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Further High-Grade Gold Success at Ricciardo
Warriedar Resources Limited (ASX: WA8) (Warriedar or the Company) is pleased to release the results of drilling undertaken at the Ricciardo deposit (previously known as Silverstone) within its Golden Range Project, located in the Murchison region of Western Australia.
HIGHLIGHTS:
GOLDEN RANGE
- Assay results for the remaining (3) RC holes drilled at the Ricciardo deposit have been received, with all holes intersecting significant gold intervals including:
- 4m @ 14.49 g/t Au from 188m, ending in mineralisation (RDRC039)
- 12m @ 1.91 g/t Au from 74m, ending in mineralisation (RDRC040)
- 7m @ 1.17 g/t Au from 119m (RDRC038)
- Results continue to increase the known extent of the high-grade shoot beneath the historic Ardmore pit.
- Drilling demonstrates significant additional mineralisation outside the current Mineral Resource model, with mineralisation remaining open at depth.
- These results build on the high-grade results already released for the Ricciardo deposit.
- Ricciardo sits in the middle of the 25km-long ‘Golden Corridor’ at Golden Range, which hosts six discrete deposits (18 historic pits) that are all open at depth and possess immediate growth potential.
- The ‘Golden Corridor’ is Warriedar’s key exploration focus in 2024, with further growth-focussed RC drilling set to commence in the next week.
FIELDS FIND
- Results from drilling at Rothschild continue to extend mineralisation along strike to the east (and remains open).
- New greenfields gold zone intersected at Provenance, located approx. 700m north of the Rothschild deposit.
Today’s results extend the high-grade shoot below the Ardmore pit and broaden the mineralisation envelope. Drilling continues to demonstrate the outstanding Mineral Resource growth potential that exists at Ricciardo and along the broader ‘Golden Corridor’ trend.
Assay results from drilling carried out at the Fields Find Project late last calendar year have also been received. Drilling at Fields Find successfully extended Rothschild to the east and highlighted a new greenfields discovery at the Provenance prospect (approximately 700m north of Rothschild).
Figure 1: The Golden Range and Fields Find Projects Mines and projects within trucking distance of the Warriedar tenure are shown. The location of the Ricciardo deposit within the 25km-long ‘Golden Corridor’ at the Golden Range Project is annotated.
Robust high-grade depth extensions continue at Ricciardo
The Ricciardo gold system (within the Golden Range Project) spans a strike length of approximately 2.3km, with very limited drilling having been undertaken below 100m depth. Ricciardo possesses a current Mineral Resource Estimate (MRE) of 8.7 Mt @ 1.7 g/t Au for 476 koz gold.1 The oxide material at Ricciardo has been mined by previous operators.
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.
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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.
Quarterly Activities Report for the Period Ended 30 June 2024
Warriedar Resources Limited (ASX: WA8) (Warriedar or the Company) is pleased to report on its activities for the quarter ended 30 June 2024.
HIGHLIGHTS
Golden Range and Fields Find Projects, Western Australia
- Remaining nine (9) assay results from Phase 1 2024 RC drilling at Ricciardo returned significant intervals of high-grade gold mineralisation, including:
- 8m @ 11.40 g/t Au from 166m (RDRC041), including
- 3m @ 22.38 g/t Au from 167m
- 8m @ 2.63 g/t Au from 160m (RDRC034)
- 4m @ 14.49 g/t Au from 188m (RDRC039), ending in mineralisation
- 12m @ 1.91 g/t Au from 74m (RDRC040), ending in mineralisation
- 8m @ 11.40 g/t Au from 166m (RDRC041), including
- Diamond drilling program, for 29 holes and approximately 2,500m, commenced at Ricciardo and M1. Results returned after the June quarter end for the first twelve (12) diamond tails (for 770m) intersected significant gold mineralisation, including:
- 19m @ 4.94 g/t Au from 188m (RDRC039 DD) (includes contiguous final RC result of 4m @ 14.49 g/t from 188m)
- 8.9m @ 8.93 g/t Au from 156m (M1RC191 DD), including
- 2m @ 23.83 g/t from 158m
- 12m @ 6.98 g/t Au from 110m (RDRC040 DD), including
- 3m @ 22.12 g/t Au from 112m
- 16m @ 2.30 g/t Au from 243m (RDRC055 DD), including
- 6m @ 3.13 g/t Au from 252m
- 17m @ 2.38 g/t Au from 264m (RDRC055 DD) including
- m @ 4.03 g/t Au from 273m
- Results to date at Ricciardo substantially increased the known extent of the high-grade shoots beneath the historic Silverstone and Ardmore pits; confirm the presence of a (new) high-grade shoot below the Eastern Creek pit; and expand the mineralised deposit area below the Silverstone and Silverstone South area.
