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Quarterly Activities Report – September 2024
COMPANY HIGHLIGHTS
Pearl Copper Project, Arizona, USA
- Golden Mile completed due diligence on the Pearl Copper Project and entered into a joint venture-acquisition agreement with Outcrop Silver & Gold Corporation
- Project adjacent to the super-giant San Manuel-Kalamazoo porphyry copper-molybdenum deposit
- Odyssey and Ford prospects identified within the Project as immediate highly prospective, exploration drill targets
- Rock chip sampling at the Odyssey prospect returned exceptional assay results:
- Silver assays up to 930 g/t
- Copper assays up to 10.05%
- Zinc assays up to 8.09%
- Mineralisation at the Odyssey prospect is visible at the surface with a strike length of >800m and includes multiple NNW trending extensional veins
- Historic data at the Ford prospect indicates grades up to 10.6% copper, 31.3% lead and 0.54oz (16.7 g/t) gold.
Corporate
- Appointment of Company Secretary Mr Justyn Stedwell, who has over 17 years’ experience as a Company Secretary of ASX listed companies
PEARL COPPER PROJECT (PEARL), ARIZONA, USA (G88 Earn In)
Pearl is located within a world-class mining jurisdiction of the Laramide Porphyry Copper Province within the Southwestern North American Porphyry Copper Province. This is the principal metallogenic province of the United States (US) accounting for approximately 70% of total US copper production.
Figure 1: Significant Copper Mines and Projects in Arizona USA
The Project is adjacent to the world class San Manuel-Kalamazoo Mine, with historic production of approximately 1Bt @ 0.7% Cu. Many other deposits occur in the greater area around the Project, with Arizona being host to some of the world’s largest copper discoveries.
During the Quarter, Golden Mile completed its due diligence on the Pearl Copper Project and entered into a joint venture-acquisition agreement with Outcrop Silver & Gold Corporation (“Outcrop”) 2.
A field trip, undertaken as part of the due diligence, confirmed the very high prospectivity of the project area for company-making copper resources. This field examination, undertaken in late July, and while only preliminary in nature, delineated the Odyssey and Ford prospects within the Pearl project area as immediate, highly prospective, exploration drill targets.
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This article includes content from Golden Mile Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Golden Mile Resources Investor Kit
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Golden Mile Resources
Investor Insight
Golden Mile Resources is a project development and mineral exploration company, with a focus on growing the company with a multi asset and multi commodity strategy through advancing core projects, acquisition of high-quality assets, and tactical alliances with joint venture partners. Golden Mile’s value proposition is driven by a highly experienced leadership team with proven expertise across the resources sector from exploration to development and production.
Overview
Golden Mile Resources (ASX:G88) is a Western Australia-based resource company with critical metals exploration projects in Western Australia and Arizona, USA. The company’s near-term focus is on advancing its newly acquired Pearl copper project in Arizona, located in the world-class Laramide Porphyry Belt. The company’s longer term focus includes the advancement of the Quicksilver nickel-cobalt project, located in Western Australia, which has an indicated and inferred resource of 26.3 Mt @ 0.64 percent nickel and 0.04 percent cobalt.
Golden Mile is also focused on strategic alliances with joint venture partners to maintain exposure without expense on its other assets, such as its Leonora JV (Patronus Resources earning up to 80 percent) project and Gidgee JV (Gateway earning up to 80 percent). Concurrently, the company’s leadership team will consider potential divestment or JVs of its non-core assets, and also aims to build up a new portfolio of high-quality multi-element assets, from discovery to development.
Overall, the company is focused on creating shareholder value, supported by a management team and board with a proven track record of exploration, development and production success. Led by managing director Damon Dormer, a mining engineer with over 26 years of experience, Golden Mile is well positioned to execute its strategy moving forward.
Company Highlights
- Golden Mile Resources has a diversified portfolio of both advanced projects and exploration assets in tier 1 jurisdictions of Australia and the US.
- The recently acquired Pearl copper project in Arizona is located in the renowned Laramide Porphyry Belt.
