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Geikie Uranium Project Expansion
Basin Energy Limited (ASX:BSN) (‘Basin’ or the ‘Company’) is pleased to announce that two additional claims have been added to the Geikie Uranium Project (‘Geikie’ or the ‘Project’), consisting of 11.87km2 of land, bringing the total Geikie project area to 350.87km2. The newly staked claims are adjacent to the Preston Creek and Hourglass Lake prospects, where Basin’s maiden exploration drilling is underway (refer ASX Announcement – 13 June 2023).
Key Highlights
- Additional claim areas added to the Geikie Uranium Project
- Two claims for a total area of 11.87km2 added to the project area through claim staking, bringing the total Geikie project area to over 351km2
- Claims are adjacent to current maiden exploration drilling program and contain continuations to the current drilling targets
- Geotech contracted to expand existing Versatile Time Domain Electromagnetic data coverage to include new claim area
- Drilling is currently underway at Geikie with an initial 2,000 metres for 8 drill holes
Basin has also commissioned Geotech Limited to provide helicopter-borne Versatile Time-Domain Electromagnetic (‘VTEM’) data over the new claim areas. Survey equipment is already within the area so no mobilization fees will be incurred. This data will provide consistent coverage to the existing data set acquired in Q1 20231. The VTEM system is proven in this style of exploration for uranium within the Athabasca Basin and is excellent for locating discreet conductive anomalies as well as mapping lateral and vertical variations in resistivity.
Basin’s Managing Director, Pete Moorhouse, commented:
“With Maiden drilling currently underway at Geikie, we have secured the interpreted extensions to the current drill targets via the staking of these additional claims. We eagerly await the additional VTEM data, the results of which will be compiled with any available historic exploration data and the findings from our maiden drill program to formulate the next steps for Basin.
Figures 1 and 2: Locations of new Geikie Project claims in relation to current targets (left) and location of new Geikie Project claim over interpreted geology (right).
The additional claims have been added to the existing earn-in agreement between Basin Energy and CanAlaska. The Company entered into an earn-in agreement with CanAlaska dated 22 April 2022 pursuant to which CanAlaska granted the Company the exclusive right and option to acquire an 80% interest in mineral claims MC00015156, MC00015157, MC00015158, MC00015160, MC00015161,
MC00015162 and MC00015165 (Geikie Project) over a three-staged earn-in, subject to the terms and conditions contained within the Geikie Agreement. Mineral claims MC00019372 and MC00019374 are now included in this agreement and subject to the same terms. Basin currently holds a 40% interest in the Geikie Project. The material terms and conditions of the Geikie Agreement are set out in the Basin Prospectus, refer to section 6.1 of ASX Prospectus dated 22 August 2022.
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This article includes content from Basin Energy, 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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Basin Energy
Overview
Basin Energy (ASX:BSN) completed an IPO in October 2022 and is well-positioned as a uranium exploration and development company to take full advantage of the current political and economic environment for the global supply of uranium. The company operates three projects in the world-class Athabasca Basin in Saskatchewan, Canada, known as the world’s leading source of high-grade uranium, currently accounting for approximately 10 percent of global uranium production. The company’s projects are in close proximity to high-grade uranium discoveries and mining operations within the Athabasca Basin.
Interest in uranium has skyrocketed in recent months, driven by the need for lower emissions and stable power generation. Nuclear reactors provide significant power for 32 countries globally, including the US, Canada, China, France, Hungary, Japan and Finland.
Demand has become a key driver of uranium prices, with Sprott Asset Management further enhancing demand by launching two investment vehicles that have already found rapid success: Physical Uranium Trust (TSX:UUN) and Uranium Miners ETF (ARCA:URNM). Combined, existing demand and investment interest create a compelling opportunity for uranium miners and their investors.Company Highlights
- Basin Energy is a uranium exploration and development company with three highly prospective projects in the world-renowned Athabasca Basin in Canada, known for being a consistent top three global uranium producer.
