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Impact Minerals Limited
Investor Insight
With a mining lease application underway and a scoping study that shows excellent economics, Impact Minerals’ game-changing, advanced Lake Hope high-purity alumina project makes for a compelling investment case.
Overview
Impact Minerals (ASX:IPT) is an exploration and development mining company focused on discovering and developing new resource projects within Australia. Lake Hope, a transformational acquisition by the company and its current flagship asset, is a high-purity alumina (HPA) project in Impact’s home territory of Western Australia, a tier-one jurisdiction.
This advanced-stage project allows the company to fast-track the asset toward development, firmly establishing the company on the road to production and increasing shareholder value.
HPA is a high-value product with various uses in several industries that are key to the transition to a low-carbon world. It is mainly used in LED lighting, micro-LED screens, and ceramic-coated separators in lithium-ion batteries. Both these markets are forecast to grow dramatically over the next decade, and a looming supply shortage is predicted for 2026.
HPA is also necessary for producing synthetic sapphire and scratch-resistant glass. With these ever-widening applications for HPA, demand for this resource is expected to grow from US$3.18 billion to US$12.21 billion by 2030 with a compounded annual growth rate of about 20 percent.
Lake Hope is the company’s current focus as it moves towards production, and where a very shallow, high-grade resource of HPA precursor material has been identified in the top two meters of a dry salt lake. The deposit has unique physical and chemical properties that will allow for inexpensive digging and mining, with transportation to a processing facility off-site in an established industrial area. This will accelerate the approvals processes required to get into production.
With a mining lease application pending, Impact aims to bring Lake Hope, which contains almost 1 million tons of potential HPA, into production when the forecast average price for 4N HPA (99.99 percent Al2O3) and related products is about US$20,000 per ton. The ‘4N’ designation indicates the purity grade, making it suitable for high-tech end uses.
Outstanding economics from the latest scoping study released by the company shows Lake Hope’s potential to be the lowest-cost producer of HPA globally by up to 50 percent.
Lake Hope has a maiden mineral resource estimate (MRE) of 3.5 million tons at 25.1 percent alumina (Al2O3) for a contained 880,000 tons of alumina. The company also received heritage clearances for the entire Lake Hope deposit further de-risking the project and providing another critical component in the company’s application for a mining lease.
Impact completed a bulk sampling and test pits program at the Lake Hope project in December 2023, and later reached a key milestone by producing HPA greater than 99.99 percent (4N) purity from the metallurgical processing of lake clays acquired from Lake Hope.
In February 2024, a new proprietary metallurgical process for producing HPA from the lake clays was identified. Impact produced 99.99 percent (4N) Al2O3 from a low-temperature leach (LTL) process. The LTL process may lower the capital and operating costs to produce HPA compared to the sulphate process which underpinned the recent scoping study. The LTL process will be included in the ongoing pre-feasibility study in parallel with the sulphate process at marginal extra cost to determine the best processing route to HPA. The PFS is due to be completed in late 2024.
A comparison of the LTL process and the sulphate process
The company is well funded to finance the pre-feasibility study at the Lake Hope High Purity Alumina project and exploration activities at the Arkun battery minerals project.
Impact Minerals was also one of the inaugural cohort of seven companies selected to be part of the prestigious BHP Xplor program. BHP Xplor, an accelerator program introduced by BHP in August 2022, is designed to help provide participants with the opportunity to accelerate their growth and the potential to establish a long-term partnership with BHP and its global network of partners.
The BHP Xplor funding was used to identify new target areas for copper and other energy metals around the Broken Hill area in New South Wales, eastern Australia, where Impact has been quietly adding to its ground position for several years.
Additionally, the company is exploring its large Arkun battery metals project, also in Western Australia which covers nearly 2,900 square kilometres. Three new exploration licence applications were submitted recently immediately north of the Arkun project along trend from the recently discovered REE soil geochemistry anomalies at Hyperion, Swordfish and Horseshoe, and the Caligula copper anomaly. These anomalies require drill testing which will occur in 2024 and is an exciting development in the emerging mineral province of southwest WA.