- The Quicksilver nickel-cobalt project near Perth has an indicated and inferred mineral resource of 26.3 Mt @ 0.64 percent nickel and 0.04 percent cobalt.
- Golden Mile is backed by a highly experienced management team with proven success in project engineering and development from exploration to production across multiple continents.
Key Projects
Pearl Copper Project
Golden Mile secured the Pearl copper project in August 2024. Located in Arizona, the asset hosts more than 50 artisanal copper workings and shares similar geological characteristics to the San Manuel-Kalamazoo and Pinto Valley porphyry copper mines. The project exhibits widespread surface alteration highlighted by rock chip samples of 7.3 percent copper, 0.43 percent molybdenum, 19.9 percent lead, 4.9 percent zinc and 360 g/t silver.
The most significant working within the project area are the Pearl and Ford mines. The Pearl mine is located on the north-western portion of the Pearl project within the Odyssey prospect. It produced up to 60,000 tons of ore containing copper oxide and sulphide, lead, silver and gold from largely artisanal workings from 1915 to 1941 (Force, 1997).
Historical records from the Ford mine, located within the Pearl copper project mine claims, have reported lead assays from 5.7 percent to 31.3 percent, copper assays from 5.8 percent to 10.6 percent and that gold increases in the deeper levels from 0.01 oz to 0.54 oz (16.7g/t) (Baird, 1942).
Significant upside from organic exploration exists given Pearl’s geographic location, situated in the heart of the world-class Laramide Porphyry Copper Belt and 1 km of the San Manuel mine (historic production of 4.7 Mt) that has been operating for 44 years.
A tier 1 mining jurisdiction, Arizona represents approximately 70 percent of domestic US copper production. The Pearl project was historically mined from 1915 to 1941.
Quicksilver Nickel-Cobalt Project
The Quicksilver nickel-cobalt project is located approximately 280 km southeast of Perth in Western Australia. The project comprises an area of about 50 sq km that boasts excellent local infrastructure, including easy access to a grid power, sealed roads and a railway line to key ports.In 2018, Golden Mile announced an indicated and inferred maiden resource estimate of 26.3 Mt @ 0.64 percent nickel and 0.04 percent cobalt. Metallurgical testwork completed in 2023 significantly improved understanding of the unique saprolitic mineralisation at the project and a potential pathway to production.
The company has also identified a customized multi-products flowsheet to produce nickel-cobalt and iron-nickel-cobalt-chromium concentrates, as well as industrial products. The process would require low energy using the physical attributes of the free digging ore.
Board and Management Team
Damon Dormer – Managing Director
A mining engineer with over 26 years of experience, including 15 years in mine management and executive roles, Dormer has worked in studies, projects, operations and innovation across Australia, USA, Papua New Guinea and Africa. Dormer has had considerable success turning around mining projects and studies resulting in the construction of multiple mines in Africa, as well as significant operational success in Australia. He has also been heavily involved in mining innovation and has personally developed techniques and strategies for the mining industry. Dormer holds a Bachelor of Engineering in Mining from the Western Australian School of Mines and has held numerous statutory appointments across the African and Australasian regions.
Francesco Cannavo – Non-executive Director
Francesco Cannavo is an experienced public company director with significant business and investment experience working with companies operating across various industries, including in particular mining exploration companies. Cannavo has been instrumental in assisting several listed and unlisted companies achieve their growth strategies through the raising of investment capital and the acquisition of assets. He is currently a non-executive director of Western Mines Group (ASX:WMG) and Stemcell United (ASX:SCU).
Grant Button – Non-executive Chairman
Grant Button is a qualified accountant and has significant commercial management and transactional experience. He has over 30 years of experience at a senior management level in the resource industry. He has acted as a managing director, executive director, finance director, CFO and company secretary for a range of publicly listed companies. Most recently, Button has been managing director of Magnum Mining & Exploration (ASX:MGU), and was previously the position executive director of Sylvania Platinum.
Michele Alessandro Bina – Non-executive Director
Michele Alessandro Bina is a former investment banker based in Hong Kong and is an adviser to Beijing Gage, the parent company of Gage Resource Development (Gage). Bina joins the existing board of Alice Queen as a non-executive director as the nominee of Beijing Gage Capital Management (Beijing Gage).