- Basin Energy’s board, management team and joint venture partner have direct extensive experience in uranium exploration and development along with comprehensive expertise in corporate financing, investment banking and geology. The company’s highly prospective uranium exploration portfolio comprises:
- The Geikie Project - located on the eastern margin of the Athabasca Basin occupying an extensive land position of 351 square kilometers, showing multiple uranium and uranium pathfinder occurrences, and is prospective for shallow, high-grade mineralization with maiden drilling identifying uranium up to 0.27 percent;
- The North Millennium Project - an interpreted extension of the Mother Fault that hosts Cameco’s Millennium Deposit (104.8 Mlb U3O8 3.76 percent), located just 7 kilometers to the south; and
- The Marshall Project - located only 7 kilometers west of Cameco’s Millennium deposit centered on a strong magnetic and conductive anomaly interpreted as a significant unconformity-type uranium target.
- Basin Energy is committed to sustainable development throughout its operations, aiming to minimize environmental impact from all stages of the exploration and development cycle.
Key Projects
Basin has interest in and is actively exploring three highly prospective properties positioned in the southeast corner and margins of the Athabasca Basin, an area well known for its uranium endowment and pedigree. These are the Geikie (60 percent, North Millenium (40 percent) and Marshall (100 percent) projects.
The project portfolio provides exposure to traditional “unconformity style” exploration, targeting the same mineralisation model as Cameco’s (TSE:CCO) prolific McArthur River mine which hosts 674.9Mlb uranium at 16.9 percent at its North Millenium and Marshall projects, as well as exposure to potentially shallower “basement style” exploration targeting deposits similar to NexGen Energy’s (TSE:NXE) Arrow deposit which hosts 30.61Mlb uranium at 4.6 percent.
Geikie Project
The Geikie Project covers a significant area of 351 square kilometers on the eastern fringe of the Athabasca Basin and is easily accessible from Highway 905, which is located just 10 kilometers to the east. This portion of the Athabasca Basin is deemed perspective for shallow “basement style” mineralisation, but has traditionally been overlooked from much of the previous campaigns of uranium exploration. The discovery of multiple basement-hosted uranium ore bodies in recent years elsewhere in the district has driven a focus on the area.
The project was initially prioritized following a targeting review utilizing historical geophysics. Historical geochemistry confirmed the presence of uranium and suitable host lithologies. Recent nearby high-grade, shallow uranium discoveries by 92 Energy (ASX:92E) and Baselode Energy (TSXV:FIND), further enhance the overall prospectivity of the asset.
Project Highlights:
- Exploration underway: Basin Energy has completed mapping, geochemical sampling, airborne geophysics and maiden drilling. Further drilling is planned for 2024-.
- Shallow targets amenable to rapid exploration: Target horizon sits directly beneath glacial cover, in what was historically an overlooked part of the district.
- Nearby high-grade discoveries: The proximity of recent discoveries creates further confidence in the prospectivity of the project geology, being located adjacent to two recent discoveries:
- 92 Energy’s Gemini discovery 43 meters at 0.6 percent eU3O8 including 6 meters at 2.2 percent U308.
- Baseload Energy’s AKIO discovery was 13.2 meters at 0.55 percent U3O8 including 6.3 meters @ 0.99 percent U3O8.
- Presence of uranium: The maiden drilling program intersected anomalous uranium in four of the eight holes drilled, with assays returning up to 0.27 percent U3O8.
- Extensive scale: Geophysical data, combined with drilling data demonstrates significant scale opportunity with over 30 metres of intense alteration and brecciation intersected in drilling, that can be correlated to regional structural features identified in magnetics. This provides immediate follow up targets.
Since its IPO, the company has completed an extensive campaign of high resolution modern airborne geophysics including magnetics, radiometrics, electromagnetics and gravity gradiometry, as well as initial ground prospecting. These surveys have confirmed the pre-IPO geological interpretation and successfully identified a series of uranium targets.
