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Ioneer’s Lithium Project in Nevada Gets $700M Boost
ioneer Ltd (ASX:INR, Nasdaq:IONR) received approval for up to $700 million conditional loan from the US Department of Energy to finance the construction of the Rhyolite Ridge Lithium-Boron Project in Nevada, USA.
According to an article published by 2news.com, the loan is the latest indication of the Biden administration's commitment to strengthening the nation's battery supply chain, electrifying the transportation sector and cutting reliance on fossil fuels and foreign supplies of raw materials.
Rhyolite Ridge is the most advanced undeveloped US lithium project with a definitive feasibility study modeled on a 26-year mine life. The project has progressed into the final stage of
federal permitting with the decision by the US Bureau of Land Management (BLM) to publish a Notice of Intent (NOI) in the Federal Register.
The loan from the DOE is contingent on the completion of an environmental impact statement, as Ioneer works to minimize the project’s impact on an endangered Nevada wildflower, Tiehm's buckwheat, which the Fish and Wildlife Service has said is on the brink of extinction, the article said.
To read the full article, click here.
Click here to connect with ioneer Ltd (ASX:INR, Nasdaq:IONR) for an Investor Presentation.
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Prismo Metals
Investor Insight
Prismo Metals presents a compelling investment opportunity with its strategic focus on high-grade precious and base metal exploration in Mexico and Arizona, leveraging advanced technology and maximizing shareholder value through targeted asset development.
Overview
Mexico’s Sinaloa state hosts several prolific silver and gold mines, including McEwen Mining’s (TSX:MUX) El Gallo Complex, Americas Gold and Silver’s (TSX:USA) Cosalá operations and Kootenay Silver’s (TSXV:KTN) Copalito silver-gold project. Between 2012 and 2019, gold production at the El Gallo mine alone totaled 295,000 ounces (oz) and silver production peaked at 142,000 oz. At the Panuco project, Vizsla Silver (TSXV:VZLA) has an indicated resource of 9.5 million tons at grades of 289 g/t silver, 2.41 g/t gold, 0.27 percent lead and 0.84 percent zinc for 155.8 Moz silver equivalent.
Prismo Metals (CSE:PRIZ,OTCQB:PMOMF, FSE:7KU) has made a strategic move to join the list of successful explorers in this region. The company’s leadership team has decades of experience in the Mexican precious metals industry. Director, president, CEO and co-founder Dr. Craig Gibson has been an exploration consultant since 1998 and a director of Beyond Minerals (CSE:BY) Garibaldi Resources (TSXV:GGI).
Prismo Metals has three current exploration projects: Palos Verdes, Los Pavitos and Hot Breccia. The Palos Verdes property covers 22.77 hectares within the historic Panuco-Copala silver-gold district in Sinaloa, well-known for its numerous veins with historical production. While much of the district has been consolidated by Vizsla Resources, the Palos Verdes project is located near the district’s under-explored northeastern limit.
On January 9, 2023, Vizsla Resources acquired a right of first refusal to purchase the Palos Verdes project through a strategic investment agreement with Prismo Metals. Vizsla's strategic investment consists of a cash payment of $500,000 and the issuance of one million common shares of Vizsla to Prismo. Pursuant to the strategic investment, the two companies formed a technical committee for district-scale exploration of the Panuco silver-gold district consisting of Drs. Gibson and Megaw along with Dr. Jesus Velador, vice president of exploration for Vizsla.
Prismo Metals’ Palos Verdes property includes 700 meters of strike length along the Palos Verdes vein, which has been explored for 250 meters with findings yielding as much as 6.7 grams per ton (g/t) gold and 544 g/t silver from surface and underground sampling. A second vein system may be reflected in a northwest striking alteration zone, offering an additional high-grade exploration target on the property.
In May 2019, the company and ProDeMin entered an option agreement in which Prismo may acquire a 75-percent interest in the Palos Verdes property, and later entered into an agreement to acquire the remaining 25 percent of the property from the original owner. The company conducted a 2,100-meter drill program at Palos Verdes in 2022, designed to test the Palos Verdes vein and a structural intersection with a second vein at depths where it is believed that potential for a large ore shoot is present, similar to the drilling accomplished by Vizsla Silver on their adjacent land package.