Justyn Stedwell - Company Secretary
Justyn Stedwell has over 17 years of experience as a company secretary of ASX listed companies and has also served as a non-executive director on several ASX listed company Boards. He holds a Bachelor of Commerce from Monash University, a graduate diploma in accounting from Deakin University and a graduate diploma in applied corporate governance from the Governance Institute of Australia.
Martin Dormer – Exploration Manager
Martin Dormer is an exploration geologist with over 27 years’ experience in mineral exploration and resource development, from greenfields through to feasibility. His experience spans multiple commodities including precious, base metal, and industrial metals across a wide range of geological settings and jurisdictions. Dormer has worked in multiple locations around the globe, including Australia, Asia, and Africa in senior management positions in the private and public sectors. He has also operated a private geological consultancy, Unearthed Elements, for the past 14 years. Dormer is a graduate of the WA School of Mines in Mineral Exploration and Mining Geology and is a member of the Australian Institute of Geoscientists and the Australian Institute of Mining and Metallurgy.
Golden Mile Confirms Joint Venture-Acquisition Over Highly Prospective Copper Project in Arizona, USA
Golden Mile Resources Limited (“Golden Mile”; “the Company”; ASX: “G88”) is pleased to report the Company has completed successful due diligence and entered into a joint venture-acquisition agreement with Outcrop Silver & Gold Corporation (“Outcrop”) over the Pearl Copper Project located in Arizona, United States of America (“USA”).
HIGHLIGHTS
- Golden Mile has entered into a joint venture-acquisition agreement with Outcrop Silver & Gold Corporation (“Outcrop”) for the Pearl Copper Project located in Arizona, United States.
- Initial field reconnaissance has delineated multiple targets within the project area. This highlights the near-term drill, and company making potential, of the Odyssey and Ford Prospects.
- At Odyssey, which hosts the historic artisanal Pearl (Cu-Zn-Ag-Au) Mine, multiple vein targets up to five metres wide extend continuously for approximately 800m and are evident at the surface.
- At Ford, limited historic data indicates a shaft was developed to a depth of around 70 metres. Polymetallic Cu-Pb-Ag-Au-Zn vein type mineralisation, up to five metres wide, was mined before excess water halted operations in circa 1942.
- Due Diligence indicates the Pearl Copper Project not only hosts near-term vein targets but also shows widespread surface alteration, suggesting the presence of intrusive disseminated mineralisation, making it a significant Cu-porphyry target.
- Golden Mile and Outcrop have agreed on terms for Golden Mile to acquire up to a 100% ownership of the Pearl Copper Project through a staged, earn in and dilution, investment of up to $A 12 million over eight years along with up to a 2% net smelter royalty.
Photo 1: Odyssey Prospect rock chip - Photo 2: Ford Prospect Alteration
Overview
A recently completed field trip, undertaken as part of the due diligence, has confirmed the very high prospectivity of the project area for company-making copper resources.
Figure 1: Significant Copper Mines and Projects in Arizona USA
This field examination, undertaken in late July, and while only preliminary in nature, has delineated the Odyssey and the Ford prospects within the Pearl project area as immediate highly prospective, exploration drill targets.
At Odyssey, a sub outcropping multiple vein copper target with surface mineralised widths up to five metres and a strike length of around 800 metres has been mapped. This prospect hosts the historic largely artisanal Pearl working’s where historical records indicate around 60,000 of ore containing copper oxide and sulphide, lead, silver, and gold was produced from 1915 to 1941 (Force, 1997).
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This article includes content from Golden Mile Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Quarterly Activities Report for Period Ended 30 September 2024 and Appendix 5B
Copper production and Metallurgical Test Results
Tartana Minerals Limited (ASX: TAT) (the Company), is pleased to announce it had achieved a strong quarter with higher production levels providing revenue in excess of A$1 million for the quarter. Production has continued during October with the production of more than 135 tonnes and we are targeting at least two shipments by month end.
