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Investing Guides
High Grade Manganese Discovered at Wandanya
September 26, 2024
Australian manganese explorer and developer, Black Canyon Limited (Black Canyon or the Company) (ASX: BCA) is pleased to announce the completion of the W2 and KR2 RC drill program. The maiden drill program completed at W2 has identified potential hydrothermal related stratabound mineralisation with pXRF results confirming high-grade manganese.
HIGHLIGHTS:
- Drilling has intersected high grade manganese at the W2 prospect1, Wandanya located 80 km south of the Woodie Woodie Mine
- Portable XRF (pXRF) analysis indicate grade ranges of between 15% to 55% Mn.
- The mineralisation is interpreted as fault related hydrothermal, stratabound manganese enrichment representing a significant new exploration model on the eastern margin of the Oakover Basin.
- This style of mineralisation expands the scope to explore for additional high-grade mineralisation along strike where the Company has mapped 1.75km of intermittent high grade outcropping manganese, down dip within the sedimentary sequence and potentially along associated feeder faults.
- Expedited laboratory-based manganese assay results for selected representative holes from W2 are expected in the coming weeks to confirm the pXRF results.
- Samples have been collected for density-based beneficiation test work to potentially produce a high-grade manganese product
Black Canyon’s Managing Director Brendan Cummins said:
“It was exciting to be back on the rig and drilling the first holes into the W2 prospect. With each hole drilled we began to build a picture of the distribution, thickness and internal structure of the mineralisation. What was of particular interest was the consistency of the horizon over 240m strike and how we intersected mineralisation on the eastern most holes on every line so the mineralisation remains open to the north, south and east.”
“Iron alteration and brecciation often associated from manganese mineralisation atWoodieWoodie wasalsoobserved.SignificantlytheageoftherockswehavedrilledatW2areyoungerthantherocks thathostWoodieWoodiehoweversimilarprocessesmayhaveoccurredprovidingmanganeserich ffuidsaccesstoreceptiveunitstoformthisstrataboundmineralisation. Themainadvantageofthis style of mineralisation is the benefit of hydrothermal high grades with the predictability of a mineralisedlayerwhichmayextendoverhundredsofmetresandvaryinthickness”
“ItisveryearlydaysbutIamveryimpressedwiththegeology,initialpXRFresultsandthefuture exploration potential using this newmineralisation model.”
Click here for the full ASX Release
This article includes content from Black Canyon, 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.
BCA:AU
3h
Rumble Welcomes New Strategic Investor
Rumble Resources Limited (ASX: RTR) (“Rumble” or the “Company”) is delighted to announce that in line with its stated corporate objective to bring strategic investors into the Company, Rumble has entered into a Subscription Agreement with Bain Resources Holdings Ltd (BRH), an associated company of the large Indian contractor, BGR Mining & Infra Limited (BGR).
HIGHLIGHTS:
- Bain Resources Holdings, a company associated with the large Indian mining contractor, BGR Mining and Infra Limited, to become a strategic shareholder in Rumble
- Bain Resources Holdings has subscribed for 25 million shares in Rumble at 4 cents per share for a total investment of $1 million
Peter Harold, Managing Director and CEO commented “We are privileged to have one of the largest mining contractors in India, through an associate company, become a significant shareholder in Rumble.
BGR Mining & Infra Limited (BGR) have been keen to expand their activities outside of India and we are delighted they have chosen to make a direct investment in Rumble.
BGR are particularly interested in our Western Queen gold project for its near-term cash flow and resource growth potential. Western Queen sits on a mining lease, has existing resources of 163,000ozs averaging 2.4g/t1 and has historical production of 880kt at 7.6g/t for 215,000ozs. BGR are also interested in our Earaheedy zinc-lead- silver project, given the size of the inferred resource, 2.2 million tonnes zinc, 700,000 tonnes lead and 12.6 million ozs silver2 and the potential for it to be a large scale, open pit mining and processing operation in the future.
We look forward to a long and mutually beneficial relationship with BGR.’’
Details
Under the terms of the Subscription Agreement BRH will subscribe for 25 million shares in Rumble at 4 cents per share for a total investment of $1 million. These new shares will be issued under the Company’s existing placement capacity under ASX Listing Rule
7.1 and will rank equally with existing securities on issue. Rumble will seek quotation of the new shares issued to BRH on the ASX. No broker or advisor was involved in this placement.
About BGR Mining and Infra Limited
BGR Mining & Infra Limited is headquartered in Hyderabad, India, and was founded in 1988 as an engineering contractor (seehttps://www.bgrmining.com). Today, BGR is a major player in the Indian mining industry. It has executed more than 50 projects and currently has an order book of close to US$11 billion.