Prismo conducted a 15 hole, 2,923-meter drilling program at Palos Verdes in 2023, with the best result being 11,520 silver equivalent (102 g/t gold and 3,100 g/t silver) over 0.5 meters downhole. An alteration study and rock chip sampling program were also conducted and provide evidence that additional mineralization may occur in previously unexplored areas.
The Los Pavitos project is located in the Alamos region of southern Sonora, a well-mineralized area that hosts several active exploration and mining projects. The project consists of one concession covering 5,289 hectares. Early sampling and reconnaissance work has been carried out by previous companies, including Minera Cascabel, and show the presence of high-grade gold assays in at least two target areas.
In 2022 Prismo Metals signed a formal access agreement with Francisco Villa Ejido, the surface owner of the Los Pavitos Project to allow for exploration work and drilling, and completed a mapping, sampling and trenching program in 2023. Thus work paved the way for a first ever drill program at the project in 2023, consisting of 2,370 meters in 25 holes with excellent results.
Prismo acquired the right to earn a 75 percent interest in the Hot Breccia property in early 2023. Hot Breccia lies in the heart of the world-class Arizona copper belt and has historical drilling indicating the potential for a large copper mineralized system.
An airborne Z‐tipper axis electromagnetic (ZTEM) geophysical survey was completed at Hot Breccia. Prismo received assay results for the first batch of samples taken at the project indicating the presence of not only copper mineralization but also gold mineralization associated with gossanous veins and shear zones.Company Highlights
- Prismo Metals is an exploration company targeting high-grade silver and gold projects in Mexico, one of the world’s top producers of precious metals, and a large-scale copper project in Arizona, the leading producer of the metal in the US.
- The company’s Palos Verdes property is located in the historic Panuco-Copala silver-gold district in Sinaloa, Mexico and is partly surrounded by ground controlled by Vizsla Silver Corp..
- The Palos Verdes property includes 700 meters of strike length along the Palos Verdes vein, which has yielded 6.7 grams per ton (g/t) gold and 544 g/t silver at the surface.
- The company’s Los Pavitos project is located in the well-mineralized Alamos region of southern Sonora. The project consists of one concession covering 5,289 hectares.
- The Hot Breccia project consists of 1,400 hectares located in the world class Arizona Copper Belt.
- Prismo’s management and advisory team offers decades of experience in the Mexican precious metals industry, including all aspects of exploration and resource development.
- Prismo acquired 100 percent of the Palos Verdes claim and has drilled 6000 meters on the property. The drill results revealed high-grade silver and gold showing multiple discrete quartz vein stages lacing between breccia fragments and showing distinctly differing mineralogy.
- Vizsla Silver Inc. completed a Strategic Investment and owns about 9.9 percent of the company.
- The company also filed on SEDAR an NI 43-101 Technical Report for its Los Pavitos Gold-Silver Project in southern Sonora, Mexico.
Key Projects
Hot Breccia
The Hot Breccia project is Prismo’s latest acquisition located in the heart of the great Arizona Copper Belt, USA and is located 40 km south of the Resolution deposit and 35 km north of the San Manuel / Kalamazoo deposit and is just a few kilometers from the Hayden Smelter. The Hot Breccia property has the same productive geologic units that host high-grade copper skarn mineralization at the adjacent, past-producing Christmas Mine owned by Freeport. Prismo has the option to earn a 75-percent interest in the Hot Breccia project from Infinitum Copper (TSXV:INFI).
The company completed an airborne Z‐tipper axis electromagnetic (ZTEM) geophysical survey at Hot Breccia in 2023 and received assay results for a first batch of samples taken at the project. The results indicate the presence of not only copper mineralization, but also gold mineralization associated with gossanous veins and shear zones. The ZTEM survey identified a priority drill target in a conductive anomaly at depth.
Following the success of the 2023 ZTEM survey, Prismo received permit approval from the Bureau of Land Management for 10 drill pads to allow for drilling to test the prospective stratigraphy below the cover volcanic rock over a wide area. Assay results for samples taken in February 2024 include 5.69 percent copper, 0.24 g/t gold and 32.8 g/t silver.
Earlier in 2024, Prismo Metals engaged Exploration Technologies (ExploreTech) from San Diego, California to apply xFlare, their artificial intelligence (AI)-optimized drill planning solution, to its Hot Breccia project where a number of features suggest well mineralized Arizona-style copper porphyry lies at depth. Prismo is currently planning an initial 5,000 meter drill program at Hot Breccia.