- Results for the first Resource infill diamond hole at M1 returned significantly higher grade than expected, confirming the high-grade extension potential at this deposit.
- Phase 2 2024 RC drilling program at Ricciardo and M1, for 25 holes and approximately 5,024m is complete. A large proportion of these RC meters are ‘pre-collars’ for the diamond tails.
- The diamond drilling program, the first at Ricciardo and M1 in over 10 years, is still ongoing and expected to be completed by mid-August.
Big Springs Project, Nevada
- Proposed Plan of Operation (PoO) application continues to progress.
Corporate
- Asset Sale Agreement pertaining to the acquisition of non-core tenements E59/1324-I, M59/386-I, M59/387-I and M59/425-I (Deferred Assets) terminated, with the date for satisfaction of required conditions precedent passing.
- Cash of A$3.6 million as at 30 June 2024 and zero debt (excluding typical trade creditor balances).
Western Australian Projects
The Golden Range and Fields Find Projects (the Projects) are located approximately 350 km northeast of Perth and 260 km east-southeast of Geraldton (refer Figure 1). The total consolidated land package of the Projects is 788 km2, extending for over 70 km of strike from north to south and covering much of the central Yalgoo-Singleton and Warriedar Archean greenstone belts.
Total historical gold production from Golden Range and Fields Find was 350 koz, with the existing oxide plant placed on care and maintenance in August 2019.
The current JORC (2012) Mineral Resource estimate for Golden Range is 15.2 Mt at 1.7 g/t Au for 816 koz contained gold (of which 412 koz at 1.7 g/t Au sits in the Measured and Indicated classifications). For further Mineral Resource estimate details, refer to ASX release dated 28 November 2022.
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.
Diamond Drilling Program Expanded and High-Grade M1 Intercept Returned
Warriedar Resources Limited (ASX: WA8) (Warriedar or the Company) is pleased to provide an update on drilling progress and assay results from its Golden Range Project, located in the Murchison region of Western Australia (Figure 1).
HIGHLIGHTS:
- Drilling activities along the ‘Golden Corridor’ progressing well; current Reverse Circulation (RC) program complete (28 holes for 5,024m) and diamond tails program expanded to 2,500m (approx. 1,900m complete across 19 holes).
- Represents the first diamond drilling undertaken at the 2.3km-long Ricciardo deposit, and the nearby M1 deposit, by any operator in ten years.
- Assay results for the first diamond hole at M1 (infill focus) were significantly higher grade than expected:
- 8.9m @ 8.93 g/t Au from 156m, incl. 2m @ 23.83 g/t from 158.3m
- M1 offers clear high-grade extension potential, which is planned to be a focus of further drilling in H2 2024.
- Diamond holes drilled beneath the Silverstone Central pit (Ricciardo), in an area with no historical drilling, returned:
- 7m @ 2.59 g/t Au from 229m, incl. 1m @ 10.81 g/t Au from 233.7m
- 4.6m @ 1.20 g/t Au from 235m
- Extensional RC drilling under the Eastern Creek pit (Ricciardo) returned:
- 7m @ 2.54 g/t Au from 170m, incl. 1m @ 7.48 g/t from 172m
- 9m @ 1.42 g/t Au from 180m
- Ricciardo and M1 both sit in the 25km-long ‘Golden Corridor’ at Golden Range, which hosts six discrete deposits (18 historic pits) that are all open at depth and possess immediate growth potential.
- Diamond drilling set to be completed in mid-August, with all assays expected by mid-September and update of the Ricciardo MRE targeted for Q4 2024.
- Further growth-focussed drilling of the ‘Golden Corridor’ planned for H2 2024.
The results reported in this release are for a further eight (8) of the diamond holes and the first nine (9) of the RC holes drilled in the current program (representing all outstanding results received to date). Results for the first four (4) diamond holes were previously reported (refer WA8 ASX release dated 3 July 2024). The new results continue to demonstrate the outstanding Mineral Resource Estimate (MRE) growth potential that exists at Ricciardo, M1, and along the broader ‘Golden Corridor’ trend.