Basin Energy completed its maiden 2,217-meter drilling program at Geikie in the summer of 2023, the first drilling to occur within the Project area in over 50 years. Drilling successfully identified uranium mineralisation with assays up to 0.27 percent U3O8. Uranium mineralisation is located proximal to two regionally significant structures at Aero Lake and Preston Creek with associated extensive hydrothermal alteration indicative of large uranium mineralising systems. Furthermore, an extensive geochemical pathfinder halo has been identified at Preston Creek, characteristic of uranium mineralising systems seen elsewhere in the district.The company further expanded the Geikie Project with two additional claims consisting of 11.87 square kilometers, bringing the total Geikie project area to 350.87 square kilometers. The newly staked claims are adjacent to the Preston Creek and Hourglass Lake prospects, where Basin’s maiden exploration drilling is underway.
The company currently owns 60 percent of the Geikie Uranium Project following the fulfillment of expenditure requirements to meet the option payment. Basin has elected to proceed with the option agreement to increase its ownership to up to 80 percent through earn-in stages.
North Millennium Project
North Millennium is located just 7 kilometers north of Cameco’s (NYSE:CCJ) Millennium Deposit, which contains 104.8 million pounds (Mlb) U3O8 at 3.76 percent, and 40 kilometers southwest of their flagship McArthur River Mine hosting 674.9 Mlbs U3O8 at 16.9 percent. Within the property, Basin Energy has identified two high-priority targets along a 5-kilometer corridor for initial priority exploration. The initial target is where an interpreted extension of the Millennium Mother Fault intersects a strong basement conductor.
Project Highlights:
- Favorable geology: The interpreted structural and stratigraphic geology has strong similarities with some of the major uranium deposits within the Athabasca, such as a basement conductor trend disrupted by an interpreted extension of the Millennium Deposit Mother Fault.
- Proximity to known mineralization and recent discoveries:
- Located 7 kilometers north of Cameco’s Millennium deposit
- Drilling to the south of the project, proximal to the Millennium Deposit Mother Fault intersected uranium and uranium pathfinder elements.
- A drill hole on a nearby property completed by joint venture partner CanAlaska (TSXV:CVV) identified high-grade mineralization of 9 meters at 2.4 percent U3O8, further enhancing confidence in the project.
- Thoroughly defined exploration strategy: The company is currently compiling historical data, including completing a 3D inversion of results from an existing historic airborne ZTEM campaign. Exploration work will subsequently consist of:
- Targeted ground geophysics
- Stepwise moving loop time domain electromagnetics
- Potentially DCIP resistivity
- Exploration diamond drilling
- Targeted ground geophysics
Marshall Project
Located in the southeast corner of the Athabasca Basin, the Marshall Project has received limited historic exploration between 1979 and 2009, which included surface geochemistry, electromagnetic surveys and ground geophysics.
The Marshall Project contains a strong magnetic and conductive structure indicative of an unconformity-type uranium target, the asset’s primary target. Recently completed modern 3D inversion and processing works of historical geophysical data identified multiple geophysical anomalies above and below the Athabasca unconformity within the sandstone and basement stratigraphy at the Marshall Project.
Project Highlights:
- Significant geophysical anomalies: Interpretation of historical geophysical data suggests a metasedimentary basin with a graphitic basal unit, cross-cut by a magnetic and conductive NE/SW structure – indicative of a geological setting suitable for high-grade uranium mineralization.
- Proximity to known mineralization and recent discoveries:
- Located 10 kilometers west of Cameco’s Millennium deposit
- A drill hole along strike at the McArthur West project, completed by joint venture partner CanAlaska (TSXV:CVV) identified high-grade mineralization of 9 meters at 2.4 percent U3O8, further enhancing confidence in the project.
- Thoroughly defined exploration strategy: The company is currently compiling historical data, including completing a 3D inversion of results from an existing historic airborne ZTEM campaign.
