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Jeffreys Find Gold Mine - Stage One Reconciliation Total Surplus Cash to Auric $4.77 Million9,741 Ounces Produced
Auric Mining Limited (ASX: AWJ) (Auric or the Company) is pleased to announce a final reconciliation from Stage One mining of the Jeffreys Find Gold Mine (the Project) near Norseman, WA.
HIGHLIGHTS:
- Gross revenue of $29.28 million.
- Total cash proceeds to Auric $4,766,039(ex GST).
- 9,741 ounces of gold produced.
- Gold sale price averaged $3,006 per ounce.
- Company is self-funding for 2024.
Management Comment
Managing Director, Mark English, said “What a fantastic result! To produce 9,741 ounces of gold in stage one of mining and Auric receiving $4.7 million, being its share of total surplus cash distributions, is a terrific achievement.
Stage One of mining has taken six months - not long to generate almost $30 million in gross revenue and $9.5 million in total surplus cash to be split by the partners.
The second campaign returned a head grade of 1.93 grams per tonne, way ahead of the first campaign which produced at 1.58 g/t. Better still was an average gold price of $3,021/ounce for the second parcel which yielded more than 8,000 ounces.
Perth Mint sold gold at $3,131/ounce, the highest price for gold bullion received in Australian dollars at the time. The timing was excellent.
We are extremely happy with the capability of BML. They are an excellent small miner and partner. Planning is well underway for 2024. BML are working on the parameters for a final pit. Considering the Stage One pit was premised on a gold price of $2,600/ounce, we may see a more expansive approach to mining in 2024.
Auric has achieved what very few other junior miners have ever done – gone from tenement acquisition to IPO listing, production, then cash in the bank in just three years. We are now self-funding, which cannot be over emphasised in this tight financial market.”
Click here for the full ASX Release
This article includes content from Auric Mining, 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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Auric Mining
Overview
Auric Mining Limited (ASX:AWJ) is a gold exploration and mining company based in Western Australia. In three-and-a-half years since its ASX listing, Auric has become a gold producer in this premier jurisdiction.
Since incorporation, it has moved from zero to 250,000 ounces of gold resources and zero to 282 square kilometers of tenements. Auric Mining is in the company of some of the biggest gold projects in the Goldfields, including the St Ives Gold Mine, Karora Resources’ Higginsville Operations & Beta Hunt Mine, all multi-million-ounce mines.
Besides gold, there are numerous precious metals being mined in the area with world-class deposits of nickel, lithium and rare earths. Auric is gold-focused and has the potential to become a significant producer in the region.
First blasting at Jeffreys Find took place in May 2023. Over the ensuing six months, 9,741 ounces of gold were produced.
Partnering with Auric in its Jeffreys Find Project is BML Ventures of Kalgoorlie (BML), a well-known and adept Kalgoorlie contractor. BML is a specialist mining contractor. It has particular expertise in shallow, open-pit mining with short duration projects in The Goldfields.
The Jeffreys Find Project commenced in May 2023 and is due for completion in the first quarter of 2025. The joint venture is partially exploiting 47,000 ounces of gold resources.
Gold ore on the ROM Pad at Jeffreys Find, Norseman. Ore was hauled to Coolgardie for milling in 2023.
Stage One is now complete with Stage Two mining to start in March 2024.
Success for Auric at Jeffreys Find means the company is self-funding for 2024 and able to sustain its exploration and development activity without need for additional capital raising. Auric now has a road map for five years of continuous mining and profits.
Grade control drilling at Munda was completed in January 2024
Auric’s primary focus continues to be on the company’s flagship asset - The Munda Gold Project.
To date almost 200,000 ounces of gold resources have been identified at Munda, the asset being part of the wider Widgiemooltha Gold Project, encompassing 22 tenements.
Munda is one of the largest deposits in the Widgiemooltha area having the potential to become a significant gold project.
In mid-year 2023 the Company released to the ASX a third-party scoping study on the economics and potential of open-pit mining at Munda.
The scoping study estimates the mining of up to 120,000 ounces of gold over a three-year mine life. It is envisaged gold ore would be toll-processed at a nearby Coolgardie Mill. The study projects free cash profits of between $50 million and $100 million, based on various gold prices.
Production from Munda could commence in the fourth quarter of 2024.
Auric is also planning to progress its Spargoville Project, where it has tenements ideally positioned along strike from the Wattle Dam gold mine, a prolific mine which produced 268,000 ounces of gold at 10 g/t, between 2006 and 2013.
An experienced and savvy management team leads Auric Mining towards its vision of becoming a significant gold producer in Western Australia. With the three directors owning approximately 17 percent of the company, they are focused and motivated for success.
Auric Mining’s board of directors: Mark English, Managing Director; Steve Morris, Chair; and John Utley, Technical Director
Steve Morris, non-executive chairman, has more than 25 years of experience in financial and natural resources markets.
