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Warriedar Resources
Overview
Warriedar Resources (ASX:WA8) is an advanced gold and copper exploration company backed by a highly skilled team of experts, Warriedar maintains an incredibly strong and stable portfolio of gold assets in both Western Australia and Nevada. Between its three projects – Golden Range, Fields Find and Big Springs – it currently holds more than 2 million ounces of high-grade gold resources with blue-sky potential for growth, and a robust pipeline of high-quality drill targets. Warriedar is well-funded for its planned 2024 drill programs focused on rapidly building its gold resources.
Two of its brownfield projects – Golden Range and Fields Find – are located in Western Australia's Murchison Province, widely known as an active mining and exploration region. Both projects are situated on previously mined and underexplored land, and surrounded by successful, operating gold and base metal mines. Golden Range hosts approximately 950,000 oz gold resource and an existing 800 ktpa processing plant and associated infrastructure (placed on care and maintenance during 2019 by its previous owner). To the east of Golden Range is the Fields Find project, which contains significant levels of gold, copper and nickel.
Warriedar’s Big Springs gold project in Nevada, USA, is adjacent to First Majestic Silver’s Jerritt Canyon gold mine complex, an operating mine with a production history of over 10 Moz gold. Big Springs has an existing resource base of approximately 1 Moz gold within a granted mining licence, surrounded by approximately 93 square kilometers of prime exploration ground prospective for Carlin-style gold.
Warriedar also prides itself on the expertise and experience of its leadership team, driving the company towards successfully achieving its goals and increasing shareholder value. Geophysicist Dr. Amanda Buckingham serves on Warriedar's board of directors, bringing three decades of experience to her role. Mark Connelly, Warriedar’s non-executive chairman, is a financial and commercial executive with extensive experience in the resource industry. Dianmin Chen, a seasoned mining engineer, completes the complementary skill set of the board.
Company Highlights
- Warriedar Resources is an advanced gold and copper exploration company with a portfolio of assets well-positioned to take advantage of the positive gold market.
- Two of the company's three projects are located in the Murchison Province of Western Australia.
- Golden Range, a 945,000-oz gold project with on-site infrastructure that includes an 800-ktpa plant.
- Fields Find, which hosts the historic Warriedar copper mine.
- The company also maintains a 1.01-million-ounce gold project in Nevada, USA, known as Big Springs.
- All three projects are underexplored, with significant resource potential.
- Warriedar is backed by a highly skilled team with decades of experience and leadership in mining and exploration.
- The company is expected to have a steady newsflow through 2024, with a well-funded drilling plan aimed at rapidly expanding its gold resource.
Key Projects
Golden Range
Situated in the middle of Western Australia's highly active Murchison exploration and mining province, the Golden Range project is strategically positioned between several major operating mines and advanced exploration projects. Together with the nearby Fields Find project, it represents a belt-scale opportunity, covering a combined area of 813 square kilometres.
A brownfields project with considerable past exploration and development, Golden Range hosts a gold resource of 945,000 ounces along a dominant central shear corridor. Existing on-site infrastructure includes an 800-ktpa oxide processing plant, which was placed on care and maintenance by the project's previous owner in 2019. This provides Warriedar with an accelerated, low-capital-intensity pathway to future gold production pending the success of an ongoing exploration program.
Project Highlights:
- Prime Location: Golden Range is bordered by multiple existing mines and deposits, each serving as a valuable analogue to the resources it may potentially contain. These include: Deflector Copper-Gold Mine, owned by Silver Lake Resources (ASX:SLR); Rothsay Gold Mine, owned by Silver Lake Resources; Mt. Magnet. owned by Ramelius Resources (ASX:RMS); Mt Gibson, owned by Capricorn Metals (ASX:CMM); and Golden Grove Copper-Zinc-Silver-Gold mine, owned by 29Metals (ASX:29M).
- Untapped Potential: Historical drilling at Golden Range was largely focused on shallow oxide gold in proximity to the existing mill, with an average drill depth of 42 metres. Historical pits on-site range in depth from 20 to 80 metres, with an average depth of 60 metres. This leaves substantial exploration upside for primary gold discoveries both below and along strike from existing shallow open pits.
- Exploration Results: Warriedar undertook an aggressive exploration program in 2023, which included drilling as well as airborne and ground electromagnetic (EM) surveying at both Golden Range and Fields Find. A total of ~ 36,000m of Reverse Circulation (RC) drilling was completed, resulting in the extension of 5 of the 5 gold Resources drilled (all in Mining Leases) and the advancement of several key Prospects. Importantly, the 2023 work highlighted where the 2024 focus should be – along the main mineralized shear within a 25 km long trend called the Golden Corridor. This trend already hosts 736 koz Au across 6 deposits and 16 historic pits. Results from 2023 and early 2024 included:
- Ricciardo (RDRC019): 32 m @ 3.59 g/t gold from 148 m (ended in mineralization)
- Ricciardo (RDRC020): 6 m @ 4.69 g/t gold from 142 m
- Ricciardo (RDRC002): 7 m @ 4.48 g/t from 251 m
- Ricciardo (RDRC031): 11 m @ 3.43 g/t gold from 149 m
- Windinne Well (WORC056): 4 m @ 5.17 g/t from 52 m
- Austin (AURC086): 20 m @ 1.98 g/t gold, 7.2 g/t silver, 844 ppm lead from 160 m
- Rothschild (BRRC083): 18 m @ 2.43 g/t gold from 191 m
- Mugs Luck (MLRC209): 8 m @ 2.28 g/t gold from 72 m
The Ricciardo deposit, an existing 476-koz resource in the middle of the Golden Corridor along the main shear. Assay results from drilling undertaken at the Ricciardo deposit confirmed the presence of high-grade shoots below existing oxide open pits and demonstrated the excellent exploration potential for further discoveries at Ricciardo
- Current MRE: The current mineral resource estimate for Golden Range is 945 koz contained within 19,429 kt at 1.5 g/t gold:
- 20 koz contained within 282 kt at 2.2 g/t gold measured.
