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June 2024 Quarterly Report
HIGHLIGHTS
1. Lake Hope, WA (IPT 80%)
- Work continued on the Pre-Feasibility Study (PFS) which is on schedule for completion in Q4 2024.
- Key appointments made:
Indigenous Services Australia (ISA) appointed to establish a long-term relationship with the Ngadju group.
David English, who led the feasibility and mine development work on Sandfire Resources’ De Grussa and Sirius Resources’ Nova-Bollinger projects appointed to lead the Pre-Feasibility Study at Lake Hope. - Baseline environmental surveys indicate no Threatened or Priority species of flora and fauna occur on the Lake Hope salt pan.
- Scope 1 and Scope 2 CO2 emissions per tonne of HPA produced are targeted to be competitive globally, with a strategy for achieving zero carbon HPA defined.
- Metallurgical test work continued for both the Sulphate and Low- Temperature Leach processes.
- Initial discussions commenced with the Ngadju Aboriginal group to support a Mining Lease application.
- Drill results from neighbouring lakes received and being interpreted.
2. Arkun-Beau, WA (IPT 100%)
- Co-funding of up to $180,000 has been awarded under the WA Government’s EIS scheme to drill the Caligula copper target, identified through soil geochemistry and Mobile Magneto-Telluric (MMT) data.
- Infill and extensional soil geochemistry surveys have been completed to define potential drill targets, with assay results expected this Quarter.
- Drilling completed at the Hyperion Rare Earth Element (REE) Prospect.
- Metallurgical leach test-work received post-Quarter end with poor recoveries as expected.
3. Commonwealth Project (IPT 100%)
- Burrendong Minerals continues to progress towards an IPO in Q4 2024. Various submissions to ASX for approval to list are in progress.
4. Other Projects
- Broken Hill: data synthesis and interpretation in progress on all data collected during the BHP Xplor Programme. Some early-stage discussions are in progress with other groups with a view to a possible joint venture arrangement.
- Doonia: assays received and being interpreted.
- Southwest Regional: The early stage Dinninup, Martup Hills and Mineral Hill projects were relinquished due to an increasing focus on Lake Hope.
5. Corporate/Finance
- Strategic A$3 million placement mostly supported by major shareholders.
- In addition, $725,000 in funds were received from the exercise of listed options (IPTOB).
- A FY23 Research and Development Rebate of $395,000 was received during the Quarter.
Click here for the full ASX Release
This article includes content from Impact 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.
Impact Minerals Limited Investor Kit
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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 has been awarded a $2.87 million grant for the commercialisation of its innovative process to produce High Purity Alumina (HPA) from the Lake Hope deposit. The grant is under the Federal Government’s Cooperative Research Centres Projects (CRC-P) program which fosters short-term, industry-led research collaborations. The grant is part of an estimated $6.4 million research and development project to be completed within three years and designed to provide Impact with the relevant information required to complete a definitive feasibility. A key component of the grant funding will be to construct a pilot plant, which is a key goal for 2025, and this will provide consistent material for off-take and qualification trials.
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.
Brightstar Resources Limited (ASX: BTR) – Reinstatement to Quotation
Description
The suspension of trading in the securities of Brightstar Resources Limited (‘BTR’) will be lifted immediately, following the release by BTR of an announcement in relation to exploration results and BTR’s response to an ASX Price Query.
ASX Compliance
Click here for the full ASX Release
This article includes content from Brightstar 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.
Menzies’ Lady Shenton System Continues to Impress with RC Drilling Results to 80.4 g/t Au
Brightstar Resources Limited (ASX: BTR) (Brightstar) is pleased to announce the final assay results from the Reverse Circulation (RC) drilling program at the Menzies Gold project (Menzies), part of the large RC and diamond drilling (DD) program across the broader 2Moz Au Brightstar portfolio. The infill program targeted gold mineralisation within delineated pit shells and underground designs outlined within Brightstar’s Scoping Studies3,4 along with extensional drilling across the portfolio to grow the current JORC Mineral Resource Estimates within Brightstar’s Goldfields assets.