Click here for the full ASX Release
This article includes content from Rumble Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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3h
Moho Resources Company Update
Moho Resources Limited (ASX:MOH) (“Moho”) (“the Company”) is pleased to provide an update on its exploration and strategic review.
SUMMARY:
- Moho has completed a soil sample over the entire Weld Range project to determine the nature of the previously identified gravity and magnetic features that could represent a mafic – ultramafic intrusion prospective for copper-nickel sulphide and gold mineralization. Assays are expected in Q4 2024.
- Moho is evaluating the mineral potential at is Black Swan South project (E27/063).
- Moho is undertaking a comprehensive review of its existing projects and evaluating potential new acquisition opportunities which is expected to have the potential to enhance returns for shareholders.
Weld Range North Project (E20/1012)
The Company is pleased to advise that the full-scale tenement soils sample survey over the Weld Range North project has been completed with assays pending (Fig 1).
This work follows the orientation soil sample survey that was completed in 2023 (MOH ASX 23rd Aug 2023; Anomalous Soils Enhance Ni Prospectivity at Weld Range North), which identified elevated Ni assays over a coincidental Magnetic anomaly (Fig2) and a Gravity Bullseye anomaly (Fig 3).
The follow up 298 soil sample survey was completed to further delineate the extend of the mafic – ultra mafic geochemistry signature over the magnetic and gravity anomalies and the remainder of the tenement. This survey has also outlined the different soil types at the tenement.
Click here for the full ASX Release
This article includes content from Moho Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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5h
Completion of Penny South Gold Project Acquisition
Strata Minerals Limited (ASX: SMX or “the Company”) is pleased to advise that it has completed the 100%acquisition of the Penny South Gold Project (E57/1045).
HIGHLIGHTS
- Strata Minerals Ltd (previously NickelX Ltd) has completed the 100% acquisition of the Penny South Gold Project (E57/1045) which significantly bolsters West Australian Gold exploration portfolio
- The Penny South Gold Project (“Penny South Project”) located in a world class gold district and ~550m south of one of Australia’s highest grade producing gold mines1 (“Penny”), owned and operated by Ramelius Resources Limited (ASX:RMS) (“Ramelius”):
- Penny Mine Project (Penny West/Penny North) is estimated to contain 440,000t of ore at a grade of 22g/t Au (320,000oz Au)2
- The Penny West mine produced 154,000t at 18g/t Au (89,000 Au) in the early 1990’s3
- The Penny North deposit of 569,000t at 16.8g/t (306,000oz) was discovered by Spectrum Metals Limited and subsequently subject to takeover by Ramelius for >$200M during 20204 , with the deposit now being mined and extended
- The Penny West Shear continues south into the Penny South Project with ~2.5km of strike contained within the Project
- Average historical drill hole depth across the Penny South Project is ~42m, with only 18 holes deeper than 100m and 7 holes deeper than 200m56 , with no diamond drilling
- Historic drilling within Penny South Project has encountered various significantly anomalous intersections of gold mineralisation
- Review of all available Penny South Project data ongoing and the company looks forward to updating shareholders in the coming weeks
Commenting on the acquisition Managing Director Peter Woods said:
“We are extremely pleased to have completed this strategic acquisition of the highly prospective Penny South Gold Project following shareholder approval. Securing this asset which is next door and along strike 550m south to one of the highest-grade producing gold mines in Western Australia is very exciting.
We are thankful for the support shown by shareholders to approve the acquisition as we continue to transform the company and now look forward to rapidly progressing the project.
The Company is of the view that the project has not yet been fully tested at depth and we are eager to unlock any potential value.”
Penny South Gold Project, WA
The Penny South Gold Project (E57/1045) (Map 1) lies only 550m south of Ramelius’ operating Penny West/North gold mine project (Map 2), which is estimated to contain 440,000t of ore at 22g/t Au (320,000oz Au) (“Penny”) 7 . SMX’s Penny South Gold Project captures a ~2.5km strike extension of the Penny West Shear immediately south of Ramelius’ Penny deposits, southern Youanmi Greenstone Belt (Map 3).
Click here for the full ASX Release
This article includes content from Strata Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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14h
KPMG: Building New Mines an "Uphill Struggle," but Execs Positive on Sector Long Term
A recent KPMG report reveals that while mining leaders have a positive outlook on the industry's future, they are facing significant obstacles when it comes to bringing new mines into production.
The survey, which gathered insights from 100 mining executives worldwide, primarily in Canada, highlights challenges related to regulatory compliance, community engagement, environmental concerns and access to capital.
The report indicates that while nearly 80 percent of mining leaders are optimistic about the industry's growth prospects over the next five years, their ability to bring new projects to fruition is being hindered by various factors.