Palos Verdes
The company’s Palos Verdes property is located in Southern Sinaloa, roughly 65 kilometers northeast of Mazatlán. The Palos Verdes concession covers 22.77 hectares and is situated within the historic Panuco-Copala mining district, the largest silver producer in Sinaloa.
History
Mapping and sampling were conducted over the property by ProDeMin. The Palos Verdes vein crops out for about 750 meters along strike and yielded as much as 4.15 g/t gold and 732.7 g/t silver. Before the turn of the century, a 70-meter tunnel was driven along the Palos Verdes vein near the bottom of the Palos Verdes arroyo; a sample of the vein in this adit yielded 6.7 g/t gold and 544 g/t silver. In 2018, ProDeMin completed a diamond drilling program on the property. Notable drill results included 3.75 g/t gold and 1,098 g/t silver for 2.3 meters and 8.42 g/t gold and 2,336 g/t silver for 0.8 meters.
Drilling
The company has undertaken several drill campaigns at the project, and a total of about 6,052 meters have been drilled in 33 holes to date, including five holes drilled by ProDeMin in 2018. Results indicate the presence of a near-surface high-grade ore shoot in the Palos Verdes vein similar to mineralization in the resources defined by Vizsla Silver in the southwestern portion of the district.
The company, in conjunction with its strategic partner Vizsla Silver (TSXV:VZLA), has planned an expanded drill program with new holes to be drilled from Vizsla Silver’s concessions adjacent to the Palos Verdes concession, targeting the proposed extension of the Palos Verdes ore shoot at depth and a possible extension along strike to the northwest. Prismo Metals is planning on initiating this drill program in August, 2024.
Los Pavitos
The company’s Los Pavitos project is located in the Alamos region of Southern Sonora, a well-mineralized area that hosts multiple active exploration and mining projects. Los Pavitos consists of one concession covering 5,289 hectares. Early sampling and reconnaissance work has been carried out by previous companies, including Minera Cascabel. The property’s numerous mines and prospect pits indicate historical interest.
Prismo conducted a reconnaissance surface mapping and sampling at the project in 2022 and early 2023. This program consisted of about 1,500 samples and identified 5 main gold and silver mineralized target areas within several kilometer-scale structural zones. A follow up trenching program consisted of 698 meters in 25 trenches with almost 350 samples taken. A first ever drill program at the project was conducted in 2023, with 2,370 meters completed in 25 holes.
High-grade gold assays were encountered at the Santa Cruz target, with 10.2 g/t gold over 6.6 meters in drill hole LP-SC-23-02. A second gold zone was intersected at Las Auras, with 3.58 g/t gold over 1.15 meters within 3.65 meters carrying 2.33 g/t gold and 87.6 g/t silver.
Management Team
Steve Robertson – President
Steve Robertson is a Canadian geologist and mining executive who earned a BSc. in Geology from the University of Alberta. With Imperial Metals for 24 years, he was involved in the development and operation of five mines, including Red Chris in British Columbia. Robertson was awarded the 2016 E.A. Scholz Award for Excellence in Mine Development for his leadership role in development of the Red Chris mine. In 2017, Robertson was the founding CEO of Sun Metals, a Venture Exchange company that went on to discover a copper-gold skarn in British Columbia. He has been on the board of directors of not-for-profit Association for Mineral Exploration BC., and is currently a director of Cassiar Gold and chairman and director of Infinitum Copper.
Alain Lambert – CEO and Director
Alain Lambert, who co-founded Prismo in 2018, is a lawyer by training and has over 35 years of experience in financing and advising small and medium-sized companies operating in various industries including technology, manufacturing, and the natural resources sector. He has been involved in private and public financings totaling more than $1 billion. He has an extensive network of investors, investment bankers, analysts, and investor relations professionals. Lambert acts as an advisor to public and private companies regarding financings, mergers and acquisitions plans, debt structuring as well as going-public transactions. Throughout his career, Lambert has served as a director and member of the audit committee and governance committee of small and medium-sized private and public companies. He holds a Bachelor of Laws degree (LL.B.) from the University of Montréal and a diploma of collegial studies, specializing in administration from the College Jean-de-Brébeuf in Montréal, Québec.
