- WORLD EDITIONAustraliaNorth AmericaWorld
Investing News NetworkYour trusted source for investing success
- Lithium Outlook
- Oil and Gas Outlook
- Gold Outlook Report
- Uranium Outlook
- Rare Earths Outlook
- All Outlook Reports
- Top Generative AI Stocks
- Top EV Stocks
- Biggest AI Companies
- Biggest Blockchain Stocks
- Biggest Cryptocurrency-mining Stocks
- Biggest Cybersecurity Companies
- Biggest Robotics Companies
- Biggest Social Media Companies
- Biggest Technology ETFs
- Artificial Intellgience ETFs
- Robotics ETFs
- Canadian Cryptocurrency ETFs
- Artificial Intelligence Outlook
- EV Outlook
- Cleantech Outlook
- Crypto Outlook
- Tech Outlook
- All Market Outlook Reports
- Cannabis Weekly Round-Up
- Top Alzheimer's Treatment Stocks
- Top Biotech Stocks
- Top Plant-based Food Stocks
- Biggest Cannabis Stocks
- Biggest Pharma Stocks
- Longevity Stocks to Watch
- Psychedelics Stocks to Watch
- Top Cobalt Stocks
- Small Biotech ETFs to Watch
- Top Life Science ETFs
- Biggest Pharmaceutical ETFs
- Life Science Outlook
- Biotech Outlook
- Cannabis Outlook
- Pharma Outlook
- Psychedelics Outlook
- All Market Outlook Reports
Heap Leach Scoping Study Shows Substantialy Greater Free Cash At Whim Creek
Anax Metals Limited (ASX: ANX, Anax, or the Company) is pleased to announce the results of a scoping study that evaluated processing of low-grade sulphide and transitional material through the existing and fully permitted heap leach facility at the Whim Creek Project (Whim Creek or Project). The Whim Creek Project is 80% owned by Anax with the remaining 20% owned by Develop Global Limited (Develop).
HIGHLIGHTS
- Significant future upside from bioleaching low-grade sulphide and transitional ores,
- Potential for Whim Creek cashflows* to increase by 20% to more than $410 Million (M). Heap leach to deliver ~$70 M in free cash.
- Total project NPV to grow to $270 M with preproduction capex remaining at $71 M.
- Production of copper cathode and zinc sulphate crystal to further enhance the product suite from the Project.
- Project production potential to grow to 10 Ktpa Cu and 10 ktpa Zn.
- The planned bioleaching is in addition to the sulphide concentrate detailed in the April 2023 DFS (Appendix 1).
- The heap leach study demonstrates the potential for the low-cost production of sought after copper cathode and zinc sulphate products. The capacity to process ores through a concentrator or leach plant is a major step towards becoming the Pilbara processing hub.
- Whim Creek is strategically positioned to become a producer of key battery metals including copper and zinc concentrates along with copper cathode and a fertiliser feedstock, zinc sulphate crystal.
- The project is permitted to process sulphide ores through the concentrator and to utilise the heap and associated infrastructure to leach oxide, transitional and sulphide ores.
Figure 1: Whim Creek Heap Leach and Associated Infrastructure
The Company’s Managing Director, Geoff Laing, commented:“The Anax team have developed world class bioleaching intellectual property that unlocks value for Whim Creek and provides a platform for our business to become the dominant player in consolidating Pilbara base metal projects. The capacity to treat primary ores and secondary/oxidised ores allows us to deliver treatment options for all the base metal projects in our region. We will produce a suite of battery metal products along with a key feedstock for the production of fertiliser through a facility that will generate low carbon emissions.”
* Reported on a 100% Project Basis. Anax has an 80% interest in the project and will contribute 80% of costs and receive 80% of financial outcomes Free Cashflow reported before financing and before tax.
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.
Anax Metals Limited Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects
GET YOUR FREE INVESTOR KIT
Anax Metals Limited
Investor Insight
Anax Metals is an ASX-listed exploration company looking to develop its copper assets in the Pilbara Region of Australia. It has important joint ventures and partnerships that can facilitate the execution of a strategic processing hub to offer a compelling investor value proposition.