Figure 1: The Golden Range and Fields Find Projects. Mines and projects within trucking distance of the Warriedar tenure are shown. The location of the Ricciardo deposit within the 25km-long ‘Golden Corridor’ at Golden Range is annotated.
M1 deposit
The M1 deposit is located 7km north of the Ricciardo deposit, and right alongside the existing processing plant (refer Figure 2); within the 25km long Golden Corridor trend.
Initial results have been returned from diamond tails drilled at the M1 deposit, with significant intersections returned in both holes. The holes were planned to test the existing MRE model,
Figure 2: The Golden Corridor within the Golden Range Project. The M1 deposit is located 7km north of the Ricciardo deposit. The image on the LEFT is gravity over shaded residual magnetic RTP.
potential parallel lodes and gaps within the MRE area. This drilling represents the first time this deposit has been revisited and drilled since 2013.
Hole M1RC191 was drilled in the centre of the modelled resource area and returned significantly higher grade than expected (refer Figure 3). This is an excellent result and aids Warriedar in the larger goal of building high-priority MRE areas for rapid development.
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.
First Diamond Drilling Results at Ricciardo Deliver High-Grade Gold Extensions
Warriedar Resources Limited (ASX: WA8) (Warriedar or the Company) is pleased to provide an update on drilling progress and release the first results from diamond drilling undertaken at the Ricciardo deposit within its Golden Range Project, located in the Murchison region of Western Australia (Figure 1).
HIGHLIGHTS:
- Next phase of drilling activities progressing strongly at Ricciardo and M1.
- Approximately 5,030m RC (29 holes) and 1,420m diamond drilling (16 holes) completed to date.
- The first diamond drilling undertaken at the 2.3km long Ricciardo deposit by any operator in ten years.
- Assay results returned for the first four (4) diamond tails (255m) of the program at Ricciardo have seen all holes intersect significant gold intervals, including:
- 19m @ 4.94 g/t Au from 188m (RDRC039 DD) * includes contiguous final RC result of 4m @ 14.49 g/t from 188m
- 12m @ 6.98 g/t Au from 110m (RDRC040 DD) inc. 3m @ 22.12 g/t Au from 112m
- 16m @ 2.30 g/t Au from 243m (RDRC055 DD) inc. 6m @ 3.13 g/t Au from 252m
- 17m @ 2.38 g/t Au from 264m (RDRC055 DD) inc. 8m @ 4.03 g/t Au from 273m
- Delivers further high-grade extensional success to existing Mineral Resource Estimate (MRE) model below the Silverstone North pit (Holes 40, 55) and infill confidence to MRE below northern end of the Ardmore pit (Hole 39).
- These outcomes build on the growth in high-grade deposit margins delivered at Ricciardo from the significant RC program executed earlier this year.
- Ricciardo sits in the middle of the 25km-long ‘Golden Corridor’ at Golden Range, which hosts six discrete deposits (18 historic pits) that are all open at depth and possess immediate growth potential.
- The ‘Golden Corridor’ is Warriedar’s key exploration focus in 2024.
This is the first diamond drill program at Ricciardo since 2014, when just three (3) diamond holes were drilled by the previous operator.
The results reported in this release are for four (4) (255m) of the 16 (1420m) diamond holes drilled to date. Approximately 2,200m of diamond drilling is planned as part of the current phase of combined RC and diamond drilling at Ricciardo and M1.
The results from these initial four diamond holes extend the high-grade shoot below the Silverstone North pit and infill a previous gap in the high-grade zone of the MRE below the northern part of the Ardmore pit (adding confidence and continuity to the MRE in this area).
These outcomes, while stemming from only a small part of the overall current phase of drilling, continues to demonstrate the outstanding MRE growth potential that exists at Ricciardo and along the broader ‘Golden Corridor’ trend.
Figure 1: The Golden Range and Fields Find Projects Mines and projects within trucking distance of the Warriedar tenure are shown. The location of the Ricciardo deposit within the 25km-long ‘Golden Corridor’ at the Golden Range Project is annotated
The Ricciardo gold system (within the Golden Range Project) spans a strike length of approximately 2.3km, with very limited drilling having been undertaken below 100m depth. Ricciardo possesses a current Mineral Resource Estimate (MRE) of 8.7 Mt @ 1.7 g/t Au for 476 koz gold.1 The oxide material at Ricciardo has been mined by previous operators.
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.
Update on acquisition of Deferred Assets
Warriedar Resources Limited (ASX: WA8) (Warriedar or the Company) provides an update on the Deferred Assets arrangement announced to the ASX on 28 November 2022.