- Exploration work will subsequently consist of:
- Targeted ground geophysics
- Stepwise moving loop time domain electromagnetics
- Potentially DCIP resistivity
- Exploration diamond drilling as merited
Management Team
Blake Steele - Non-executive Chairman
Blake Steele is an experienced metals and mining industry executive and director with extensive knowledge across public companies and capital markets. He was formerly president and chief executive officer of Azarga Uranium Corp (Azarga), a US-focused integrated uranium exploration and development company. He led Azarga into an advanced stage multi- asset business, which was ultimately acquired by enCore Energy Corp (TSX.V:EU) for C$200 million in February 2022.
Pete Moorhouse - Managing Director
Pete Moorhouse has 18 years of mining and exploration geology experience with extensive experience in the junior uranium sector, having spent over 10 years with ASX-listed uranium explorer and developer Alligator Energy (ASX:AGE). He holds significant competencies in evaluating, exploring, resource drilling and feasibility studies across many global uranium and resource projects.
Jeremy Clark - Non-executive Director
Jeremy Clark has over 19 years of mining and exploration geology experience. He previously held technical and management roles at the recognized consultancy firm RPM Global for over 13 years, gaining experience across a number of uranium, base metals, and precious metals deposits globally. Subsequent to RPM, Clark established his own boutique geological consultancy firm, Lily Valley, focused in regards to compliance-related issues, IPOs and M&A.
Cory Belyk - Non-executive Director
Cory Belyk holds 30 years’ experience in exploration and mining operations, project evaluation, business development and extensive global uranium experience most recently employed by Cameco in the Athabasca Basin. He was a member of the exploration management team that discovered Fox Lake & West McArthur uranium deposits. Currently CEO/VP of Canadian Athabasca uranium explorer & project generator, CanAlaska (TSXV:CVV).
Peter Bird - Non-executive Director
Peter Bird is an investment banking professional with experience leading and managing a variety of global transactions including IPOs, Capital Raises and M&A Currently working with New York based investment fund, where he provides strategic funding solutions to a variety of international clients. He previously held the role of associate director at a Perth-based boutique corporate advisory firm focused on natural resources.
Ben Donovan - NED/ Company Secretary
Ben Donovan has over 22 years of experience in the provision of corporate advisory and company secretary services. He holds extensive experience in ASX listing rules compliance and corporate governance and has served as a Senior Adviser to the ASX for nearly 3 years Currently CoSec to several ASX listed resource companies including M3 Mining (ASX:M3M), Magnetic Resources (ASX:MAU) and Legacy Iron Ore (ASX:LCY).
Odile Maufrais - Exploration Manager
Odile Maufrais is an exploration geologist with over 14 years of experience and has an extensive understanding of the uranium exploration and mining industry, having worked at ORANO, one of the largest global uranium producers for 12 years on various assignments in Canada, Niger, and France. Maufrais has significant Athabasca Basin-specific experience, being involved on over 15 greenfield and brownfield uranium exploration projects located throughout the Basin. Her most recent roles for ORANO comprised leading various uranium exploration campaigns and being an active member of the ORANO research and development team, which involved working on trialing and implementing cost-effective and streamlined drilling techniques within the Athabasca Basin. She also played a key role in the update of the National Instrument 43-101 compliant mineral resource estimate for the Midwest Main and Midwest A deposits. Mrs. Maufrais holds a Master of Science from Montpellier II University, France.
Basin Energy Quarterly Activities Report for the Period Ending 31 March 2024
Basin Energy Ltd (ASX: BSN) (‘Basin’, or the ‘Company’) is pleased to provide an overview of activities for the period ending 31 March 2024 (‘Quarter’, ‘Reporting Period’) and an accompanying Appendix 5B.