Overview
Anax Metals (ASX:ANX) is a project developer that is on track to begin producing copper and zinc concentrates from its flagship Whim Creek project located in the Pilbara region of Western Australia. The project is 80 percent owned by Anax, with JV partner Develop Global (Develop) owning the remaining 20 percent. The Whim Creek DFS (and leaching study) have demonstrated the opportunity for an eight-year mining operation producing copper concentrates, cathodes and valuable byproducts. The operation will generate $410 million in cash flow and deliver an NPV of $270 million with a development capex of $71 million.
The company believes its growth potential lies both in expanding the mineral resources across the project’s four deposits and a consolidation strategy that includes a processing hub with a concentrator and heap leach at Whim Creek. Benefits from the consolidation include delivering economies of scale with processing flexibility to treat ores from regional orebodies. The permitted infrastructure is ideally located and suited to becoming the Pilbara-processing hub.,
Anax Metals and Develop have commenced a scoping study to evaluate the potential for treating high-grade oxide/transitional ores from Develop’s wholly owned Sulphur Springs project on the Whim Creek heap.
During the second quarter of 2024, Anax Metals and GreenTech Metals announced they had signed a non-binding and non-exclusive memorandum of understanding to assess the potential to treat mined material from GreenTech’s base metal assets, with a focus on the open-pittable Whundo deposit.
Anax Metals also signed a non-binding and non-exclusive memorandum of understanding (MoU) with Artemis Resources (ASX:ARV) to jointly assess the potential for processing the copper content of Artemis’ open-pittable Greater Carlow resource at the fully-permitted Whim Creek Processing hub. Anax and Artemis also agree to evaluate the potential for Artemis to explore for gold mineralisation on the Anax project tenure.
Whim Creek Pit
Since acquiring the project in 2020, Anax Metals has increased its contained metal resource inventory by over 57 percent. At the end of the second quarter of 2024, Anax Metals signed a contract with drilling company Topdrill for up to 1,700 metres of diamond drilling. Diamond drill rigs have been mobilized at site with the primary goal of testing the down-plunge extensions of the high-grade copper zones at the Evelyn deposit. Previous drilling intersected 13 m @ 4.46 percent copper, 3.10 percent zinc, 45 g/t silver and 1.61 g/t gold from 204 m. Evelyn remains open down plunge with lots of expansion potential.
Company Highlights
- Focus remains on delivering near-term copper production, within the next 18 to 24 months, at the Whim Creek copper-zinc project, which will generate in excess of $400 million in free cash flow over an eight-year mine life.
- The company’s growth strategy includes delivering both resource growth and consolidation of copper assets in the Pilbara region through the development of a central processing hub.
- Since completing the DFS last year, Anax Metals has been considering the potential to expand the production capacity of Whim Creek infrastructure beyond 20 kt of copper equivalent per year.
- Capital requirements are anticipated to be low as Anax Metals plans to utilise substantial existing infrastructure and implement preconcentration technology to reduce process capacity requirements.
- The company is currently working with key partners, including Develop Global (ASX:DVP), Greentech Metals (ASX:GRE), and several metal trading groups.
Whim Creek Copper Zinc Project
Whim Creek is located 120 km from both Port Headland and Karratha on the NW Coastal Highway in the Pilbara region of Western Australia. The project has a long history of copper production with existing infrastructure that includes dams, haul roads, offices, workshops and a dedicated gas spur line to site. The project is currently being developed as a joint venture (80/20) between Anax Metals and Develop Global. The project has four main deposits, namely Whim Creek, Mons Cupri, Salt Creek and Evelyn, with structurally controlled, volcanic-hosted massive sulphide style copper-zinc-lead mineralization.Production – Concentrator and Heap Leach
Since completing the definitive feasibility study in 2023, Anax has promoted Whim Creek as a regional processing hub, with potential for an expanded production capacity in excess of 20 kt copper equivalent. Highlights of the technical report include FCF generation of $410 million over an eight-year mine life. Processing would be predominantly through the planned concentrator. Heap leaching is anticipated to begin in the second year of production.