Highlights:
- Sales revenue increasing: cash receipts of US$725K (A$1,039k) on sales of 295 tonnes of copper sulphate pentahydrate during the quarter.
- Tartana D15 assays confirm board zones of copper mineralisation including 76 m @ 0.60% Cu, 178 m @ 0.40% Cu or 221 m @ 0.35% Cu, - all from 31 m depth downhole.
- Excellent flotation copper recoveries (89%) from whole ore to saleable copper concentrate grading 21 % w/w Cu when testing a sample that was below the resource grade average.
- Bulk sample ore sorting results indicate that using this process will result in a 72% grade increase and recover 71% of the contained copper.
- New EPM 29119 application (Caldera Rim) east of Tartana mine site and complementing the recent Bottle Bird application (EPM 29067) near the Company’s Nightflower Silver project.
- Potential merger with Queensland Strategic Metals Pty Ltd to provide exploration tenure with exposure to critical and strategic metals (tin, tungsten, antimony) including two new copper projects.
With the positive results the Company is completing a Scoping Study incorporating options to potentially use nearby plants and/or develop a large scale plant at the Tartana mine site and which is separate from the existing copper sulphate pentahydrate production facility.
Our exploration activities are progressing as we establish a significant presence in Far North Queensland. We have recently lodged two new EPM applications (Bottle Bird and Caldera) in areas east of Tartana and which are The Company has proposed a merger with Queensland Strategic Metals Pty Ltd which requires shareholder approval. This entity has portfolio of exploration tenements covering tin, tungsten, antimony and copper prospects which will complement Tartana Mineral’s existing exploration portfolio. In particular, it holds a group of tenements on the southern part of this caldera chain which covers the tin fields including areas which have been held tightly for decades. These tenements abut Tartana Mineral’s own Emuford application, and which provides the Company with a dominant position in this prospective region.
A key prospect is Daisy Bell which rises above the surrounding plain and hosts tin, tungsten and copper mineralisation which appears continuous along strike for more than one kilometre. Elsewhere, the Ortona project south of Georgetown has high grade copper at surface in a series of parallel veins with nickel and cobalt mineralisation present in some of the more easterly veins (see ASX release dated 18 October 2024).
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This article includes content from Tartana 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.
Quarterly Activities Report for the Period Ended 30 September 2024
HIGHLIGHTS FOR QUARTER
- Vertex has identified major benefits for utilising pre-concentration technology at its Reward high grade gold mine.
- Ore sorting pre-concentration test work was initiated with leading ore sorting provider TOMRA with outstanding results.
- 94kg of sample from the low-grade stockpile at Reward Gold Mine (Reward) was sorted. The following results were reported1;
- Head grade to Sorter weighted average grade (WAG) = 3.70 g/t gold,
- Ore grade WAG after sorting = 16.22g/t gold (337.20% increase on grade),
- Ore/waste split after sorting = 1G.31kgs Ore vs 74.54kgs Waste (7G% mass reduction),
- Gold lost to waste fraction = 0.03grams (>G0% efficiency)
- Refurbishment of the plant is well underway, and Vertex anticipates that the plant will be re-installed at Hill End later this year. The Company anticipates production will commence in January 2025
- Vertex acquired a Boart Longyear LM90 underground drill rig to advance exploration at the Reward gold mine below the existing resource
ORE SORTER TEST WORK AND IMPLEMENTATION INTO THE HILL END GRAVITY PLANT
- Pre-concentration technology initiated at the Hill End Gravity Plant to separate high- grade ore from waste before it enters the processing plant.
- By processing only high-grade ore, energy consumption can be reduced, water consumption will be halved leading to lower operating costs and reduction of the carbon footprint.
- The small sorting unit will be simply incorporated in the existing plant being refurbished by Gekko
- Previous scoping test results from TOMRA suggested that the Greywacke country rock can be efficiently and effectively separated from the high-grade quartz carrying the gold leading to significant head grade uplift and reduced material to be processed.