A strong management team with over 50 years of combined industry experience leads the company. With a mining and exploration geology degree, Dr. Mike Jones, managing director, launched a long career consulting and leading mining organizations. Peter Unsworth, the non-executive chairman, has more than 35 years of experience in multiple financial sectors, such as securities industries and wealth management. Paul Ingram, a non-executive director, has led several mining companies since 2003. Impact Minerals has the experience and expertise to lead the company to success.
Company Highlights
- Impact Minerals is an exploration and development mining company focused on rapidly moving its flagship Lake Hope high-purity alumina (HPA) project toward production.
- The Lake Hope project has a high-grade maiden mineral resource estimate (MRE) of 3.5 million tonnes at 25.1 percent alumina (Al2O3), for a contained 880,000 tonnes of alumina that can be converted to HPA.
- HPA is used throughout multiple industries, and the overall HPA market is projected to grow by a CAGR of 18.4 percent by 2030.
- A pre-feasibility study is currently in progress and scheduled to be completed by Q4 2024. A mining lease application for the Lake Hope High Purity Alumina (HPA) was recently lodged with the aim of being granted by 2026.
- The company’s project portfolio also includes assets with high-grade mineral deposits of a range of base, critical and precious metals.
- Impact Mineral’s 2,000-square-mile Arkun nickel-copper-PGE project in Western Australia has produced encouraging assays that motivate further exploration. Maiden drill programmes are planned for early 2025.
- The company is also exploring its Broken Hill copper project in New South Wales following a major grant under the auspices of the BHP Xplor program in 2023..
- A strong management team leads the company with experience in geology, mining and corporate finance.
Key Projects
Lake Hope HPA Project
Impact Minerals’ Lake Hope HPA project is in Western Australia, a tier-one mining jurisdiction. HPA is a crucial component in many new and emerging technologies, creating ongoing demand for high-grade sources. The Lake Hope project is the company’s flagship as it moves toward production.
Project Highlights:
- Maiden Mineral Resource Estimate: A maiden mineral resource of 3.5 million tonnes at 25.1 percent alumina (Al2O3) for a contained 880,000 tonnes of alumina has been defined at the Lake Hope HPA Project. About 88 percent of the resource, or 775,000 tonnes of alumina, is in the higher confidence indicated resource category.
- Amenable to Open-pit Mining: The Lake Hope project is a unique HPA asset amenable to shallow, open-pit mining. The deposit is soft and shallow, allowing for cheap digging and minimal infrastructure requirements. This type of deposit also lowers the environmental footprint of the operation.
- Fast-tracked to Production: A mining lease application is currently underway. Once granted, the company will begin working towards a pre-feasibility study and mini pilot plant. Impact Minerals plans to reach a complete pilot plant by 2026.
- Impressive Results of the 2023 Scoping Study: Outstanding economics show Lake Hope to potentially be the lowest-cost producer of High Purity Alumina (HPA) globally by up to 50 percent. Key outcomes from the scoping study include:
- Annual production of 10,000 tpa of 4N HPA with an initial 25-year mine life
- Annual EBITDA of A$174 million.
- 2 years construction period with 5,000 tonnes of production during the first year, 8,000 tonnes in the second year and 10,000 tonnes of production thereafter.
- US$934 million post-tax NPV8 at an IRR of 55 percent.
- Mining Lease Application: Amining lease application was lodged in mid-2024 over the West Lake resource while a miscellaneous licence application (L63/99) was lodged to cover mine infrastructure and haulage road.
The scoping study was underpinned by a sulphuric acid process allowing the company to achieve a new milestone by producing HPA with purity of more than than 99.99 percent (4N) from the metallurgical processing of lake clays acquired from Lake Hope. The company further identified a new proprietary metallurgical process for producing HPA from the lake clays. Known as the low-temperature leach (LTL) process, this also produced 99.99 percent (4N) Al2O3 and has the potential to lower even further the capital and operating costs to produce HPA compared to the sulphate process. The LTL process will be included in the ongoing pre-feasibility study along with the sulphate process to determine the best processing route to HPA. The PFS is due to be completed in late 2024.
Broken Hill Copper Project
The Broken Hill project has a significant land position of 815 square kilometers and hosts multiple targets with the potential for high-grade copper. Broken Hill is located in New South Wales, Australia, an area known for its prolific silver-lead-zinc mining operations and the giant Broken Hill deposit.