A processing hub with sorting, concentrator and heap leach facilities
The company believes the project will also provide a processing solution for surrounding projects located within trucking distance of Anax’s processing facility. Longer term, Anax plans to establish a Pilbara Base Metal Alliance to facilitate collaboration with other base metal projects in the region.
Exploration
The project exploration tenure is located in the highly prospective Archean granite-greenstones of the Pilbara region, encompassing the width of the Whim Creek Greenstone Belt. Near mine extensions to known copper-zinc-lead VMS resources remain underexplored with potential at Mons Cupri South for the discovery of a new intact Mons Cupri-sized deposit. VMS-style alteration and mineralisation have been intersected over 1km. The two satellite deposits at Salt Creek and Evelyn have excellent down plunge and strike potential for blind massive sulphide shoots and drilling is under way at Evelyn.
Management Team
Phillip Jackson - Chairman
A barrister and solicitor with significant legal and international corporate experience, Phillip Jackson specialises in commercial and contract law, mining and energy law and corporate governance. He has been a director and chairman of a number of ASX and AIM listed minerals companies.
Geoff Laing - Managing Director
Geoff Laing is a chemical engineer with 30 years in mining and project development. He has been involved in the exploration and junior mining sector for the last 15 years, taking on corporate and advisory roles. He was a key player in Exco Resources’ divestment of a substantial copper asset for $175 million to Xstrata Copper, and as managing director, he delivered the successful takeover of the company by WH Sol Pattinson.
Peter Cordin - Non-executive Director
Peter Cordin is a civil engineer with over 45 years' global experience in mining and exploration, both at operational and senior management levels. He has direct experience in the construction and management of diamond and gold operations in Australia, Fenno-Scandinavia and Indonesia.
Phil Warren - Non-executive Director
Phil Warren is a chartered accountant with over 25 years’ experience in board governance, corporate advisory and capital raising advice. Warren has spent a number of years working overseas for major international investment banks. He is currently a non-executive director of ASX listed companies, including Family Zone Cyber Safety, Narryer Metals, Killi Resource and Rent.com.au. He was a founding director of Cassini Resources, which was subsequently acquired by Oz Minerals.
Jenine Owen - Chief Financial Officer
Jenine Owen joined Anax in 2020, where she is responsible for corporate risk management, financial management and financial reporting. She is a chartered accountant with extensive finance and commercial experience, including several CFO roles in ASX listed entities. Having started her career with Deloitte (Zimbabwe) in the external assurance division, she moved to London in 1999 where she held various finance and governance roles before settling in Australia in 2008. Prior to joining Anax, Owen was CFO at Predictive Discovery (ASX:PDI).
Ultra-High Grade Naturally Occurring Antimony at Alturas Project with Assays up to 69.98% Sb
Equinox Resources Limited (ASX: EQN) (“Equinox Resources” or the “Company”) is pleased to announce reconnaissance assay results from its maiden exploration program at the Alturas Antimony project within British Columbia, Canada. The company has increased its total land holding interests to 6.31km2 on the Alturas project.
Highlights
- Rock chip samples from the Alturas Antimony project in British Columbia, Canada, have returned outstanding ultra-high grade Antimony assays, including:
- 69.98% Sb – sample ALT24-PS-R003
- 67.96% Sb – sample ALT24-JL-R004
- 49.98% Sb – sample ALT24-JL-R005
- 47.97% Sb – sample ALT24-JL-R002
- 45.55% Sb – sample ALT24-JL-R003
- 44.45% Sb – sample ALT24-PS-R002
- 37.39% Sb – sample ALT24-PS-R004
- 28.81% Sb – sample ALT24-PS-R005
- 20.89% Sb – sample ALT24-JL-R009
- 20.17% Sb – sample ALT24-PS-R001
- 18.01% Sb – sample ALT24-JL-R007
- 16.77% Sb – sample ALT24-JL-R010
- 14.75% Sb – sample ALT24-JL-R001
- 12.42% Sb – sample ALT24-PS-R006
Pure Stibnite, Antimony Ore contains 71.4% Sb
- Additional ground totaling 3.3 km2 has been strategically staked to the east and west of the property, offering further potential to expand the mineralised footprint.
