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Goldfields Exploration Update
Miramar Resources Limited (ASX:M2R, “Miramar” or “the Company”) is pleased to provide an update on gold exploration activities within the Company’s strategic Eastern Goldfields project portfolio.
- RC drill hole completed under high-grade Blackfriars gold prospect (Gidji JV)
- New Exploration Licence application expands land position along Randall Fault
The Blackfriars Target is located at the contact between the Black Flag Group and mafic and ultramafic rocks within the Boorara Shear Zone and shares the same geological setting as the >2 million ounce Paddington gold deposit along strike to the north.
Given the apparent similarities to Paddington, Blackfriars is a high priority target within the Gidji JV Project.
The Blackfriars aircore gold footprint stretches for at least 1 kilometre at greater than 1g/t Au and remains open along strike to the northwest on the other side of the Goldfields Highway.
The recent RC hole, GJRC028, tested beneath the high-grade result in aircore hole GJAC627, which ended in black shale with quartz-carbonate veining and sulphides and returned a result of 1m @ 11.8g/t Au and 6g/t Ag (46-47m EOH) (see ASX Release dated 8 April 2022).
GJRC028 intersected black shale and silicified dolerite with sulphide mineralisation and quartz stringers but was terminated at 130m due to difficult drilling conditions associated with running sands in the overlying Gidji Paleochannel.
Miramar’s Executive Chairman, Mr Allan Kelly, said the Gidji JV Project had the potential to host a new gold camp with multiple deposits but was significantly underexplored.
“Gidji is in a fantastic location within a major mineralised structure, between two major gold camps, Kalgoorlie and Paddington,” Mr Kelly said.
“Despite this, and the record gold price, the Project has had minimal effective historic exploration, and virtually no deep drilling, as evidenced by our ability to discover high-grade bedrock gold mineralisation with shallow aircore drilling only 150 metres from a major highway,” he said.
Samples from the RC hole have been sent for analysis and further aircore and RC drilling is planned.
The Company is also working towards obtaining approvals for drilling of other high-priority targets at Gidji including:
- Marylebone – multiple high grade gold results including GJAC562 (6m @ 2.2g/t Au and up to 28g/t Ag) associated with massive sulphide mineralisation in black shale
- Roaster – 2m @ 3.3g/t Au in GJAC577 – open along strike
- Eight-mile – potential northern extension of Northern Star Resources Limited’s 300,000-ounce “Runway/8 Mile Dam” deposit
- The Jog – gravity anomaly and magnetic depletion within jog in the Boorara Shear Zone
New Application
The Company has also further expanded its strategic Eastern Goldfields tenement portfolio with a new Exploration Licence Application south of the recently acquired Lake Yindarlgooda Project (Figure 2).
The “Venetian” Target, E25/649, covers a package of mafic rocks immediately adjacent to the Randall Fault and contains historic RAB drill holes with anomalous gold results within and along strike of E25/649.
Miramar will compile all historical data and work towards grant of the tenement.
Click here for the full ASX Release
This article includes content from Miramar 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.
Termination of Avondale Project Earn-in Agreement
Rimfire Pacific Mining Limited (Rimfire or the Company) (ASX: RIM) provides the following updates in respect of the Avondale Project.
As previously disclosed to ASX, Rimfire terminated the Fifield Earn-in Agreement and stated it was considering its rights in relation to the Avondale Earn-in Agreement in light of the judgement of the of the Victorian Supreme Court in: Resource Capital Ltd v Giovinazzo [2024] VSC 548 (Judgment) (See Rimfire ASX Announcement dated 3 October 2024).
The Avondale Project has been funded by Golden Plains Resources Pty Ltd (GPR) under the earn-in agreement, which has the potential to see GPR earn a joint venture interest of up to 70%.
Despite requests, GPR has failed to provide any information in relation to whether there has been a change of control as to GPR since the Avondale Earn-in Agreement was executed.
Having considered the matter further, Rimfire has now issued a notice of termination to GPR in respect of the Avondale Earn-in Agreement, with the termination stated to take immediate effect.
Given the Avondale Earn-in Agreement was terminated prior to GPR satisfying the earn-in requirements, GPR will have no interest in the Avondale Project going forward. The express terms of the Avondale Earn-in Agreement do not require the Company to repay to GPR any funding provided by it prior to termination in these circumstances.
