The Conversation (0)
Marquee Resources Limited (“Marquee” or “Company”) (ASX:MQR) and its Joint Venture partner Mineral Resources Limited (ASX:MIN) (MQR 75% / MIN 25%) are pleased to announce the completion of a high resolution airborne magnetic and radiometric survey at the Company’s West Spargoville Lithium Project (E15/1743), located 28km south of Mineral Resources Mount Marion Lithium Mine in Western Australia. The 2,325 line-km magnetic and radiometric survey has provided excellent quality, high resolution geophysical images that provide detailed exploration information within the Project area.
- High resolution airborne magnetic and radiometric survey completed over the West Spargoville Project (WSP).
- Survey results highlight correlation between magnetic low anomaly patterns and mapped pegmatites.
- Multiple areas identified with anomalous magnetic low features identified, indicating potential for buried pegmatites.
- The Company aims to recommence drilling in Q1 2024 at WSP to test the magnetic low features, interpreted as large, buried pegmatites.
Figure 1: Magnetics map of the West Spargoville Project
Marquee Executive Chairman, Mr Charles Thomas, commented:
“The addition of this magnetic and radiometric data, along with our extensive geochemistry and drilling database, has given us a powerful set of targeting tools for the next phase of exploration at the WSP Project. In conjunction with Mineral Resources geologists and geophysicists, we have generated numerous additional targets at the Project which we plan to drill as soon as possible.”
“The magnetic low features are compelling targets highlighting additional areas at the WSP Project that are yet to be field mapped and gives the team and Marquee and Mineral Resources multiple targets for further drill testing. The technical team is eager to be return to the field and begin the next phase of boots-on-ground exploration.”
Airborne Magnetic & Radiometric Survey
A high resolution airborne magnetic and radiometric survey has been completed on the West Spargoville Lithium Project. The 2,325 line-km survey was conducted using 50m spaced flight lines orientated E-W, and a sensor height of 35m. The survey was designed to gain detailed structural and lithological information to assist in interpreting the controls on the location of LCT-pegmatites at depth. Radiometric data is also useful in highlighting potassium
(K) anomalies that may be associated with LCT-pegmatites. The data was processed by Southern Geoscience Consultants and has been interpreted by Marquee and Mineral Resources geologists.
The results from the survey are of excellent quality, producing high resolution images of magnetic and radiometric anomaly patterns throughout the project area. The magnetic high anomalies in the image represent the ultramafic units striking NNW through the Project, and near surface maghemite within drainage channels and dolerite dykes, while known pegmatites are correlated with magnetic low anomalies. The technical team has identified multiple new target areas, where clusters of magnetic low anomalies and associated radiometric anomalies could indicate further pegmatite bodies. These are new high priority targets for field reconnaissance and drill testing.
Next Steps
- Finalise interpretation of target areas.
- Field reconnaissance trip to map and sample additional targets.
- Completion of Flora Survey.
- Completion of Heritage Survey.
- Recommencement of reverse-circulation drilling.
COMPETENT PERSON STATEMENT
The information in this report which relates to Exploration Results is based on information compiled by Dr. James Warren, a Competent Person who is a member of the Australian Institute of Geoscientists. Dr. Warren is the Chief Technical Officer of Marquee Resources Limited. Dr. Warren has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Dr. Warren consents to the inclusion in this report of the matters based on the information in the form and context in which it appears.Click here for the full ASX Release
This article includes content from Marquee 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.
MQR:AU
Auric to Bank $3M Cash this Quarter. Toll Milling of 150,000 Tonnes to Start in 3 Weeks.
Highlights
- First cash of $2 million to be received in Q3, 2024 from gold sales.
- Repayment of $1 million working capital in Q3, 2024.
- Milling notice signed to toll treat 150,000 tonnes of ore.
- Processing to commence 24 July 2024 with campaign to last 6-7 weeks.
- 75,000+ tonnes already delivered to Greenfields Mill or on ROM Pad at mine.
- Further toll milling campaigns scheduled in Q4, 2024.
- JV on target to process 300,000 tonnes at Greenfields Mill in 2024/2025.
Management Comment
Managing Director, Mark English, said:“We’ll bank $2 million this quarter, first proceeds to Auric from the 2024 mining of Jeffreys Find. It’s an early payment from our JV partners, reinforcing to us that we’re in for a great year at Auric.
“With another $1 million coming back from our earlier working capital contribution to Stage 2 at Jeffreys Find, we find ourselves in a robust position.
“The Coolgardie mill has now agreed with BML that it will toll treat 150,000 tonnes of gold ore starting 24 July 2024. This second gold campaign of the year is expected to generate in excess of $20 million in gross revenue for the joint venture, setting the stage for ongoing cash distributions to Auric.
“BML has a contract with the mill to process 300,000 tonnes in 2024, but it will extract considerably more tonnes than that. Discussions are underway as to where this excess tonnage will be toll milled.
“We are exceeding our targets and with the gold price holding around $AUD3,500 an ounce the timing is perfect. Jeffreys Find will be a substantial cash producer for Auric in 2024 and 2025,” said Mr English.
The Jeffreys Find Pit. Photo: 1 July 2024
As of 3 July 2024 a total of 43,402 tonnes of ore has been transported to the Greenfields Mill (Greenfields) at Coolgardie by BML Ventures Pty Ltd of Kalgoorlie (BML), Auric’s joint venture partner.
BML is mining around the clock with an estimated 30,000+ tonnes of high grade ore on the ROM Pad at Jeffreys Find, awaiting transport to Greenfields.
Greenfields and BML have executed a toll milling notice to process 150,000 dry metric tonnes of ore. Milling will take place across approximately six to seven weeks, commencing 24 July 2024 and concluding in early September 2024.
