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High Grade Lithium Results At Yinnetharra
Reach Resources Limited (ASX: RR1 & RR1O) (“Reach” or “the Company”) Yinnetharra Lithium Project comprises three large 100% owned strategically located projects, Morrissey Hill, Camel Hill and Wabli Creek, in the centre of the Yinnetharra area of the Gascoyne Mineral Province, totalling 232 km2 (see Figure 1). The Projects are highly prospective for Lithium and Rare Earth Element mineralisation with demonstrated high grade results (Refer to RR1 ASX Announcement 13/02/2023).
HIGHLIGHTS
- Lithium mineralisation confirmed with rock chip samples reporting highly encouraging assays of up to 2.3% Li2O (lithium oxide); 4295ppm Cs (caesium) and 705.8ppm Ta2O5 (tantalum oxide).
- Multiple large, strike extensive, lithium-bearing pegmatites of the Spodumene-Petalite Subtype (1Featherstone, J.M, 2004) confirmed at the Company’s Yinnetharra tenements, directly adjoining Delta Lithium (formerly Red Dirt Metals) and Minerals 260 (Figure 1). Results from the Bonzer and Malibu Prospects at the Company’s Morrissey Hill Project include:
- Bonzer Prospect (Morrissey Hill E09/2375)
- 23RRRK00010 - 22,990ppm or 2.30% Li2O, 4295ppm Cs, 705.8ppm Ta2O5 and 7978ppm Rb.
- 23RRRK0003 - 14,422ppm or 1.4% Li2O, 2873ppm Cs ,714.4ppm Ta2O5 and 4891ppm Rb.
- 23RRRK0002 - 12,832ppm or 1.3% Li2O, 2205ppm Cs, 243.4ppm Ta2O5 and 4108ppm Rb.
- Malibu Prospect (Morrissey Hill E09/2375)
- RRRK00046 - 6524ppm or 0.65% Li2O, 505ppm Cs, 81.1ppm Ta2O5 and 1426ppm Rb.
- RRRK00047 - 2050ppm or 0.20% Li2O, 117ppm Cs, 185.5ppm Ta2O5 and 966ppm Rb.
- RRRK00049 - 3547ppm or 0.35% Li2O, 190ppm Cs, 153.8ppm Ta2O5 and 1293ppm Rb.
Commenting on the results CEO Jeremy Bower said:
“These are seriously good results, considering we have only had time to target a small percentage of the total outcropping pegmatites on site. We estimate in excess of over 50 pegmatites remain untested across our three projects.We are particularly excited about the Bonzer Prospect, which is a clear walk-up drill target.
We now have consistently high lithium grades from this very large pegmatite which is at least 1.5 km long with lithium bearing minerals at surface.
Our field crews are heading back to site next week to commence systematic surface geochemical sampling which should deliver a pipeline of additional target areas to those which we have recently identified. These results make our upcoming drill program very exciting for the Company and shareholders.
It is great to see the likes of David Flanagan’s Delta Lithium and Tim Goyder’s Minerals 260 taking big positions around us, we are clearly in a sweet spot of one of the hottest critical mineral regions in Australia right now.
Without putting too fine a point on it, the more time we spend on the ground the more lithium pegmatites we are finding and the greater the potential for success in the upcoming drilling programs. The Future is within Reach”.
RR1 recently conducted a limited scope helicopter supported reconnaissance rock chip sampling program aimed at confirming historical mapping and sampling results as well as targeting outcropping pegmatites identified by independent geological experts RSC. All of the pegmatites are located within the “Goldilocks” zone of the regionally extensive Thirty Three Granitic Supersuite – recognized as the parental source to the Yinnetharra rare metal pegmatites (Figure 2).
Click here for the full ASX Release
This article includes content from Reach 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.
Odessa Minerals: Exploring for Lithium and Rare Earths in Western Australia's Resource-rich Gascoyne Region
Quarterly Activities/Appendix 5B Cash Flow Report
Reach Resources Limited (ASX: RR1) (“Reach” or “the Company”) provides its activities report for the quarter ended 30 June 2023.