- 441 koz contained within 8,887 kt at 1.5 g/t gold indicated.
- 485 koz contained within 10,080 kt at 1.5 g/t gold inferred.
- Exploration Roadmap: Warriedar has a clear line of sight on pursuing substantial resource growth and exploration success for its Western Australia projects. The focus during 2024 will be drilling for quality gold ounces to grow existing resources along the Golden Corridor, and drilling for new discoveries along the 70 km shear (ground all held by Warriedar).
Fields Find
The Fields Find Project and the location of key prospects.
Located just to the east of Golden Range, Fields Find is most notable for its highly irregular geology. Due to an intrusive complex within the greenstone sequence, the area is known to contain elevated levels of nickel, copper and gold. Although the brownfields project has been the site of previous exploration, the focus was exclusively on gold with one notable exception.
At Fields Find's southwest corner stands the historic Warriedar copper mine, which is located at the end of Warriedar's target zone, known as the Warriedar Corridor. It is also worth noting that the Murchison Province is generally known to be rich in copper with both the Golden Grove and Deflector copper mines in geological proximity.
Project Highlights:
- Copper Region: The Murchison province is known for its rich copper resource. Fields Find also encompasses the Warriedar Corridor.
- Exploration Results: Warriedar carried out a decent exploration program during 2023 which included drilling, airborne and ground-based EM surveying, at Fields Find. Results include:
- At the Rothschild gold deposit: the main gold lode along the entire strike length of the deposit was extended at depth by 150 m. Assay results included: 18 m @ 2.43 g/t gold from 191 m (BRRC083), 11 m @ 3.39 g/t gold from 197 m (BRRC081).
- New 2023 airborne electromagnetic (AEM) data covering a substantial part of the tenure which was previously un-flown. Follow-up ground EM identified several well constrained priority 1 targets, ready for drilling. Many of these are located with the layered mafic-ultramafic intrusion (the Fields Find Intrusive Complex).
- Drilling at Fields Find West confirmed a multi-phase porphyry intrusive system hosting polymetallic mineralisation comprising gold, copper, molybdenum and silver. At the Mopoke Prospect within this porphyry system, assay results returned 4 m @ 5.00 g/t gold from 92 m (MOR005).
Big Springs
Located in the prolific Nevada Gold Trend, the Big Springs Gold Project stands adjacent to First Majestic Silver's (TSE:FR) Jerritt Canyon Gold Mine Complex, which has a production history of more than 10 Moz gold. The project itself has an existing resource base of roughly 1 Moz gold and is surrounded by approximately 93 square kilometres of exploration ground prospective for Carlin-style gold.
Warriedar is currently collecting the necessary geoscience data to optimise its drill targets while also advancing its exploration permitting. It plans to recommence its drilling program upon approval of expanded permits, with a suitable partner.
The company believes the tenement package offers enormous untapped potential for growth in existing gold resources.
Project Highlights:
- Current MRE: The mineral resource estimate for Big Springs is 1,014 koz contained within 15,490 kt at 2 g/t gold:
- 129 koz contained within 860 kt at 4.7 g/t gold measured
- 428 koz contained within 6,000 kt at 2.2 g/t gold indicated
- 459 koz contained within 8,630 kt at 1.7 g/t gold inferred
Management Team
Mark Connelly - Non-executive Chairman
Mark Connelly is a seasoned financial and commercial executive with extensive resource industry experience in management leadership and board roles. His direct operational and capital markets experience spans many jurisdictions including Australia, North America, South America, Africa and Europe.
Connelly’s North American operating and development experience includes several years based in the U.S. working for Newmont Mining, one of the world’s leading gold mining companies. This included extensive exposure to and knowledge of Newmont’s flagship Nevada gold operations.
Connelly also has an outstanding track record of shareholder value growth and realisation, particularly over the last decade. This includes the development and eventual sale of Papillon Resources for approximately US$570 million and the US$597 million consolidation of Endeavour Mining with Adamus Resources.
Amanda Buckinghamn - Managing Director and CEO
Dr. Amanda Buckingham is a geophysicist who has been involved in mineral exploration for 30 years. She co-founded award-winning and industry-leading geophysical consulting firm Fathom Geophysics in late 2007, based in both Australia and the United States.
Buckingham has extensive exploration experience globally. Her early career involved work as a geoscientist and project manager at majors such as Rio Tinto, listed juniors in both Canada and Australia and several years consulting at SRK.
She also co-founded Cygnus Metals (ASX:CY5) and Desert Minerals (ASX:DM1). She is currently a director of several private companies and a research fellow at the University of Western Australia.
Dianmin Chen - Non-executive Director
Dr. Dianmin Chen is a mining engineer with more than 35 years of experience in metal mining. He has held a wide range of roles in the mining industry including technical, production and management positions in Australia, China and Canada.
Chen held executive roles with Sino Gold (general manager), Citic Pacific Mining (chief operating officer), CaNickel (executive director and CEO) and Norton Goldfields (managing director and CEO) and served as a non-executive director for several publicly listed companies in Australia and Canada, including Kalgoorlie Mining, Bullabulling Gold Mines, Sherwin Iron, Norton Goldfields, NKWE Platinum and CuDeco. He is currently a non-executive director of Global Lithium Resources (ASX:GL1).
Chen holds a Bachelor of Engineering in mining, a PhD in mining geomechanics and a WA First Class Mine Manager’s Certificate of Competency.
Stuart Burvill - GM Corporate/General Counsel
Stuart Burvill is a legal, commercial and compliance manager and civil and structural engineer with over 30 years of experience in mining, petroleum, energy, shipbuilding, defence and civil infrastructure development including rail, roads, bridges and tunnels.