- 105 tonnes of Antimony ore, averaging 57.20% Sb has been historically sold from the Alps- Alturas Antimony Mine on this property.
- Since the execution of the option agreement for the Alturas project, the price for Antimony has reached US$36,000 per metric ton as of October 25, 2024, from approximately US$24,000 per metric ton at the time of acquisition. This significant price increase has been driven by supply constraints arising from new export controls on antimony announced by China in September 2024.
- Malachite stained rock chip from copper-bearing boulder field returned up to 0.96% Cu, offering potential for copper mineralisation beneath the surface.
- Drilling underway at Brazilian REE projects with assay results pending.
Equinox Resources Managing Director, Zac Komur commented:
We are thrilled to announce our latest exceptional exploration results, revealing extraordinary antimony assays that highlight the immense potential of the Alturas Project. Rock chip samples have returned grades as high as 69.98% antimony (Sb), establishing some of the world's highest reported natural stibnite (Sb2S3) grades. Considering that pure stibnite contains 71.4% antimony, these findings confirm Alturas as a truly unique and valuable asset.
By strategically expanding our footprint with additional claims to the east and west, we are positioned to explore beyond the known mineralisation. The discovered copper zone, with rock chips grading at 0.96% Cu, along with an extensive shear system, further solidifies Alturas as an outstanding opportunity. This project offers us a rare chance to unlock substantial value by systematically exploring an underexplored, ultra-high-grade asset in a mining-friendly jurisdiction.
We’re also continuing drilling at our Mata da Corda Titanium and Campo Grande Rare Earth Projects in Brazil, with assays pending.”
Reconnaissance Sampling
In September 2024, Equinox Resources conducted a maiden reconnaissance sampling campaign at the Alturas Antimony Project to evaluate the potential for high-grade antimony and associated polymetallic mineralisation along the extensive shear zone. The objectives of the reconnaissance campaign were to map and sample key structures by focusing on the 1.5 km shear zone, identified as the main mineralising structure, and to assess antimony concentrations in rock chip samples across newly identified dilation zones and extensions.
Figure 1: Location diagram of rock chip and soil samples taken with mapped shear zone identified
Figure 2: Assay results concentrated across the shear zone (Sb grades greater than 1%)
Project Overview
The Alturas Antimony Project is located in the Slocan Mining Division of British Columbia, Canada, approximately 15 kilometers northeast of New Denver. The project area is situated within a favorable geological setting, featuring a 1.5 km shear zone with polymetallic potential, including antimony, copper, and silver. The tenements cover the historic Alps-Alturas mine, an Antimony mine which operated between 1916 and 1926 selling ultra-high grade Antimony, averaging 57.2% Sb and up to 59.50% Sb. On 10 September 2024, Equinox Resources entered into a 12-month option to acquire 100% interest in all three tenements.
Click here for the full ASX Release
This article includes content from Equinox 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.
Woomera Completes Maiden Drilling Program at Bronze Fox Copper-Gold Porphyry Project
Woomera Mining Limited (ASX: WML) (“Woomera”, “the Company”) is pleased to announce that its two-pronged diamond core programme for the recently acquired Bronze Fox Project in Mongolia has been completed. Woomera was able to complete the program in less than four weeks, with all drillholes reaching proposed target depths. In total 16 holes were completed for 2516.4m (Refer to Table 1).
- Woomera’s first drill programme at the Bronze Fox Project in Mongolia has been completed.
- 16 Diamond drill holes were completed for a total of 2516m.