Test Results
- 94kg of sample from the low-grade stockpile at Reward Gold Mine (Reward) was sorted. The following results are reported;
- Head grade to Sorter weighted average grade (WAG) = 3.70 g/t gold,
- Ore grade WAG after sorting = 16.22g/t gold (337.20% increase on grade),
- Ore/waste split after sorting = 19.31kgs Ore vs 74.54kgs Waste (79% mass reduction),
- Gold lost to waste fraction = 0.03grams (>90% efficiency)
Refer to VTX ASX Announcement 26th July 2024
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This article includes content from Vertex 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.
Ǫuarterly Activity Report 30 September 2024
Emu NL (ASX: EMU or the Company) is pleased to report on its activities for the quarter ending 30 September 2024. Throughout the quarter, EMU continued to advance its exploration programme at the Yataga Copper Project at Georgetown, in North Ǫueensland.
Highlights
- Updated geological modelling with multiple intra-pluton porphyry copper centres close to surface identified from surface geochemical surveys within the Yataga Copper Project
- Porphyry centres concentrated along a structural belt have been identified as analogous to the Highland Valley Copper Mine, where a series of porphyry copper deposits host Canada’s largest open pit copper mine (production of >130kt in 2021)
- Termite mound sampling programmes have identified a combined area of 8km2 of copper-in- soil anomalism with significant potential for expansion
- 220-line km airborne electromagnetic survey complete with results pending
- 20+-line km ground based Pole-Dipole Induced Polarisation (PDIP) and Magnetotelluric (MT) Survey underway
- Geochemistry and geophysics programme results will feed into upcoming optimised drilling program planned for early 2025
- Acclaimed ǪLD geologist, Dr Gregg Morrison appointed as Technical Advisor to the Project
- $1.5M Placement underway through issue of 61M fully paid ordinary shares at $0.025 per share to sophisticated and professional investors
Located within the Georgetown mining district, EMU’s Georgetown tenements cover a richly endowed but under-explored area of Far North Ǫueensland with a history of significant mining activity and mineral discoveries.
EMU is earning an 80% interest in 3 exploration permits for minerals (EPM’s), covering 850km2 in the Georgetown mining district, Ǫueensland, under a Heads of Agreement and Joint Venture Agreement with Rugby Resources Ltd (TSXV:RUG). The district has a substantial mineral endowment with more than 1,000 mines, prospects and identified mineral occurrences.1
Figure 1. Georgetown Tenements Location
Definitions and Nomenclature
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This article includes content from EMU NL, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Quarterly Activities Report for the Period Ending 30 September 2024
Piche Resources Limited (ASX: PR2) (“Piche” or the “Company”), holds an extensive tenement portfolio in Australia and Argentina with the focus being uranium and gold. In Western Australia, the Company has commenced drilling on its Proterozoic unconformity style uranium project, whilst in Argentina, field programmes are well underway on the Sierra Cuadrada sandstone hosted uranium project and the Cerro Chacon low sulphidation epithermal gold project (Figure 1).
Key Highlights
- Reverse Circulation drilling commenced on the Ashburton Proterozoic unconformity uranium project in Western Australia. 7 drill holes were completed in the September Quarter for a total advance of 1028m.
- Equivalent U3O8 concentrations from this phase of Ashburton reverse circulation drilling have been calculated from downhole gamma surveys, and include:
- ARC001 6.98m @ 1,617 ppm eU3O8 from 101.84 meters
- ARC002 4.36m @ 2,205 ppm eU3O8 from 109.89 meters
- ARC003 3.96m @ 1,516 ppm eU3O8 from 86.89 meters
- ARC004 6.02m @ 801 ppm eU3O8 from 83.55 meters
- ARC006 3.45m @ 5,129 ppm eU3O8 from 137.62 meters incl 0.34m @ 16,050 ppm eU3O8 from 139.11 meters
- ARC007 1.30m @ 503ppm eU3O8 from 123.37 meters
- Drilling on the Ashburton Project is ongoing with RC and Diamond drilling during the December Quarter
- Two geophysical surveys (IP and magnetics) have been completed at Cerro Chacon in Argentina and the Company is awaiting the final interpretation.
- Auger drilling at Sierra Cuadrada highlights extensive areas of near surface uranium mineralisation: the largest being 6km long and 3km wide and remains open.