Project Highlights:
- Participant in the BHP Xplor Program: Impact was selected for the BHP Xplor program in 2023 based on its Broken Hill project. The program is designed to allow participants to accelerate growth and establish a long-term partnership with BHP.
- Potential for Additional Minerals and Deposits: As well as copper, the project has significant exploration potential for magmatic nickel-copper-PGE sulphides, and at the time the host rocks were formed, Broken Hill was located close to the world-class nickel-copper-PGE deposit of Jinchuan and the significant Lengquisheng deposit. The project area also has the potential to contain zinc-lead-silver deposits, providing even more value.
Arkun Nickel-Copper-Gold-Lithium-REE Project
The Arkun project is a 2,900-square-kilometer nickel, copper and gold project located in the emerging Ni-Cu-PGE province near the world-class Julimar Ni-Cu-PGE deposit and surrounded by Anglo American Corporation, which secured its ground holding shortly after Impact secured its asset. Anglo-American is one of the world’s top ten mining companies, and their presence in the region brings confidence in the project’s potential.
Project Highlights:
- Additional Exploration Underway: Impact plans follow-up work programs, including drilling, at its priority targets.
- Significant Targets Identified: Recent soil sampling identified two new prospects:
- Hyperion prospect - Located in the northwestern part of the project area returned with rare earth element anomalism of up to 5,880 ppm (0.59 percent) total rare earth oxide (TREO+Y) and neodymium and praseodymium (Nd+Pr) of up to 21 percent.
- Caligula prospect - Initially identified on the roadside, the Caligula prospect is a large and significant target for porphyry copper mineralisation.
- Three New Exploration Licences: Impact applied for three new exploration licences expanding Arkun project along trend from the recently discovered REE soil geochemistry anomalies at Hyperion, Swordfish and Horseshoe as well as the Caligula copper anomaly.
Management Team
Peter Unsworth - Non-executive Chairman
Peter Unsworth, formerly a chartered accountant, has over 35 years of experience in the corporate finance, investment and securities industries and a wealth of management experience with public and private companies. A former executive director with a leading Western Australian stockbroking company, Unsworth has been a director of several public exploration and mining companies. He recently completed a long time serving as chairman of the Western Australian Government-owned Gold Corporation (operator of The Perth Mint). Unsworth is the founding chairman of Impact Minerals.
Dr. Mike Jones - Managing Director
Dr. Mike Jones is the founding managing director of Impact Minerals Limited, which was listed on the Australian Stock Exchange in November 2006. Reporting to the board of directors, he is responsible for the company's performance as it moves towards production at its Lake Hope High Purity Alumina Project and also for implementing strategies to explore and maximize the value of the company's other extensive tenement holdings.
Since listing, he has helped raise more than $60 million to help fund the exploration of Impact’s projects and managed the company through significant adverse events, including the global financial crisis and the Fukushima nuclear disaster, which affected Impact’s considerable investment in the uranium sector, a five-year global downturn in the mining sector and more recently, the COVID-19 pandemic.
Paul Ingram - Non-executive Director
Paul Ingram is a geologist with extensive experience managing major mineral exploration programs for several publicly listed companies and has been involved in the mining sector for over thirty years. He has designed and implemented innovative techniques for exploration in remote areas and has managed projects in countries throughout Australia and East Asia. Ingram has been a director of the following listed companies in the past three years: Polo Resources from January 2008 to January 2011; A-Cap Resources since June 2009; Consolidated Global Investments since September 2006; Caledon Resources from February 2003 to March 2008; and Australian Pacific Coal since March 2011.
Dr Frank Bierlein - Non-executive Director
Dr. Frank Bierlein is a geologist with 30 years of experience as a consultant, researcher, lecturer and industry professional. Bierlein has held exploration and generative geology management positions with QMSD Mining, Qatar Mining, Afmeco Australia and Areva NC, and consulted for, among others, Newmont Gold, Resolute Mining, Goldfields International, Freeport McMoRan, and the International Atomic Energy Agency. He is currently a non-executive director of PNX Metals. He was previously a non-executive director of Gold Australia NL and chaired the advisory board of a Luxembourg-based private equity fund between 2014 and 2021.