- Active exploration of all three of Basin’s Athabasca uranium properties including:
- Phase 2 exploration drilling at Geikie
- Ground geophysics at Marshall and North Millennium
- Significantly oversubscribed $3.3 million capital raise completed
- Continued engagement and consultation with stakeholder groups
- U3O8 spot price1 surpasses US$100/Lb; hitting 16-year high, with uranium spot price trading as high as US$106/Lb during January 2024
Exploration for the Quarter occurred on all of Basin’s Athabasca Basin uranium projects (the ‘Projects’) (Figure 1). Phase 2 exploration drilling at the Geikie Project (‘Geikie’) commenced, with more than 2,000 metres of drilling completed, and maiden ground electromagnetic surveys at the North Millennium and Marshall projects (‘North Millennium’, ‘Marshall’) with 86-line kilometres of data acquired.
In February, the Company raised A$3.3 million (before costs) via a share placement to institutional, sophisticated, and professional investors. The treasury remained over $5 million at the end of the Reporting Period.
Basin’s Managing Director, Pete Moorhouse, commented:
“The first quarter of 2024 has been a busy period for Basin, with exploration happening concurrently on all three of our Athabasca Uranium projects.
Basin is in a strong position with funding in place to allow continued exploration in the heartland of the world’s premier uranium district.
We look forward to updating the market in the coming weeks on the outcomes of the drilling and geophysics.”
Click here for the full ASX Release
This article includes content from Basin Energy, 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.
Auric Mining Quarterly Activities Report
31 March 2024
Auric Mining Limited (ASX: AWJ) (Auricor the Company) is pleased to report on its activities during the 31 March 2024 Quarter and up to the date of this announcement.
Jeffreys Find Gold Mine
- Stage Two Mining commenced on 10 March 2024 with over 300,000 tonnes of ore to be mined in 2024.
- First toll mining campaign for 2024 is underway at Greenfields Mill, Coolgardie.
- First gold sales expected early May 2024.
Munda Gold Project
- Assay results received for all of the 361 holes drilled in the first Munda 10m X 10m grade control pattern.
- Four contract mining companies have provided pricing estimates for mining and drill and blast services at Munda.
- Metallurgical testwork underway.
Corporate
- 17,493,780 options exercisable at 31 March 2024 were converted in April 2024, being 99% of this class of options on issue.
- The Company received $2,644,067, before costs, in April 2024 from exercise of options.
- Current cash at bank is around $4,100,000.
Managing Director, Mark English said:
"Another excellent quarter for Auric, both from operational and corporate perspectives.
“It was great to recommence mining at Jeffreys Find with BML Ventures Pty Ltd. It’s a terrific time to be mining and producing gold with such a tremendous gold price. We are looking forward to a strong year from mining activities at Jeffreys Find.
“We completed the grade control/resource definition drilling program at Munda in this March quarter. This is another positive step towards development of Munda and whilst there remains a lot to be done, we are still working towards mining commencing in either the last quarter of calendar year 2024 or the first quarter of 2025.
“The completion of the fund raising of the 31 March 2024 options was well received by our shareholders and the shortfall underwriter, with 99% of the total options available being exercised into shares. We now have about $4.1M cash at bank with further cash due from our share of surplus cash from mining at Jeffreys Find, a great place to be,” said Mr English.
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This article includes content from Auric Mining, 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.
Auric Mining Exploration Entity and Oil and Gas Exploration Entity Quarterly Cash Flow Report
Auric Mining (ASX:AWJ) is pleased to announce its mining exploration entityan doil and gas exploration entity quarterly cash flow report.
APPENDIX B
Mining exploration entity and oil and gas exploration entity quarterly cash flow report
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This article includes content from Auric Mining, 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.
March Quarterly Activities Report
Firebird Metals Limited (ASX:FRB) is pleased to provide an update on its activities during the March 2024 Quarter.