Burvill has extensive experience in M&A, corporate and project finance, capital raising, ownership and funding structuring, joint ventures, construction contracts and disputes, corporate governance and administration and enterprise risk management. He holds a Bachelor of Engineering (Hons), Bachelor of Laws, MBA and Grad Dip in Applied Corporate Governance.
Graeme Morissey - Chief Financial Officer
Graeme Morissey joins Warriedar from previous director-level roles in the audit divisions of global accounting firms EY, KPMG and Grant Thornton. He has over 15 years of direct experience in servicing clients within the mining exploration and development sector. This includes specific expertise extending across compliance with Australian Securities Exchange (ASX) and Department of Mines regulation.
Morissey has also consulted directly with CFOs within the Australian mining sector, which has included optimisation of internal reporting processes on performance, cash flow forecasting, and adherence to budgets. He is a chartered accountant and a fellow of the Governance Institute of Australia.
Morissey holds a Bachelor of Commerce from McMaster University in Canada.
David Palumbo - Company Secretary
David Palumbo from Mining Corporate is a chartered accountant and graduate of the Australian Institute of Company Directors with over 14 years of experience across company secretarial, corporate advisory and the financial management and reporting of ASX-listed companies. He currently acts as company secretary for a number of ASX-listed companies and serves on the board of Krakatoa Resources (ASX:KTA) and Kaiser Reef (ASX:KAU).
Steve McMillin - Exploration Manager (Nevada)
Steve McMillin is a highly experienced and well-respected exploration geologist. He has over 35 years of practical mineral exploration experience in the United States, with particular expertise in Carlin-style gold projects in Nevada.
Before joining Warriedar Resources, McMillin was at Jerritt Canyon Gold for seven years, including as chief mine geologist. The producing Jerritt Canyon Gold Mine is located only 20 kilometres away from Big Springs along the same mineralisation trend. During his time there, he led underground near-mine exploration and resource development, helping to discover 12 new economic deposits and develop several.
Prior to 2016, McMillin was chief mine geologist at Fire Creek with Klondex, senior exploration geologist with Midway Gold at the Spring Valley and Pan-Goldrock deposits, senior mine geologist at Jerritt Canyon with AngloGold and Queenstake Resources and project geologist with Newmont Exploration in Nevada.
He is a certified professional geologist with American Institute of Professional Geologists, and member of the Geological Society of Nevada and the Society of Economic Geologists.
Thomas Dwight - Exploration Manager (Western Australia)
Thomas Dwight has worked in mineral exploration for several years across Australia and within multiple commodities. He has previously focused on Western Australia gold exploration, including the development of the Tampia Hill Resource with Explaurum Operations, but also has experience in porphyry copper mineralisation managing exploration for Duke Exploration in Queensland.
During his time in the industry, his focus has been exploration, project development and database management. Dwight holds a Bachelor of Science with Honours from the University of Otago, majoring in geology/earth science.
Peng Sha - Chief Geologist
Peng Sha is a geologist with more than 12 years experience in the exploration and evaluation of copper, gold, lead, zinc, silver, rare earth and lithium mining and exploration projects. He has extensive expertise working with several different deposit types across prospective mining jurisdictions, including Australia, Serbia, China and Latin America.
Sha held senior geologist roles in Global Ore Discovery, Ballarat Gold Mine and AuKing Mining. He was also the exploration manager for Zijin Mining Serbia, where he led the exploration team in the development of annual greenfield and brownfield exploration programmes for world-class porphyry, high and low sulphidation epithermal gold and copper deposits and VMS lead-zinc-silver deposits.
Sha holds a Master of Applied Science, Geology and an Honours Degree in Economic Geology (first class) from James Cook University. He is a member of the Society of Economic Geologists and AusIMM.
A$6.0M Placement to Drive Resource Growth at the Golden Range Gold Project
HIGHLIGHTS:
- Strong support received from new and existing shareholders.
- Funds raised to be directed towards materially increasing the Resource at the Golden Corridor, a 25km long gold deposit trend at Warriedar’s infrastructure-rich Golden Range Project in the Murchison region of Western Australia.
- The Golden Corridor contains an existing Mineral Resource Estimate (MRE) of 736koz gold1 across 6 deposits and 18 historic pits, all on permitted Mining Leases (ML’s).
- Further assays from 2024 extensional RC drilling at the Ricciardo deposit, in the middle of the Golden Corridor, are expected to be received mid-April. These results, in combination with the outstanding results already received at Ricciardo (including 32m @ 3.6 g/t Au from 148m2) will be integrated into the deposit model and drill plan for 2024.
- The next phase of drilling within the Golden Corridor is scheduled to commence in May at the Ricciardo deposit, targeting extensions to high grade shoots below and along strike from existing shallow open pits.
Warriedar’s Managing Director and CEO, Amanda Buckingham, commented:
“I would like to thank all shareholders and new investors that participated in the placement bookbuild. The funds raised allow us to continue drilling at the Golden Corridor, the area within our tenure that we believe has the best opportunity for immediate and substantial Resource growth.
We should receive assay results from the remaining 9 holes of the Ricciardo program in a couple of weeks. These results, along with those already released, will be used to fine tune the upcoming drill program scheduled to commence in May. We will continue to chase the high-grade shoots at Ricciardo.
The 2024 drilling will be very focussed, targeting quality gold ounces, below and along strike from existing shallow open pits along the Golden Corridor. A simple, yet proven strategy.”
Use of funds
The funds raised will be used to continue drilling along the Golden Corridor, a 25km long trend of highly prospective ground with an existing MRE of 736koz gold1 across 6 deposits, including 18 historic pits, all on permitted ML’s; within the Golden Range Project.
Assays results from the remaining 9 holes drilled at the Ricciardo deposit (in the middle of the Golden Corridor) are expected mid-April.
These results, in combination with the outstanding results already received from Ricciardo this year (including 32m @ 3.6 g/t Au from 148m2), will assist with finalising the plan for the next drill program (2024 Drill Program 2) scheduled to commence in approximately 6 weeks’ time.
