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Firetail Resources Limited (‘FTL’) is pleased to announce the acquisition of York Harbour Copper Project, Canada.
Highlights:
- Binding Option Agreement executed for the acquisition of up to 80% of York Harbour Project via a staged earn-in (Acquisition).
- York Harbour 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.
- Small scale historical underground production between 1898 and 1913 resulted in 100,000 tonnes mined at 3-12% Cu, 7% Zn and 1-3oz/t Ag.
- Only shallow exploration (<300m depth) completed, with historical exploration limited to two key areas, the old York Harbour mine and the Number 4 Pond target with multiple significant intercepts include:
- 29.0m at 5.25% Cu, 9g/t Ag from 147m (YH21-24 H Zone)
- Including 3.24m at 9.54% Cu, 3.5% Zn, 10g/t Ag from 167.8m
- 24.3m at 2.77% Cu 9.3% Zn, 18g/t Ag from 93m (YH21-18 D Zone)
- 22.56m at 4.34% Cu from 68.88m (Y-8)
- 24.54m at 2.14% Cu, 12.78% Zn from 21.03m (LU133)
- 14.88m at 3.08% Cu from 30.88m (LU120)
- 13.58m at 2.98% Cu, 7.23% Zn, 21g/t Ag from 115.34m (YH22-61)
- 6.8m at 6.34% Cu, 7.45% Zn from 82.51m (4-48)
- 8.97m at 4.73% Cu, 10.19% Zn, 23g/t Ag from 124.13m (YH22-107)
- 7.17m at 6.56% Cu from 42.21m (LU136)
- Including 2.29m at 15.88% Cu from 42.21m
- 6.71m at 4.16% Cu, 10.5% Zn from 76.2m (4-44)
- 9.87m at 2.50% Cu, 14.41% Zn from 22.22m (LU100)
- 20.06m at 2.50% Cu, 6.33% Zn from 107.9m (YH21-20)
- 11.86m at 4.83% Cu, 5.57% Zn from 18.04m (LU96)
- 11.25m at 2.67% Cu, 9.12% Zn, 20g/t Ag from 111.78m (YH22-82)
- Including 4m at 4.76% Cu, 2.17% Zn and 25g/t Ag from 115.78m
- 19.38m at 1.76% Cu, 12.46% Zn, 19g/t Ag from 166.62m (YH21-22 H Zone)
- Including 7.14m at 2.39% Cu, 29.09% Zn and 47g/t Ag from 166.62m
- 29.0m at 5.25% Cu, 9g/t Ag from 147m (YH21-24 H Zone)
- No property-wide Airborne EM survey ever flown across York Harbour, provides immediate potential for identifying similar VMS style-systems within the 47.25km2 contiguous land package.
- In connection with the Acquisition, FTL proposes to raise approximately $1.57m (before costs) by way of a placement to strategic investors together with a non-renounceable entitlement issue to existing eligible shareholders.
Figure 1: York Harbour Project Regional Location Plan, Newfoundland, Canada
Further to the above, Firetail Ownership has increased to 70% of the Picha and Charaque Copper Projects, through acquisition of Kiwanda S.A.C.
- Picha Copper Project, Peru (“Picha”): completion of maiden ~5,000m diamond drill (“DD”) program with assay results from the last holes still pending.
- Results included 13m @ 2.81% Cu and 27.1g/t Ag from 2m (cut-off 0.1% Cu), and 15.5m @ 0.72% Cu, 130g/t Ag 1.92% Pb and 0.16% Zn from 3.25m. Firetail confirmed the mineralised structure extends over 170m in strike length and is open in all directions.
- Vesting Conditions for the Company’s acquisition of an additional 10% of the issued share capital of Kiwanda S.A.C. now satisfied with the Stage 1 Performance Milestone being achieved.
Executive Chairman, Brett Grosvenor, commented:
“The Firetail Board began a strategic process over 12 months ago of identifying opportunities in a rising copper market. The culmination of this process is the acquisition of the York Harbour Project, which we believe provides an exceptional opportunity to create value for our shareholders.