Vertex Minerals: Australia’s Next High-grade, Green Gold Producer
Vertex Minerals (ASX:VTX) is a near-term gold producer in one of the highest-grade, if not the highest-grade, gold mining districts in Australia. The company is advancing its Reward gold mine, scheduled to commence production in January 2025, with a current mineral resource estimate of 419,000 tonnes at a high-grade of 16.7 grams per ton (g/t) gold for 225,000 oz contained gold.
The Reward gold mine is committed to sustainable, low-impact, low-cost operations through the use of gravity separation technique, which has been hailed as one of the more sustainable alternatives for ore recovery. Gravity technology reduces the use of harsh chemicals, resulting in a more environmentally friendly extraction process. Among its other benefits include, reduced power consumption, faster and efficient processing, lower operating costs, and improved recovery rates.
The Hill End gold project is a historic gold mining town in the Bathurst Regional Council in New South Wales. The Hill End trough is a 70 km-wide and more than 200 km long, deep marine basin that is underlain by Ordovician volcanic rocks that lie between the Molong Volcanic Belt to the west and the Rockley-Gulgong Volcanic Belt to the east. Both these volcanic belts belong to the Ordovician Macquarie Arc in the Lachlan Fold Belt of eastern Australia.
Vertex Mineral plans to reinstall a refurbished 110 ktpa Gekko gravity gold plant, commence gold production from existing stockpiles and develop the Reward mine.
Company Highlights
- Vertex Minerals is a gold exploration and production company focused on the historic, high-grade Hill End gold property, with the ultimate goal of becoming Australia’s high-grade, green gold producer.
- The company’s Reward underground mine is expected to be operational by early 2025, with a PFS showing excellent economics.
- The Reward mine has a current mineral resource estimate of 419,000 tonnes at a high-grade of 16.7 g/t gold for 225,000 oz contained gold.
- Using gravity separation technology will enable low-cost, high-efficiency and sustainable gold production.
This Vertex Minerals profile is part of a paid investor education campaign.*
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Awale Resources Limited
Investor Insight
With several significant gold and copper discoveries in recent years, Awalé Resources has built a compelling value proposition that allows investors exposure to West Africa’s rich mineral resource.
Overview
Awalé Resources (TSX:ARIC) is a mineral exploration company focused on high-quality gold and copper-gold deposits. The company’s Odienné project is located in Côte d’lvoire (Ivory Coast) in West Africa, close to the borders of Guinea and Mali.
Côte d’lvoire has earned a reputation as an attractive investment destination for mining, based on several factors. First, its stable regulatory framework mirrors French civil law, and the government has reduced bureaucracy and established transparency. Second, the region has excellent infrastructure comprising road networks, ports, airports, and electricity networks. Third, the country’s attractive geological profile is rich in several minerals including gold, copper, manganese, bauxite and iron. West Africa is widely regarded as a promising gold-producing region with 300 Moz of gold resources. Fourth, its socio-economic environment reflects its diverse economy with a substantial labor force. Lastly, the country offers several tax incentives to attract foreign investors.
Why Awalé Resources is a brand new opportunity
The Odienné project offers Awalé Resources a major foothold in this promising gold province. The project area spans 2,462 sq km over seven permits and is home to several gold and copper-gold discoveries.
The project has seen four significant discoveries, including three in 2023 (Empire, Charger, and Sceptre East) and one in early 2024 (BBM). Empire returned high-grade gold intercepts, while Charger and Sceptre East returned iron oxide copper gold (IOCG) style mineralization.
The BBM target, discovered in January 2024, is a new gold-copper discovery with significant scope for rapid expansion. In addition to the new discovery, further significant results with visible gold have been returned from the first two scout holes at the Lando Target, which lies 10 kilometres northwest of BBM.
Another important feature of the company’s bright prospects is its relationship with Newmont, the world’s leading gold company. Newmont increased its stake in Awalé to 15.48 percent in December 2023 following a private placement of nearly C$1 million. This investment will enable Awalé to accelerate the exploration of its wholly owned permits and signals a vote of confidence in the significant potential of Awalé.
Newmont holds a joint venture agreement on two of the seven permits at the Odienné project and is funding 100 percent of the exploration on the JV permits. Newmont has the option to earn up to a 75 percent interest in the Odienné project by funding US$15 million in exploration expenditures and defining a gold resource of 2 million ounces.