Drilling will be focussed on the Ricciardo deposit in Q2 2024, targeting extensions to high-grade shoots, below shallow open pits.
Warriedar plans to drill an additional 12,000m across the Golden Corridor during CY2024, including a diamond drilling program to extend RC holes that end in mineralisation. Each drill program will build on knowledge from the last, with the goal of materially increasing the Resource by defining quality high-grade gold ounces.
Figure 1: The location of the Golden Range Project, the Golden Corridor (within the Project) and the Ricciardo deposit; with respect to the surrounding mines and mills in the southern Murchison Province of WA.
Figure 2: Ricciardo long section outlining relative location of current mined pits to defined mineralised zones
Placement details
An equity raising of A$6.0 million (before costs) via a two-tranche Placement. Approximately 157.9 million New Shares will be issued under the Placement.
The Placement will occur in two tranches as follows:
- An unconditional placement of 119.1 million fully paid ordinary shares, to raise approximately A$4.5 million, will be issued using the Company’s available Listing Rules 7.1 and 7.1A capacity (Tranche 1); and
- A conditional placement of 38.8 million fully paid ordinary shares, to raise approximately A$1.5 million, will be issued subject to Warriedar shareholder approval to be sought at an upcoming General Meeting expected to be held in late-April 2024 (General Meeting) (Tranche 2).
A$0.4 million of New Shares issued under Tranche 1 will be settled on a deferred basis on 14 April 2024 (Tranche 1 Deferred Settlement).
Warriedar’s directors have also applied to participate in the Placement for A$60,000 as part of Tranche 2 which will be subject to Warriedar shareholder approval the General Meeting (Director Participation).
New shares issued will rank equally with existing shares on issue.
Click here for the full ASX Release
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.
Warriedar Delivers High Grade Gold Extensions at Ricciardo
HIGHLIGHTS:
- Assay results received for thirteen (13) RC holes drilled at the Ricciardo deposit with all holes intersecting significant intervals of gold mineralisation, including:
- 32m @ 3.59 g/t Au from 148m, incl. 1m @ 10.85 g/t Au from 151m (RDRC019)
- 11m @ 3.43 g/t Au from 149m (RDRC031)
- 14m @ 1.15 g/t Au from 114m (RDRC022)
- 3m @ 5.61 g/t Au from 114m, incl. 1m @ 11.20 g/t Au from 114m (RDRC025)
- Drilling has identified two new high-grade shoots beneath the historical open pits at Silverstone and Silverstone South.
- Significant extensions of high-grade gold mineralisation have been intersected under the Ricciardo deposit at shallow depths (of between 150 - 200m) – which confirms the potential for further discoveries below historical open pits.
- Drilling demonstrates the excellent potential for significant growth of the Ricciardo deposit and Resource.
- Assays from a further nine (9) RC holes are pending with results anticipated to be received in the next four weeks.
- The Ricciardo deposit remains open along strike and at depth, with further growth-focussed drilling of this area planned from Q2 CY2024.
- Ricciardo sits in the middle of the 25km long Golden Corridor at Golden Range, which hosts six discrete deposits that are all open at depth and possess immediate growth potential.
- Ricciardo and the Golden Corridor to be the key focus of Warriedar’s exploration in 2024.
Warriedar Managing Director and CEO, Dr Amanda Buckingham, commented:
“We are very pleased with the results from this first batch of assays from the growth-focussed 2024 drilling program at Ricciardo. The results demonstrate the excellent potential to expand the Mineral Resource at Ricciardo, which has a strike length of 2.3km with high-grade gold mineralisation occurring at numerous locations along the trend.
With further assays pending, and follow-up drilling planned to commence from next quarter, we are excited as to what our exploration activities at Ricciardo can deliver for Warriedar this year.”
Engage with this announcement at the Warriedar InvestorHub
Figure 1: Location of the Ricciardo deposit within the Golden Range Project.
Robust high-grade extensions delivered across Ricciardo
21 holes have been drilled at Ricciardo during 2024 for 3,500m of drilling. This drilling was targeted to significantly extend the Ricciardo Mineral Resource boundaries at depth and along strike. The results released today have been able to achieve both goals.
Assay results have now been received for 13 holes drilled at Ricciardo. All 13 holes have returned significant gold intercepts, as reported in Table 2, with the better results provided below;
- 32m @ 3.59 g/t Au from 148m in RDRC019 beneath Ardmore pit.
- 11m @ 3.43 g/t Au from 149m in RDRC031 beneath Silverstone pit.
- 8m @ 1.84 g/t Au from 171m in RDRC032 beneath Silverstone pit.
- 14m @ 1.15 g/t Au from 114m in RDRC022 beneath Silverstone South pit.
- 10m @ 1.63 g/t Au from 156m in RDRC027 (ended within mineralisation) beneath Silverstone South pit.
The results have identified two additional high grade gold shoots within existing mineralisation as well as significant down-dip extension of the known mineralisation below the historic Silverstone and Silverstone South open pits. These results demonstrate the high-grade growth potential beneath Ricciardo both along strike and down dip of all five historic pits (Eastern Creek, Silverstone South, Silverstone (Copse), Ardmore, and Silverstone North) see Figure 3.
The Ricciardo deposit has a current Mineral Resource estimate of 8.7 Mt @ 1.7 g/t Au for 476 koz gold (6 koz Measured, 203 koz Indicated, 267 koz Inferred).1 The oxide material at Ricciardo (extending to 45 - 60m depth) has previously been mined across two separate phases: 2001 - 04 and 2013 - 19.
The Ricciardo gold system spans a strike length of approximately 2.3km, with very limited drilling having been undertaken below 100m depth.
The high-grade shoots comprising the Ricciardo mineralisation remain open both at depth and along strike. As a result of the strong growth potential (and its existing scale and grade), Ricciardo is a key focus area for Warriedar this year. Follow-up drilling at Ricciardo is planned from Q2 CY2024.