High-Grade Lithium Results at Yinnetharra (15 May 2023)
- Lithium mineralisation confirmed with rock chip samples reporting highly encouraging assays of up to 2.3% Li2O (lithium oxide); 4295ppm Cs (caesium) and 705.8ppm Ta2O5 (tantalum oxide).
- Multiple large, strike extensive, lithium-bearing pegmatites of the Spodumene-Petalite Subtype (Featherstone, J.M, 2004) confirmed at the Company’s Yinnetharra tenements, directly adjoining Delta Lithium (ASX: DLI) and Minerals 260 (ASX: MI6).
- Results from the Bonzer include:
- 23RRRK0003 - 14,422ppm or 1.4% Li2O, 2873ppm Cs ,714.4ppm Ta2O5 and 4891ppm Rb.
- 23RRRK0002 - 12,832ppm or 1.3% Li2O, 2205ppm Cs, 243.4ppm Ta2O5 and 4108ppm Rb.
- Results from the Bonzer include:
Outcropping Copper Gossan Delivers 33% Cu Assays (18 May 2023)
- High grade copper-oxide mineralisation (malachite) confirmed at the Company’s Morrissey Hill Project, Yinnetharra with rock chip samples reporting highly encouraging assays of up to 33.2% Cu; 0.2 g/t Au and 141.8g/t Ag.
14.3% Niobium & 70.3% HREO-Rare Earth Element NYF Pegmatite (1 June 2023)
- Sensational high-grade results from surface eluvial samples at Wabli Creek, Yinnetharra
- 14.3 % Nb2O5, 6.7% Ta2O5, 3689 ppm TREO with 70.3% HREO
- Independent geological experts RSC have advised that the consistent high-grade niobium and HREO is associated with a ~2.5km long rare element pegmatite swarm identified from historical records at Wabli Creek
- Importantly the mineralisation likely extends under cover (Jacobson et al, 2007)
- Source of high-grade niobium and heavy rare earth oxide (HREO) results confirmed as a rare element pegmatite swarm with niobium, yttrium, fluorine (NYF) geochemical signature
- Rare element (NYF) pegmatites are characterised by their unusual enrichment of niobium and heavy rare earth elements (HREE), in contrast to clay hosted or carbonatite deposits which predominantly contain light rare earth elements (LREE)
- Confirmation of a rare element pegmatite system increases the likelihood of identifying additional high-grade niobium and HREE which are listed as critical minerals by governments worldwide
Latest Assay Results Return up to 10.3% Niobium (28 June 2023)
- Spectacular assay results received from the latest surface eluvial and rock samples taken at the Wabli Creek rare element (NYF) pegmatite field have returned high grade niobium of 10.3% Nb2O5 (23RRRK243) and 2.6% Nb2O5 (23RRRK244). Additional anomalous rare earth elements (REE) results returned of up to 7082 ppm TREO.
- Importantly, samples from the latest program were taken up to 400m east of the previously mapped north-west pegmatite trend spanning ~1.5km, which returned results up to 14.3% Nb2O5, 6.7% Ta2O5, 3689 ppm TREO
- Latest results indicate a potential stacked pegmatite sequence and/or a new niobium/REE mineralisation source.
Click here for the full ASX Release
This article includes content from Reach 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.
Outcropping Copper Gossan Delivers 33% Cu Assays At Morrissey Hill Project, Yinnetharra
Reach Resources Limited (ASX: RR1 & RR1O) (“Reach” or “the Company”) is pleased to announce that it has received high grade copper, gold and silver results up to 33% copper, 0.2g/t gold and 142g/t silver from its recently completed rock chip sampling program at the Company’s Morrissey Hill Project, Yinnetharra, W. A (Refer to Figure 4).
HIGHLIGHTS
- High grade copper‐oxide mineralisation (malachite) confirmed at the Company’s Morrissey Hill Project, Yinnetharra with rock chip samples reporting highly encouraging assays of up to 33.2% Cu; 0.2 g/t Au and 141.8g/t Ag. (Figure 1).
- Results follow Morrissey Hill assays of up to 2.3% Li2O (ASX Announcement 15 May 2023).