- Drilling largely focussed on shallow infill and extension drilling with a single deeper hole (F109/916.4m) testing a coincident geophysical/structural target.
- The target porphyry was intersected in all holes with assays due late December/early January.
- Woomera can earn an 80% interest in the Bronze Fox Project by spending US$4m on exploration (with an election to acquire 100%).
Assays for the program are expected to be available in late December 2024 or early January 2025. Woomera can earn an 80% interest in the Bronze Fox Project from Kincora Copper Limited (ASX: KCC) by expenditure of US$4m and has to the right to acquire a 100% interest.
Figure 1: Drilling at Bronze Fox
Figure 2: Field work at Bronze Fox
BRONZE FOX PROJECT
The Bronze Fox Project covers 175km2 and is located in the Southern Gobi porphyry belt of southern Mongolia, approximately 450km south of the capital Ulaanbaatar. It represents an opportunity to secure a 100% interest in an underexplored world-class porphyry copper project with genuine Tier-1 potential. Drilling by Kincora totalling 46,625 metres of Reverse Circulation and Diamond Core drilling has defined three shallow, large porphyry complexes, providing genuine new discovery potential, resource delineation and early-stage exploration plays.
The Bronze Fox Project contains the West Kasulu Inferred Mineral Resource of 194.1Mt at 0.26% Copper Equivalent (CuEq), at a 0.2% CuEq cut-off to a depth of approximately 325m below surface and an Exploration Target of between 100Mt and 300Mt at 0.25 to 0.35% CuEq.20221
The Bronze Fox Project is located proximal to several world class mineral deposits including Oyu Tolgoi, Kharmagtai, Tsagaan Suvarga and Tavan Tolgoi (see Figure 3).
Click here for the full ASX Release
This article includes content from Woomera 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.
US Indexes Reach Fresh Highs as Trump Secures Election Win
Key US indexes hit new records following Donald Trump's victory in the presidential election.
Trump’s campaign, which focused on reviving traditional industries and reinforcing tariffs, suggests a shift in economic priorities that investors in the US and elsewhere are now trying to assess.
Immediate reactions were seen across various asset classes on Wednesday (November 6), including American indexes and equities, the US dollar, cryptocurrencies and commodities.
Key US indexes reach new all-time highs
The S&P 500 (INDEXSP:.INX), Dow Jones Industrial Average (INDEXDJX:.DJI) and Nasdaq Composite (INDEXNASDAQ:.IXIC) all reached new record levels as Trump's victory hit markets. The S&P traded as high as 5,922.53 on Wednesday, while the Dow rose to 43,707.92. For its part, the Nasdaq reached 18,962.46.
"The market is definitely moving in line with the Trump playbook; stocks and small caps, in particular, are higher on the idea that Trump will be good for U.S. companies," Seema Shah, chief global strategist for Principal Asset Management, explained to Reuters. She added that markets outside the US are reacting as well.
"Across emerging markets, you can see China and Europe are struggling with the idea that they could face higher tariffs, and U.S. bond yields higher with expectations for a higher fiscal deficit and inflation."
US dollar rallies, Bitcoin hits new all-time high
On the US dollar front, Trump’s win put the greenback on track for its strongest daily gain in four years.
Investors anticipate that a renewed focus on tariffs could increase inflation, potentially prompting the US Federal Reserve to cut interest rates by less than previously expected. The Fed's next meeting is currently in progress, with many market watchers anticipating a 25 basis point reduction after September's 50 basis point drop.
Bitcoin, which some see as a hedge against traditional financial instability, hit a new all-time high, reaching US$75,397 shortly after Trump’s victory. The cryptocurrency’s surge reflects investor sentiment that a Trump administration will be more favorable to digital assets than a Kamala Harris-led country might have been.
The boost continues the trend of cryptocurrencies being perceived as alternative assets in times of uncertainty.
Gold, also typically seen as a safe-haven asset, experienced a decline. The yellow metal sank as low as US$2,660.84 per ounce on Wednesday after spending the better part of the last three weeks above US$2,700.