Mark English, managing director, has a 40-year career as a chartered accountant and is at ease with all facets of running a public company on the ASX including major equity and debt raisings.
John Utley, technical director, has 35 years of experience in gold exploration and development.
This range of expertise offers a high level of confidence that the company will achieve its goals.
Company Highlights
- Auric Mining is a publicly listed company with a market cap of around $13m.
- Its flagship asset is the 200,000-ounce Munda Gold Project at Widgiemooltha, just 100 kms from Kalgoorlie. It has an aim to begin production in 2024 before more intensive mining from 2025 onwards.
- During 2023 the focus was on mining at its Jeffreys Find Gold Mine, near Norseman. Stage One mining between May and November 2023 produced 9,741 ounces of gold, creating almost $30 million in gross revenue.
- A final reconciliation saw surplus cash of $9.5 million generated. Auric banked $4.78 million, being 50% of the surplus cash as agreed with its JV partner, BML Ventures of Kalgoorlie.
- Mining at Jeffreys Find will recommence in March 2024 with expectations of expanded mining activity and significantly greater tonnage to be processed compared to 2023.
- As an explorer, Auric has accumulated 282 square kilometers of tenure as it looks to find and mine a million ounces of gold between Kalgoorlie and Norseman.
- The area hosts some of the richest mineral deposits and mines in the world. In addition to gold, Auric also has opportunities for discovery of lithium, rare earths and nickel.
- Auric has three main projects: The Munda Gold Project which is part of the Widgiemooltha Gold Project; Jeffreys Find Gold Mine; The Spargoville Project.
- The company has a board and leadership team with a track record of delivering success for shareholders, particularly in discovering and bringing to production gold projects.
Auric’s tenements are between Norseman and Kambalda in Western Australia.
Key Projects
Widgiemooltha Gold Project & Munda Gold Project
Progression to open-pit mining is gathering momentum with a plan to commence gold production via a starter pit in the last quarter of 2024 at the Munda Gold Project.
The Widgiemooltha Gold Project combines 22 tenements of highly prospective gold country near Widgiemooltha and includes the Munda Gold Project. Since acquiring the Munda tenements, drilling results confirm indicated and inferred gold resources of almost 200,000 ounces (4.48 mt @ 1.38 g/t with 0.5 g cut off).
The Widgiemooltha tenements have substantial coverage at the north end of the Widgiemooltha Dome.
Even with the extensive mining history in the area, considerable exploration prospectivity remains. Several significant gold projects discovered or developed in the past ten years, including:
Auric Mining is now fast-tracking development at Munda. With a number of gold processing mills in the vicinity, the move to production is now gathering momentum.
In mid-2023 a Scoping Study on Munda produced a positive result. The study proposed a shallow open gold mine. At gold prices from $2,400/oz to $2,800/oz, the Production Target for the Project ranges from approximately:
- 1.67Mt at 2.2g/t producing 112.0koz gold, to
- 2.18Mt at 1.9g/t producing 129.1koz gold.
The Production Target generates an undiscounted accumulated cash surplus after payment of all working capital costs, but excluding pre-mining capital requirements, of between approximately $54.7m to $101.4m.
Mining is contemplated over an approximately 3-year period (13 calendar quarters).
Pre-mining capital and start-up costs are estimated to be approximately $0.8m to $1.7m.
Working capital requirements of approximately $3.9m to $8.1m were estimated based on a Stage 1 starter pit design.
Grade Control Program results at Munda.
To further advance the Project Auric completed a grade control drilling program at Munda in January 2024. In total 351 holes were sunk on a 10m x 10m grid over a potential starter pit.
Assay results include numerous significant intercepts at a 0.5g/t cut-off with high grade or broad intercepts such as:
Analysis of samples will be complete by the end of the first quarter 2024.
Further grade control drilling is envisaged as the company hones in on this high grade deposit.
A starter pit lasting about three months is envisaged in the last quarter of 2024. More intensive mining would follow in the period 2025-2027.
In all, Munda is projected to be a short-life project, able to produce exceptional cash profits with a gold price continuing at above $3000 an ounce.
Jeffreys Find Gold Mine
Fresh from mining almost 10,000 ounces of gold in 2023, Jeffreys Find’s Stage Two is certain to be significantly greater in scope.
The Jeffreys Find Gold Mine is located approximately 45 kilometers northeast of the town of Norseman and 12 kilometers off the main Eyre Highway via a haul road.
Jeffreys Find is a short-life mine with a total gold-resources estimate of nearly 50,000 ounces.
Magnetic image of the gold resource at Jeffreys Find
The company has performed remarkably well with this mine, having acquired the tenements just 3.5 years ago.