The Avondale Project contains the Melrose Scandium Prospect where Rimfire has recently reported an Indicated and Inferred Mineral Resource estimate of 3Mt @ 240 ppm Sc (1,120t Sc Oxide) (See Rimfire ASX Announcement dated 9 September 2024)*.
Rimfire expects that GPR will dispute the termination and seek to resolve the dispute through arbitration. Similar to the Fifield Project (See Rimfire ASX Announcement dated 17 October 2024), Rimfire has offered to provide to GPR a revocable undertaking that it will not dispose of, create any encumbrance over or dissipate the Avondale Project or any mined product. The undertaking is an interim measure until it is revoked by Rimfire.
Rimfire has also offered to have the disputes in relation to the termination of the Fifield Earn-in Agreement and the Avondale Earn-in Agreement resolved in the same arbitration.
The undertaking does not preclude Rimfire from carrying on exploration activities to advance the Avondale Project.
The Rimfire Board recognises the risks associated with its decision to terminate the Avondale Project Earn-in Agreement (including the prospect of Mr Giovinazzo successfully appealing the Judgement, the prospect of a dispute with GPR and the costs and distraction associated with that, and the requirement for funding to advance the Avondale Project) but believes the decision is in the best interests of the Company and its shareholders.
The Company will continue to update the market in accordance with its continuous disclosure obligations in the event of material developments in relation to this matter.
Click here for the full ASX Release
This article includes content from Rimfire Pacific 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.
Anglo American Releases Q3 Results, Reporting Lower Copper and Diamond Output
Anglo American (LSE:AAL,OTCQX:AAUKF) shared its third quarter results on Thursday (October 24), reporting declines for copper and diamond output, as well as for other commodities in its portfolio.
The multinational mining corporation’s copper output decreased 13 percent year-on-year due to lower recoveries and necessary maintenance at major sites, while diamond production, which is managed by the firm's De Beers subsidiary, saw a 25 percent drop year-on-year on the back of weak demand, particularly from the Chinese market.
In total, Anglo produced 181,000 metric tons of copper in Q3, with diamond output of 5.6 million carats.
Despite the decrease, Anglo is upholding its annual copper guidance of 730,000 to 790,000 metric tons.
The company said its third quarter diamond production was lower in response to a slowdown in global demand, with reduced consumer spending in luxury sectors worldwide affecting buying.
De Beers is now considering further output adjustments to address overstocking issues affecting the midstream diamond market, which is the section of the supply chain responsible for processing and distribution.
In May, Anglo announced its intention to offload De Beers as part of restructuring efforts. No update was shared in its Q3 results, but Chief Executive Duncan Wanblad said in September that the plan was still in place.
The firm is looking to shift its focus to metals integral to renewable energy technologies, including copper.
The restructuring comes after Anglo fended off a takeover bid from BHP (ASX:BHP,LSE:BHP,NYSE:BHP) earlier this year. It defended its position with plans to prioritize copper and iron ore, while looking to exit several other business areas, including its steelmaking coal assets in Australia and its platinum-group metals operations in South Africa.
Anglo's platinum-group metals output declined in Q3 as well, sinking 10 percent year-on-year to come in at 922,000 ounces. The miner said the decrease is in line with its 2024 guidance and reflects expected production levels.
The company’s steelmaking coal segment faced setbacks following a fire at the Grosvenor mine in Queensland, Australia. The incident led to a 6 percent decrease in production year-on-year, with output expectations for 2024 adjusted to 14 million to 15.5 million metric tons, down from an initial 15 million 17 million metric tons.
Anglo is in the midst of reviewing final bids for the sale of its steelmaking coal unit, with an agreement expected to be executed in the coming months. The demerger of its platinum-group metals division is anticipated in mid-2025.
Iron ore production increased 2 percent year-on-year to reach 15.7 million metric tons, driven by stable operations in South Africa and Brazil. Anglo's nickel output rose 6 percent from the year-ago period.
It also produced 406,000 metric tons of manganese ore, a fall of 60 percent-year-on-year.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Dore Copper Mining: Copper-Gold Exploration in the Chibougamau area of Québec, Canada
Doré Copper Mining (TSXV:DCMC,OTCQB:DRCMF,FRA:DCM) is positioning itself as a near-term producer in the prolific Chibougamau region of Québec, Canada. The company is actively advancing its assets toward production, taking advantage of its brownfields high-grade copper and gold projects, existing infrastructure, and supportive jurisdiction. The company aims to establish itself as Quebec’s next copper producer, with a hub-and-spoke mining strategy centered around its Copper Rand mill.