Under the initial phase, Newmont invested US$5 million in exploration expenditure which will allow it to earn 51 percent interest in the Odienné project. With successful Phase 1 results, including positive drill results and four discoveries, Newmont has progressed to Phase 2 of the earn-in agreement. This is a significant milestone that underscores the ongoing success and potential of the Odienné gold-copper project through which Newmont could earn a further 14 percent interest (for a total 65 percent interest) by spending $10 million in exploration and defining a minimum 2-million-ounce gold resource.
Awalé underwent a major overhaul in May 2023, appointing a new CEO and board. Under the new management, led by CEO Andrew Chubb, the Awalé team is well positioned to lead the company in its future growth endeavors.
Company Highlights
- Awalé Resources is a mineral exploration company focused on discovering gold and copper-gold deposits in Côte d’Ivoire (Ivory Coast).
- The company’s flagship Odienné project is located in the northwest Denguélé Region of Côte d’Ivoire in West Africa.
- The project spans over 2,462 sq. km in area with seven permits and is in a region that boasts over 300 million ounces (Moz) of gold deposits. The geological setting of the Odienné district is comparable to that of other significant iron oxide copper gold (IOCG) provinces globally, increasing the chances of the Odienné Project becoming the first major IOCG deposit in West Africa.
- The project yielded three significant discoveries in 2023 – Empire, Charger, and Sceptre East. Moreover, in January 2024, the company announced a new discovery in BBM and encouraging results for the Lando target.
- A key positive for the company is its relationship with Newmont, the world’s leading gold mining company. Newmont holds a joint venture agreement on two of the seven permits at the Odienné project and is a significant shareholder, owning 11.2 percent of the company.
- Under the leadership of CEO Andrew Chubb, the company has achieved significant milestones, including four discoveries, and is well positioned on its growth journey.
Key Project
Odienné Project
The Odienné project is the company’s flagship asset. The project spans over 2,462 sq km and comprises seven permits, of which two are under a JV agreement with Newmont. These permits hold great promise for gold and copper-gold deposits.
The project has similar geological characteristics to the Carajas Mineral Province and other IOCG provinces that are major suppliers of gold and copper. It is in West Africa, which boasts over 300 Moz of gold deposits. There are several +10 Moz deposits adjacent to the project’s boundaries. Other adjacent gold resources include Predictive’s deposit in Guinea, and Centamin’s deposit which is roughly 50 kilometres south of the Odienné project.
The project is characterized by several high-potential targets and discoveries. These include: 1) Empire discovery located along the 20-kilometre Empire Gold Corridor; 2) Sceptre East and Main copper-gold targets; 3) Charger, a high-grade gold-copper discovery; 4) Lando, a 4-kilometre-long copper-gold target; 5) and BBM, a 3.5-kilometre-long copper-gold target.
The first discovery was at Empire, a high-potential gold prospect located around 5 kilometres from Sceptre and other copper-gold targets on the 20-kilometre-long Empire structural corridor.
So far, only five kilometres of this trend have been drilled. The key results for this target include - 1) Hole OEDD-2: 27 metres at 3.1 grams per ton (g/t) gold from 43.2 metres, and 2) Hole OEDD-24: 15 metres at 13.1 g/t gold from 69 metres. Beyond this main target, there is potential for discovering large gold deposits along the east-west corridor.
The second discovery was at Charger, where several phases of drilling have been completed. A total of 11 holes were drilled at Charger with Hole OEDD-45 containing three high-grade intervals within a 65-metre-wide zone of mineralization, including 12 metres at 4.9 g/t gold. Some of the key results at Charger include 32 metres @ 3.0 g/t gold, 0.17 percent copper, and 6.6 g/t silver, including 4 metres @ 12.4 g/t gold, 0.7 percent copper, and 30 g/t silver from 78 metres.