HIGHLIGHTS
- The final assays have been received for infill RC drilling conducted at the Pericles deposit, within the larger 287koz Au Lady Shenton System at the Menzies Gold Project
- Drilling results included wide and high-grade intercepts (>10 gram-metres) including:
- LSRC24014
- 4m at 22.4 g/t Au from 74m, including 1m at 80.4 g/t Au from 75m, and
- 6m at 2.30 g/t Au from 92m
- LSRC24042
- 4m at 14.9 g/t Au from 0m, and
- 12m at 1.87 g/t Au from 129m
- LSRC24039
- 10m at 7.1g/t Au from 129m, including 1m at 55.4g/t from 132m
- LSRC24032A
- 12m at 3.87g/t Au from 123m, and
- 1m at 15.5g/t Au from 110m
- LSRC24029
- 4m at 6.77g/t Au from 131m, including 1m at 19.1g/t Au from 133m
- LSRC24028
- 7m at 3.82g/t Au from 121m
- LSRC24025
- 6m at 3.51g/t Au from 108m
- LSRC24013
- 7m at 2.89g/t Au from 58m, including 1m at 13.4g/t from 64m
- LSRC24011
- 7m at 2.81g/t Au from 81m, including 1m at 14.0g/t Au from 87m
- LSRC24022
- 2m at 9.13g/t Au from 81m, and
- 2m at 5.23g/t from 60m
- LSRC24026
- 2m at 8.0g/t Au from 132m, and
- 8m at 1.78g/t Au from 119m, and
- 7m at 1.57g/t Au from 138m
- LSRC24012
- 3m at 4.66g/t Au from 41m
- LSRC24023
- 1m at 12.34g/t Au from 81m, and
- 9m at 1.28g/t from 152m
- LSRC24014
- This program completes the drilling component of the previously announced Definitive Feasibility Study1 and +30,000m drilling program2, with material presently being assessed at metallurgical laboratories in parallel with Mineral Resource Estimate updates, geotechnical studies and planned mining optimisation workflows planned for delivery in H1 2025
Brightstar’s Managing Director, Alex Rovira, commented“The high grade and wide intercepts received from this drilling campaign builds on our existing knowledge of the Lady Shenton System, with these results showing consistent mineralisation within and immediately below the A$2,750/oz pit shell generated during our Scoping Study. At the time, this gold price was considered conservative and even more so given that the current spot gold price is over A$4,100/oz.
We intend to immediately commence a Mineral Resource Estimate update for this deposit, with the view to building high levels of confidence in our DFS mine design in parallel with other workstreams currently underway. We are also progressing approvals for Menzies, with proactive environmental planning and community engagement ongoing to facilitate mining operations targeted to commence in 2025.
With these Menzies RC assays now received, we look forward to receiving the outstanding Fish and Lord Byron diamond hole assays from the Jasper Hills Project over the coming weeks, along with re-commencing RC drilling at our newly acquired Montague East Gold Project located north of Sandstone in the Murchison region”.
Figure 1 – Lady Shenton location within broader Menzies Gold Project
TECHNICAL DISCUSSION
A grand total of 58 holes have been drilled in two campaigns at the Pericles deposit during 2024, with results from 26 drill holes released previously on 8th July 2024 including intercepts such as 5m at 15.62g/t Au from 104m (LSRC24049) and 2m at 22.32g/t Au from 95m (LSRC24051). All assays from the second campaign have now been received and assessed, with information presented in Tables 2 & 3 and Figures 2 & 3 of this release.
As part of the September 2023 Scoping Study for the Menzies and Laverton Gold Projects, Brightstar commissioned independent mining engineering consultants to complete open pit optimisations at a conservative gold price of A$2,750/oz Au for a “base case” scenario analysis as shown in Figure 3. At the time of reporting, the gold price assumption used in the Scoping Study is significantly under the spot gold price of +A$4,100/oz.
Figure 2 - Lady Shenton System drilling program (Pericles Deposit) Cross section A-A’ is displayed in Figure 3
The overall program, which was completed in two campaigns to allow for an opportunity to fast-track drilling at the Jasper Hills Gold Project, was designed to confirm mineralised lode positions within the $2,750/oz pit shell with the intent of infilling key areas to increase mineral resource estimate confidence to support the potential declaration of Ore Reserves as part of the DSF.