Doré Copper Mining operates in the Chibougamau mining camp, an area known for its historical copper and gold production, within the world-renowned Abitibi Greenstone Belt. The company’s flagship asset, Corner Bay, is complemented by several other projects, including Devlin, Joe Mann, Cedar Bay, and Copper Rand. These properties form the foundation of Doré Copper Mining’s near-term and future production plans.
Doré Copper Mining’s assets are located within a well-known copper and gold mining region, with a long history of production. The company’s current strategy revolves around a hub-and-spoke model, with the Copper Rand mill serving as the processing hub, fed by multiple satellite deposits. The key projects in the PEA include Corner Bay, Devlin, and Joe Mann. Other past producing mines, like Cedar Bay and Copper Rand, have further exploration potential.
Company Highlights
- Doré Copper Mining’s hub-and-spoke mining model—using the Copper Rand mill as the central processing facility for its satellite deposits—would support an initial production target of more than 50 million pounds of copper equivalent annually, with a mine life exceeding 10 years.
- A Preliminary Economic Assessment (PEA) was released in 2022 outlining a relatively modest initial capital expenditure of C$180.6 million, highlighting the economic potential of the project with an after-tax net present value (NPV) of C$193 million and an internal rate of return (IRR) of 22.1 percent.
- A feasibility study is underway, which is expected to provide more detailed engineering data and further de-risk the operations
- Corner Bay, the flagship asset, is among the highest-grade copper deposits in North America, with an indicated resource of 2.6 million tonnes at a grade of 2.66 percent copper and an inferred resource of 5.8 million tonnes at a grade of 3.44 percent copper.
- The 100 percent owned Copper Rand mill will be refurbished for future production and will be the only operating mill in the Chibougamau region. The mill will have extra capacity and provides the ability to process its own ore while potentially offering toll milling services to other nearby mining projects.
- Doré Copper Mining is led by an experienced and highly skilled management team.
This Doré Copper Mining profile is part of a paid investor education campaign.*
Click here to connect with Dore Copper Mining (TSXV:DCMC) to receive an Investor Presentation
Completion of Transformational Mt Isa Copper and Uranium Acquisition
- Completed the acquisition of all the issued capital in Capella Metals Limited (Capella) (Capella Acquisition). Capella holds a 100% legal and beneficial interest in one granted exploration permit, EPM 28620, and three exploration permit applications, being EPM 28791, EPM 28792 and EPM 28793 (together, the Capella Tenements); and
- Exercised the option (Bacchus Option) with Bacchus Resources Pty Ltd (Bacchus) and subsequently completed the acquisition of a 100% legal and beneficial interest in the five granted exploration permits, being EPM 26987, EPM 27570, EPM 27947, EPM 27439 and EPM 28297 (together, the Bacchus Tenements) (Bacchus Acquisition).
Key Highlights:
- NIS has completed the acquisition of a 100% interest in the Mt Isa North Copper and Uranium Project comprising highly prospective exploration permits covering 2,003km2 in the Mt Isa region in Northwest Ǫueensland, Australia.
- The fully underwritten pro rata non-renounceable entitlements offer to raise $2.1 million has completed.
- In accordance with the Capella Acquisition Agreement, NIS has appointed Bruno Seneque and Richard Maddocks to the Board of the Company as Non-Executive Directors with effect from today.
- NIS is now well funded to commence undertaking exploration activities at Mt Isa North Project with 1,500m reverse circulation (RC) drilling campaign at the high-grade Surprise Cu-Au-Ag prospect, planned for Ǫ4-CY24, subject to all approvals being received.
The Capella Tenements and the Bacchus Tenements (collectively, the Mt Isa North Project) are a portfolio of granted exploration permits and exploration permit applications covering 2,003km2 in the Mt Isa region, Northwest Ǫueensland, Australia. The Mt Isa North Project is considered prospective for copper , uranium, and zinc-lead-silver deposits.
The Mount Isa region is one of the world’s premier exploration and mining locations and hosts extensive mining-oriented infrastructure, numerous mines and processing facilities, water and power utilities, rail and national highway transport connections, frequent commercial air services, and a skilled labour force.
Capella’s exploration model at Mount Isa recognises that world-class discoveries may be made in structurally favourable sites in parts of the stratigraphy largely overlooked by previous explorers, as well as in various units of known prospectivity that have only been superficially explored within the Mt Isa North Project.