Craig Gibson - Chief Exploration Officer and Director
Dr. Craig Gibson has extensive experience in the minerals industry. He received his BS (1984) in earth sciences from the University of Arizona and MS (1987) and PhD (1992) in economic geology and geochemistry from the Mackay School of Mines, University of Nevada, Reno. He co-founded Prospeccion y Desarrollo Minero del Norte, S.A. de CV (ProDeMin) based in Guadalajara, Mexico, in 2009. ProDeMin is a consulting firm providing a broad spectrum of exploration-related services to the mining industry and has been involved in several major precious metal discoveries in Mexico. Gibson is also a director of Garibaldi Resources, a Vancouver-based junior exploration company; a certified professional geologist of the American Association of Professional Geologists; and a qualified person under NI 43-101.
Carmelo Marelli - CFO and Secretary
Carmelo Marrelli is the principal of the Marrelli Group, comprising Marrelli Support Services Inc., DSA Corporate Services Inc., DSA Filing Services Limited, Marrelli Press Release Services Limited, Marrelli Escrow Services Inc. and Marrelli Trust Company Limited. The Marrelli Group has delivered accounting, corporate secretarial and regulatory compliance services to listed companies on various exchanges for over twenty years. Marrelli is a chartered professional accountant (CPA, CA, CGA), and a member of the Institute of Chartered Secretaries and Administrators, a professional body that certifies corporate secretaries. He received a bachelor of commerce degree from the University of Toronto. Marrelli acts as the chief financial officer to several issuers on the TSX, TSX Venture Exchange and CSE, as well as non-listed companies, and as a director of select issuers.
Martin Dupuis - Director
Martin Dupuis has over 25 years of experience covering all stages of a project’s life, from exploration through feasibility and engineering studies, construction, mine expansion and operations. Dupuis serves as Vizsla Silver’s chief operating officer. He was instrumental in the oversight and delivery of the company’s maiden resource estimate. Before joining Vizsla Silver, Dupuis was director of geology for Pan American Silver, technical services manager for Aurico Gold, and chief geologist at several other operations.
Jorge Rafael Gallardo-Romero - Director
Jorge Rafael Gallardo-Romero has been a consultant geologist of Cascabel since March 1992. He also acts as Mexico exploration manager of Gainey Capital (since January 2015) and of Minera Goldzone SA de CV (since March 2011). Gallardo-Romero graduated from the University of Sonora with a degree in Geology in 1984.
Maria Guadalupe Yeomans Otero - Director
Maria Yeomans Otero is a geologist who graduated from Universidad de Sonora, Mexico, in 1986, with master's studies in business administration at the same university. She has been a part of the team at Cascabel since 1992 and is now the office manager. She speaks English fluently and has extensive experience in the administration, legal and commercial relations related to mining.
Louis Doyle - Director
Louis Doyle has over 30 years of experience focused primarily on capital markets and public companies. Since 2016, he has also provided consulting services to private companies seeking listing on Canadian exchanges. Since January 2016, Doyle has been the executive director of Québec Bourse. Between October 1999 and December 2015, he was the vice-president, Montréal of the TSX Venture Exchange. As such, he was responsible for business development and listing activities in the provinces of Québec and Atlantic Canada. During his tenure, he acted as chairman of the TSX Venture listing committee and was a member of the policy committee. Doyle also led the nationwide TSX Venture mentorship program and further acted regularly as a speaker and advisor at conferences and workshops. He also holds directorship roles with two other publicly traded companies. Doyle was granted 150,000 incentive stock options exercisable at $0.165 per share before June 26, 2027. Also, three other directors were each granted 50,000 incentive stock options, exercisable at $0.165 per share before June 26, 2027.
Peter Megaw - Advisor
Dr. Peter Megaw is best known as co-founder of MAG Silver and Minaurum Gold. He and his team are credited with MAG Silver’s Juanicipio discovery in the famous Fresnillo District and Excellon Resources’ Platosa mine. He received his doctorate from the University of Arizona and has more than 35 years of experience exploring silver and gold in Mexico. Megaw is a certified professional geologist by the American Institute of Professional Geologists and an Arizona Registered Professional Geologist. He is the author of numerous scientific publications on ore deposits and is a frequent speaker at academic and international exploration conferences. He was awarded the 2017 Thayer Lindsley Award for the 2003 discovery of the Juanicipio silver deposit in the Fresnillo District, ultimately leading to a further 600 million ounces being identified in the immediate area. Megaw also received the Society of Mining Engineers 2012 Robert M. Dreyer Award for excellence in applied economic geology.