HIGHLIGHTS
CHINESE LMFP BATTERY STRATEGY
- Subsequent to quarter end, Firebird hosted a large group of shareholders and sophisticated and institutional investors for a site visit in China. The extremely successful visit comprised of several activities including:
- Tour of the Company’s operational Pilot Plant, Jinshi Port and Jinshi High-Tech Industrial Park, where the Company’s land and proposed plant site is situated, in Jinshi, Hunan province
- Meeting with key members of the Jinshi Government and China National Chemistry Southern Construction and Investment Co Ltd (China Chemical)
- Visit to major shareholder Canmax Technologies Co., Ltd’s tier-one, globally significant 60,000 tonne per annum lithium hydroxide plant in Meishan
- Site visit successfully demonstrated the compelling opportunity of establishing operations in China and the strong local support Firebird has to establish itself as a key, low-cost, near-term producer
- Firebird and leading engineering firm China Chemical signed a non-binding strategic cooperation agreement to develop and build the Company’s high-purity manganese sulphate plant
- China Chemical is a subsidiary of China National Chemical Engineering Group Corporation (CNCEC) a large Chinese conglomerate
- CNCEC was founded in 1953, has completed over 90,000 projects and is responsible for 90% of all Chinese Chemical Engineering projects.
- CNCEC has built and maintains the Jinshi High-Tech Industrial Park
- Agreement is a significant validation and endorsement of Firebird’s LMFP battery strategy and Manganese Sulphate Project
- Battery Grade Manganese Sulphate Feasibility Study at an advanced stage and on-track for completion in coming weeks
OAKOVER PROJECT
- Ongoing work program planned for Oakover Project in 2024 principally focussed on key environmental surveys and studies
CORPORATE
- Cash position at end of March 2024 of $6.1m
“Importantly, we are attracting the right parties in China to partner with and work towards establishing our operations. China Chemical, a subsidiary of China National Chemical Engineering Group Corporation, which is a large Chinese conglomerate, has completed over 90,000 projects, is responsible for 90% of all Chinese Chemical Engineering projects and built and maintains the Jinshi Industrial Chemical Park, where our operations will be situated.
“Post quarter end, the Company hosted a large investor group for a site visit in China. This was an incredibly successful event, which included a tour of our Pilot Plant and R&D Centre, the Jinshi Port, Jinshi High-Tech Industrial Park and our major shareholder Canmax Technologies’ globally significant, tier-one 60,000 tonne per annum lithium hydroxide plant in Meishan. We believe the visit demonstrated the unique and compelling advantages the Company has developed by dedicating our strategy within China and look forward to a busy year ahead as we work towards becoming a low-cost, near-term producer of high-purity manganese sulphate.”
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This article includes content from Firebird Metals 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 and Cashflow Report for the Quarter Ended 31 March 2024
White Cliff Minerals (ASX:WCN) is pleased to announce its quarterly activities and cashflow report for the quarter ended 31 March 2024.
HIGHLIGHTS
- Secured the Radium Point, Iron Oxide Copper Gold Uranium project (“Radium Point Project”). The Radium Point Project area has been identified by the Northwest Territories (“NWT”) Geoscience Office to have the highest potential for IOCG- Uranium style mineralisation in Canada.*
- Historical production (pre-1982) from within the Radium Point Project area includes:
- 13,700,000lbs Uranium oxide (“U3O8”),
- 34,200,000oz refined silver and
- 11,377,040 lbs of copper with gold credits.
- 104,000kg lead, 127,000kg Nickel & 227,000kg Cobalt
- Radium Point, like the Nunavut Copper-Gold-Silver Project, was secured as part of an ongoing review of the entire portfolio of projects with a focus now on large scale projects with compelling metrics in stable and transparent jurisdictions.
- Digitisation and GIS integration of historic, but high-quality analogue datasets for the northern half of the Radium Point Project highlighted multiple large & high-grade U-Cu- Au & Ag targets, all of which will be assessed during the upcoming 2024 field work.
- The Company is now planning extensive diamond drilling activities in Q3 of this year at the Radium Point Project, alongside ground truthing recently identified targets, the Company will focus on undrilled areas that returned high grade historic rock chip results.