Further details about the Mt Isa North Project are set out in the Company's ASX announcement dated 28 August 2024.
Entitlement Offer
In addition, as announced on 11 September 2024, the Company has successfully raised $2,135,424 (before costs) under its Entitlement Offer, which was on the basis of 2 New Shares for every three 3 Shares held by eligible shareholders with 1 free-attaching unquoted option (exercisable at $0.03 and expiring on 30 June 2027) (New Option) for every 2 Shares subscribed for and issued.
Capella Acquisition
The Company, Capella and the key shareholders of Capella (Major Capella Shareholders) entered into a share purchase agreement (Capella Acquisition Agreement) pursuant to which the Company agreed to acquire 100% of the issued capital in Capella from the Major Capella Shareholders. Subsequently, the Company entered into separate share purchase agreements with each minority shareholder of Capella (Minor Capella Shareholders). The Major Capella Shareholders and Minor Capella Shareholder (together, the Capella Vendors) are unrelated third parties of the Company.
In connection with the Capella Acquisition, the Company agreed to issue 88,419,220 Shares (Capella Consideration Shares) to the Capella Vendors (or their nominees) on a pro-rata basis and 15,829,526 unquoted options exercisable at $0.03 on or before 30 June 2027 (New Options) (Capella Consideration Options) to certain Capella Vendors (or their nominees). The Company has since issued the Capella Consideration Shares and Capella Consideration Options to the Capella Vendors in their respective proportions.
In addition, the Company agreed to appoint Mr Bruno Seneque and Mr Richard Maddocks, who were existing directors of Capella, to the Board of the Company as Non-Executive Directors. The Company has now appointed Mr Bruno Seneque and Mr Richard Maddocks to the Board of the Company as Non-Executive Directors with effect from today.
Appendix 3X’s for Messrs Seneque and Maddocks are to be released subsequently.
Further details summarising the material terms of the Capella Acquisition Agreement are set out in the Company's ASX Announcement dated 28 August 2024.
Click here for the full ASX Release
This article includes content from NickelSearch 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.
September 2024 Qtr. Activities Report
Rimfire Pacific Mining (ASX: RIM, “Rimfire” or “the Company”) is an ASX-listed Critical Minerals exploration company which is advancing projects within the Fifield (“FI”) and Broken Hill (“BH”) districts of New South Wales (Figure 1).
Highlights
- Maiden Scandium (Sc) Mineral Resources estimated for the Melrose and the northern portion of the Murga area (“Murga North”) comprising;
- 3Mt @ 240 ppm Sc (1,120t Sc Oxide) Indicated and Inferred Mineral Resource at Melrose
- 21Mt @ 125 ppm Sc (4,050t Sc Oxide) Inferred Mineral Resource at Murga North which is open to the south and west
- Significant upside demonstrated by an Exploration Target for the broader Murga area and pipeline of satellite Scandium prospects
- Rimfire funded infill aircore drilling at the Murga Exploration Target has commenced
- Initial assay results for Bald Hill step out diamond drilling confirms high-grade cobalt mineralisation (with associated copper);
- 18m @ 0.16% Co, 0.16% Cu from 110 metres including 5m @ 0.21% Co, 0.23% Cu
- South 32 (S32.ASX) and Red Hill Minerals (RHI.ASX) have recently farmed into leases immediately adjoining Rimfire’s Broken Hill Project
- Rimfire raised $1.15M during the quarter with a placement and an additional $1.2M post end of Quarter following exercise of Options
Commenting on the Quarterly Activities report, Rimfire’s Managing Director Mr David Hutton said: “Rimfire continues to explore for and discover the critical minerals that are associated with global decarbonisation strategies. We are leveraged to and provide unique ASX investment exposure to scandium – an extremely valuable metal.
Announcing maiden Mineral Resource estimates for both Melrose and Murga North as well as the significant upside demonstrated by the Murga Exploration Target is a hugely pivotal moment for the company and its shareholders as we work towards building a globally significant scandium resource inventory across our projects in the Fifield district of NSW.
We have also commenced infill drilling to potentially convert the Murga Exploration Target into our third Scandium Mineral Resource estimate
Along with our Broken Hill Project cobalt and copper exploration success, Rimfire now has several emerging critical mineral opportunities to drive enduring shareholder value”.