Coniagas Battery Metals Extends Private Placement
Coniagas Battery Metals Inc. (TSXV: COS) announces that it has extended the final closing date of its previously-announced non-brokered private placement to August 30, 2024. As previously announced, the private placement consists of a maximum of 5,000,000 units at a price of $0.12 per unit for maximum gross proceeds of $600,000. Each unit will be comprised of one common share and one-half of a common share purchase warrant. Each full warrant will entitle the holder thereof to purchase one additional common share at a price of $0.15 for five years from the date of issuance.
Coniagas will use the net proceeds from the private placement primarily for exploration on the Graal property as well as for metallurgical test work and working capital.
About Coniagas Battery Metals Inc.
Coniagas Battery Metals Inc. is a Canadian junior mining company focused on nickel, copper, cobalt, and platinum group metals in Quebec. Our strategy is to create shareholder value through the development of our mineral properties, with the goal of becoming a critical metals supplier to the EV market.
Coniagas has achieved notable success with geophysics and shallow drilling at its 100% owned Graal project near Saguenay, Quebec, consistently hitting mineralization. This success has confirmed an open-pit deposit model along a 6 km strike of high-grade nickel and copper, with cobalt, platinum, and palladium byproducts. Upcoming plans include further drilling, an NI 43-101 resource report, metallurgical testing, and consultations with First Nations. The Graal project and immediate work plan are outlined in detail in the “NI 43-101 Technical Report Graal Nickel & Copper Project, Saguenay-Lac-St-Jean, Quebec, Canada” dated January 17, 2024. The report is available along with other information at the Company’s website.
“Frank J. Basa”
Frank J. Basa, P. Eng., Order of Engineers Ontario
Chief Executive Officer
For further information, contact:
Frank J. Basa, P. Eng. Ontario
Chief Executive Officer
416-625-2342
or:
Wayne Cheveldayoff, Corporate Communications
P: 416-710-2410 E: waynecheveldayoff@gmail.com
You can follow Coniagas on Social Media:
LinkedIn: https://www.linkedin.com/company/coniagas-battery-metals/
X (Twitter): https://twitter.com/coniagasmetals
Facebook: https://www.facebook.com/coniagas/
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution Regarding Forward-Looking Statements
This news release may contain forward-looking statements regarding Coniagas Battery Metals Inc. (“Coniagas” or the “Company”) which include, but are not limited to, comments that involve future events and conditions, which are subject to various risks and uncertainties. Except for statements of historical facts, comments that address the private placement referred to above, resource potential, upcoming work programs, geological interpretations, receipt and security of mineral property titles, availability of funds, and others are forward-looking. No assurance can be given that any of the foregoing will be achieved. In particular, Coniagas cannot give any assurance that it will be able to complete the private placement referred to above, either in whole or in part. Forward-looking statements are not guarantees of future performance and actual results may vary materially from those statements. General business conditions are factors that could cause actual results to vary materially from forward-looking statements. The Company does not undertake to update any forward-looking information in this news release or other communications unless required by law.
Maiden Fieldwork Discovers Widespread Chalcocite Dominant Vein Systems at Expanded Nunavut Rae Cu-Ag-Au Project
White Cliff Minerals Limited (“WCN” or the “Company”) is pleased to announce that work has commenced at the Rae copper, silver and gold project in Nunavut (“Rae” or the “Project”). Initial visual observations across all sample sites have confirmed numerous vein systems of chalcocite dominant mineralisation across significant strike lengths.
- Multiple styles of copper mineralisation identified, providing for potential district scale mineralisation:
- Massive chalcocite veining observed at Cu-Tar
- Sedimentary hosted copper and replacement mineralisation seen at HALO
- Native copper within vesicular basalt flow tops discovered at Kilauea
- Previous high grade historical locations have been located and samples taken within an expanded vicinity. At all priority targets the identifiable strike length has significantly increased.