- Mineralisation at the Swallowtail Copper Prospect was mapped over a strike length of at least 150m and remains open in all directions.
- Significant results include:
- 33.2% Cu, 0.2g/t Au and 141.8g/t Ag (23RRRK0039).
- 14.7% Cu, 0.02g/t Au and 55.6g/t Ag (23RRRK0042).
- 4.2% Cu, 0.3g/t Au and 5.7g/t Ag (23RRRK0041).
- 2.3% Cu, 0. 2g/t Au and 5.0g/t Ag (23RRRK0043).
- Historical sampling 3.0km’s west of Swallowtail could potentially extend the strike with historical results returned:
- 18.5% Cu, 1.1g/t Au and 6.8g/t Ag
- 18.5% Cu, 1.1g/t Au and 6.8g/t Ag
- The rock chip results confirm the Company’s targeting methodology and the potential of the area to host significant mineralisation.
- Morrissey has never been drilled & geochemical surveys planned to commence next week.
Commenting on the results CEO Jeremy Bower said:
“The Morrissey Hill tenement at our Yinnetharra Project continues to deliver. These are outstanding copper results and in conjunction with the 2.3% Li20 announced earlier this week, it is clear how prospective the ground is. We’re focused on sourcing the critical and battery minerals of the future and copper is an important part of our strategy. Despite several world class copper‐gold and polymetallic base metal deposits in the East Capricorn Orogen, the West Capricorn and Gascoyne has been massively under‐ explored. We see this as a huge opportunity.
Importantly, we are fully funded to complete our field programs and drilling campaigns earmarked for this year. Our focus remains on thorough geochemical assessment of each target and getting drill rigs out to Morrissey Hill as soon as possible. This will mean consistent news flow for our shareholders over the coming months.”
FIGURE 3: Morrissey Hill showing location of the Swallowtail Prospect along Stringer Fault line
FIGURE 4: Regional location of Reach Yinnetharra projects
The rock chip results confirm the Company’s targeting methodology and the potential of the area to host significant mineralisation. Systematic surface geochemical surveys including soils, stream sediment and rock chip sampling are planned to commence immediately. Results from this work will guide follow up programs which if warranted may include electromagnetic geophysical surveys and drill testing of priority targets.
The results were reported from an outcropping quartz‐veined gossan, the Swallowtail Prospect, showing visible malachite (copper‐oxide) over a strike length of approximately 150m. The gossan strikes east‐ west, appears to dip steeply towards the south and remains open in both directions. A single historical sample located some 3.0km’s west of Swallowtail, and within the same structural corridor, also reported high grade copper, gold and silver assays indicating a potential strike length of the target zone in excess of 3km’s (Refer to Figure 3).
Click here for the full ASX Release
This article includes content from Reach 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.
Reach Resources’ Strategic Position Between Two of WA’s Mining Heavyweights
Reach Resources’ (ASX:RR1) strategic position with its Morrissey Hill project has placed the critical mineral explorer on the radar of two of Western Australia’s mining giants Delta Lithium (ASX:DLI) and Minerals 260 (ASX:MI6), according to an article published in The West Australian.
“While Delta and Minerals 260 have between them wrapped up what appears to be the region’s prime ground, both of their maps show a glaring and curious anomaly. Closer inspection reveals that a reasonable chunk of ground, right in the middle of the two bigger players, is held by the $10m market-capped Reach Resources,” the article said.
Reach acquired the Morrissey Hill lithium project in February, at the same time that it acquired the Camel Hill and White Castles tenements prospective for rare earths and manganese, respectively, covering four tenements. Morrissey hosts historical, high-grade lithium, tantalum, rubidium, caesium and niobium, according to Reach.
Click here to connect with Reach Resources’ Limited (ASX:RR1) for an Investor Presentation.
