all the way to the surface with lenses of Cu mineralisation up to 34m thick (downhole) with average grades always over 1% Cu (34m at 1.04% Cu from 15m downhole in TLC181).
- Discovery of new copper mineralising system: Early exploration drilling outside Tollu resource has highlighted the potential for a further copper mineralising system, with the discovery of 95m(downhole) of anomalous copper intersected from 66m downhole at the EM5 target (TLC170), some 7.2km northeast of the Tollu Copper deposit
- Prime exploration address: Located nearby to major BHP deposit and the recent Terra Metals Ltd (ASX: TM1) discovery of multiple Platreef‐Style copper‐platinum group element (PGE) reefs:
- Tollu located 40km east of BHP’s world‐class Nebo‐Babel Ni‐Cu‐Co‐PGE deposit ‐ estimated to have a resource of 390 million tonnes grading 0.33% copper and 0.30% nickel, for 1.2 million tonnes of contained nickel metal and 1.3 million tonnes of contained copper metal
- Positive signs from 2023 exploration campaign: Confirmed for the first time, the presence of a potential Ni‐Cu‐Co‐PGE host or source rocks at the West Musgrave Project.
- Significantly upgrades Ni‐Cu‐Co‐PGE prospectivity, especially considering the western boundary of the project area is only 40km east of the Nebo Babel (see Figure 1).
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This article includes content from Redstone 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.
Culpeo Minerals Investor Presentation
Advancing High-Grade Copper in Chile
Culpeo Minerals Limited (“Culpeo” or “the Company”) is pleased to release its investor presentation based on information available as of 30 July 2024.
Premier copper producing region globally
- Quality copper portfolio with multiple drill ready targets and development options.
- Targeting high-grade copper, critical for the energy transition.
- Strategically positioned at low altitude, near infrastructure, surrounded by Tier 1 assets.
- Lana Corina and Fortuna are ripe for development and highly prospective for copper, gold and molybdenum.
Click here for the full ASX Release
This article includes content from Culpeo 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.
Quarterly Activities Report for the Period Ending 30 June 2024
Deep Yellow Limited (Deep Yellow or Company) is pleased to provide a summary of key activities completed in the June 2024 quarter.
Tumas Project
- Ausenco Services Pty Ltd selected as preferred EPCM contractor for the flagship Tumas Project
- Scope of work to be completed includes finalising detailed engineering with an EPCM contract opportunity for project execution
- Project remains scheduled for commissioning Q3 2026
- Resource upgrade drilling at Tumas 3 completed with data preparation underway for release of updated Mineral Resource Estimate early August
- Post Quarter – Nedbank Limited mandated as lead arranger and bookrunner for project financing
Mulga Rock Project
- Hydrological drilling program commenced to define water management parameters for mining
- Several remaining evaluation programs underway, results to be key inputs for the revised DFS
- Resin pilot program commenced for optimisation of uranium and critical minerals extraction
- Mining study underway to determine optimal method for development of the multi-commodity mining operation and revised Ore Reserve Estimate
Corporate
- Deep Yellow enters the S&P/ASX 200 Index
- Successful A$250M capital raising completed
- Cash position – A$257.5M
FLAGSHIP TUMAS PROJECT (Namibia)
Development Status
Significant progress has been made on the development of the Tumas Project (Tumas or the Project), which remains the primary focus of the Company.
Ausenco Services Pty Ltd was selected as the preferred EPCM contractor for the Project and appointed to undertake the Engineering, Procurement and Construction Management (EPCM) services in two phases. The first phase involves completing sufficient detailed engineering to allow the Board to make a Final Investment Decision (FID) as well as a range of early works requirements and major equipment ordering prior to FID. The second phase of the engagement comprises the completion of design and project execution, with ore commissioning scheduled for August 2026.
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This article includes content from Deep Yellow, 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.
Tennant Minerals Ltd Quarterly Activities Report
FortheQuarterEnded30June2024
Tennant Minerals Limited (“Tennant” or “the Company”) remained focused on its 100%-owned Barkly Project in the Northern Territory and the high-grade Bluebird Copper Gold discovery (“Bluebird”) during the Quarter ended 30 June 2024 (“the Quarter”). Bluebird is considered to be one of the most significant discoveries of Tennant Creek style iron-oxide hosted copper-gold mineralisation in over 20 years.