Click here for the full ASX Release
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.
Drilling Recommences at Ricciardo
HIGHLIGHTS:
- Warriedar's 2024 drilling activities in the Murchison have commenced with a 3,000m RC drilling program at the key Ricciardo deposit.
- The objectives of the drill program are to:
1. Extend known high grade shoots (adding high-grade ounces);
2. “Step-out” drilling to test for interpreted / new high-grade shoots (to add further high-grade ounces); and
3. Improve confidence of the existing Mineral Resource (upgrade classification) and evaluate early mining potential via cutback of existing pits.
- Ricciardo hosts an existing Mineral Resource (476 koz gold)1 over a strike length of approx. 2.3km, and with very limited drilling below 100m depth.
- Ricciardo sits in the middle of the 25km long Golden Corridor at Golden Range, which hosts six discrete deposits that are all open at depth and possess immediate growth potential.
- Warriedar drilled three of these deposits last year (including Ricciardo) and successfully extended mineralisation at all three; key results from Ricciardo included (previously released):
- 20m @ 4.78 g/t Au from 148m (RDRC019)
- 6m @ 4.69 g/t Au from 142m (RDRC020)
- 7m @ 4.48 g/t Au from 251m (RDRC002)
- A follow up diamond drilling program is planned at Ricciardo following completion of the current RC drilling.
Ricciardo possesses a current Mineral Resource estimate of 8.7 Mt @ 1.7 g/t Au for 476 koz gold (6 koz Measured, 203 koz Indicated, 267 koz Inferred).1 Mineralisation at Ricciardo is comprised of a series of high-grade shoots. These shoots remain open at depth (where very limited drilling has been undertaken below 100m) and along strike (where additional high- grade shoots are interpreted but require follow up drilling).
As a result of its scale, grade and further immediate growth potential, Ricciardo is a key focus area for Warriedar this year. Ricciardo is located on a granted Mining Lease, is accessible via a well- conditioned haul road, and is located approx. 8 kms (by road) to Warriedar’s existing oxide process plant and approx. 26 kms (by road) to the neighbouring Golden Grove plant.
A follow-up diamond drilling program is planned at Ricciardo for further extensional and geotechnical testing purposes.
Figure 1: Location of the Ricciardo deposit within the Golden Range Project.
Figure 2: Ricciardo sits in the middle of the 25km long Golden Corridor, from Austin in the north to Bugeye in the southClick here for the full ASX Release
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.
Wide, High-Grade Gold Intercepts at Ricciardo
HIGHLIGHTS:
- Drilling at Ricciardo has intersected substantial, strongly mineralised gold intervals including:
- 20m @ 4.78 g/t Au from 148m (RDRC019)
- 20m @ 1.03 g/t Au from 177m and 9m @ 1.97 g/t Au from 201m (RDRC018)
- 6m @ 4.69 g/t Au from 142m (RDRC020)
- Results demonstrate the excellent potential for further discoveries at the Ricciardo deposit along strike and down dip.
- Drilling demonstrates the high-grade nature of the Ricciardo project area which has a current strike length of 2300m.
- Results provide an excellent platform for follow up drilling to significantly increase the resource at Ricciardo, which is currently 476koz.
- System remains open along strike and at depth, with further drilling planned from Q2 CY2024.
- Benchtop metallurgical study work on Ricciardo underway, with initial results expected during the current quarter.
Drilling at Ricciardo comprised three (3) RC holes for 564m total drilling. Two of the holes were designed for Mineral Resource infill and metallurgical study purposes, with the third designed to test for extension of the Ricciardo mineralisation. All three holes returned strongly mineralised gold intercepts of significant downhole thickness.
The Ricciardo results are an excellent outcome as the drilling has confirmed the continuation of the mineralised system and increases the confidence of high-grade historical results from previous explorers.
The Ricciardo project area possesses a current Mineral Resource estimate of 476 koz gold.1 It comprises a number of high-grade shoots, which remain open both at depth and along strike – see Figures 3 to 5. As a result of its scale and strong further growth potential, Ricciardo is a key focus area for Warriedar this year.
Follow-up extensional drilling programs for Ricciardo (including diamond) are planned for Q2 2024.
Warriedar Managing Director and CEO, Dr Amanda Buckingham, commented:
“These latest results from the 2.3km long Ricciardo deposit provide further confirmation that it is a high-quality deposit offering an attractive combination of existing scale, strong grade, and excellent further growth potential. The Ricciardo project area has not been uniformly drilled below a depth of 100m. Today’s results help to confirm the continuation of high-grade shoots that potentially extend at depth. The Ricciardo area is set to be a key focus area for us this year.”
Figure 1: Location of the Ricciardo deposit corridor within the Golden Range Project.
Key results
Three (3) RC holes for 564m were drilled at the Ricciardo project area in November last year (refer Table 1 and Figures 2, 3 and 4). Assay results have now been received from this program and significant intercepts are reported in Table 2. Key commentary is provided below.
RDRC018 was designed to test the down-dip extension of mineralisation under the Ardmore pit (refer Figures 2 and 3) and also collect sample material for a bench scale metallurgical test work program. The hole successfully drilled an extensive mineralised zone that confirmed high grade historical drill results. Significant intersections include:
- 20m @ 1.03 g/t Au from 177m; and
- 9m @ 1.97 g/t Au from 201m.
Follow up diamond and RC drilling is planned for Q2 2024 to further increase understanding of this high-grade extensional zone and test for high grade extensions to mineralisation down dip and along strike.
RDRC019 was designed as a Mineral Resource infill and metallurgical test hole, testing within the known high-grade shoot under the Ardmore pit (refer Figures 2 and 3). This hole intersected:
- 20m @ 4.78 g/t Au from 148m depth.
The results from RDRC018 and RDRC019 are excellent outcomes as they confirm the continuity of mineralisation and confidence around the historical drilling in this area. The results provide an excellent platform for additional follow up drilling planned to commence in Q2 2024.