BML is planning on mining more than 300,000 tonnes of ore during Stages 2 and 3 of the Project in 2024 with further gold milling campaigns scheduled later in 2024 and early 2025.
Auric has also received notification from BML that it will receive $2 million in cash, being the first distribution of surplus cash for Stage 2 of the Project, this quarter.
In addition BML has advised it will repay $1 million to Auric this quarter, working capital AWJ had advanced to the JV for the commencement of Stage 2 mining at Jeffreys Find.
Click here for the full ASX Release
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.
Unconformity Uranium Drill Targets Identified from 2024 Geophysical Data
Key Highlights
- Final data received and interpretation completed for the ground electromagnetic geophysical surveys from the winter 2024 program at the Marshall and North Millennium projects.
- Several conductive anomalies identified at Marshall, located above and below the unconformity, consistent with regional exploration model.
- Stacked anomalies concurrently with multigenerational geophysical data provides a base to assess the exploration targets and refine drillhole targets.
- The projects are located 15 kilometres from the majority Cameco owned Millennium deposit, and just 40km from the world class McArthur River mine.
- Basin remains funded for the next round of field exploration.
The ground electromagnetic successfully identified 3 main targets which confirms the geological and exploration model. Of note is Target 1 (Figure 1), where modelled EM plates below the unconformity align with a sandstone ZTEM anomaly, which is interpreted to be alteration within sandstone. The identification of these targets is encouraging and consistent with regional trends in the southeastern Athabasca and provides increased confidence in drill hole targeting. Basin is currently reviewing options and priorities of how to progress exploration of these confirmed targets.
Basin’s Managing Director, Pete Moorhouse, commented:
“Conducting ground geophysical surveys on Marshall and North Millennium was a milestone in advancing these underexplored projects in Basin’s uranium portfolio. The form of these anomalies is highly encouraging given the proximity to some of the world’s largest uranium deposits.”
Key results
Following the encouraging conductive anomalism highlighted by the 2023 3D inversion of two historic airborne Electromagnetics (Z‐Tipper Axis) (“ZTEM”) datasets partially covering the current North Millennium and Marshall projects3,4, Basin contracted Discovery International Geophysics5 to carry out ground Stepwise Moving Loop Transient Electromagnetic (‘Ground EM’) surveys on areas of immediate interest within the Projects.
Figure 1 Three main anomalies shown from 2024 ground EM, in plan view (top diagrams) and cross- section looking northeast (bottom diagram). The ground EM anomalies are displayed with the modelled plates against the historical ZTEM data.
The 2024 Ground EM survey data returned six conductive anomaly picks producing three main target areas (Figure 1). The anomalies correlate strongly with the southern edge of the circular ZTEM conductive anomaly at Marshall and the interpreted northern edge of the circular anomaly identified in the historic data. A weaker EM pick was also interpreted centred between the two prominent ZTEM conductivity anomalies.
Three-dimensional modelling using Maxwell produced six electromagnetic conductive plates within the basement stratigraphy, all below the unconformity (Figure 1). The two southeastern plates are clearly aligning with a conductive sandstone ZTEM anomaly identified from the historic data, which is above the interpreted unconformity. This is interpreted as potential basal sandstone alteration proximal to the EM anomalies and constitutes a high-priority drill target area, refer figure 2.
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.
Airborne EM over Multiple Targets on Ti-Tree Project
- Augustus Minerals has contracted UTS Geophysics to conduct a VTEM Max survey over several Copper, Cu-Ni-PGE, Zn-Pb-Ag and Uranium targets along the money Intrusion and within proximity of the prospective 85k long Ti-Tree Shear.
- The surveys will cover:
- The Money Intrusion, prospective for Cu-Ni-PGE mineralisation.
- Copper Ridge and Nics Bore over anomalous Copper Drilling results
- The Coo Creek prospect where drilling by Augustus in 2023 identified strongly anomalous Zn-Pb-Ag mineralisation.
- The Munaballya Well North area which shows potential for economic Uranium mineralisation.
- The surveys will help to advance the untapped potential of the Ti-Tree project to host economic mineralisation of multiple commodities.
Andrew Ford, GM Exploration
“The VTEM survey will provide key targeting data over three highly prospective and different prospects with potential for multiple commodities. Whilst the high prospectivity for copper mineralisation has been well documented, the addition of uranium and Broken Hill base metal style mineralisation highlights the quality of the underexplored Ti-Tree project”.
VTEM
UTS Geophysics has been engaged to conduct a helicopter borne VTEM Max survey comprising 646-line km over three separate survey areas. The system is excellent for locating discrete conductive anomalies as well as mapping lateral and vertical variations in resistivity which helps map structure, alteration and rock type. The system also collects magnetic data through a caesium magnetometer. The transmitter/receiver loop is suspended on a cable approximately 40m below the helicopter (Figure 1).
Figure 1 VTEM Max helicopter deployed electromagnetic survey arrangement.
Figure 2 Prospects and VTEM Survey areas.
Money Intrusion
The Money Intrusion, which has proven potential to host Ni-Cu-Co-PGE (platinum group elements), is part of the regional Mundine Well Dolerite Suite, a regionally extensive dolerite (strike length >80km). This extensive mafic intrusion, which is comprised of a variety of lithologies, including gabbro in the core, olivine dolerite on the chilled lower contact or keel and fine-grained dolerite on the outer edges. Mapping, aeromagnetics and multi-spectral imagery show that the Money Intrusion within the Ti-Tree Project covers a strike length greater than 16km, reaching widths >600m in the north of E09/23241.
Click here for the full ASX Release
This article includes content from Augustus 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.