Multiple New Lithium (LCT) Pegmatite Targets Confirmed
Reach Resources Limited (ASX: RR1 & RR1O) (“Reach” or “the Company”) engaged globally renowned geological consultants RSC Consultants Limited (RSC) to assess the potential of the Company’s Gascoyne projects for:
- Lithium (Li): hard rock, high grade LCT Pegmatites
- Rare Earth Elements, Heavy and Light (HREE; LREE): clay/hard rock hosted
- Manganese (Mn): high grade strata bound, supergene, and• Precious and base metals (Au; Ag; Cu-Pb-Zn)
HIGHLIGHTS
- Independent geological experts RSC consultants have identified four priority target areas for Lithium-Caesium-Tantalum (“LCT”) Pegmatites within the Company’s Critical Elements Projects, located in the centre of the rapidly developing Gascoyne “Battery Metals” Province, WA
- Each of the target areas are associated with confirmed fertile parental granites of the Thirty Three and Durlacher Supersuites and contain the same metasedimentary sequences which host Red Dirt Metals (ASX: RDT) Yinnetharra Lithium Project, less than 10 km’s to the NE of Reach Resources’ tenure
- All of the targets are defined by favourable geology, multi-element pathfinder geochemistry and the presence of mapped Geological Society of Western Australia (GSWA) Tin, Tantalum and Lithium pegmatites
- A helicopter supported field reconnaissance program has been initiated to assess the priority areas in more detail
- Drilling of priority targets is scheduled to commence in CY Q3/4 2023 once all regulatory approvals are received
CEO Jeremy Bower commented:
“RSC’s independent expert analysis confirms our belief that our landholding in the Gascoyne has the potential to host significant battery metal deposits.
Phase 1 of the assessment focused on the lithium potential at our Critical Elements Projects and has not only cemented Morrissey Hill as our primary lithium target but importantly has identified three new lithium target areas. Each of the areas are defined by the presence of a highly fertile parent granite and supported by key multi-element geochemistry including lithium, caesium, tantalum, tin and rubidium which are all well documented associations of lithium bearing “rare metal” LCT pegmatite mineral systems.
This is an exciting time for the Company and our shareholders, and we look forward to delivering updates to the market over the coming months. The Future is within Reach”.
Phase 1 of the assessment focused on the lithium potential of the Company’s Critical Elements Projects which includes the newly acquired Morrissey Hill and Camel Hill projects as well as the Wabli Creek project (Figure 1).
Figure 1: Critical Elements Projects
The assessment included a review of relevant deposit models and mineralisation styles of interest, regional and local geology, local mineral systems, academic papers, open file company and government reports and all available geochemical, geophysical and remote-sensed data sets.
Click here for the full ASX Release
This article includes content from Reach 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.
Western Australian METS Companies Awarded AU$1.25 Million in Funding
The Minerals Research Institute of Western Australia (MRIWA) said on Wednesday (October 30) that it is awarding five companies with research funding through its Mining Equipment, Technology and Services (METS) Innovation Program.
The funding totals AU$1.25 million, with Aquirian (ASX:AQN), Total Marine Technology, Big Roller Overland Conveyor Company, Electric Power Conversions Australia and CMG Operations receiving AU$250,000 each.
The WA government said it prioritizes “projects that will directly accelerate the development of companies, products and new markets benefiting the Western Australian economy” for the METS Innovation Program.
Aquirian, the only publicly listed company receiving the grant, will allocate the funding for developing automation for its existing Collar Keeper system. This would allow the driller to stay inside the cab, reducing personnel risk in drilling.
Total Marine Technology’s project is an automatous robotic process tank descaling system using advanced AI-driven 4D radar and 3D camera technologies.
Big Roller Overland Conveyor Company will use the funding to advance Big Roller, which is an energy-efficient large diameter roller modular conveyor system targeting iron ore mining in the Pilbara region.
Electric Power Conversions Australia will develop a cooling system for batteries in retrofitted electric mining trucks, and CMG Operations will advance Raptor Grav, a next-generation airborne gravimeter.
"Supporting research into cutting-edge technologies and techniques helps bring new products and services to market quicker,” Mines and Petroleum Minister David Michael said. "MRIWA funding is helping deliver this Government's economic diversity priorities, while working to sustain our globally competitive mining sector through targeted research."