The third discovery was at the Sceptre East target that spans around a 1.5-kilometere-long copper-gold-molybdenum-silver anomaly. Sceptre East is part of the large 20 sq km gold/copper/silver/molybdenum bearing mineralized system, called Sceptre. Discovery drilling commenced at Sceptre East in Q4 2022, and the initial phase comprised a total of seven holes totaling 1,092.2 metres. Follow-up drilling in Q2 2023 consisted of nine reverse circulation (RC) and three diamond drill holes for a total of 1,730 metres. The key results in the follow-up program include hole OEDD-43, which returned 358.5 metres at 0.34 percent copper equivalent from 6.5 metres downhole.
Besides these three discoveries, the company announced a new gold-copper discovery in January 2024 at the BBM target. A total of four holes were drilled at BBM, all of which intersected high-grade gold. The key results were:
- Hole OEDD-59: 44 metres at 1.1 g/t gold and 0.2 percent copper
- Hole OEDD-61: 51.9 metres @ 0.5 g/t gold, 0.27 percent copper and 1.5 g/t silver from 25 metres
- Hole OEDD-62: 18.25 metres at 1.8 g/t gold, 0.3 percent copper and 1.4 g/t silver from 156 metres
Furthermore, significant results with visible gold have been returned from the first two scout holes at the Lando Target, which lies 10 kilometres northwest of the new BBM discovery. Initial drilling at Lando is encouraging and warrants further systematic drilling at this target.
Management Team
Andrew Chubb – CEO
Andre Chubb holds a BSc degree from the University of New England, Australia, and is a member of the Australian Institute of Geologists and the Society of Economic Geologists. He is a geologist with more than two decades of experience in exploration and mining in different geographies, including Africa, Europe and Australia. His experience spans different domains including leading large teams, operations and advisory roles. He was involved in leading the Mantra Resources’ Mkuju Project in Tanzania, from exploration through to feasibility and finally to takeover by ARMZ/Uranium One for AU$1.02 billion.
Andrew Smith - VP Exploration
Andrew Smith is an accomplished economic geologist with over 14 years of exploration and mining experience. Smith has proven discovery success in both greenfield and near-mine gold exploration. He has well-developed skills in both technical and management roles for exploration and development projects across West Africa and Canada. More recently, this has included roles as director of exploration geology for Coeur Mining, chief geologist for Awalé Resources, and exploration manager for Randgold Resources in Senegal. Smith has an Honours Degree in Geology and Petroleum Geology from the University of Aberdeen in Scotland, is a fellow of the Geological Society of London, and member of the Society of Exploration Geologists.
Ardem Keshishian - VP Corporate Development and Investor Relations
Ardem Keshishian brings over 15 years of progressive experience in corporate development, investor relations, finance, and capital markets, specializing in the mining sector. Most recently, Ardem served as VP of corporate development and investor relations at Moneta Gold, a Canadian gold developer with assets in the Timmins Gold Camp, Ontario, until its merger with Nighthawk Gold. Prior to Moneta Gold, he held roles at Royal Road Minerals, Pollitt & Co., Haywood Securities, and Van Berkom & Associates. He is a CFA charter holder and holds a Bachelor of Science from Concordia University and a Master of Business Administration from the John Molson School of Business.
Stephen Stewart - Chair of the Board of Directors
Stephen Stewart holds a BA degree from Western University in London, Ontario, an MBA from the University of Toronto, and an MSc degree from the University of Florida. He has more than 18 years of senior leadership experience with several Canadian companies, including Orecap, QC Copper & Gold, Mistango River Resources and Baselode Energy. He is also the founder and chairman of the largest mining-focused charitable organization and fund in Canada, the Young Mining Professionals Scholarship Fund.
Anthony Moreau – Director
Anthony Moreau is the CEO and Director of American Eagle Gold and also serves as a Director of QC Copper & Gold, Orecap Invest, and Mistango River Resources. He was formerly with IAMGOLD, where he held various roles in Business Development and Innovation. Anthony is also the leader of the Young Mining Professionals Toronto. He also co-founded the YMP Scholarship Fund, which has raised over $1.25 million since its inception seven years ago. Anthony is a Queen's School of Business graduate and a Chartered Financial Analyst (CFA).
Karl Akueson – Director
Karl Akueson is an Ivorian born natural resources entrepreneur who co-founded Awalé Resources following a career in metals and mining investment banking at BMO Capital Markets in London. He recently founded and is the current CEO of Switch Metals, a private exploration company focused on technology metals in Cote d'Ivoire. Karl is based in Abidjan. He is a graduate from Imperial College Royal School of Mines - MSc Metals and Energy Finance, and the University of Manchester - MEng Chemical Engineering.