- The HALO vein system now mapped and sampled over more than 440m strike length. Discovery of high grade sediment hosted copper greatly expands prospectivity and tonnage potential of the target
- Chalcocite dominant veining observed over a ±400m strike length at the Cu-TAR zone, alongside 3 other chalcocite veins and cemented copper rich breccia. These veins have been sampled along strike until they disappear under shallow cover
- The DON target has been identified to host 2 semi-massive chalcocite-bornite veins with over 200m strike length
- The PAT target now extended to >400m of outcropping, semi-massive, vein hosted chalcocite-bornite mineralisation
- Field evidence at the CALMAL target area where copper bearing hydrothermal fluids observed mineralising the Rae Group sediments. Potential for bulk tonne “Red Bed” copper
- Widespread native copper traced over 120 m at the Kilauea target
- The MobileMT airborne geophysical survey completed at Great Bear Lake, on time and on budget. Rae survey expected to be completed in the next 5-10 days
- First tranche of Assays from Great Bear expected in August
- Latest land rush to Nunavut amplifies the first mover strategic advantage that the Company has achieved
“The outcropping copper mineralisation throughout the project area is visually stunning and exceeds expectations. The focus of our maiden field programme across both Nunavut and Great Bear Lake has been twofold. Firstly, to confirm decades old historical state survey results from multiple project locations and extend the observable strike of each and in parallel undertaking airborne geophysics to further refine these targets. Second is prioritise and prepare project areas for drilling.
At Halo, multiple mineralised vertical structures have been identified and now constitute priority targets. This deep-seated plumbing acts as conduits for copper rich hydrothermal fluids that have deposited what appears to be significant quantities of copper into the surrounding reactive sandstones. This field observation provides the first direct evidence of extensive high grade sedimentary hosted “red bed” copper on Company ground, something not previously observed by historical exploration. We grow more confident each day of significant results coming from this sampling programme.
The recently completed airborne MOBILEMT survey at Great Bear is expected to work well and will add substantially to the understanding of the local and regional mineralising structures. Integrating this geophysical layer with assay results will eventually allow for a maiden drilling campaign by the Company which is scheduled to kick off in the coming months. The same aerial survey is now underway at Rae and expected to complete this week.”
Troy Whittaker - Managing Director
In relation to the disclosure of visual mineralisation, the Company cautions that visual estimates of sulphide and oxide material abundance should never be considered a proxy or substitute for laboratory analysis. Laboratory assay results are required to determine the widths and grade of visible mineralisation reported in sampling. The Company will update the market when laboratory analytical results become available, which are expected within 4-6 weeks.
Click here for the full ASX Release
This article includes content from White Cliff Minerals 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.
Red Mountain Lithium Discovery Bolstered with More Outstanding Thick Intersections
Second batch of assays delivers further high-grade intersections
Astute Metals NL (ASX: ASE) (“ASE”, “Astute” or “the Company”) is pleased to advise that assay results from the next four holes, RMRC004-007, of the inaugural Reverse Circulation (RC) drilling campaign at its 100%-owned Red Mountain Lithium Project in Nevada, USA, have returned high-grade mineralisation.
Key Highlights
- Multiple lithium intersections reported in assay results for the next four holes, RMRC004-007, with intersections up to +80m thickness, including:
- RMRC004: 83.8m @ 1,230ppm Li from 16.8m.
- RMRC005: 80.8m @ 1,270ppm Li from 56.4m
- RMRC006: 62.5m @ 1,070ppm Li from 6.1m and 70.1m @ 1,090ppm Li from 89.9m
- RMRC007: 74.7m @ 1,160ppm Li from 18.3m
- Intersections sit mid-project within 4.6km of strike length drilled to date at Red Mountain.
- Assay results for the remaining four drill holes expected in late July.
Assay results from the second batch of samples include the following drill intersections:
- RMRC004 : 13.7m @ 1,070ppm Li / 0.57% Lithium Carbonate Equivalent1 (LCE) from surface
- 83.8m @ 1,230ppm Li / 0.65% LCE from 16.8m
- RMRC005 : 26.0m @ 656ppm Li / 0.35% LCE from 3.0m
- 80.8m @ 1,270ppm Li / 0.68% LCE from 56.4m to End of Hole
- RMRC006 : 62.5m @ 1,070ppm Li / 0.57% LCE from 6.1m
- 15.3m @ 896ppm Li / 0.48% LCE from 71.6m 70.1m @ 1,090ppm Li / 0.58% LCE from 89.9m
- RMRC007 : 74.7m @ 1,160ppm Li / 0.61% LCE from 18.3m
- 25.9m @ 1,580ppm Li / 0.84% LCE from 115.8m
This second batch of assays, from drill holes located centrally within the group drilled so far (Figure 1), demonstrate thicker intersections than those previously announced, with all four holes intersecting +70m zones grading over 1,000ppm lithium. These outstanding results indicate the scale and grade potential at Red Mountain, as it continues to emerge as a project of significance in North America. Assays for the final four holes from the campaign are expected to be received later this month, which, along with other results, will allow the Company to determine the next steps at this highly prospective Project.