“Our intention was to find strategic copper assets in world class locations, which would be complementary to our existing portfolio of battery metals projects. We see York Harbour ticking all of these boxes. This acquisition broadens our copper exposure to complement the early-stage copper project we are currently exploring in Peru.
“York Harbour presents an advanced brownfield opportunity in a proven district for copper mineralisation. The near-term potential to define a mineral resource and expand the footprint is clear from our due diligence, and our team is very excited to get on the ground and start the exploration program.
“In conjunction with the York Harbour acquisition, we have achieved a significant milestone at the Picha Copper Project. 5,000m of drilling has been safely executed without incident and the outcome of the drilling has met our expectations. To have grades of 2.8% Cu over a 13m down hole interval indicates the potential of this asset. We will now focus on the interpretation of the data, geological modelling and determine the best way to unlock the potential at Picha. The next phase of the program will be to take the learnings from the maiden drill program and use this to help plan the next phase of exploration work.”
Non-Executive Director, Simon Lawson, commented:
“The York Harbour Project is located within Newfoundland, a district with a well-established mining industry, prolific metal endowment and a supportive community. The Project is located 180km west- south-west of the high-profile high-grade Green Bay Copper Project, currently under development by fellow ASX-listed Firefly Metals (ASX:FFM).
“The Project is an advanced high-grade copper-focussed opportunity for Firetail to get involved in at just the right time. The previous history of copper mining at the project and a number of existing significant copper-zinc-silver drill hits makes this a “walk-up” project of excellent exploration potential.
The historic drill intercepts are all shallow, high-grade, vary in width and most importantly are massive to disseminated base metal sulphides in just the right rocks! The previous drilling, limited surface outcrop mapping and historic mining information provides us with the basis of a targeting model to get on-ground and rapidly drill test the extents of existing high-grade copper mineralisation, as well as search for new massive sulphide positions and potentially make new discoveries!
“Incredibly the Project has not had a property-wide airborne electromagnetic (“EM”) survey conducted to date. Typically massive sulphide, particularly copper projects like this, have already been extensively tested with EM and all of the priority targets drill-tested. This is not the case at York Harbour and represents a major opportunity for Firetail to be the first to conduct a modern high-resolution airborne EM survey. This EM survey will profile existing targets and aim to identify new targets across the property. Targets will be assessed and ranked based on their signature, size, position, and overall geological merit and be prioritised for rapid drill testing!
“This acquisition provides shareholders with exposure to drill-proven high-grade copper-zinc-silver mineralisation within a district of substantial base and precious metals mineralisation. This is an exciting advanced high-potential opportunity in a great jurisdiction, and we look forward to providing our shareholders with further exploration updates post completion of the transaction.”
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This 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.
FTL:AU
Exploration Update - Visible Gold Intersected at Salanie
HIGHLIGHTS:
- Visible gold identified in drilling at the A1 prospect at 19m depth (Figure 1), associated within a broader 13m zone of quartz veining and shearing from 9.6m downhole:
- Interpreted as extension to system in trench SATR001 (10.3m @ 3.4g/t Au and 1.4m @ 15.7 g/t Au) (Figure 5);
- Assays for this hole are pending.
- At P6, a significant quartz veining/shear system over 20m with associated sulphides has been identified along the trend of historical high-grade underground workings that produced at an average of 16g/t Au.
- The underground workings at P6 represent a priority target that will be further targeted in the 2025 drill season:
- System displays as quartz veining and associated visual estimates of sulphides (trace to 25% pyrite+/-chalcopyrite) intersected in three principal positions in drillhole SLDD002 (61- 65m; 71-75m and 84-87m).
- Drilling completed for the current field season, with discussions advanced with a highly reputable new drilling contractor for drilling in 2025.
- At Salanie, five holes for 328m (two at the P6 prospect and three at the A1 prospect) were completed (two of these did not reach target depth due to drilling performance), with assay results received for 3 holes.
- In the northern areas around the Mikouma and Binda prospects, infill soil sampling has strengthened existing gold targets in these regions with anomalies up to 200ppb Au. Follow up ground reconnaissance will assist in delineating further the drill targets.
- Company to undertake a one (1) for three (3) non-renounceable entitlements offer to raise approximately $3.25 million (before costs).