Stage One mining took place over six months, from May to November 2023 with about 175,000 tonnes of gold ore hauled to the Greenfelds Mill at Coolgardie where it was processed. Final refining and sale of gold bullion produced took place at the Perth Mint.
Stage One – Production & Revenue Statistics
The project is a joint venture undertaking between Auric and well-known Kalgoorlie contractor BML Ventures Pty Ltd (BML).
Auric’s risk is mitigated by BML who assume all operating costs including mining and haulage. Gold processing costs are recovered from the sale of gold bullion. After all costs have been deducted surplus cash is split equally between the partners.
For final mining in 2024 Auric has contributed $1 million in cash towards working capital which will be repaid towards the end of the final phase of mining.
The final pit shell at Jeffreys Find Gold Mine will be premised on a gold price of $2,900 an ounce, compared to the Stage One pit which was designed on the basis of gold at $2,600 an ounce. As a result the tonnage of ore being hauled to the mill will be substantially higher in 2024.
Equipment is being mobilised to the mine site in February and mining will recommence in March 2024. A continuing higher gold price has placed the joint venture in a solid position to throw off surplus cash well in excess of what was achieved in 2023.
Auric’s MD Mark English, Chairman Steve Morris and Technical Director John Utley at the Perth Mint with Auric gold bars from its Jeffreys Find Gold Mine.
Spargoville Project
Highly prospective tenements as company looks for gold on strike to Wattle Dam
Located approximately 35 kilometers southwest of the mining town Kambalda, the Spargoville Project is an underexplored asset with partially tested or entirely untested gold, nickel and lithium anomalies.
The asset sits north of the Wattle Dam gold mine. The Wattle Dam gold mine produced 268,000 oz of gold at an average grade of 10 g/t between 2006 and 2013.
While only partially drilled, initial exploration results from the Fugitive Prospect include an intercept at 14 meters with a grade of 2.51 g/t gold, indicating the asset’s promising potential.
Auric’s tenements at The Spargoville Project.
Management Team
Auric Mining’s Management and Board of Directors have a wealth of experience in gold discovery, in mine operations and across the full spectrum of finance and administration. That experience stretches to all parts of the globe.
Board of Directors
Steven Morris – Non-executive Chairman
Steve Morris is a well-known financial markets executive with more than two decades experience at a senior level. He garnered industry respect as head of private clients for Patersons Securities, now Canaccord Genuity, and has also been managing director of Intersuisse. Mr. Morris has served as a senior executive of the Little Group. From 2014 to 2019, Morris was a non-executive director of De Grey Mining (ASX:DEG), a gold company now with a $2.4 billion market capitalization. Mr. Morris is well connected in finance circles and was a board member of The Melbourne Football Club for nine years including three years as the vice chairman.
Mark English – Managing Director
Mark English is a Chartered Accountant with more than 40 years’ experience in business. English was the founding director of Bullion Minerals Ltd, now DevEX Resources (ASX:DEV) a company he managed for seven years before taking it to an IPO. Mr. English has considerable experience with major equity and debt raisings. He currently sits on the Board of WA integrated agricultural company Moora Citrus Group, one of the nation’s largest citrus producers and processors.
John Utley – Technical Director
John Utley has a 35-year career in mining and exploration with a dominant focus on gold assets. He holds a master’s degree in Earth sciences from the University of Waikato in New Zealand. Mr Utley has worked in Australia, South America, Papua New Guinea and most recently in Canada where he was the Chief Geologist for Atlantic Gold Corporation, a company now owned by St Barbara (ASX:SBM). He spearheaded exploration and development of the Touquoy Gold Mine in Nova Scotia, Canada, prior to being acquired by St Barbara. Mr Utley previously worked with Plutonic Resources (ASX:PLU) and was head of the exploration team at the Darlot Gold Mine during the discovery and development of the 2.3-million-ounce Centenary gold deposit.
Substantial Low-Cost Financial Support for Battery Grade Manganese Sulphate Plant
Firebird Metals Limited (ASX: FRB, “Firebird” or “the Company”) is pleased to announce an update on the financing of its Stage 1 Battery Grade Manganese Sulphate Plant in China, which will utilise third party manganese ore to produce high-purity manganese sulphate.