Astute Chairman, Tony Leibowitz, said:
“Our confidence in the scale and significance of this discovery continues to increase with each successful drill-hole at Red Mountain. Assays from the latest four holes have exceeded expectations and returned some very thick, high-grade intercepts which have confirmed robust lithium mineralisation in the middle of the project, between intersections from the discovery holes.
“With final assay results expected for the remaining four holes shortly, data from all holes will then be integrated into an updated geological model for Red Mountain with a view to expediting the process to achieving a maiden Mineral Resource Estimate.”
Figure 1. Drill-hole locations and intersections, and gridded soil sample geochemistry over aerial image.
About Lithium Carbonate Equivalent (LCE)
Unlike spodumene concentrate, which is a feedstock for a value-added battery product, Lithium Carbonate is a principal lithium-ion battery product, which may be used directly in battery production or converted to other battery products such as lithium hydroxide. The Benchmark Mineral Intelligence Lithium Carbonate China Index priced lithium carbonate product at US$13,710/t6 as of 12 June 2024.
Click here for the full ASX Release
This article includes content from Astute Metals NL, 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.
Avenira Limited (ASX: AEV) – Trading Halt
Description
The securities of Avenira Limited (‘AEV’) will be placed in trading halt at the request of AEV, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Friday, 26 July 2024 or when the announcement is released to the market.
ASX Compliance
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This article includes content from Avenira 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.
Critical Metals Corp Completes Stage 1 Investment for Tanbreez Acquisition
European Lithium Limited (ASX: EUR, FRA:PF8, OTC: EULIF) (European Lithium or the Company) is pleased to announce that Critical Metals Corp. (Nasdaq: CRML) (Critical Metals Corp), a mining development company focused on critical metals and minerals, and producing strategic products essential to electrification and next generation technologies for Europe and its western world partners, today announced that it has completed the stage 1 investment as part of its recently announced plans to acquire a 92.5% controlling interest in the Tanbreez Greenland Rare Earth Mine (the Tanbreez Project) from Rimbal Pty Ltd., a company controlled by geologist Gregory Barnes (Rimbal) (refer ASX announcement 11 June 2024 and 19 June 2024). Following the issue of 8,398,656 CRML shares to Rimbal as the stage 1 consideration, Critical Metals Corp now holds a 42.00% equity interest in the Tanbreez Project. European Lithium will retain its 7.5% ownership in the Tanbreez Project.
Critical Metals Corp CEO and Chairman, Tony Sage commented: “The successful completion of Stage 1 reflects another pivotal milestone in our strategic acquisition of Tanbreez. Tanbreez is a game-changing rare earth asset for the West, an assessment supported by both our due diligence, including our visit to the project last week, as well as third-party evaluations. By acquiring Tanbreez, we are taking a key step towards positioning Critical Metals Corp as a reliable and long-term strategic supplier of both light and heavy rare earth elements to meet the escalating demand for these materials for technology and defense applications in the western world.”
About European Lithium
European Lithium Limited is an exploration and development stage mining company focused mainly on lithium in Austria, Ukraine, Ireland, and Australia. European Lithium currently holds 67,788,383 (approximately 75%) ordinary shares in Critical Metals Corp. Based on the closing share price of Critical Metals Corp being US$10.19 per share as of 23 July 2024, the Company’s current investment in Critical Metals Corp is valued at US$690,763,623 (A$1,036,145,434) noting that this valuation is subject to fluctuation in the share price of Critical Metals Corp. For more information, please visit https://europeanlithium.com.