Figure 1: Examples of visible gold identified in SLDD004 – at 19.04m (associated with chalcopyrite (Cpy) and galena (Gn)).
The Company cautions that visual estimates of sulphides or mineral abundance should never be considered a proxy or substitute for laboratory analysis. Laboratory analysis would be required to determine the widths and grades of sulphides, visible gold, or suspected mineralised intervals reported herein. Visual information also potentially provides no information regarding impurities or deleterious physical properties relevant to valuations. Assays are expected within 3-5 weeks.
Apollo Minerals’ Managing Director, Mr Neil Inwood, commented:
“The first pass drilling is highly encouraging having identified visible gold associated with quartz veining at A1 and a significant shear/quartz vein system at P6. Assays are pending from the key holes at A1. The Salanie system is interpreted to be in the same regional trend of Archean greenstones as Managem’s 1m oz Eteke deposit; highlighting the potential in the broader system.”
“Unfortunately, a combination of late arrival and poor performance from the drilling contractor and the end of the field season has meant that less than a quarter of the planned holes for 2024 were completed and the P6 target was only partially tested by one drill hole. We are in advanced discussions with another drilling company to commence drilling in the new year. Such a partner will enable a significant increase in drilling rate and quality and enable us to further unlock the untested potential at the Salanie Gold Project.”
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This article includes content from Apollo 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.
Wadi Al Junah VMS-Style Copper-Zinc-Gold-Silver Project in Saudi Arabia
Highlights
- As announced on 6 November, MBK’s Saudi Arabian JV company, has been awarded the Wadi Al Junah Project as part of the Saudi Government’s Exploration Licensing Round 6
- Wadi Al Junah is prospective for volcanogenic massive sulphide (VMS) copper-zinc- gold-silver mineralisation and for shear zone gold-silver, with several untested priority targets
- The Project is 35km east of the Al Hajar Au-Ag-(Cu-Zn) deposit previously mined by Ma’aden and is proximal to the regional centre of Bisha, and close to major access routes, local towns and workforce
- Saudi exploration strategy is supported by a well capitalised in-country JV Company in CMC and significant Saudi government incentives to de-risk and fast-track exploration
- Metal Bank continues to assess new potential project areas in Saudi Arabia prospective for copper, gold and other critical minerals – several tenement applications in progress
CMC is a Saudi Arabian limited liability company owned by MBK (60%) and Central Mining Holding Company (‘CMH’, 40%). CMH is a member of the Al Qahtani Holdings group, and was the JV partner of Citadel Resources which, under the leadership of Inés Scotland as Managing Director, was responsible for the exploration and development of the Jabal Sayid copper project in Saudi Arabia (prior to its acquisition by Equinox). CMC will be responsible for managing and implementing the work program for the Wadi Al Junah project utilising the technical expertise of MBK, as the exploration JV partner, in combination with the KSA expertise of the Al Qahtani Group. CMC has a current capitalisation of SAR5m (~AUD2.1m).
Wadi al Junah with an area of 427km2 was the largest of the projects offered in Round 6 and is proximal to the major regional centre and airport of Bisha, with major access routes passing through the license area and local towns and workforce close by. The Project is located in the prospective Wadi Shwas Gold Belt, a region under-explored for shear zone gold, VMS copper-zinc-gold-silver and intrusion-related gold and base metal deposits. It is supported by several mineral occurrences with encouraging geological observations, and gold, silver and copper grades in historic regional- scale reconnaissance mapping, which have not been followed up by modern work.
MBK’s technical team has prepared a comprehensive two-year work program, with an initial focus on following up the previous limited and surface based exploration for mineral occurrences of copper, gold and silver. MBK is aiming to be drill-ready within the next six months.
Commenting on this acquisition, Metal Bank’s Chair, Inés Scotland said:
“The successful tender for the Wadi al Junah project in Saudi Arabia by our JV company CMC via a tightly contested and highly competitive exploration round speaks to our commitment, capability and technical expertise in achieving our strategy of acquiring prospective tenure within Saudi Arabia, which we believe remains underexplored and highly prospective.