The Company acquired subsidiary DC Mines Pty Ltd (DC Mines) in February 20231 . DC Mines had acquired the Golden Range and Fields Find Projects from Minjar Gold Pty Ltd (Minjar) in 2022. Under the 2022 Asset Sale Agreement between Minjar and DC Mines, completion of the acquisition of four tenements the subject of the acquisition (E59/1324-I, M59/386-I, M59/387-I and M59/425-I (Deferred Assets)), was deferred pending the satisfaction or waiver of certain conditions precedent related to consents or approvals from third parties.
The date for satisfaction of the conditions precedent has now passed and the Asset Sale Agreement has been terminated with respect to the Deferred Assets.
The Deferred Assets included an existing JORC-compliant Mineral Resource of 4.0 Mt at 1.0 g/t Au for 129.8 koz Au (Mt Mulgine). The Company’s Mineral Resource table has been updated to reflect this change and is provided below.
Warriedar Managing Director and CEO, Amanda Buckingham, commented:
“We are resolutely focussed on our strategy to rapidly build high-grade Mineral Resources within the ‘Golden Corridor’ at Golden Range. This is a 25km long trend hosting 6 known gold deposits, 18 historic shallow open pits and an existing Mineral Resource of 736koz gold – and which comprises the great majority of the existing Mineral Resources defined at our Golden Range Project. Mt Mulgine does not form part of the Golden Corridor and was not a focus area for our growth drilling activities.”
Engage with this announcement at the Warriedar InvestorHub
This announcement has been authorised for release by: Amanda Buckingham, Managing Director.
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.
Analyst Report Cites Warriedar’s High-grade Gold Play, Copper Potential in Upside Valuation
Description:
With a hugely untapped high-grade gold resource and compelling potential base metal discoveries, Warriedar Resources (ASX:WA8) is poised for a significant upside in its current market valuation, according to a new report from analyst firm East Coast Research.
“Applying a peer-based EV/resource multiple approach, we derive the valuation of AU$0.09 in a base case scenario and AU$0.11 per share in a bull case scenario,” analyst Behzad Golmohammadi wrote in the report.
Warriedar Resources is an advanced gold and copper exploration company with an existing resource base of about 2 million ounces of gold between its projects in Western Australia (Golden Range and Fields Find) and Nevada, USA (Big Springs). The analyst report cites Warriedar’s successful exploration to date of Golden Range and Fields Find with highly encouraging results suggesting a potential for high-grade gold discoveries and a porphyry system hosting polymetallic mineralisation, including gold, copper, molybdenum and silver.
“Successful resource expansion from the upcoming aggressive drilling campaigns, enhanced by
positive metallurgy and new discovery potential could drive a substantial rerating, in our view,” Golmohammadi wrote.
The report also cited the current positive gold outlook that is expected to drive gold prices higher, adding to the upside potential of Warriedar Resources.
Report highlights include:
- Warriedar Resources holds a largely underexplored portfolio of high-grade gold assets, with significant base metals discovery potential, in tier 1 jurisdictions surrounded by existing gold deposits and producing mines.
- The company’s diverse exploration programmes in 2023 yielded encouraging results, highlighting the substantial inherent potential in Warriedar’s key projects.
- A positive gold outlook expected to drive gold prices higher
- Using a sum-of-the-parts-driven asset base comparable valuation methodology and a conservative resource estimates assumptions, East Coast Research’s valuation of Warriedar is at AU$0.09 per share in the base-case scenario and AU$0.11 per share in the bull-case scenario, representing a price/NAV of 0.41x, which offers ~150 percent upside probability for potential investors.
For the full analyst report, click here.
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Nova Announces Closing of US$3.3m NASDAQ IPO
Nova Minerals Limited (Nova or the Company) (ASX: NVA, NASDAQ: NVA, NVAWW OTC: NVAAF, FSE: QM3) is pleased to announce the closing of its underwritten US NASDAQ public offering today of 475,000 units, with each unit consisting of one American Depositary Share representing ordinary shares (“ADS”) and one warrant, with an ADS-to-ordinary-share ratio of 1 to 60, at a price to the public of US$6.92 per unit, for gross proceeds of approximately US$3.3m (AUD$4.9m) before deducting underwriting discounts and offering expenses.