Introduction & Operational Summary
During the September 2024 Quarter (the “Quarter”), Rimfire announced a 3Mt @ 240 ppm Sc (1,120t Sc Oxide) Indicated and Inferred Mineral Resource estimate at Melrose and a 21Mt @ 125 ppm Sc (4,050t Sc Oxide) Inferred Mineral Resource at Murga North, together with an Exploration Target for the surrounding Murga area (excluding Murga North) of 100 to 200Mt at 100 to 200ppm Sc (15Kt – 46Kt Scandium Oxide)*.
Declaring maiden Scandium Mineral Resources for Melrose and Murga North and an accompanying Exploration Target for the broader Murga area is an important first step in achieving Rimfire’s objective of building a globally significant scandium resource inventory at Fifield.
Murga North and Murga lie on the Fifield Project and Melrose lies on the Avondale Project. At the end of the Quarter, Rimfire issued a notice of termination to Rimfire’s exploration partner Golden Plains Resources (GPR) in respect of the Fifield Project Earn-in Agreement, with the termination stated to take immediate effect.
The Company exercised a termination right which has arisen as a result of a change of control of GPR following the judgement of the Victorian Supreme Court in: Resource Capital Ltd v Giovinazzo [2024] VSC 548 (Judgement), delivered 6 September 2024.
Separately on its 100% - owned projects, Rimfire drilled 5 diamond holes (974 metres) to test for extensions to previously drilled high-grade cobalt mineralisation at the Bald Hill Cobalt Copper prospect at Broken Hill. Assays received for the first drill hole confirmed further high-grade cobalt mineralisation and associated copper, i.e.; 18m @ 0.16% cobalt, 0.16% copper from 110 metres including 5m @ 0.21% cobalt, 0.23% copper.
Looking ahead to the December 2024 Quarter, our primary focus will be aircore drilling at the Murga Exploration Target to infill existing 400m x 400m spaced drill holes. Rimfire will also receive the remaining assay results from the Bald Hill drilling.
Click here for the full ASX Release
This article includes content from Rimfire Pacific 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.
September 2024 Quarterly Activities Report
Anax Metals Limited – “consolidating base metals production in the Pilbara”
Anax Metals Limited (ASX: ANX, Anax, the Company) is pleased to provide its Activities Report and Appendix 5B for the quarter ended 30 September 2024 (Quarter).
Highlights:
- Massive sulphide mineralisation intersected in drilling at Evelyn
- Multiple exciting high-potential VMS targets identified
- Memorandum of Understanding (MOU) executed with Artemis Resources Ltd
- Commercial-scale trial of aggregate production from previously mined waste rock paves the way for possible near-term revenue through the production of road base and aggregates
- Advancement of the project growth processing hub studies
- Strategic capital raise of $2.54 million completed post Quarter-end
Project Growth (Exploration)
Diamond Drilling
In July 2024, Anax announced commencement of a diamond drilling programme at the Evelyn deposit (Figure 1).12 The programme was designed to increase drill density and test for down- plunge extensions below a 2022 RC hole, 22AER005B, which intersected 13m @ 4.46% Cu, 3.10% Zn, 45 g/t Ag and 1.61 g/t Au from 204 m (Figure 2).2
Figure 1: Whim Creek Project Location in the Pilbara Region of Western Australia
Figure 2: Evelyn Long Section (local grid) showing CuEq grade x thickness contours and current drilling pierce points. The view direction is to northwest.2
The drilling programme was successfully completed in late August 2024 with all holes intersecting visual sulphide mineralisation.13
The best observed intersection from the drilling programme was from 24AED002A, which encountered a strongly mineralised zone between 176.45m and 189.9m. Preliminary results from Minalyzer continuous XRF-scanning have confirmed the high-grade nature of the intersection (Table 1 and Figure 3).13
Table 1: Significant continuous XRF-scanning results for 24AED002A1
CAUTIONARY STATEMENT ON CONTINUOUS XRF SCANNING RESULTS:
Core was processed through the Minalyzer CS (Minalyzer) continuous XRF scanning unit in Perth. Six trays of calibration core samples were submitted with the new drilling, but no high-grade mineralisation was available. The results presented in this announcement are therefore considered partially calibrated as the upper limit of likely assays are not represented in the calibration core. The XRF results that are subject of this report will be submitted for laboratory assay and some variation from the results presented herein should be expected. For further information about the XRF scanning results and Minalyzer refer to the ASX Announcement dated 27 August 2024.
Click here for the full ASX Release
This article includes content from Anax 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.
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