Experts see the yellow metal facing opposing pressures: inflation risks from tariffs could increase demand for safe-haven assets like gold, while the strong dollar and stabilized economic growth might dampen that demand.
Silver also fell on Wednesday, dropping to US$30.99 per ounce at its lowest point.
Oil, copper and agricultural commodities react
Other commodities saw contrasting responses to Trump's victory at the polls.
Both Brent and West Texas Intermediate crude futures saw small declines on Wednesday. Looking longer term, some analysts believe a Trump presidency could be positive for oil — if he renews sanctions on countries like Iran and Venezuela, these nations' oil exports could be reduced, creating a tighter supply situation.
Copper saw a more significant decline, with Reuters reporting that it is set to record its biggest intraday loss in five months. Market participants appear to be pricing in the possibility of reduced US support for electrification projects, which could lower demand for copper, along with other industrial metals.
“We are seeing industrial metals taking the biggest hit, led by copper and iron ore, while grains trade lower, led by soybeans on fears that China’s countermeasures may hurt US exports of soybeans and corn," Ole S. Hansen, head of commodity strategy at Saxo, said in an emailed note.
China is a leading importer of soybeans from the US, making the market heavily dependent on the Asian nation.
Trump's election has raised concerns that new tariffs could disrupt the US-China agricultural trade relationship, potentially prompting China to impose retaliatory tariffs on American crops.
Wheat and corn, while less reliant on Chinese markets, also trended downward before recovering.
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.
Kurundi Main Assay Results Tennant Creek
King River Resources Ltd (ASX: KRR) is pleased to provide the following update on results for the 2024 drilling at Kurundi Main prospect. Drilling focused on extending previously discovered high grade gold mineralisation (reported in 2022) and testing alternative structural positions identified in detailed drone magnetics completed in 2023 (KRR ASX: 28 June 2024). Significant results have been returned (Figure 1) including the discovery of a new high grade gold zone 250m south of the central main workings with best result of:
- TTRC098: 9m @ 1.62g/t Au from 49m including 1m @ 12.75g/t Au from 53m.
Other high-grade results include:
- TTRC103: 3m @ 8.3g/t Au from 35m including 1m @ 16.25/t Au from 36m at the central main zone.
- TTRC092: 5m @ 2.14g/t Au from 38m including 1m @ 6.39g/t Au from 40m at the central main zone.
- TTRC110: 2m @ 5.11g/t Au from 44m including 1m @ 6.33g/t Au from 45m at the northern workings
Also, a possible new style of mineralisation on a porphyry-basalt contact, footwall to the central main mineralized zone has been identified (requires further investigation - see Central Target Area section below) with an intersection of:
- TTRC103: 2m @ 10.93g/t Au from 51m including 1m @ 20.75g/t Au from 51m.
All intersections are stated as down hole widths which are close to true width for the Kurundi Main structure. A second phase of drilling has commenced to test the new southern high-grade zone and continue exploring the other Kurundi Main targets.
Figure 1: Kurundi Main Prospect 2024 drilling (blue dots) with best new results (yellow labels). 2022 drilling shown as black dots.
A total of 28 RC holes for 1,986m have been completed (results listed in Table 2) testing 3 main targets: (1) northern and southern extensions of the Kurundi structure up to 1km from the central main workings, (2) testing the plunge of the central high-grade shoot intersected in 2022 drilling, (3) testing mineralisation deeper under the central main workings.
Central Target Area:
Drilling has confirmed a southerly plunge to the central main high grade gold mineralisation identified in 2022 drilling with TTRC0103 and TTRC092 intersecting high grade gold mineralisation (Figure 2). Also, TTRC103 intersected an unexpected high grade gold zone of mineralisation footwall to the central main zone, on the contact between the basalt host rock and a porphyry intrusive unit (cross section in Figure 3). Due to the lack of structure and alteration being visible in the drill chips the result was initially perceived as a sampling error (2 composite samples from this interval returned anomalous results). However, re-assaying of the pulps followed by resampling at 1m intervals confirmed the presence of gold mineralization and eliminated possible sampling and laboratory errors. This possible new style of mineralisation will be investigated thoroughly with reinterpretation, drill hole relogging, multi element analysis, petrography and drilling to understand possible orientations, further targeting and to eliminate the possibility of down hole contamination of samples during the drilling of TTRC103.