RDRC020 was also a Mineral Resource infill and metallurgical test hole, located ~870m further south and drilled under the Silverstone pit (refer Figures 2 and 4). This hole intersected high grade mineralisation and confirmed results from previous exploration. Hole RDRC020 returned:
- 6m @ 4.6 g/t Au from 142m.
The results from the Ricciardo program are an exciting outcome. When viewed together the results confirm the presence of a number of high-grade shoots contained within a broader shear structure that has a strike length of 2300m.
It is noted that only 37 holes have been drilled deeper than 200m across the entire length of the Ricciardo project area (29 by previous explorers, 8 by Warriedar). This creates an exciting opportunity for follow up drilling to test for mineralisation down dip and potentially to significantly expand the existing 476koz Ricciardo resource.
Ricciardo geological discussion
Ricciardo is the largest known deposit along the Mougooderra Shear Zone (MSZ). Ricciardo extends 2300m along strike and has a current Mineral Resource estimate of 476 koz gold (refer Figure 5).
The Ricciardo mineralisation is located along the shear zone and dips at 60-70° to the west. The mineralised zone typically varies in width between 12 and 25 metres.
A thick oxidised sequence extends to 40-65 m depth, and this was the focus of mining and processing activities by previous owners from 2006 to 2018.
Follow-up drilling by previous owners, and Warriedar, has confirmed the Ricciardo mineralisation extends to ~450m down dip. Multiple high-grade shoots dipping ~60° south have been identified see Figure 5. The existence of additional shoots along strike is readily inferable, but due to poor drill density at depth along strike these are yet be confirmed or defined – this provides a high-quality exploration target for follow up drilling.
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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.
Norfolk Metals
Overview
Norfolk Metals (ASX:NFL) is an ASX-listed exploration company focused on its uranium in South Australia and Argentina. The company’s flagship property is the Orroroo uranium project in South Australia. It also holds a gold-copper project, the Roger River Property in Tasmania. Norfolk Metals is currently focused on advancing its uranium project and evaluating uranium assets for acquisition. In April 2024, the company announced it is acquiring the Las Altares uranium project in Argentina, through an exclusivity agreement with Green Shift Commodities.
Uranium prices have been on an upward trajectory since 2023, with prices rising from less than $50/lb to over $100/lb in 2024. The prices are currently hovering around $90/lb and could increase further, driven by a supply deficit. Kazatomprom, the world's largest uranium miner, announced in February 2024 that it is reducing uranium production. The company said production levels at its operations in Kazakhstan are anticipated to remain 20 percent lower, chiefly attributed to the sulfuric acid shortage prevailing in the country. Cameco, the world’s largest publicly traded uranium supplier, has provided a 2024 production guidance which is also not very bullish.
While the supply remains challenging, the demand continues to ramp up. The surge in uranium demand has been predominantly fueled by heightened utility contracting, a trend that offers robust support and sustainability to elevated price levels. The World Nuclear Association’s Nuclear Fuel Report indicates that global nuclear reactor demands are projected to almost double by 2040, rising from 65,650 tU in 2023 to 130,000 tU in 2040. According to Sprott, utilities have nearly 1.5 billion pounds of uncovered uranium requirements through 2040, compared to current annual production of around 150 Mlbs. Further, substantial underinvestment in new mining projects has exacerbated an already constrained supply side, leading to prolonged strain in the years ahead.
The uranium market appears to remain firmly in an uptrend driven by rising demand and constrained supply. Elevated prices also enhance the prospects for junior miners to progress their projects and potentially secure future supply agreements with utilities.
Norfolk Metals boasts uranium assets in a tier-1 mining jurisdiction of South Australia. The recent maiden drill program at the Orroroo project intersected a uranium-bearing floodplain, boosting confidence in the potential of the project.
Norfolk continues to review complementary projects with plans to expand its uranium project suite. In 2024, the company signed an exclusivity agreement with Green Shift Commodities (TSXV:GCOM) to acquire Las Alteras uranium project in Argentina. Las Alteras is surrounded by non-JORC foreign estimates at URAmerica’s Meseta Central deposit (19.1 Mlbs U308), CNEA’s Cerro Solo deposit (11.49 Mlbs U308), ISO Energy’s Laguna Salada deposit (10.1 Mlbs U308), along with the Cerro Condor and Los Adobes historical uranium mines.
Company Highlights
- Norfolk Metals is an ASX-listed uranium-focused explorer with assets located in South Australia (Orroroo uranium project), Argentina (Las Alteras uranium project) and Tasmania (Roger River gold/copper project).
- The primary focus is on advancing the Orroroo uranium project located in the Walloway Basin in South Australia. Orroroo comprises three granted exploration licenses, which together cover 723 square kilometres. of contiguous tenements. The land holding is divided into three project areas named Orroroo, Johnburgh and Black Rock.
- Orroroo has geological similarities to well-endowed South Australian uranium producers such as Boss Energy’s Honeymoon Uranium project and Heathgate Resources’ Four Mile mine.
- Norfolk completed a maiden drill program at Orroroo which delineated uranium in 10 of the 17 holes with grades reaching as high as 796 ppm. The maiden drill program also identified a uranium-bearing floodplain 50 meters south of the Wongway Creek Target.
- In Argentina, Norfolk has signed an exclusivity agreement with Green Shift Commodities to acquire Las Alteres uranium project, a project surrounded by multiple uranium deposits and historical mines in every direction including the Cerro Solo government owned deposit
- The Roger River Project comprises two granted exploration licenses, which together cover 261 square kilometers, located in Tasmania. The project is prospective for gold and copper.
- Norfolk is evaluating other projects for acquisition, which includes complementary projects to the South Australian uranium project suite.
- Uranium prices are likely to remain firm on the back of supply deficit. Kazakhstan, the world’s largest uranium supplier, has warned of lower production in 2024, while demand continues to remain high as governments around the world embrace nuclear power to reduce reliance on fossil fuels.