- Mineralisation varies in thickness from 0.5m to 4m, with an average thickness 1.5m.
- Multiple areas are being evaluated to identifying priority areas for follow up trenching, mapping and determination.
- An additional 39 tenement applications for uranium exploration have been lodged in Argentina totalling 1785km2. Tenements are located in the provinces of Rio Negro and Chubut. Tenements are prospective for sandstone hosted uranium mineralisation and include both hard rock and in-situ recovery targets.
- The Company has established an experienced in country team with the appointment of country manager, project managers and geologists for both gold and uranium.
Figure 1: Locality maps highlighting Piche’s Australian Projects in Western Australia and its Argentinean
Australia – Uranium - Ashburton Project
A reverse circulation drilling programme commenced on the Ashburton uranium project during the September Quarter. A total of 7 drill holes were completed during the quarter for a total advance of 1028m. The reverse circulation drilling is ongoing, and a diamond drilling programme will also commence early in the December Quarter.
The September Quarter drilling programme was undertaken at, and along strike of the Angelo A prospect where no exploration activities have been carried out in the last 40 years. The drilling programme was planned to confirm the results from previous exploration by drilling several twin holes, to test a revised model for the control of the uranium mineralisation and explore for extensions to the mineralisation identified between 1973 and 1984.
Results from the first seven reverse circulation drill holes completed have been received and six of those have returned significant high grade uranium mineralisation.
Drilling is targeting Proterozoic unconformity style uranium mineralisation, similar to that seen in two of the most significant uranium jurisdictions in the world: the Pine Creek Geosyncline in Australia and the Athabasca Basin in Canada.
Drilling was preceded by a detailed heritage clearance survey.
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This article includes content from Piche Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
September 2024 Quarterly Activities Report
Manuka Resources Limited (“Manuka” or the “Company”) is pleased to provide the following report on its activities during the quarter ending 30 September 2024.
Highlights
During the Quarter
- Priority focus was directed towards progressing the installation of a processing and gold doré production facility on-site at Manuka’s 100% owned Mt Boppy gold project (Mt Boppy).
- An updated production plan for Mt Boppy was released on the ASX on 30 September 2024 highlighting increases in forecast recovered gold ounces and EBITDA.
- On 20 September 2024, the Company announced that it had secured an extension in the repayment of its debt facility to its Hong Kong based lender.
- Manuka mandated Proactive Mining Solutions to complete pit optimisations at Wonawinta fundamental to the Company bringing out its Maiden Silver Reserve (which was released on the ASX on 29 October 2024).
- The Company’s wholly owned subsidiary, Trans-Tasman Resources Limited’s (TTR), now has its world-class Taranaki VTM Iron Sands Project included as a Listed Project within New Zealand’s Fast Track Consenting Bill. The ‘one-stop- shop’ legislation is proposed to streamline government decision making and major project approvals process to facilitate the delivery of projects with significant regional or national benefits.
- In May 2024 the NZ Minister for Resources launched a “Draft Minerals Strategy for New Zealand to 2040”1, in August the Ministry of Business, Innovation & Employment (MBIE) released its commissioned GNS Science Report on the Mineral Potential of New Zealand and in September the Wood Mackenzie draft Critical Minerals List was released. These MBIE reports provide the government with the key information on the potential to develop major natural resource projects in New Zealand.
- NZ’s government identifies the minerals sector as a big opportunity to double the sector’s export value to over $2 billion over 10 years. One of the key new mineral opportunities identified in the MBIE Strategy are the offshore deposits of iron sands, containing vanadium and titanium in the South Taranaki Bight, 100% controlled by TTR.
Post Quarter End
- On 6 October 2024 the Taranaki VTM Project was included in Schedule 2 of the Fast Track Approvals Bill released by the New Zealand government. Schedule 2 projects are considered to meet the Bill’s purpose, are of regional or national significance and will now be considered by an Expert Panel to set conditions and final environmental approvals.