Click here for the full ASX Release
This article includes content from Brightstar 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.
New Exceptionally High-Grade Gold Intersections from Infill Drilling at Crown Prince
Ora Gold Limited (ASX: OAU, “Ora” or the “Company”) is pleased to report assay results from infill RC drilling at the Crown Prince Project (M51/886) part of Ora’s broader Garden Gully tenure (Figure 1).
Highlights
- Ora has received assays for a 7,500m, 66-hole infill RC drilling program at Crown Prince. This drilling was undertaken to better define mineralised lodes within the south eastern zone (SEZ) deposit to upgrade resource categories within a future conceptual open pit area.
- This drilling has returned some exceptional grades and intercepts including:
- 20m at 277g/t Au from 40m including 4m at 1,368g/t Au from 52m (OGGRC859)
- 15m at 14.7g/t Au from 152m (OGGRC872)
- 9m at 21.44g/t Au from 28m including 2m at 77.8g/t Au from 31m (OGGRC883)
- 7m at 11.74g/t Au from 132m (OGGRC874)
- 11m at 6.72g/t Au from 4m (OGGRC886)
- 12m at 6.05g/t Au from 76m including 4m at 10.2g/t Au from 80m (OGGRC895)
- 9m at 6.27g/ t Au from 66m including 1m at 18.6g/t Au from 66m (OGGRC888)
- 7m at 6.87g/ t Au from 133m (OGGRC864)
- New very high-grade zones have been encountered in the footwall of SEZ lodes which will likely improve grade and tonnage estimates in this area.
- This infill drilling has generally confirmed gold mineralisation modelling and has upgraded the quality in many areas.
Ora is continuing to progress Crown Prince towards development, targeting production commencement mid calendar year 2025. Among the several workstreams underway, including regulatory approvals, the Company has completed infill drilling ahead of releasing an ore reserve.
The program was designed to target zones of mineralisation within a conceptual pit design at Crown Prince that are currently in the inferred category of mineral resource (refer ASX release 20 February 2024). This drilling successfully confirmed mineralised zones and improved gold grades in some key areas.
Other improvements from this infill drilling include delineation of new near surface high grade zones and parallel lodes in new positions in the footwall and hanging wall of the south eastern zone (SEZ) mineralisation.
These zones are within the conceptual open pit for the Crown Prince deposit and are expected to add to the mineral resource and future mining inventory. Importantly, the grades returned in this infill drilling support existing published grades and may provide a foundation for an uplift in the average grade overall for the resource.
Assay results discussed in this announcement are shown in Appendix 1 & Figures 2-5. RC hole details are included in Table 1.
Alex Passmore Ora Gold’s CEO commented:
“We are very pleased to report these exceptionally high-grade results returned from recent infill drilling. The infill drilling was carried out successfully and has confirmed or improved the mineralisation model we have for Crown Prince.
Such high-grade headline results demonstrate the high quality nature of the Crown Prince Project and point to its likely strong economics during development and production.
We look forward to providing further information on the updated resource estimate in coming weeks and then to follow up with an ore reserve as work progresses.”
Figure 1. Ora Gold Regional Tenements - Crown Prince located 21km north of Meekatharra
Figure 2. Significant gold intercepts from recent infill RC holes at Crown Prince
Figure 3. Cross Section A-A’ at the western end of SEZ Mineralisation
Cross Section A-A’
Infill drilling at SEZ has confirmed new FW and HW lodes outside the current mineralisation wireframes, with outstanding high-grade intercepts Including: 20m @ 277.36g/t Au from 40m (incl: 4m @1368.11 g/t Au from 52m) in OGGRC859 and 35m @ 2.96 g/t Au from 173m In OGGRC873.
Extensions to the current mineralisation model along section A-A have been confirmed by intercepts in OGGRC862, 875 and 872 which include 7m @ 6.87 g/t Au from 133m in OGGRC864 and 15m @ 14.7 g/t Au from 152m (incl: 1m @ 177 Au from 153m).
New high-grade intercepts in OGGRC859, along with previous intercepts in OGGRC477 have highlighted additional mineralised zones close to surface in the footwall, which fall outside existing mineralisation wireframes.