Key Projects
Orroroo Uranium Project
The Orroroo uranium project consists of three exploration licenses - EL6552, EL6814, and EL6948 - spanning a total of 723 square kilometers, situated roughly 274 kilometers northwest of Adelaide, South Australia. The large land holding is divided into three project areas named Orroroo, Johnburgh and Black Rock.
Orroroo lies within the Walloway Basin, an underexplored uranium region characterized by sediments of similar age to those found in the nearby Frome Embayment, where Boss Energy’s Honeymoon project is located.
Norfolk Metals completed a two-phase drilling program at Orroroo Project (EL6552), identifying uranium in 10 of 17 holes with grades reaching as high as 796 parts per million (ppm). Phase 2 of the drill program also identified a uranium-bearing floodplain 50 meters south of the Wongway Creek Target. The confirmation of uranium-bearing floodplain deposits upstream of Wongway Creek has strengthened confidence in the paleochannel model. Crucial drill holes, including ORMR015A and ORMR017, have offered valuable insights into floodplain features and the identification of kaolinitic clay marker beds, crucial for unraveling the basin’s geological evolution.
Drill samples from ORMR015A showing the kaolonitic clay marker unit from 121-130 metres and floodplain silt from 130-137 metres.
ORMR015A intersected what seems to be a floodplain dominated by silt, with minor gravel and two elevated gamma anomalies indicating uranium at both the top and bottom of this unit. In ORMR017, there was a heightened gamma response at approximately 132 meters depth, aligning with the top of the floodplain identified in ORMR015A. This suggests that the paleochannel may be situated just meters away from the target. Additionally, the detection of a mustard-colored limonite-rich fluid in certain drilling locations suggests potential uranium sources.
The identification of paleochannels offers geologists precise targets for uranium exploration. By mapping geological characteristics and comprehending past river systems, exploration endeavors can be concentrated on regions with an increased probability of harboring uranium deposits.
The maiden drill program has further substantiated Orroroo as a potential emerging uranium district within the renowned Walloway Basin in South Australia. Norfolk is moving forward on the future planning and approvals for Orroroo with a focus on the uranium-bearing floodplains intersected near the Wongway Creek target.
In 2024, Norfolk will begin operations on exploration permit EL6814, which is adjacent to the north and south of EL6552. The initial activities on EL6814 will be planned based on the findings and analysis from the inaugural drilling program at EL6552.
The company remains optimistic about the potential of the Walloway Basin beyond EL6552 (Orroroo project), particularly in areas such as the northern region (Johnburgh Project) and the southern region (Black Rock Project), where significant portions have yet to undergo geophysical surveys or drilling operations.
Las Alteras Uranium Project
Through an exclusivity agreement with Green Shift Commodities (GCOM) Norfolk has rights to 22 claims totaling 60,396 hectares comprising the Las Alteras uranium project to the west and east of the 11.49M lbs (Reasonably Assured Resource) Cerro Solo uranium deposit.
Las Alteras is surrounded by UrAmerica’s Meseta Central deposit (19.1 Mlbs eU308), CNEA’s Cerre Solo deposit (11.49M lbs U308), and ISO Energy’s Laguna Salada deposit (10.1 Mlbs U308). The project is also close to two historical mines, Cerro Condor and Los Adobes.
Norfolk plans to complete a due diligence on the project and pursue completion of the acquisition of the property from Green Shift Commodities.
Roger River Project
The Roger River Project comprises two granted exploration licenses encompassing a total area of 261 square kilometres. Positioned 410 kilometres northwest of Hobart, Tasmania, the project is deemed prospective for gold and copper.
During 2023, Norfolk continued its exploration program to obtain a better understanding of the copper and gold mineralization to guide the next exploration phase and potential drilling. The exploration work included a soil sampling program. The soil program entailed the collection of new surface samples and the re-analyses of selected historical soil samples over the White Water and A2 prospects which were submitted for Cu analysis.
Fresh surface samples were gathered on a grid measuring 200 by 100 meters around A2, totaling 98 samples. This sampling covered an area of roughly 1.2 kilometers by 1.5 kilometers along the interpreted splay from the Roger River Fault. The findings reveal a persistent copper anomaly surrounding the A4 and A5 prospects, situated along the interpreted fault splay originating from the Roger River Fault.
The historical samples re-analyzed revealed a continuous copper anomaly around the A4 and A5 prospects located along the interpreted fault splay from the Roger River Fault.
Management Team
Ben Phillips – Executive Chairman
Ben Phillips brings over 15 years of experience in commercial negotiations across diverse industries, including oil and gas, resources, medical technology, software-as-a-service and defense. He guides departments spanning from R&D and exploration to production, commercialization, and sales. Previously, Phillips served as a non-executive director at Bronson Group (ASX:BGR) and later at Mandrake Resources (ASX:MAN). In his current role as a corporate executive at Ironside, he focuses on sourcing, structuring, funding and managing requirements for small-cap companies, both private and public. Phillips has been with Ironside Capital since its inception, previously serving at Merchant Corporate Finance.
Leo Pilapil – Non-Executive Technical Director
Leo Pilapil has over 30 years of experience as a geoscientist. Throughout his career, he has held director positions at numerous junior companies across Australia, Africa and Turkey. In these roles, he has been primarily responsible for technical project evaluations, project acquisitions, project management and business development. Pilapil's notable achievements include the discovery of the Harlequin Gold Deposit (1 Moz) under salt lake conditions in Norseman, Western Australia. Additionally, he has played a key role in the extension and discovery of several ore deposits in Australia, Africa and Turkey. Pilapil has served as a geological consultant for numerous companies across the globe, including Aditya Birla in Australia, Alacer Gold Corporation in Turkey, African Uranium in Namibia, and NIKKI Lao in Lao PDR.