Each whole warrant is exercisable for one ADS at an exercise price of US$7.266 per ADS, and will be immediately exercisable upon issuance for a period of five years following the date of issuance. In addition, Nova has granted the underwriters an option to purchase up to an additional 47,500 ADSs and/or an additional 47,500 warrants to cover over-allotments, if any until August 29, 2024.
The offering also included the purchase by the underwriters of 47,500 warrants in connection with the partial exercise by the underwriters of their over-allotment option.
The Company has issued a total of 28,500,000 ordinary fully paid shares to the depositary agent which will underlie the ADS.
The ADSs and warrants began trading on the Nasdaq Capital Market on July 24, 2024 under the symbols “NVA” and “NVAWW”, respectively.
Nova will also issue options (warrants) to the underwriters of the offer, as approved by shareholders at the general meeting held on 31 May 2024.
The Company intends to use the proceeds for resource and exploration field programs, feasibility studies, and general working capital.ThinkEquity is acting as sole book-running manager for the offering.
A registration statement on Form F-1 (File No. 333-278695) relating to the public offering was filed with the Securities and Exchange Commission (“SEC”) and became effective on July 23, 2024. This offering is being made only by means of a prospectus. Copies of the final prospectus may be obtained from ThinkEquity, 17 State Street, 41st Floor, New York, New York 10004.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Nova CEO, Mr Christopher Gerteisen commented: “This marks a major milestone for the company and highlights the quality of our team who made it happen through countless hours of dedication and hard work. A US listing has been our goal for a long time as the logical next step with our flagship Estelle Gold Project being a North American asset and an increasing US investor base. Now it’s a reality, and we believe this can be a catalyst to create further shareholder value through increased exposure and liquidity available in the US market. The company is preparing a targeted drill program to commence shortly and continues with the critical technical studies required for the completion of a robust PFS as we progress along the path to production.”
Click here for the full ASX Release
This article includes content from Nova 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.
Kirgella Gift and Providence: First Inferred Mineral Resource Estimate of 76,400 oz Au from only 3m depth
WA-focused gold explorer, Kalgoorlie Gold Mining (ASX: KAL) (‘KalGold’ or ‘the Company’), is pleased to announce its first Inferred Mineral Resource Estimate (MRE, reported in accordance with the JORC Code (2012)) for the Kirgella Gift and Providence gold deposits (Figure 1 and Figure 2) at the Company’s Pinjin project, 140 km to the northeast of Kalgoorlie-Boulder.
Highlights
- First Inferred Mineral Resource Estimate for Kirgella Gift and Providence of: 2.34 Mt @ 1.0 g/t Au for 76,400 oz at a 0.5 g/t gold cut-off from only 3m depth.
- Gold mineralisation remains open at depth and along strike between Kirgella Gift and Providence:
- Potential for significant resource growth and upgrade following additional drilling to expand on unclassified blocks outside current model limits.
- Highly economic discovery with KalGold’s direct exploration expenditure cost (drilling and assay) of only ~A$4.20 per gold ounce.
- KalGold’s Total Mineral Resource base, comprising this new resource from the Pinjin Project, and the La Mascotte deposit at Bulong Taurus (see ASX: KAL 7th March 2023), now stands at 214,300 oz.
- Elevated gold price of over A$3,600/oz continues to drive interest in mineable gold projects.
“KalGold is proud to report the first Mineral Resource Estimate at the Kirgella Gift and Providence gold deposits. It totals ~76,000 oz defined at over 1.0 g/t Au from only 3m depth, remains open in several directions, and is considered the first step in defining the full potential of the Kirgella Gift and Providence gold deposits. Pleasingly, we have defined a shallow gold resource at a very low cost to the Company of around A$4.20 per gold ounce.
The Kirgella and Providence mineral resource estimate is comparable to other deposits within the Laverton Tectonic Zone and is considered typical of the region. This is particularly true of some of the constituent deposits at Ramelius Resources’ (ASX:RMS) Rebecca Gold Project, around 20 km to the south along strike.
KalGold now has defined a total resource base of 214,300 oz of gold. The increased resource base enables KalGold to commence high level mining optimisation studies to assess pathways to production. KalGold looks forward to continuing to progress its work in the Pinjin area with the aim of significantly growing this initial JORC Code (2012) resource and defining a suite of additional shallow resources.”