In the Central Target Area KRR’s previous 2022 drilling only tested to a vertical depth of 40m. Four new holes have now been drilled to test a vertical depth of 65m. All holes intersected strong structure, alteration and veining confirming the continuation of the central target zone at depth. TTRC105 intersected a broad zone of veining and alteration and returned 10m @ 0.32g/t Au including 1m @ 0.98g/t Au from 68m with mineralisation open at depth and to the south, shown in the long projection below (Figure 2). The presence of strong veining and shearing at depth across the strike of the central zone is very encouraging for further, deeper drilling.
Figure 2: Long projection of the Central Main Kurundi mineralized zone beneath the central workings area. View is perpendicular to the main vein which dips approximately 35o towards 215o. New results shown in yellow boxes, 2022 results shown in grey boxes, light purple box is for the footwall intersection.
TTRC112 was drilled to test a resistivity anomaly identified by 2023 DDIP survey (KRR ASX: 28 June 2024) however no cause for the resistivity anomaly was identified.
Click here for the full ASX Release
This article includes content from King River 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.
Exploration Program Commences at Virka
Basin Energy Limited (ASX:BSN) (‘Basin’ or the ‘Company’) is pleased to announce that work has commenced at the Virka project (the “Project” or “Virka”) following execution of a binding agreement (the “Agreement”) to acquire an exploration portfolio located within Scandinavia.
Key Highlights
- Historic data review identifies three areas for immediate field investigation
- Initial mapping and reconnaissance sampling underway
- Historic drill core located for relogging, and where possible, sampling:
- Evidence for both significant width and grade mineralisation at the Virka project from drilling which included 1,2
- 9 m at 1,087 ppm U3O8 from 24.5 m in drill hole 81-003
- within 17 m at 707ppm U3O8 from 23 metres depth
- Evidence for both significant width and grade mineralisation at the Virka project from drilling which included 1,2
- No modern systematic exploration undertaken with last significant exploration in 1980’s highlighting district scale potential
Initial work will focus on the assessment of three areas identified through reviewing historic reports. Limited exploration work was documented, but recorded anomalous base metals, silver and uranium. Exploration work at Virka focussed on North-NorthEast orientated structural features, which were interpreted to be a suitable structural conduit for potential mineralisation.
Basin’s Managing Director, Pete Moorhouse, commented:
“The team at Basin are extremely excited to commence work on the recently announced Scandinavian uranium and green energy metals portfolio. Initial review of the available historical data on the Virka project has provided areas for immediate groundwork. We know that the system is prospective for a variety of metals, with the historical drilling indicating favourable thickness of uranium mineralisation.
The team has commenced work immediately at Virka, conscious of the upcoming winter season. Initial work will focus on getting boots on the ground to assess rock outcrops and trace boulder trains. We will move to historic drill core review and additional literature compilation once the weather prohibits further ground activities.”
Virka Project Background 3
The Virka project is strategically positioned in the heart of the Arjeplog-Arvidsjaur shear-hosted uranium district in Sweden, and approximately 37 km southeast of Boliden’s (STO:BOL) Laisvall Pb-Zn-Ag former mine.
Figure 1: Virka initial work locations
Previous drilling activities conducted in the 1980’s across all licenses targeted uranium mineralisation, with diamond drillholes gamma probed and in rare occasions sampled for geochemical analysis3. Additionally, historical regional geological mapping and boulder tracing records unveiled several surface anomalisms in lead, zinc, silver and gold associated with fault structures. Research indicates that these anomalies have not been adequately followed up with results not verified to JORC Code (2012), however using this data and Basin’s interpretations, three areas have been prioritised for immediate field reconnaissance (Figure 1). This program has commenced with the review of these anomalous features that were historically reported in the project area.