Wadi al Junah represents our first project back in Saudi Arabia, a region in which MBK’s management team has extensive experience and a proven track record of success, having previously developed the Jabal Sayid project. We are well-supported by both our JV partner and the significant government incentives provided by the Kingdom of Saudi Arabia in search for the next Jabal Sayid. The Arabian Shield has so much underexplored potential, and we are ready to get our initial phase of exploration underway as quickly as possible.”
Wadi al Junah Copper-Zinc-Gold-Silver Summary
The Wadi al Junah project area covers an area of 427sq km within the Asir province of the Arabian Shield, southwest Saudi Arabia (Figures 1 and 2). It is approximately 375km south-east of Jeddah, 150km east-northeast of the port of Al Quinfidhad and around 35km east of the Al Hajar Au-Ag-(Cu- Zn) deposit previously mined by Ma’aden. It is proximal to the major regional centre and airport of Bisha, with major access routes passing through the license area and local towns and workforce close by. The majority of the project area is accessed by local tracks and wadi valleys in moderate topography.
Figure 1: MBK MENA projects showing Wadi al Junah (Saudi Arabia) and Malaqa, Area 47 and Area 65 (Jordan).
Figure 2: Wadi al Junah location map within the Arabian Shield showing major geological provinces and major Au and Cu mines (modified from KSA Ministry of Industry and Minerals publication after Nehlig et al, 2002)
Geology
Wadi al Junah is situated within the central Asir terrane of the Archaean Arabian Shield (Figure 2) within the ~80km long north-trending Wadi Shwas Gold Belt. The Shwas VMS belt on the western margin of the Wadi Shwas Gold Belt is host to the Al Hajar Au-Ag-Cu-Zn deposit, and numerous other VMS base metal and Au mineral occurrences of Proterozoic age are present in the region (Figure 3).
Three known mineral occurrences occur in the tenement area – Haniyat (Ag-Cu-+/-Au+/-Zn), Wadi al Maytha (Ag-Cu) and Wadi Umm Rahka (Ag-Cu). Very limited rock chip sampling as part of regional scale mapping work in the 1960’s and 1970’s includes results up to 1.53% Cu, 0.44g/t Au and 160g/t Ag from these prospects, which were never followed up1.
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This article includes content from Metal Bank 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 to Commence Drilling at Yallalong High-Grade Antimony Project
Highlights
- Drill rig relocating to site with drilling to commence this weekend.
- The 3000m reverse circulation (RC) drill program is targeting further high-grade antimony at the Discovery prospect.
- Historic drilling at Discovery recorded high-grade antimony intercepts over a strike length of ~300m and remains open. Results include:
- 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
- After drilling at Discovery, the drill rig will relocate to the Central antimony target, 2km north along strike. There has been no previous drilling at Central.
- A detailed geophysical survey over the antimony corridor at Yallalong is now complete, with the data being processed. This is expected to generate further targets within the antimony corridor.
Octava’s Managing Director Bevan Wakelam stated, "It’s great to have the rig heading to site and earlier than we had planned. The drilling will start on Discovery, then move to the Central target and should take about 2 weeks to complete. High-grade antimony has already been intersected at Discovery over a significant strike length and this drilling will further test the size. We will also twin some of the previously drilled holes."
Figure 1. Planned drill hole locations at the Discovery antimony target - Yallalong Antimony Project.
The antimony (Sb) mineralisation identified at Yallalong appears within a 10km north-south striking mineralised corridor that is interpreted to be related to a structural belt between the regional scale Darling and Woodrarung faults. Previous exploration identified four principal antimony targets where antimony mineralisation was exposed at surface. 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.
Figure 2. Antimony targets at Yallalong antimony project with underlying geology.
Drilling at Discovery target recorded some of the highest-grade antimony drill intersections in Australia, at shallow depth, over a strike of ~300m 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
- YRC27: 6m @ 1.35% Sb from 13m
After drilling at the Discovery target is complete, the rig will then move to the Central target, which is located 2 kilometres north along strike. There has been no previous drilling at the Central target.
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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.