First Gold MRE at KalGold’s Pinjin Project
The Inferred MRE of 2.34 Mt @ 1.0 g/t Au for 76,400 oz Au has been defined at a 0.5 g/t gold cut-off from the Company’s recent drill focus on the shallow portion of the Kirgella Gift and adjacent Providence gold deposits (see Table 1), combined with thoroughly validated historic datasets. Work continues on both deposits, with gold mineralisation open at depth and along strike between the two. This MRE is expected to form the basis of future updates as drilling and exploration continues.
Table 1 – Kirgella Gift and Providence Mineral Resource at a 0.5 g/t gold cut-off Note totals may not sum due to rounding.Click here for the full ASX Release
This article includes content from Kalgoorlie Gold Mining Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Gold Explorer Ordell Minerals Debuts on ASX after Raising $6M
The founding team behind gold miner Genesis Minerals returns, bringing an advanced WA gold and lithium exploration portfolio to market.
Ordell Minerals Limited (ASX Code: “ORD”) (“Ordell” or “the Company”) is pleased to advise that Ordell has listed on the ASX today, bringing to market a high-quality portfolio of exploration assets in Western Australia.
Highlights:
- New gold explorer lists on ASX raising $6 million (30m shares at $0.20) (before costs).
- Ordell’s key asset is an 80% interest in the Barimaia Gold Project, located in the Murchison region of Western Australia, which is an advanced gold exploration asset with significant historical drilling results.
- Barimaia hosts an extensive and underexplored gold system, with historical RC drilling returning significant results including:1
- 15m @ 11.4g/t Au from 74m
- 17m @ 3.4g/t Au from 49m
- 19m @ 1.5g/t Au from 18m
- 5m @ 4.0g/t Au from 43m
- 70m @ 0.7g/t Au from 59m
- Ordell’s experienced board of directors includes former Genesis Minerals Limited (ASX:GMD) Chair Tommy McKeith and former Managing Director Michael Fowler.
- Highly leveraged to exploration success, with a market capitalisation of ~$10m at listing.
The Company’s flagship asset is the Barimaia JV Gold Project (“Barimaia”), located in the Murchison region of WA, which represents an advanced exploration project with significant historical drilling results.
Ordell acquired its 80.2% interest in Barimaia from Genesis Minerals Limited (ASX: GMD) (“Genesis”), which is now a major shareholder of Ordell with an 8% shareholding upon listing. Barimaia was never systematically explored due to Genesis’ strategic focus on its assets in the Leonora region.
Ordell has reunited key members of the team that oversaw the significant growth of Genesis between 2016 and 2021, including former Genesis Chair Tommy McKeith and former Managing Director Michael Fowler, who will be working to progress the exploration of Barimaia.
Barimaia is located in a Tier-1 mining jurisdiction in close proximity to several gold processing plants, lying adjacent to Ramelius Resources’ Mt Magnet mill, 70km from Spartan Resources’ Dalgaranga mill and 80km from Westgold Resources’ Tuckabianna mill (see Figure 1).
Previous exploration by Genesis identified an extensive gold system at Barimaia, with historical RC drilling highlighting shallow open pit potential.
In addition to the Barimaia Project, Ordell also holds the Goodia Lithium Project, located in WA’s Kalgoorlie-Norseman lithium district about 50km south of Develop’s (ASX: DVP) Dome North lithium deposit, and the Fisher South Gold Project in the Laverton gold district.
Ordell Managing Director, Michael Fowler, said: “Having previously been closely involved in the exploration of the Barimaia Project in my past role as Managing Director of Genesis Minerals, I am looking forward to getting back on the ground at Barimaia.”
“Located in the heart of one of Western Australia’s most exciting gold districts, Barimaia lies within trucking distance of several gold processing plants, with past exploration confirming strong potential for a shallow Resource.”
“Given its location right on the doorstep of Ramelius’ Mount Magnet gold project, and with strong geological similarities to Eridanus which is currently being mined by Ramelius, our plan is to systematically drill the known 2.5km strike extent at Barimaia to target Eridanus type discoveries.”
“In addition to Barimaia, we also hold the earlier-stage Goodia Lithium Project and Fisher South Gold Projects, both of which offer exciting greenfields discovery opportunities.”
“I would like to thank everyone involved in Ordell’s Initial Public Offer process. In what is still a tough IPO market but with strong support from our shareholders, Lead Manager Argonaut and Legal Advisor Steinepreis Paganin, we were able to successfully complete the offer.”
Click here for the full ASX Release
This article includes content from Ordell 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.