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.
Report: Mining Industry Sees Path to Decarbonization Through Existing Technologies
A recent report from ABB (STO:ABB) reveals that mining leaders are growing increasingly confident that the industry can decarbonize significantly using existing technologies.
For the report, titled "Mining’s Moment," the Swiss electrification and automation firm surveyed 412 mining leaders from 18 countries, asking for their perspectives on the future of the industry through 2050.
As mentioned, a key insight established by the report is the belief that substantial progress can be achieved without waiting for new innovations, an idea 70 percent of the participants agreed with.
Additionally, 77 percent of respondents said they view integrated electrification, automation and digitization as crucial elements in achieving sustainability objectives. Another significant portion — 53 percent of those surveyed — foresee a major transformation in their operations within the next five years.
“Early movers will be ahead of the market having learnt many lessons about low carbon operations,” said Max Luedtke, ABB’s global business line manager for mining. However, he acknowledged that while many leaders appear confident in reaching their sustainability targets, a minority are still grappling with various challenges.
The report from ABB, published on October 29, also identifies three key areas for investment to facilitate the transition: workforce development, technological advancements and process improvements.
A notable barrier identified by 44 percent of survey respondents is the lack of expertise and skills necessary for effective decarbonization. In response, 70 percent of mining companies are prioritizing the reskilling of existing employees to make sure they are equipped for the new demands of sustainable practices.
Furthermore, electrification is highlighted as a significant factor in achieving decarbonization. Approximately 91 percent of leaders assert that electrification is a fundamental component of their decarbonization strategies.
Investments in electric haulage fleets are on the rise, with 42 percent of respondents planning to decarbonize their fleets by 2026, and 68 percent aiming to electrify at least a quarter of their operations by 2030. The shift is expected to enhance operational efficiency, while significantly reducing carbon emissions — a key ESG goal.
Moreover, the mining sector is recognizing the increased importance of automation in boosting safety and efficiency. Automation reduces the need for human involvement in high-risk environments, thereby minimizing potential accidents.
Seventy-four percent of industry leaders view innovations in ventilation systems as critical for improving efficiency and sustainability. These advances not only contribute to safer working conditions, but also result in energy savings.
Digitization remains a key focus area, with the report indicating that the mining industry is still catching up to other sectors in terms of technological maturity. For instance, digital sensors and advanced monitoring solutions are increasingly being used to optimize energy consumption and enhance operational safety. The deployment of remotely controlled robotics is also facilitating safer working conditions, enabling operators to address risks from a safe distance.
The findings of the ABB report come at a pivotal time as the mining industry faces heightened scrutiny over its environmental impact. While the sector is tasked with supplying the critical raw materials necessary for green technologies, it equally bears the responsibility of reaching its goals through environmentally feasible methods.
The report condenses this dual responsibility: to provide essential resources for sustainable technologies, while concurrently adopting practices that mitigate their environmental impact.
Overall, 73 percent of survey respondents expressed excitement about the opportunities arising from the growing acceptance of mining's role in the green energy transition. The integration of technologies that support sustainable operations is seen not only as a business imperative, but also as a critical contribution to global sustainability efforts.
Despite the overall optimism, challenges remain. Approximately 46 percent of respondents indicated to ABB that operational disruptions pose a risk to their sustainable transformation efforts, indicating that more work needs to be done to ensure that the transition to greener practices does not compromise productivity.
As the mining industry navigates this transformative phase, the commitment to sustainability is reflected in the direction companies are going, as more and more industry leaders are becoming increasingly aware of the crucial role of decarbonization in creating sustained, long-term value for all stakeholders.
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.
Latest News
Anax Metals Limited Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects
GET YOUR FREE INVESTOR KIT
Latest Press Releases
Related News
TOP STOCKS
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.