- Following the Environment Select Committee review, the revised Fast Track Approvals Bill was reported back to Parliament on 18 October 2024. The Bill is now due for its second reading in early November 2024 and enacted into law before the end of the year.
- On 29 October 2024, the Company released the Wonawinta Maiden Silver Ore Reserve under Manuka ownership, comprising 4.8Mt at 53.8g/t Ag containing 8.4Moz of silver
Dennis Karp, Manuka’s Executive Chairman, commented:
The Company continues to focus on the installation of a plant at its 100% owned Mt Boppy gold project and bringing the project into production. To date plant feed for processing has been trucked to our Wonawinta plant, which is a little over 150km away. Haulage savings (currently it costs $30/t to truck from Mt Boppy to Wonawinta) and general cost benefits arising from on-site processing, makes the economic justification for this decision clear cut.
Our recently released Maiden Silver Ore Reserve for our 100% owned Wonawinta silver project essentially provides additional precious metals optionality to the Company. Furthermore, it opens up the potential of adding a second revenue stream during 2025, further increasing our exposure to precious metals. Manuka is clear in its plans on initially bringing the Mt Boppy gold project back into production and only once steady state production is achieved, will the Company then continue with the restart of the Wonawinta silver project (subject to updated commercial modelling and silver price sentiment).
Manuka Resources is the holder of granted mining leases on three separate projects – our two Cobar Basin precious metals projects as well as our New Zealand domiciled VTM project. This is quite unusual for a company of our size and presents us with an enormous opportunity. We have a clear vision focused on achieving profitable gold and silver production from what will be two separate plants, while reducing our external debt obligations and simultaneously laying the platform for fully funded exploration and resource expansion. We also look forward to the NZ government passing the fast-track consenting approvals legislation by the end of the year with great anticipation and optimism. Our Taranaki VTM Project has been selected as a listed mining project of national significance to be considered for approval under the legislation when passed. The ongoing public statements from the National-led coalition government are very positive towards finally clearing the consenting pathway which to date has restricted our 100% owned world class vanadium rich iron sands project from getting into production.”
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This article includes content from Manuka 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.
Antilles Gold Quarterly Report & Appendix 5B – 30 September 2024
DEVELOPMENT OPPORTUNITIES IN MINERAL RICH CUBA
Antilles Gold is participating in the development of two mines in Cuba to produce copper, gold, silver, and antimony, and in the exploration of potentially large porphyry copper properties, through a 50:50 joint venture with the Government’s mining company, GeoMinera.
The joint venture intends to fund the copper exploration from surplus cash flow expected to be generated by the near-term development of the proposed Nueva Sabana copper-gold mine.
- JOINT VENTURE
Minera La Victoria SA (“MLV”) was registered as a Cuban foreign joint venture mining company in August 2020 to develop the Country’s largest known gold deposit at La Demajagua on the Isle of Youth off the south-west coast.
MLV has since committed to progressively establishing itself as a broadly based mining company to develop previously explored mineral deposits controlled by GeoMinera. To date, the Nueva Sabana project and four concessions hosting porphyry copper prospects have been added to its portfolio.
Features of the Joint Venture include:
- A foreign Bank account will hold all proceeds from loans, and product sales, with the only funds remitted to Cuba being for local expenses, which will minimise Country credit risk.
- Antilles Gold nominates all senior management for the operations and exploration activities.
- Income tax rate of 15% waived for 8 years.
- No import duties on plant & equipment.
- Low entry cost for near term development of previously explored properties.
- Low operating costs.
- Association with GeoMinera ensures rapid permitting.
GeoMinera transferred a 900ha mining concession for the La Demajagua gold-antimony-silver open pit mine with 50,000m of historic drilling to the joint venture for US$13.5 million of MLV shares, and a 752ha concession covering the Nueva Sabana gold-copper oxide deposit, and the underlying El Pilar porphyry copper system for US$1.5 million of MLV shares.
A subsidiary of Antilles Gold is “earning-in” to a 50% holding in MLV by contributing US$15.0 million equity, of which approximately US$14.6 million had been invested to 30 September 2024, with the balance to be contributed in November 2024.
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This article includes content from Antilles Gold, 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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