Acquisition of Mubende Gold Project, Uganda
The Directors of eMetals Limited (ASX:EMT)(eMetals)(Company) are pleased advise it has entered into a binding terms sheet (Agreement) with Sifang Mineral Resources Limited (Sifang), a Ugandan incorporated company, and its shareholders (Sifang Shareholders) to acquire an interest in a granted exploration licence (EL00379) located in central Uganda (the Mubende Gold Project) through the purchase 80% of the ordinary shares in Sifang. Sifang is the 100% legal and beneficial owner of the Mubende Gold Project and four exploration license applications located in central Uganda (the Applications).
HIGHLIGHTS
- The granted exploration license EL00379 covers 202 square kilometres in the Mubende region west of Kampala and includes the highly prospective Bukuya prospect.
- The Bukuya prospect is currently being mined by 60-80 artisanal workers over 600 metres of prospective strike and remains open along strike and at depth.
- Rock chip samples taken from a recent site visit to the Bukuya prospect by consultant geologists returned numerous specimens containing visible gold in both ferro-manganese and quartz veins.
- Experienced in-country technical team appointed including Mr Dylan le Roux and Mr Allan Agumya to manage exploration activities.
- Field activities scheduled to commence 05 August 2024.
Commenting on the acquisition Managing Director Mr Mathew Walker stated, “We are delighted to have secured a significant land holding that has prospectivity confirmed by a strong presence of artisanal mining activity. Uganda has a well established gold mining industry and regulatory protocols that add to the appeal of the acquisition. We look forward to the commencement of field activities in the immediate term.”
MUBENDE GOLD PROJECT
The Mubende Gold Project is an extensive landholding of 202 square kilometers that covers a series of metasediments, predominantly characterized by meta-wacke’s and phyllitic slates, with occasional interbedded quartzite units and mafic volcanics. Late-stage granites have intruded the metasediments, mainly in the southern part of the license.
Figure 1: Regional Map with locations of Sifang licenses.
At the Bukuya prospect, wall rock consists of metapelitic units with vertical foliation trending NW in most shafts, turning EW in the northern artisanal shafts. Mineralization appears confined to a deformation zone within the metapelites and hosts three subsets of veins exploited by artisanal workers. The first subset includes quartz veins with hematite mineralization, iron-oxide staining, and goethite/limonite-filled vugs, seen in southern shafts with NW trending foliation. The second subset comprises metallic veins of blueish-grey and black ferro-manganese mineralisation with botryoidal textures and specular hematite, found in northern shafts with EW trending foliation. The third set comprises massive milky white quartz veins.
These veins are described in more detail below.
Type 1 (Iron-rich quartz veins): These are quartz veins that show varying degrees of ferro(-manganese) mineralisation. Mineralisation occurs as hematite (red), specular hematite (dark silver/black), and a lesser degree of manganese (botryoidal, blue-grey to black). Vugs filled with limonitic material is often seen in these veins and is interpreted to represent leached out sulphides. These veins are seen in the SE of the Bukuya site. They are typically decimetre to metre scale and are foliation concordant (vertical to subvertical with dominantly NW trend).
Click here for the full ASX Release
This article includes content from eMetals 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.
Outstanding High-Grade Copper and Gold Assays from Mountain Home Project, NT
Assays of up to 45% Cu and 11.75g/t Au from rock chips along with stronglyanomalous soil sampling highlight the Project’s significant exploration potential
West Australian-based explorer E79 Gold Mines Limited (ASX: E79) (‘E79 Gold’ or ‘the Company’) is pleased to provide an update on exploration activities at the recently optioned Mountain Home Copper-Gold Project1, located in the Northern Territory.
- Initial reconnaissance sampling mission highly successful in providing exceptional copper and gold values in selective rock chips and extending the known mineralised structure to 1km in strike extent.
- Exceptionally high-grade copper assays, including 45.5% Cu, 39.8% Cu and 38.4% Cu, returned from selective rock chip sampling, with seven of the 15 rock chips returning values in excess of 22% Cu.
- High-grade gold values of up to 11.75 g/t Au in selective rock chips.
- The mineralised outcrop has been extended by this recent sampling to 1,000m while remaining open along strike to the north and south.
- Soil samples taken perpendicular to the mineralised outcrop show anomalous copper values, over widths across-strike of up to 80m, with coincident anomalous gold.
- Further field work planned for the current Quarter.
E79 Gold CEO, Ned Summerhayes, said: “These outstanding rock chip copper and gold results highlight the very exciting discovery potential of the Mountain Home Project. Encouragingly, we have now encountered high grades in both copper and gold along the entire length of the known mineralised outcrop, now extended to in excess of 1km strike extent and remains open to the north and south.