Heather Cheeseman, national mining leader at KPMG Canada, pointed out that the roadblocks are particularly daunting in areas like permitting, which continues to be a lengthy and complex process for many in the industry.
"The consensus among mining leaders is that their ability to develop new mines is becoming an almost insurmountable uphill struggle. Permitting remains as live an issue as ever, with the length of time and effort required to secure permits showing little sign of improving," Cheeseman said in a Thursday (September 26) press release.
The challenges outlined in the KPMG report come at a crucial time for the mining sector. The International Energy Agency has previously warned that without increased investment in mining projects and recycling, there could be a shortfall in the supply of critical minerals such as lithium and copper, both essential for technologies driving the energy transition.
By 2035, the International Energy Agency projects that global lithium supply will meet only 50 percent of the anticipated demand, while copper resources will cover only 70 percent.
Despite these concerns, mining leaders remain optimistic, partially due to government support for critical minerals exploration and development. Sentiment regarding the growth of the industry remains positive as compared to KPMG’s last global survey in 2022, which found only 62 percent of executives were optimistic.
However, this optimism is tempered by various operational risks. Community relations and securing social license to operate have emerged as the top risks identified by the industry leaders surveyed. Furthermore, the report highlights issues like commodity price volatility, geopolitical risks and access to financing as high-ranking concerns.
The report suggests that mining companies are increasingly turning to mergers and acquisitions (M&A) as a growth strategy, with 46 percent of leaders indicating that M&A is critical for future expansion. At the same time, strategic alliances, joint ventures and partnerships are seen as essential for accessing new technologies and skills.
Katherine Wetmore, GTA mining leader for KPMG in Canada, noted that a focus on critical minerals — particularly copper and lithium — continues to shape the resource industry's M&A activity.
According to the report, over 70 percent of critical mineral deals by volume last year involved copper and lithium.
These commodities are integral to renewable energy technologies and battery production, and securing stable sources of supply is expected to be a driving factor in continued M&A activity. “Those that embrace transformation and change are most likely to achieve a profitable business model for the future,” Wetmore stressed.
The report also notes the growing importance of collaboration between industry and government, particularly as the world’s demand for critical minerals continues to grow.
A vast majority — 90 percent — of mining leaders agree that more streamlined and aligned permitting processes will be necessary to meet future demand and ensure the timely development of new mines.
The findings of the KPMG report illustrate a mining sector that is grappling with a variety of challenges, while remaining cautiously optimistic about its long-term prospects.
The industry’s ability to overcome hurdles related to permitting, community relations and ESG compliance will be critical to its success in supporting the global transition to clean energy.
Don't forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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26 September
Rimfire Pacific Mining Limited (ASX: RIM) – Reinstatement to Quotation
Description
The suspension of trading in the securities of Rimfire Pacific Mining Limited (‘RIM’) will be lifted immediately following the release by RIM of an announcement regarding the termination of Fifield Project Earn-in Agreement with Golden Plains Resources Pty Ltd.
Issued by
ASX Compliance
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.
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26 September
Termination of Fifield Project Earn-in Agreement and Funding Update
Rimfire Pacific Mining Limited (Rimfire or the Company) (ASX: RIM) provides the following updates in respect of the Fifield Project, the Avondale Project, funding arrangements and next steps.
Termination of Fifield Project Earn-in Agreement
Rimfire has two projects in the Lachlan Fold Belt of NSW, each of which are prospective for critical minerals – the Fifield Project and the Avondale Project. Activities at both projects have been funded by Golden Plains Resources Pty Ltd (GPR) under separate earn-in arrangements, which have the potential to see GPR earn a joint venture interest of up to 50.1% (in the case of the Fifield Project) and up to 75% (in the case of the Avondale Project).
Rimfire has issued a notice of termination to GPR in respect of the Fifield Project Earn-in Agreement, with the termination stated to take immediate effect.
The Company has 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.
Given the Fifield Project Earn-in Agreement was terminated prior to GPR satisfying the earn-in requirements, GPR will have no interest in the Fifield Project going forward. The express terms of the Fifield Project Earn-in Agreement do not require the Company to repay to GPR any funding provided by it prior to termination in these circumstances.
The Fifield Project contains the Murga North Scandium Prospect where Rimfire has recently reported an Inferred Mineral Resource estimate of 21Mt @ 125 ppm Sc (4,050t Sc Oxide) as well as an Exploration Target of 100 to 200Mt at 100 to 200ppm Sc* (15 – 46Kt Sc Oxide) for the surrounding Murga area (See Rimfire ASX Announcement dated 9 September 2024)**.
Rimfire is considering its rights in relation to the Avondale Project Earn-in Agreement in light of the Judgement and is currently seeking further information from GPR.
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)**.
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.
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