The Company commenced the 2024 exploration season during the Quarter and completed a drilling program which comprised of 22 reverse circulation (RC) drillholes for 6,253m. The drilling successfully tested the eastern and western extents of the known high-grade copper-gold mineralisation at Bluebird and included the first new step out drilling towards the prospective Perseverance targets located 1.5km to the west of Bluebird.
Samples from the drilling program have been submitted to Perth Laboratories and assay results will be collated and reported to the market on receipt.
During the Quarter, the Company received further results from ongoing metallurgical test-work of diamond drill core samples from Bluebird. Results from flotation test-work on bulk-samples from Bluebird diamond core holes BBDD0045 and BBDD0046, have confirmed excellent flotation recoveries and high-concentrate grades of copper (Cu) and gold (Au). Concentrate grades of up to of 29.6 % Cu and 3.96 g/t Au exceeded commercial benchmarks, while recovering 94.4% of Cu and 75.8% of Au.
The Company completed a successful capital raising of $4.78M at the start of the Quarter. The placement was strongly supported and ensures the Company can actively pursue its exploration drilling activity during 2024.
Tennant Minerals CEO, Vincent Algar, commented on the Quarterly progress:
“The completion of our first drilling program of 2024 has provided us with multiple new opportunities to grow Bluebird to the east and west as well as test for repeats of this exciting copper-gold discovery within the 2.5km strike-length Bluebird-Perseverance corridor, of which only 500m has been tested to date.
“The attraction of Bluebird and the potential for new discoveries in the 100% owned Barkly tenements, occurs at a time when investors can benefit from the global rise in demand for copper, and strong pricing for both copper and gold.
“This year’s drilling and field programs will be transformational for the Company as we progress towards defining a maiden Mineral Resource and commencement of development studies. All metallurgical test work has exceeded expectations. These activities will continue to define Tennant Minerals as a key player in the rejuvenated Tennant Creek Mineral Field – a field that has already produced over 5.5Moz of gold and 700kt of copper.”
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Quarterly Appendix 5B Cash Flow Report
Basin Energy Limited (ASX:BSN) (‘Basin’ or the ‘Company’) is pleased to release its Quarterly Cash Flow Report for the period ended June 30, 2024.
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Quarterly Activities Report for the Period Ending 30 June 2024
Basin Energy Limited (ASX:BSN) (‘Basin’ or the ‘Company’) is pleased to provide an overview of activities for the period ending 30 June 2024 (‘Quarter’, ‘Reporting Period’) and an accompanying Appendix 5B.
Key Highlights
- Completion of exploration programs and preliminary results received for all three of Basin’s Athabasca uranium properties including:
- Phase 2 exploration drilling at Geikie
- Ground geophysics at Marshall and North Millennium
- Continued engagement and consultation with stakeholder groups
- U3O8 spot price1 stable in US$80/Lb - US$85/Lb range
Phase 2 exploration drilling at the Geikie Project (‘Geikie’) identified a 1.5km zone of alteration typical of basement-hosted mineralisation comparable to multiple world class uranium deposits. Results from the maiden ground electromagnetic surveys at the North Millennium and Marshall projects (‘North Millennium’, ‘Marshall’) were received, with significant conductive anomalies identified at Marshall, located above and below the unconformity, consistent with the regional exploration model.
The treasury was $2.5 million at the end of the Reporting Period.
Basin’s Managing Director, Pete Moorhouse, commented:
“Basin is highly encouraged by the drilling results at Geikie and geophysics at Marshall, and we remain committed to advancing these exploration targets in a scientific and system manner.
The fundamentals behind the uranium market remain strong, whilst spot price has stabilised, we have seen a steady increase in the long price underpinned by a shift to nuclear power globally for clean stable energy.
The recent entry into the Athabasca by ASX listed Paladin Energy Limited furthers enhances the appetite for quality uranium deposits in this jurisdiction, which are only found through exploration.
Basin is in a strong position with $2.5 million remaining in the treasury allowing continued work.”
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