OGGRC873 has strengthened the current interpretation that the high-grade shoots at the southwestern end remain wide and continuous at depth.
The SEZ host geology consists of a series of coarse-grained amphibole dolerites and minor high Mg basalts which grade into an intensely sheared unit proximal to mineralisation. Gold is associated with classic, extensional mesothermal style quartz lodes with characteristic Fe carbonate +/- fuchsite alteration, with high grade zones occurring with sulphide laminations and microstructures that crosscut the early-stage white buck veins.
Recent infill drilling has confirmed that the mineralisation system remains high grade down dip, highlighting potential for future underground mining.
Click here for the full ASX Release
This article includes content from Ora Gold, 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.
Maiden Ore Reserve – Wonawinta Silver Mine
Manuka Resources Limited (“Manuka” or the “Company”) is pleased to announce a Maiden Ore Reserve (under its ownership) of the Wonawinta Silver Mine (“Wonawinta” or the “Project”), located 80km due south of Cobar in New South Wales (Figure 1). The Ore Reserve and associated Implementation Plan provides the Company with a clear production pipeline and pathway toward a dual precious metals revenue stream from two operating assets in the Cobar basin, namely Mt Boppy Gold Mine and Wonawinta.
Highlights
- The Wonawinta Silver Mine and Processing plant is a highly strategic asset located within the prolific Cobar Basin, NSW, and owned 100% by Manuka Resources Limited.
- Wonawinta is the only primary silver Reserve in Australia with all mining approvals current and intact, and process plant fully constructed - Wonawinta was producing silver for Manuka as recently as late 2022.
- Ore Reserve of 4.8Mt1 at 53.8g/t Ag containing 8.4Moz of silver comprising:
- Proved Ore Reserves of 0.8Mt at 50.8g/t Ag; and
- Probable Ore Reserves of 4.1Mt at 54.3g/t Ag.
- Ore Reserve is based solely on shallow (<40m deep) oxide material.
- Total Wonawinta Resource comprises 38.3Mt at 41.3g/t Ag for 51Moz of silver (ASX release 1 April 2021).
- The Ore Reserve and associated Implementation Plan will be used to assess the potential to take Wonawinta out of active care & maintenance and recommence silver production.
- Manuka is currently focused on the restart of a high-margin operation at its 100% owned Mt Boppy Gold Project located 50km east of Cobar and progressing approvals for its world-class vanadium rich irons sand project located in the Southern Taranaki Bight, New Zealand.
Manuka’s Executive Chairman, Dennis Karp, commented:
“Manuka’s Maiden Silver Ore Reserve and the preparation of an Implementation Plan for Wonawinta represents a major milestone for the Company and supports a potential of restarting silver mining and processing operations in the future. Our process plant at Wonawinta has been kept in excellent condition and on active care & maintenance since the processing of gold from stockpiles hauled from Mt Boppy, ceased in February 2024 and therefore stands ready to come back online at short notice.
The prospect of restarting Wonawinta provides the Company with excellent optionality on silver and the potential to take advantage of the very buoyant precious metals prices and broader strategic opportunities within the Cobar Basin. We look forward to providing further updates to the market as our strategy progresses.
Summary
Wonawinta was built by Cobar Consolidated Resources (“CCR”) in 2011 and acquired by Manuka in 2016. The Project comprises a granted mining lease, existing open pits mines, an existing 1Mtpa CIL process plant and associated infrastructure including approved tailings dams and accommodation facilities (Figures 2 – 4). Whilst limited silver production was undertaken by Manuka in 2022, the Wonawinta plant has primarily, and as recently as December 2023, been used by Manuka to produce gold doré from ore hauled from the Mt Boppy gold mine.
Figure 1: Location of Manuka’s Wonawinta and Mt Boppy Projects within the Cobar basin.
Figure 2: Overview of the Wonawinta Mine Site.