Charles Beaudry – Director
Charles Beaudry holds a BSc degree in geology from the University of Ottawa and a master's degree in geology from McGill University. He has three decades of experience in business development, exploration, and project management. Previously, he has been associated with IAMGOLD and Noranda-Falconbridge-Xstrata.
John Scott - Principal Geologist
Dr. John Scott is a results-focused exploration geologist, with more than 27 years of experience within teams that have delivered numerous discoveries and significant business growth in both near-mine and greenfield settings internationally. John's career as a seasoned technical lead has spanned North America, Sub-Saharan Africa, the Middle East, Southeast Asia and Australasia. Scott specializes in practical mentorship to upskill field teams, target generation, identifying mineralization controls, and developing robust geologic models at deposit, district and country scales. He holds a Bachelor of Science with Honors (First Class) from the University of Adelaide, Australia, as well as a PhD in Structural Geology from the University of Otago, New Zealand. Scott is also a fellow of the Society of Economic Geologists and a member of both the Australasian Institute of Mining and Metallurgy, and the Society for Geology Applied to Mineral Deposits.
Kirmat Noormohamed - Exploration Manager
Kirmat Noormohamed is an exploration geologist with technical and operational skills developed through more than 25 years in company and consulting roles within the mining and exploration industry across multiple countries in Africa. She has extensive experience from greenfield exploration to feasibility studies as part of diverse teams within multinational companies such as Anglo American, AngloGold Ashanti, Falconbridge, Redback Mining, Kinross Gold and Teranga Gold, where she has led and been part of teams discovering over 2.5 million ounces of gold. She holds a BSc from Abilene Christian University in the US, and is currently completing her MBA at University of Illinois.
Sharon Cooper - CFO
Sharon Cooper is qualified as a chartered accountant, with over 10 years of experience in accounting and auditing roles for mining and mining-related companies. Before Awalé, she was associated with Ernst and Young and several junior exploration and mining companies.
Karl Akueson – Local Advisor
Karl Akueson holds an MSc degree in chemical engineering from the University of Manchester and MSc in metals and energy finance from the Royal School of Mines. He is a co-founder of the company and has served as an advisor since listing. He has also worked with BMO Capital Markets in London.
Metal Hawk: Gold-focused Exploration in Western Australia’s Eastern Goldfields Region
Metal Hawk (ASX:MHK) has a solid strategy to increase shareholder value through early-stage exploration success. The company explores for gold and nickel driven by a technically proficient team with a proven track record of identifying high-potential mineral exploration projects and executing early-stage discoveries.
Metal Hawk’s portfolio is primarily concentrated in the prolific Eastern Goldfields of Western Australia. The company’s exploration strategy combines traditional geological methods with innovative technologies to unlock the full potential of its tenements.
The flagship Leinster South project is located 30 kilometers south of Leinster in Western Australia’s Eastern Goldfields region. Covering approximately 127 square kilometers of granted tenure, this project is highly prospective for gold and nickel mineralization. Its proximity to the Agnew-Lawlers mining center, which has produced over 5 million ounces of gold at an average grade of 5 grams per ton (g/t), further enhances its significance. The project sits within the Agnew-Wiluna greenstone belt and along the eastern limb of the Lawlers Anticline, a key structural feature associated with major gold discoveries in the region.
Company Highlights
- A gold-focused exploration company backed by a highly experienced technical team with a track record of identifying high-potential projects and making early-stage discoveries.
- The company’s flagship project is the Leinster South project, which hosts the high-grade Siberian Tiger gold prospect.
- Recent rock chip sampling at Siberian Tiger returned assays as high as 20.2 g/t gold.
- Metal Hawk has completed a UAV magnetic survey at Leinster South to assist with drill targeting.
- The company is progressing through heritage negotiations and awaiting approval for a maiden RC drilling campaign at Siberian Tiger.
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Further Highly Encouraging Results from Pearl Copper Project in Arizona, USA
VISIBLE COPPER MINERALISATION AT FORD PROSPECT
- Mapping revealed an intensely altered eight-meter-wide fault zone with visible malachite (hydrated copper carbonate) mineralization.