The METS Innovation Program was established as an AU$3 million program that supports industry-led METS-related research projects and provides facilitation assistance for collaborative projects. The maximum amount of funding a company can receive is AU$250,000.
The program also offers assistance in connecting with potential collaborators and sponsors and support in navigating the innovation ecosystem. A group of research portfolio managers is also available to assist and offer insights on the development of projects.
According to the WA government, the program helps deliver a key plank of Diversify WA, the state's economic development framework.
Applications for the next round of funding will close on March 4, 2025. Information on applications is available here.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
Ronin Resources Applies for Gold-Silver Project in San Juan, Argentina
Ronin Resources Ltd (ASX: RON) (Ronin or the Company) is pleased to advise that it has submitted mineral exploration applications over 23,637 hectares (236.37 km2) prospective for gold-silver mineralisation in the San Juan Province of Argentina. The La Punilla Gold-Silver Project is accessible from the San Juan town of Rodeo, via the same road intended to access BHP and Lundin Mining’s Filo de Sol and Josemaría projects.
- Since IPO, the Company has actively sought to acquire new projects capable of enhancing the portfolio
- Following extensive in-country due diligence, Ronin has submitted exploration applications over ~23,000 ha (230 km2) prospective for Au-Ag mineralisation in the San Juan Province, Argentina
- The San Juan Province hosts the globally significant Veladero gold- silver deposit (mined by Barrick/Shandong Gold), and multiple giant copper-gold porphyry deposits inc. Filo del Sol (currently subject to a C$4.1B takeover from BHP and Lundin Mining)
- The Company’s Chairman will draw upon his experience and professional network in San Juan to oversee preliminary exploration work
For a nominal cost, these mineral exploration applications provide the Company a strategic platform in a hotbed of mineral exploration and corporate activity.
Ronin Chairman Joseph van den Elsen commented:
“The La Punilla Gold-Silver Project provides Ronin an entry into the San Juan hotbed of corporate and exploration activity. The Company’s Board has real working experience in San Juan and will draw upon its professional networks to oversee its evaluation and assessment. The Company remains committed to its strategy of generating shareholder value through development of its existing assets and acquiring new business development opportunities to further complement the portfolio”.
La Punilla Gold-Silver Project
Regional Setting
The high cordillera region of the San Juan Province, Argentina has significant mineral endowment, hosting numerous globally significant porphyry copper-gold-molybdenum deposits, such as Filo del Sol, Altar, Pachón, Los Azules, and the Veladero epithermal Au-Ag deposit. In the Precordillera region, gold rich skarn deposits (Gualcamayo) have also been discovered, as well as Au-Ag veins (Casposo), both of which have been developed into significant mining operations (refer Figure 1).
Click here for the full ASX Release
This article includes content from Ronin 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.Provaris Energy Quarterly Activities Report
Provaris Energy Ltd (ASX: PV1, Provaris, the Company) is pleased to provide the following summary of the Company’s development activities for the quarter that ended 30 September 2024.
Significant Progress on Tri-Party MOU with Uniper and Norwegian Hydrogen for a Hydrogen Supply Chain to Germany
- Provaris, Uniper and Norwegian Hydrogen have released commercial objectives and outlined a roadmap towards binding agreements over the next 3-6 months, with target milestones including:
- December 2024: Term Sheets for hydrogen sale and purchase agreement (SPA) and shipping agreements tied to a chosen development project.
- June 2025: Finalisation of binding contractual agreements.finsl
- Uniper is set to serve as offtaker for over 40,000 tpa of RFNBO (green) compliant hydrogen, with a proposed 10- year hydrogen SPA term to support long-term charters for Provaris’ proprietary H2Neo carriers and H2Leo barges.
- Provaris and Norwegian Hydrogen continue collaborative efforts on developing suitable sites for hydrogen supply.
- In September a delegation from Uniper to Norway’s West Coast advanced commercial terms and technical work stream, including a site visit to view Provaris’ hydrogen Prototype Tank.