Figure 3: Existing Manuka Open Pit
Figure 4: The existing Wonawinta CIL Processing Plant
The current Implementation Plan proposes the mining and processing of 4.8Mt of Ore at a grade of 54g/t Ag over 4.5 years for the recovery of 5.8Moz of silver. Capital Costs for taking the mine out of care & maintenance and recommence production are estimated to be A$3.7M plus A$12.4M in pre-strip mining. Based on the current silver forward curve and an All-In Sustaining Cost of A$40.51/oz, the mine plan would deliver operating cash flows of ~A$100M based on the Ore Reserve alone.
As the price and demand outlook for silver continues to develop, Manuka will continue to refine its economic model for the Project and look to further optimise the mining schedule and reduce pre-production mining costs ahead of a decision to commence the restart of operations.
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This article includes content from Manuka Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Newmont Suriname Awarded U.S. Secretary of State's Award for Corporate Excellence
Newmont Corporation (NYSE: NEM, TSX: NGT, ASX: NEM, PNGX: NEM) today announces its operations in Suriname has been awarded with the United States of America Secretary of State's Award for Corporate Excellence in the Climate Resilience category. This recognition, highlights Newmont's pivotal role in advancing Suriname's economic development and the company's commitment to sustainability and corporate responsibility.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241028794086/en/
"Newmont is honored to receive this prestigious award. It is a testament to our commitment to creating value and improving lives through responsible and sustainable mining," said Tom Palmer, CEO and President of Newmont. "Since we began operations in Suriname, we recognized the critical needs of local communities, especially with regard to infrastructure and economic opportunities that have been impacted by climate change.
"Over the years, we have built programs in collaboration with our community partners to support existing businesses and to generate new opportunities that benefit from Newmont's value chain. This includes working closely with Artisanal Small-Scale Miners on their land reclamation efforts and offering capacity-building programs and financial assistance to develop a new pipeline of small business opportunities.
"As a 103-year-old US-based company, we are proud to demonstrate our commitment to the highest ethical and environmental standards, and to the long-term advancement of Suriname and its people," he added.
Newmont is deeply committed to supporting and advancing Suriname's green development goals. We will continue to enhance our impact in this area by working closely with our stakeholders. Over the years, our unwavering dedication to this purpose has consistently driven socio-economic development in the communities we serve.
Newmont fosters economic growth by empowering local communities through talent development, local procurement, and capacity-building initiatives. In collaboration with our community partners, Newmont has created programs to support local businesses and generate new opportunities from our value chain. This includes working closely with Artisanal Small-Scale Miners on land reclamation efforts and providing capacity-building programs and financial assistance to develop new opportunities for small local businesses.
Established in 1999, the United States of America Secretary of State's Award for Corporate Excellence recognizes the crucial role U.S. companies play in elevating higher standards of business conduct. More information can be found here .
About Newmont
Newmont is the world's leading gold company and producer of copper, zinc, lead, and silver. The company's world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in Africa, Australia, Latin America & Caribbean, North America, and Papua New Guinea. Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social, and governance practices. Newmont is an industry leader in value creation, supported by robust safety standards, superior execution, and technical expertise. Founded in 1921, the company has been publicly traded since 1925.
At Newmont, our purpose is to create value and improve lives through sustainable and responsible mining. To learn more about Newmont's sustainability strategy and initiatives, go to www.newmont.com .
View source version on businesswire.com: https://www.businesswire.com/news/home/20241028794086/en/
Media Contact:
Jennifer Pakradooni
globalcommunications@newmont.com
Investor Contact:
Neil Backhouse
investor.relations@newmont.com
News Provided by Business Wire via QuoteMedia
Investor Guide to Australia’s Gold Resources
Australia's gold mining industry has long been a cornerstone of the nation's economic prosperity, offering investors a wealth of opportunities in one of the world's premier gold-producing countries. This guide delves into the rich history, geological characteristics, major players and current exploration activities shaping Australia's gold sector.
Australia's gold-mining history and resources
The Australian gold rush began in 1851 with the discovery of gold near Bathurst in New South Wales, marking the beginning of a transformative era. This pivotal moment not only sparked a wave of migration but also laid the foundation for Australia's modern mining industry. The gold rushes of the 1850s in Victoria, particularly in Ballarat and Bendigo, further cemented Australia's reputation as a gold-mining powerhouse.