- Significant pXRF Results highlight the polymetallic potential including:
- Copper values up to 13.4%
- Lead values up to 1.29%
- Zinc values up to 7.22%
Figure 1: Ford fault structure. Intense iron and clay alteration with pXRF results. Approximately 528,613mE, and 3618522mN (UTM Zone12, NAD83)
The alteration zone was mapped and supported by a total of ten pXRF readings (Figure 1). Copper (Cu) ranged from 0.02% up to 13.4%, lead (Pb) ranged from 0.08% to 1.3%, and zinc (Zn) ranged from 0.04% to 7.2%.
Golden Mile’s Managing Director Damon Dormer commented: “These exceptional preliminary results underscore the high-grade potential and polymetallic nature of the Ford Prospect. The pXRF readings are consistent with historical data, further strengthening our confidence in the project’s exploration potential. We look forward to advancing Ford as a key drill target alongside the Odyssey Prospect”
These pXRF results were attained by Golden Mile personnel utilising an Olympus Vanta Instrument pXRF, Model VMR-CCC-G3-A. All readings were 30 second, three beam spot readings directly on outcropping, in situ material. A total of 10 readings were taken in close proximity to each other across the mineralised zone.
Table 1: Ford Prospect In-field pXRF readings from outcrop (coordinates in UTM Zone 12 (NAD83))
Cautionary Statement on pXRF. pXRF (Portable X-Ray Fluorescence) results that are announced in this report are from uncrushed rock-chip samples that are preliminary only. The use of pXRF is an indication only, of the order of magnitude of further rock chip assay results. This first pass assessment was for due diligence purposes only, during the exclusivity period of the Binding Term Sheet. It should be noted that these values are not formal assays and are effectively estimates of grade only and are thus used only as a guide for follow-up, detailed and systematic mapping and sampling programs.
These results are highly encouraging and indicate the presence of significant grades of copper, lead, and zinc. This area will undergo detailed lithological and structural mapping, followed by systematic rock-chip and channel sampling. These steps will precede an upcoming drilling program aimed at unlocking the full potential of the Ford Prospect.
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This article includes content from Golden Mile 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.
First Ore Mined at Boorara Gold Project
HIGHLIGHTS
- Horizon approved the development of Boorara in late July 2024 to mine a series of four open pits containing 1.24Mt of ore at 1.24g/t Au for 49.5koz of gold 1
- Mining to occur over 14 months and processing over 19 months at Norton Gold Fields’ Paddington plant to generate $30M in estimated free cashflow at a A$3,600/oz gold price1 2
- Boorara mining services and surface ore haulage contracts awarded to Hampton Transport Services Pty Ltd on competitive terms, with no mining contractor payments until first gold pour sold and funds received
- Grade control program well advanced with nearly 80% of the program completed
- Mining commenced in August 2024 on single shift and first ore was exposed and mined in late September 2024
- Night shift operations commencing this week to increase production rates, building to four digger shifts
- Plan to establish an ore stockpile of 40-50kt at Boorara prior to haulage commencing
- First ore on track for delivery to Paddington in late October 2024 and first gold production expected in November 2
Commenting on the mining progress, Managing Director and CEO Mr Grant Haywood said: 2
“It is very pleasing that Boorara is on track for first ore delivery this month, with pouring of gold occurring in this high gold price environment delivering first revenue from Boorara very shortly.
Despite some labour shortages at site and in the general market, the work is progressing safely, efficiently and on schedule. We look forward to providing further updates on our progress at Boorara in due course”.
Overview
Horizon Minerals Limited (ASX: HRZ) (“Horizon” or the “Company”) is pleased to provide an update on the development of the Boorara Gold Project. The 100% owned Boorara project is located 15km east of Kalgoorlie-Boulder, adjacent to the Super Pit in the heart of the Western Australian goldfields (Figure 1).
Figure 1: Horizon’s project locations, regional geology and surrounding infrastructure
Next Steps 1
Complete the remaining Phase 1 grade control drilling program, and continue to build the first parcel of ore for delivery to Paddington in late October 2024.
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This article includes content from Horizon 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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