Advancements in European Supply Chain Developments
- Provaris is making steady progress with Global Energy Storage (GES) with the assessment of options for an initial 40,000 tpa compressed hydrogen import project in Rotterdam, including options for hydrogen storage at the terminal.
- Productive discussions and workshops took place with German and Spanish utility companies, with the focus on technical, operational, safety and economic aspects of compression, and economic elements of compression and exploring potential hydrogen supply sources in the Nordics and Iberia to meet early hydrogen demand for industrial clients.
- Ongoing technical and commercial due diligence with potential partners underlines regional industry demand for innovative and diverse hydrogen supply pathways, reinforcing Provaris’ role in supporting Europe’s hydrogen transport needs.
Concept Design Study Reaffirms Competitive Advantage of Compressed Hydrogen Supply in Europe
- Results for a 540MW renewable grid connected site, with a sailing distance of 1,000 Nm, when compared to an ammonia supply chain (delivered as gas), confirms capital and energy efficiencies of compression.
- Efficient compression technology with minimal hydrogen loss enables ~50% greater hydrogen volumes compared to ammonia and a ~20% lower delivered cost.
- Study outcomes highlight the cost-competitiveness of Provaris’ compressed hydrogen model, in alignment with €1 billion in funding allocated for hydrogen initiatives by the EU Hydrogen Bank and H2Global Pilot in 2024.
Joint Development Agreement with Yinson Production AS for CO2 Bulk Storage and Transport.
- This strategic partnership with Yinson unites expertise in developing innovative, large capacity CO2 tank designs for bulk storage and marine transport of CO2, based on Provaris proprietary hydrogen tank technology.
- Yinson has a long track record in the construction of floating production, storage, and offloading (FPSO) vessels, and is well-positioned to support the development of comprehensive carbon capture and sequestration solutions.
- Provaris’ proprietary ‘multi-layer tank IP’ enables larger volume CO2 tanks, optimising cost and transport efficiency beyond current industry standards of 7,500 cbm for shipping.
Provaris Managing Director and CEO, Martin Carolan, commented:“Our achievements this quarter highlight our growing momentum and commercial success with European partners. The increasing support for Provaris aligns well with the EU's investment in low-carbon hydrogen solutions. Our focus on compression, known for its simplicity and energy efficiency, underscores its role in scaling hydrogen delivery to NW Europe, which depends on imports to meet industrial demand under tight timelines to achieve emission targets. The diversification into the CO2 supply chain will expand the reach of our unique tank IP into new commercial opportunities with the backing of a strong partner in Yinson, an industry leader in the offshore industry.”
Click here for the full ASX Release
This article includes content from Provaris 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.
Quarterly Activities Report for the Period Ending 30 September 2024
Basin Energy Limited (ASX:BSN) (‘Basin’ or the ‘Company’) is pleased to provide an overview of activities for the period ending 30 September 2024 (‘Quarter’, ‘Reporting Period’) and an accompanying Appendix 5B.
Key Highlights
- Elevated uranium and extensive alteration identified at Preston Creek from phase 2 drilling at the Geikie project
- Significant unconformity uranium target identified through ground EM at the 100% Basin owned Marshall Project
- Continued engagement and consultation with stakeholder groups culminating in the signing of an exploration agreement with The English River First Nation
- Extensive complimentary project acquisition reviews and due diligence completed, culminating in the acquisition of Normetco AS subsequent to the quarter
- U3O8 spot price1 stable in US$80/Lb - US$85/Lb range
Final results from the winter exploration programs were announced for all three of the Company’s Athabasca Basin uranium projects (the ‘Projects’) (Figure 1).
Phase 2 exploration drilling at the Geikie Project (‘Geikie’) identified a 1.5km zone of alteration typical of basement-hosted mineralisation comparable to multiple world class uranium deposits. Results from the maiden ground electromagnetic surveys at the North Millennium and Marshall projects (‘North Millennium’, ‘Marshall’) were received, with significant conductive anomalies identified at Marshall, located above and below the unconformity, consistent with the regional exploration model.