- At Reedy South, a drill contractor was engaged to drill up to 2,000m of reverse circulation designed to infill and test strike and depth-extensions to the existing inferred 2012 JORC Mineral Resource Estimate of 42,400 ounces of gold.
- Appointment of Mr Troy Whittaker as Executive Director and Mr Eric Sondergaard as Country Manager in Canada, as the Company focuses on its portfolio or uranium, silver and copper projects in Northwest Canada. Post quarter-end, Troy transitioned to Managing Director and Eric was appointed as Executive Director.
- The Company issued 331,328,071 ordinary shares following conversion of listed and unlisted options, raising $4.97m before costs of which non-executive director Dan Smith and certain KMPs of the Company exercised 42.5 million options for $637,500.
- Cash and cash equivalents of $5.49 million as of the end of March 2024.
Radium Point Project
During the quarter, the Company announced the acquisition of the Radium Point IOCGU Project (ASX announcement 15 January 2024).
The Radium Point Project covers more than 2,813 km2 in the Echo Bay district of the northern Great Bear magmatic zone (GBMZ) comprises extensive, hydrothermally altered and mineralised, Proterozoic continental andesites and volcano-plutonic complexes. Radium Point, specifically the Eldorado/Echo Bay Mine is recognised as a significant source of uranium and other metals during World War II and is recorded as being one of Canada's largest uranium mining districts at the time as well as being the first ever recorded mine to open within the North West Territories.
The Radium Point project has seen several phases of production over several decades. The most notable was uranium production between the 1930’s to the 1970’s.
ReleaseThis article includes content from White Cliff 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.
Firetail Resources Quarterly Activities Report For the period ending 31 March 2024
Australian battery minerals explorer, Firetail Resources Limited (“Firetail” or the “Company”) (ASX: FTL) is pleased to provide a summary of its activities for the three month period ending 31 March 2024.
HIGHLIGHTS
- Strong cash position at approx. $4.8M AUD.
- Picha Copper Project, Peru (“Picha”): 3,756m completed of ~5,000m diamond drill (“DD”) program, with results received from 6 drillholes, and assay results pending for a further 4 drillholes.
- Cobremani Target: Assay results received for 23PCMD0001 included 1.3m @ 18.6 g/t Ag from 64.10m adding to the previous best result of 13m @ 2.81% Cu and 27.1g/t Ag from 2m (using a cut-off of 0.1% Cu).
- Cumbre Coya Target: Drilling intersected significant polymetallic mineralisation, results included 15.5m @ 0.72% Cu, 130g/t Ag 1.92% Pb and 0.16% Zn from 3.25m. Firetail confirmed the mineralised structure extends over 170m in strike lengthe and is open in all directions.
- Fundicion Target: Drilling intersected distal indicators of a potential porphyry system from around 250m, including sheeted quartz veins, intervals of phyllic alteration and significant pyrite mineralisation.
- Charaque Project in Peru (“Charaque”): Minera Barrick Perú S.A., a subsidiary of Barrick Gold Corporation (collectively, ‘Barrick’), has continued its exploration program at Charaque with further geological mapping and rock chip sampling, centred on the Teresa target.
- Asset base well positioned to leverage strong Copper and Silver commodity prices
Commenting on the March Quarter, Firetail's Executive Chairman, Brett Grosvenor, said:
“It has been a positive quarter for Firetail, and it has been great to see the progress that our team has made in Peru in broadening our understanding of the copper / base metals system at Picha. With each new target drilled we gain more insight into the mineralisation, and it has been particularly encouraging to have the drilling result to validate our exploration model. In summary, our maiden drill campaign at Picha has been highly sucessful with several minrealisaed intersections reported.
“We are also pleased to see work moving forward at the Charaque Project through the Barrick team under the earn-in agreement on this project. We look forward to providing more news as the program of mapping and surveying is advanced.
“In closing, I’d like to thank the Firetail team for their excellent work and all of our shareholders for their ongoing support.”
Click here for the full ASX Release
This article includes content from Firetail Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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