Targeted Exploration Focus Delivers an Additional 471koz or 99% Increase in Ounces, and a Higher Grade for Ricciardo
HIGHLIGHTS:
- Updated Mineral Resource Estimate (MRE) for the Ricciardo Deposit (part of the broader Golden Range Project) of 16.44 Mt @ 1.8 g/t Au for 947.5 koz gold.
- Represents a 99% increase in Ricciardo MRE contained gold ounces.
- Proven high-returning exploration with the increased Ricciardo MRE ounces delivered at an attractive all-in discovery cost of only approx. A$16/oz.
- High-quality resource additions given drilling focus on high-grade growth ounces with strong commercial potential.
- The updated Ricciardo MRE comprises:
- 467.5 koz @ 1.6 g/t Au open-pit gold Resource (75% M&I) (optimised pit shell constrained at A$3,300/oz)
- 480.0 koz @ 2.0 g/t Au underground gold Resource
- Critically, the Ricciardo system remains wide open at depth and along strike.
- Total Golden Range Project Mineral Resources now stand at over 1.28 Moz gold, a 58% increase from the previous level.
- This initial outcome validates the excellent potential for further growth within the broader 25km ‘Golden Corridor’ via the ongoing, simple strategy of targeting fresh rock extensions under shallow existing pits.
- RC drilling at the southern end of the ‘Golden Corridor’ targeting high-grade Resource growth is progressing well; 9 holes completed for 1,472 metres to date, assays pending.
Warriedar Managing Director and CEO, Amanda Buckingham, commented:
“This is the result we have been working towards all year. With less than 15,000m of targeted, efficient drilling we have added over 470 koz to the Ricciardo deposit, doubling the Resource.
We are excited by both the outcome itself, and the outlook that it delivers us for the wider corridor of gold deposits. The simple strategy of drilling below shallow open pits to find mineable ounces worked exceptionally well for our producing neighbours. The validity of this strategy is now beyond doubt, for us.
Not only is the Ricciardo system still wide open down-plunge, but the entire 25km long ‘Golden Corridor’ offers similar potential upside from such a relatively simple drilling focus.
In the middle of the infrastructure-rich southern Murchison, and located on existing Mining Leases, the opportunity in front of us is utterly irresistible.”
The Ricciardo Deposit
The Ricciardo Gold Deposit is located on existing mining leases 100% owned by WA8, in the Murchison Region, approximately 300 km east of Geraldton, and 420 km by road north-northeast of Perth. Sitting approximately 8km South of the Golden Range Mill on M59/421, and M59/458, within the Golden Range group of historic open pit mines and deposits.
Discovered in the 1990’s, open pit mining of the oxide resources commenced in 2001, and the plant entered Care & Maintenance twice (between July 2004 and 2009, and May 2010 to mid- 2013). Production was over 300 Koz before finally going into ongoing Care and Maintenance in August 2019.
The Ricciardo deposit is located 90km north of Capricorn Metals’ Mt Gibson Gold Project, 8kms south of the Company’s plant, 26km from the neighbouring Golden Grove processing facility and 40 km northeast of Vault Minerals’ high grade Rothsay gold mine (Figure 1).
Figure 1: The location of the Ricciardo gold deposit within the Golden Range Project; within the broader Southern Murchison region.
The Ricciardo gold system spans a strike length of approximately 2.3km, with very limited drilling having been undertaken below 100m depth prior to Warriedar drilling. Historical mining operations at Ricciardo were primarily focused on oxide material, with the transition and primary sulphides mineralisation not systematically explored.
Warriedar’s drilling of Ricciardo during CY2024 achieved excellent results, demonstrating high- grade extensions to the resource. The results demonstrated that the previously quantified resource is part of a much larger system.
Warriedar engaged independent mining consultants, Measured Group to update the Ricciardo MRE, previously reported 476Koz gold.1
The Ricciardo Gold Deposit consists of six semi-continuous historical open pit mines along the 2.3 km arcuate stretch of the Mougooderra Shear Zone, running north to south. These mines are named (from north to south) Silverstone North, Ardmore, Copse, Silverstone, Silverstone South, and Eastern Creek (Figure 2).
Figure 2: Drilling carried out by the Company during 2023 & 2024, which was used to update the MRE.
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This article includes content from Warriedar 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.