As the 19th century progressed, gold discoveries expanded beyond New South Wales and Victoria, reaching Queensland and Western Australia. The 1890s saw another significant boom with the Kalgoorlie gold rush in Western Australia, introducing innovations like deep shaft mining and large-scale operations that continue to influence modern mining practices.
Today, Australia is one of the world's top gold producers, with its resources primarily concentrated in Western Australia, accounting for approximately 70 percent of the country's total gold production. The industry has demonstrated remarkable resilience, adapting to global challenges and technological advancements to maintain its competitive edge.
Characteristics of gold deposits in Australia
Australian gold deposits are diverse, reflecting the country's complex geological history. The primary types include:
- Lode gold deposits: These economically significant deposits are often found in metamorphosed volcanic and sedimentary rocks. Formed through hydrothermal processes, they include notable examples like the St. Ives and Agnew camps.
- Copper-gold deposits: This category encompasses iron oxide-copper-gold and porphyry deposits. Porphyry deposits, in particular, are known for their large scale and low-grade characteristics, often yielding substantial gold and copper concentrations.
- Orogenic gold deposits: Formed during mountain-building events, these deposits are prized for their high gold grades and nuggety nature. They're common across various Australian regions and closely tied to geological processes like faulting and folding in crystalline basement rocks.
- Epithermal gold deposits: While typically featuring lower gold grades, these deposits can still be economically viable due to their often high concentration of precious metals.
- Paleoplacer and placer deposits: These deposits, formed from ancient river systems or glacial deposits, have played a significant role in Australia's gold mining history, particularly in alluvial mining operations.
The diversity of these deposit types not only contributes to Australia's status as a top gold producer but also presents varied investment opportunities across different mining techniques and scales of operation.
Gold producers and explorers
Australia's gold production is concentrated in three primary regions:
Western Australia
Western Australia dominates the country's gold sector, accounting for about 70 percent of national production.
Key operations include: Kalgoorlie Consolidated Gold Mines’ Super Pitmine in Kalgoorlie is one of Australia's largest open-pit gold mines, known for its nugget gold production.
Newmont’s (TSX,NGT,NYSE:NEM) Boddington gold mine, is also a major open-pit operation producing both placer and deep rock gold, ranking among Australia's largest in terms of production volume.
One operation worth mentioning is Horizon Minerals (ASX:HRZ), an emerging mid-tier gold producer with an extensive portfolio of highly promising gold projects in the world-class Western Australian goldfields. Horizon’s recent merger with Greenstone Resources enhanced its portfolio with two complementary cornerstone gold assets — Burbanks and Boorara — giving Horizon an updated mineral resource of 1.8 Moz gold.
Victoria
Victoria, with its rich gold mining heritage, continues to be a significant producer, known for high-grade deposits. A standout operation is the Fosterville mine operated by Agnico Eagle (TSX:AEM,NYSE:AEM). Renowned for its high-grade underground gold deposit, Fosterville has attracted substantial investment due to its exceptional ore quality.
New South Wales
Contributing about 12 percent of national production, New South Wales remains a crucial player in the Australian gold landscape. Newcrest Mining operates the Cadia Valley mine, a major underground operation producing both gold and copper, exemplifying the diverse mineral wealth of the region.
The Australian gold sector continues to evolve, with ongoing exploration efforts promising new discoveries and opportunities for investors. These exploration activities underscore the vibrant landscape for investment in Australian gold mining, characterized by potential new discoveries and expanding production capabilities.
Investor takeaway
As global demand for gold continues to fluctuate, Australia's gold mining sector remains a beacon for investors seeking stability and growth potential in their portfolios.
With its rich history, diverse deposit types and ongoing exploration activities, the Australian gold industry offers a golden opportunity for those looking to invest in a sector backed by centuries of expertise and innovation.
This INNSpired article is sponsored by Horizon Minerals (ASX:HRZ). This INNSpired article provides information which was sourced by the Investing News Network (INN) and approved by Horizon Mineralsin order to help investors learn more about the company. Horizon Mineralsis a client of INN. The company’s campaign fees pay for INN to create and update this INNSpired article.
This INNSpired article was written according to INN editorial standards to educate investors.
INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.
The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with Horizon Mineralsand seek advice from a qualified investment advisor.
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