“The soil sampling results suggest there may be parallel structures given the across- strike width of anomalism in both copper and gold. These results give us confidence to both follow-up with programmes to extend the Mountain Home copper system and also to follow up historic positive stream and soil samples elsewhere on the project. We are aiming to undertake these exploration programs within the current September Quarter.”
Northern Territory Project
Mountain Home (EL32470 – NT Minerals Option), EL33886 and EL33886 (both under application – 100% E79)
Assays have been returned from E79 Gold’s initial reconnaissance sampling program at Mountain Home, including high-grade copper and gold values along the length of the prospective and extended 1,000m long outcrop. Results for all recent E79 Gold samples are provided (contained below in Table 1) and standout rock-chip assay results (Figure 1) include:
- MHR0004 - 28.9% Cu, 0.16 g/t Au
- MHR0008 - 0.11% Cu, 11.75 g/t Au
- MHR0009 - 22.0% Cu, 0.45 g/t Au
- MHR0010 - 45.5% Cu, 0.08 g/t Au
- MHR0011 - 38.4% Cu, 0.23 g/t Au
- MHR0012 - 24.9% Cu, 1.33 g/t Au
- MHR0013 - 39.8% Cu, 1.72 g/t Au
- MHR0014 – 30.0% Cu, 0.29 g/t Au
It is worth noting that the samples, especially the higher-grade copper results, had abundant oxide-copper mineral malachite (green mineral in Photo 1), that can produce elevated copper results due to supergene (weathering) surficial enrichment. Pure malachite copper content is variable but typically around 57- 58% Cu. Experience has been that the sulphide-rich precursor rocks or sulphide- rich unweathered examples in drilling beneath these types of surface copper assay values will typically be lower grade. For example, 100% un-oxidised chalcopyrite has an average copper content of around 35% Cu – the remainder is iron and sulphur.
This article includes content from E79 Gold Mines 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.
Divestment of Queensland Exploration Permits
Many Peaks Minerals Limited (ASX:MPK) (Many Peaks or the Company) a gold and copper focused exploration company with flagship projects in Côte d’Ivoire, is pleased to announce the strategic divestment of its 80% ownership in two exploration permits in central Queensland (refer to ASX release dated 16 March 2022) pursuant to a sale agreement entered into with EMX Broken Hill Pty Ltd (EMXBH) (Sale Agreement). Concurrently, the Company also confirms that it will not be exercising its rights to execute an option to acquire a 100% interest in the Yarrol and Mt Steadman projects (Option Agreement) (refer to ASX release dated 2 May 2023).
Highlights
- Many Peaks executes binding agreement for sale of its 80% interest in exploration permits located in central Queensland
- Drilling campaign at Odienne Project completed with assay results pending for 1,069m of diamond core drilling and 7,741m of auger drilling
- Baga Project, in eastern Côte d’Ivoire, stream sediment sampling campaign is now completed with samples covering the 644km2 project area currently being shipped for analyses
The Company plans to focus efforts on continued exploration activity in Côte d’Ivoire where work continues at:
- the Odienne Project, where Many Peaks has recently completed an 8,810m drill campaign and awaiting results from both auger and initial diamond core drilling. Results from both drilling campaigns is anticipated to inform decisions on proposed follow-up drilling to commence as early as August this year;
- the Baga Gold Project, where within weeks of finalising an option agreement for a 2 year option period, the company has completed initial surface geochemistry programs with samples now in transit for assay; and
- at the Ferke Gold Project, where reconnaissance field work commences this week in support of drilling programmes planned for next quarter for follow-up on open gold mineralisation confirmed in drilling including diamond core intercepts assaying 47m @ 3.72g/t gold and 91.1m @ 2.02g/t gold from surface (refer to ASX release dated 26 March 2024).
Many Peaks’ Executive Chairman, Travis Schwertfeger commented:
“Our decision to divest the gold assets and terminate option agreements in Queensland allows us to reallocate resources to key projects in Côte d’Ivoire, where we see greater size and grade potential for mineralising systems and increased value creation for our shareholders.
The Birimian greenstone terranes in West Africa have demonstrated potential to host world-class gold deposits, and Cote d’Ivoire has proven to be a favourable jurisdiction for development and production.”
Click here for the full ASX Release
This article includes content from Many Peaks Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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