Basin finalised an Exploration agreement that formalises the Company's relationship with the English River First Nation (‘ERFN’) in respect to Basin’s exploration and evaluation activities at its Marshall uranium project
The Company has spent significant time evaluating and assessing complimentary projects to supplement the existing portfolio, utilising the companies extensive inhouse exploration experience to identify opportunities that may have been recently overlooked. This has cumulated in the Company entering into a binding agreement to acquire the Normetco AS Uranium and Green Energy Metals portfolio, which occurred after the Reporting Period.2
The quarter saw the resignation of non-executive directors Peter Bird and Ben Donovan. The Company’s cash balance was $2.11 million at the end of the Reporting Period.
Basin’s Managing Director, Pete Moorhouse, commented:
“We are proud to have executed an exploration agreement with the English River First Nation, building on our existing exploration agreement with the Ya’ thi Néné, and look forward to building these relationships as our exploration campaigns mature on our exciting Athabasca Basin projects.
The company has spent extensive time assessing complimentary assets that meet our strict technical criteria for exploration merit and have a clear pathway for value addition to shareholders.
Whilst we are excited to commence assessment of early stage works on our Scandinavian acquisition, we remain committed to the Athabasca portfolio. Further drilling is required to fully test the initial discovery at Geikie, and the compelling deeper unconformity geophysical targets at Marshall. Our expenditure to date ensures that these assets are in good standing for the near-term future, ensuring that these valuable assets are safeguarded and advanced at a suitable pace.”
Figure 13: Project locations in relation to the Athabasca Basin
Click here for the Appendix 5B Cash Flow Report
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.
Basin Energy to Acquire Scandinavian Uranium and Green Energy Metals Portfolio
Basin Energy Limited (ASX:BSN) (‘Basin’ or the ‘Company’) is pleased to announce the signing of a binding agreement (the “Agreement”) to acquire an exploration portfolio located within Scandinavia (the “Projects”).
Key Highlights
- Basin Energy to acquire 100% interest in prospective portfolio with projects located in Sweden and Finland
- Deal structure includes upfront all scrip offer with deferred payments upon exploration success to preserve cash for exploration
- Projects prospective for multiple commodities including Uranium, Copper, Gold, Silver Niobium and Rare Earth Elements. Known highlights from historical exploration data include:
- Rock chip sampling at the Prästrun project up to 0.45% U3O8, 1.2% Nb, 0.07% Ta, and 0.26% Zr1.
- Evidence for both significant width and grade mineralisation at the Virka project from drilling which included 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 high grade uranium mineralisation from the Håkantorp project with limited sampling campaign of historical waste dumps returning up to 1.59% U3O83
- No modern systematic exploration undertaken with last significant exploration in 1980’s highlighting district scale potential
- Work program to commence immediately including stakeholder engagement, relogging historic core, surface sampling and mapping
Basin’s Managing Director, Pete Moorhouse, commented:
“Basin has been assessing opportunities since inception that fit the exploration criteria for potential world class discoveries. We are excited to add this complimentary portfolio to our existing asset base. The acquisition provides multiple near surface targets for uranium and green energy metals, that can be advanced cost effectively. Whilst exploration success was achieved in the 1980s, very little modern exploration has occurred. As of 2021, Sweden’s known uranium assets make up about 27% of Europe’s uranium resources4.
We remain committed to advancing our existing uranium portfolio in the world-class Athabasca Basin, however, we also recognise the significant opportunity presented to Basin for broader exposure to uranium and green energy metal discoveries that are required to fulfil the metals void created by the global push toward decarbonisation.
We will update the market with detailed project-level information shortly as we conduct initial work programs and further data verification of this exciting new package.”
Figure 1: Scandinavian Project Portfolio Locations
The project portfolio (Figure 1) primarily targets sheer-hosted and intrusive-related mineralisation and consists of five exploration licenses within Sweden consisting of 120.1 km2, and five reservations in Finland totalling 64.8 km2. Historical exploration records exist for several of the properties and highlight prospectivity for a variety of commodities.