Patrick Holywell – Non-Executive Director
Patrick Holywell possesses over 15 years of expertise in accounting, finance and corporate governance, having worked at Deloitte and Patersons (now Canaccord Genuity). He is a chartered accountant and a fellow of the Governance Institute of Australia. Over the past decade, Holywell has primarily focused on director and company secretarial roles within the resources and technology sectors. His recent engagements include positions at De Grey Mining, Si6 Metals, and Pentanet.
Rio Silver: Leveraging 25 Years of Mining Experience in Peru
Rio Silver (TSXV:RYO) focuses on the acquisition, exploration and development of precious metals deposits in South America. The company is currently advancing its 100 percent-owned Niñobamba silver-gold project in Peru. The The 3,933-hectare Niñobamba property is a drill-ready project located in the Department of Ayacucho about 330 kilometers southeast of Lima.
To date, Rio Silver and other historical operators have completed US$10 million in exploration expenditure on the Niñobamba property. The company has low overhead expenditure and strong alliances in Peru that are helping it achieve new initiatives for enhanced sustainability.
In 2016, Rio Silver consolidated its property by acquiring the surrounding 2,200 hectares of adjoining land from Newmont Mining and Southern Peru Copper. These included the Jorimina zone, which is located about 6.5 kilometers west of the Niñobamba and is believed to be part of the same high-sulfidation silver-gold system identified in the main Niñobamba zones.
Company Highlights
- Rio Silver owns six mineral concessions covering 4,100 hectares of wholly-owned land in a historic Peruvian mining district.
- The property was historically surrounded by big-name miners (Newmont, Southern Peru Copper) and is now wholly owned by Rio Silver.
- Experienced management team with more than two decades of mining experience in Peru.
- Extensive trenching completed at the Niñobamba zone.
- The management team holds a 29 percent stake in the company.
- US$10 million in exploration expenditure completed to date by Rio and historical operators.
- All the historical data has been collected from previous owners.
- Historical drilling on the Niñobamba property intersected 130 meters of 2.55 oz/t silver and 72.3 meters of 1.19 g/t gold.
- New gold zone identified including 56 meters at 98.9 g/t silver and 21.77 meters at 1.32 g/t gold, 102.46 g/t silver.
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March Quarter Activity Report
Highlights:
- Brightstar makes recommended takeover offer for Linden Gold Alliance Limited
- Successful completion of A$12 million share placement
- A highly positive Scoping Study was released for the Jasper Hills Gold Project (owned by Linden Gold) with compelling operational and financial outputs1,4:
- An initial mine production target of 142koz @ 1.84g/t Au over a four-year life of mine
- Pre-Tax NPV8 of approximately A$99 million and IRR of 736% (@ A$3,000/oz gold price)
- Payback of 9 months on all pre-production capital costs of $12 million
- Selkirk mining joint venture and gold pours successfully completed, with finalised net cashflow generated to Brightstar of $6,500,000 to be received this quarter
- Cork Tree Well diamond drilling results returns spectacular intercepts including:
- 27.6m @ 17.8 g/t Au (CTWMET003)
- 34.4m @ 7.94g/t Au (CTWMET004)
- High grade RC drilling intercepts were received from Menzies Gold Project at the Aspacia & Link Zone deposits
Brightstar to acquire Linden Gold Alliance Limited, $12 million share placement and Board Change1,2,3
- Brightstar Resources Limited to acquire Linden Gold Alliance Limited (Linden) via unanimously recommended off-market scrip takeover offer (Offer)
- Linden is a gold producer, developer and explorer with existing mineral resources of 350koz @ 2.1g/t Au near Brightstar’s existing processing infrastructure (on care & maintenance) in the Laverton district (Figure 1)
- Under the Offer, Linden securityholders are to receive 6.9 Brightstar shares for every 1 Linden share held and 6.9 Brightstar options for every 1 Linden option held, equating to an implied Offer price of 11.04 cents per share
- The Offer implies an undiluted equity value for Linden of approximately $23.7 million
- Linden’s Directors unanimously recommend Linden shareholders accept the Offer, in the absence of a superior proposal
- Linden Directors representing 13.2% and Linden’s major shareholders, including St Barbara Limited (St Barbara), representing approximately 67.3% of shareholders, have signed pre-bid agreements with Brightstar or have signed intention statements to accept the Offer in respect of all current Linden shares and Linden options they own and control, in each case in the absence of a superior proposal
- The Offer is subject to conditions including a minimum 90% acceptance condition by the Linden shareholders and Linden optionholders
- As part of the Offer, Brightstar announced the successful receipt of firm commitments for a capital raising of A$12.0 million at A$0.014 per share via a two-tranche placement (Placement)
- The Placement received strong cornerstone support from Brightstar and Linden’s major shareholders Collins Street Asset Management and St Barbara for a total $4.3 million
- Mining investment house Lion Selection Group (ASX:LSX) committed to $2 million in the Placement to become a Brightstar shareholder
- Linden Directors Andrew Rich and Ashley Fraser to be appointed as Executive Director and Non- Executive Director respectively of Brightstar at successful completion of the Offer
- Highly regarded natural resources industry professional Richard Crookes will join the Board of Directors as Independent Non-Executive Chairman subject to the successful completion of the Offer.
- The combination of Linden and Brightstar will create a gold producer and developer with a material resource base that supports the Company’s strategy of becoming a mid-tier gold producer
Figure 1: Linden Gold’s Second Fortune & Jasper Hill Gold Projects relative to Brightstar assets
Compelling Scoping Study for Jasper Hills Gold Project4
The Jasper Hills Gold Project (Jasper Hills) is wholly owned by Linden, which is the subject of a Board- recommended off-market takeover offer by Brightstar. Jasper Hills is located 50km SE of Brightstar’s processing infrastructure, and will, subject to final feasibility studies, permitting and approvals and final investment decision, support Brightstar’s ambition of becoming a meaningful WA gold producer.
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