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This article includes content from European Lithium, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Exploration Program Underway at Corvette River Lithium, Gold, Copper & Silver Project in Quebec
- A phased program of extensive field mapping, excavator trenching, and channel sampling testing high-grade gold and lithium targets across22km of strike within the prolific Lac Guyer Greenstone Belt
Metals Australia Ltd (ASX: MLS) has commenced phase one of its fully permitted1 Corvette River exploration program. The program includes detailed field mapping, extensive excavator trenching and channel sampling to firm up drilling targets for the anticipated drilling phase of the program.
The Project consists of several claim areas, including Felicie on the Corvette Lithium Trend which hosts Patriot Battery Metals’ world-class Corvette Lithium Project2 and the West Eade and East Eade claims on the parallel Corvette South Trend, approximately 12 km to the south. Both trends are on the prolific Lac Guyer greenstone belt in the tier-one global mining jurisdiction of Quebec, Canada (see Figure 1).
Phase 1 of the program will investigate and prioritise zones across the extensive claims areas for further work and follow up drilling. The program will include extensive geological mapping, excavator trenching and channel sampling, for multi-element assaying, using a team of geologists, support staff, excavators and an air support team. Field logistics are supported by helicopters, including heavy lift helicopters, to move excavators, required equipment and personnel. The program is being phased, given the limited access to heavy lift helicopters during this period. The program is sequential, initially focussed in the Felicie area (see Figure 1), to be followed by the East Eade and then the West Eade claim areas.
The primary objectives of the program are to investigate identified target locations through field mapping of structures and outcrops, extensive excavator trenching and channel sampling to finalise planning positions and the priority of follow-on drill targets in the following project locations:
- Felicie Project – Field map, trench and sample structures and outcrops associated with previous rock chip sampling that included grades of up to 4.16 g/t Au, 44.1 g/t Ag and 0.23% Cu3 from a zone of 180m strike-length open in all direction.
- East Eade – Extensive investigation of an approximately 300m wide complex fold-closure, which included previous assays of up to 29.7 g/t Au and 12 g/t Au3 See photographs of East Eade below.
- West Eade – Further investigate areas around historical sample sites with assays of up to 11.45g/t Au3 and more recent rock chip sampling results including 3.37 g/t Au over 3m3.
- Lithium Targets – Follow up on Lithium bearing pegmatite targets that have been previously reported, including CR1 (mapped over 1.6 km4) at Felicie and CS15 at West Eade (see Figure 1)
Figure 1: MLS’s Corvette River Project – Felicie, East Eade & West Eade Phase 1 Field Exploration sites, includingtrenching target locations for key gold, Silver & lithium targets outlined with geology and magnetics
Metals Australia CEO Paul Ferguson commented:
“It’s pleasing to be under way with phase 1 of our field exploration program at Corvette River. The commencement of this program is a result of a lot of great work by our team and our contractor, Magnor Exploration. We have developed a detailed and prioritised exploration program targeting lithium as well as gold, silver and copper and put in place a contract to allow this important work to be completed during the summer field season, when ground truthing is possible in Quebec. Importantly the program phasing recognises the challenges associated with accessing heavy lift helicopters during the peak summer period.
We are now on the ground with a dedicated team of geologists and field staff, including excavators. The team will be able to follow up on the targets, associated structures and outcrops that have been identified from previous sampling. This will allow accurate positioning of trenching and channel sampling. The outcomes of this work will result in a well-defined and prioritised list of drill targets – which will be the subject of phase 2 of the program.
This program will follow up on the highly prospective lithium pegmatite targets as well as high-grade gold and silver target zones we have communicated previously. I look forward to communicating the results of phase 1 when they are available.
We continue to aggressively progress all our high-quality projects on their pathway through exploration and, when results warrant, into development. Four of our projects are now pending government approval for their next phase of exploration, including Lac Carheil, which also has active prefeasibility study work underway. It’s been an incredibly active period of planning, permit applications and work-program contracting. We are now seeing the field exploration stages starting to emerge – with Corvette River now fully permitted for advanced exploration target testing.
We are only able to advance this work because we have a very supportive board, a dedicated and driven team and the financial capacity to fund the programs we have planned. Currently, there is no value ascribed to our projects by the market and we have a market capitalisation well below cash backing, which is highly unusual. Given the high-quality pipeline of projects we are progressing and the opportunities they represent, I expect the balance of 2024 and beyond to represent exciting times for the Company.”
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This article includes content from Metals Australia Ltd, 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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