Sweden
Virka, Björkberget and Rävaberget Projects
The Virka project, along with its highly-prospectivity satellite prospects Björkberget and Rävaberget, are strategically positioned in the heart of the Arjeplog-Arvidsjaur shear-hosted uranium district in Sweden (Figure 2). Previous drilling activities conducted in the 1980’s across all licenses targeted uranium mineralisation, with diamond drillholes gamma probed and limited geochemical core sampling being completed, see below for details. 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 result not verified to JORC Code (2012).
Figure 2: Virka, Björkberget and Rävaberget Projects Location
Drilling at the Virka project consisted of 20 holes (Appendix 1) completed by the Swedish Geological Survey (“SGU”) between 1980 and 1982 that targeted the source of a geochemically anomalous boulder train. Although historic results from this boulder sampling have yet to be verified, it is noted that multiple anomalous elements were recorded in addition to uranium, including copper, silver and gold 5,6,7. Numerous other untested boulder trains were reported in the project area and will be a focus of initial ground exploration work program planned by Basin. Virka is located approximately 37 km southeast of Boliden’s (STO:BOL) Laisvall Pb-Zn-Ag former mine.
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Governments Double Down on Critical Minerals and Sustainability at IMARC 2024
Increasing the supply of critical minerals, advancing technological innovation, and strengthening sustainability and ESG commitments were central themes highlighted today by the Australian and NSW Governments at the International Mining and Resources Conference and Expo (IMARC).
The Hon. Madeleine King, Minister for Resources and the Hon. Courtney Houssos, NSW Minister for Finance and Natural Resources addressed attendees on the opening day, unveiling policies aimed at fostering sustainable growth, reinforcing Australia’s critical mineral supply chains, and supporting the country’s path toward net-zero emissions.
Minister King stressed the need for the industry to tell a positive story about its role and the strategic importance of a strong domestic critical minerals sector, warning that the net-zero transition is at risk without Australia’s full support of these essential resources.
“The resources sector is crucial to Australia’s prosperity and our ability to meet net-zero targets,” she said.
“The industry must continue to tell the story of its role in the energy transition, the economic benefits it provides, and the high standards of safety and environmental care it maintains.”
Minister Houssos echoed these sentiments, emphasising the NSW government’s focus on energy opportunities and partnerships to attract investment in green industries.
“NSW is on the cusp of realising the opportunities in energy, but we know we’re not alone in the global race,” she said.
“We will need six times the amount of critical minerals currently mined to meet net zero commitments – and we know all of this can be found in NSW.
“Here in NSW, our message is clear. We are open for business.”
Ms Houssos also took the opportunity to highlight the NSW Government’s recently released Critical Minerals Strategy, founded on five pillars: encouraging exploration, attracting investments, developing future-ready skills, expanding downstream processing, and ensuring responsible mining practices.
“Our new strategy sets out a clear vision for NSW to be a leader in critical minerals and high-tech metals, generating economic prosperity through responsible exploration, mining, processing, recycling and advanced manufacturing,” she said.
“We want NSW to be moving further down the supply chain. Extracting minerals is a critical first step, but we can generate strong economic returns and support more jobs by getting into processing and advanced manufacturing.”
Chief Operating Officer of IMARC, Anita Richards, said the strong government presence at IMARC reflects the importance of this global forum, where government, industry, and investors come together to set strategic priorities for the resources sector.
“IMARC 2024 not only highlights Australia's commitment to sustainable mining and net-zero objectives but also serves as a key platform for fostering innovation, collaboration, and investment in critical mineral development—paving the way for a resilient, future-ready mining industry,” Ms Richards said.
About IMARC: Collaborating on trends in mining, investment and innovation towards a sustainable future
IMARC is the premier gathering for the most influential minds in the mining industry, a dynamic hub where ideas ignite, and inspiration flows – it is the ultimate meeting ground for global industry leaders. As Australia’s largest and most significant mining event, IMARC attracts over 9,000 decision-makers, industry leaders, policymakers, investors, commodity buyers, technical experts, innovators, and educators from more than 120 countries. For three action-packed days, attendees will engage in cutting-edge learning, forge valuable deals, and experience unparalleled networking opportunities.
For media inquiries or further information on government sessions at IMARC, please contact pr@imarcglobal.com
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