HIGHLIGHTS
- Strong progress and ongoing support received from the Jinshi Government, China Construction Bank (Jinshi division) and leading chemical engineering contractor, China National Chemistry Southern Construction and Investment Co Ltd (“China Chemical”), for the development and construction of the Company’s Battery-Grade Manganese Sulphate Plant (“Plant”), to be located in the Jinshi High-Tech Industrial Park, Hunan Province
- Combined indicative and non-binding agreements (all at advanced stages) up to US$56M account for approximately 60% of the estimated financing requirements for Firebird to construct and commission its Plant:
- Non-binding indicative offer from China Construction Bank (Jinshi Division) to provide to a maximum of 50% of estimated plant CAPEX requirements of US$83.5 million (subject to conditions precedents), at very attractive terms, plus 70% of required estimated working capital of US$10.6 million;
- Non-binding agreement with China Chemical to provide up to 20% of construction and installation costs (approximately US$35 million) on a deferred payment basis, interest-free and repayable 12 months after the commencement of commercial production; and
- Binding Agreement with Jinshi local Government to receive a 62.5% rebate (totalling ~US$4.2 million) on the ~US$6.8 million land purchase. Rebate has been accounted within total CAPEX requirements
- Feasibility Study1 outlined a very low CAPEX of US$83.5 million and highly competitive OPEX of approximately US$609/metric tonne (mt) for battery grade manganese sulphate, underpinned by major competitive advantage of strategic location within the Chinese industrial ecosystem, which provides major cost-saving and operational synergies
- Firebird on track to make a Final Investment Decision in H2 2024, with a 12–15 month construction timeline, ahead of first production
- Once in production, Firebird is well placed to become one of the lowest cost manganese sulphate producers, at a time when the Lithium Manganese Iron Phosphate (“LMFP”) battery market is forecast to experience significant growth in coming years
- True underlying value and importance of Flagship Oakover Project (Western Australia), as a key future operation is clearly demonstrated by recent significant manganese supply disruptions. Oakover continues to be an integral part of Firebird’s long-term manganese battery materials strategy
Cautionary Statement
The Feasibility Study referred to in this announcement is a Technical Feasibility of the establishment of the Battery Grade Manganese Sulphate Project Stage 1 Processing Plant in China (the Plant). Please refer to ASX announcement dated 7/5/24 for full Feasibility Study details.
The Feasibility Study is based on the material assumptions contained in the Feasibility Study document which accompanied the announcement. This announcement and the Feasibility Study include assumptions about the availability of funding. While the Company considers all the material assumptions to be based on reasonable grounds, there is no certainty that they will prove to be correct or that the range of outcomes indicated will be achieved.
Notwithstanding the developments set out in this announcement, investors should note that there is no certainty that the Company will be able to raise the amount of funding to develop the Plant when needed. It is also possible that such funding may only be available on terms that may be dilutive to or otherwise affect the value of Company’s existing shares.
It is also possible that the Company could pursue other ‘value realisation’ strategies such as a sale, partial sale or joint venture of the Plant. If it does, this could materially reduce the Company’s proportionate ownership of the Plant. Given the uncertainties involved, investors should not make any investment decisions based solely on the results of the Feasibility Study.
Firebird Managing Director Mr Peter Allen commented: “We are extremely proud to announce these critical financing and construction agreements with the Jinshi Government, China Construction Bank (Jinshi division) and leading chemical engineering contractor China Chemical. Since announcing our plans to establish operations in China to produce high-purity manganese sulphate, we have been overwhelmed by the ongoing support and engagement from key stakeholders in China, led by the Jinshi Government, to ensure the Company has the resources required to deliver on our LMFP battery strategy. This strong in-country support has been a key contributor to the rapid growth we have delivered on the ground in China.
“I believe that Firebird is in a unique and extremely competitive position, as highlighted by our Feasibility Study, which showed a very low-capex pathway to establish operations in China in the next 18 months. Importantly, the study highlighted the significant cost, development and operational advantages of building a plant in China and the exciting opportunity to transition Firebird into producer status. The Company is well positioned to deliver on its strategy to become one of the lowest cost high-purity manganese sulphate producers when compared to existing Chinese producers and western peers.
“With approximately 60% of our financing requirements now at an advanced stage, we are steadily gaining strong momentum towards securing the necessary funds to build our plant. The value proposition and expedited market entry potential we anticipate in China are truly remarkable. Our progress underscores our commitment to swift and effective execution of our unique growth strategy.
“We are now planning a second investor site visit for mid-to-late June, following the success and feedback from the first visit in April. We are looking forward to demonstrating our key in-country advantages, Chinese Government support, speed to market opportunity and Chinese industrial ecosystem within the Jinshi High-Tech Industrial Park.
“We will continue to deliver on a busy pipeline of news at a time when the supply and demand fundamentals for manganese have never been stronger, particularly following the suspension of operations at Groote Eylandt. Timing is always critical, and we will be turning our Plant on at a time when the LMFP battery market is forecast to experience substantial and rapid growth, with the potential to become a >US$20 billion market by 2030.”
Click here for the full ASX Release
This article includes content from Firebird Metals 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.
Melrose Leaching Test Work Generates up to 90% Scandium Recoveries
Rimfire Pacific Mining (ASX: RIM, “Rimfire” or “the Company”) is pleased to advise that 2 further leaching tests conducted on scandium - mineralised laterite material from the Melrose prospect have significantly improved the recovery of scandium into solution compared to previous leaching tests.
Highlights
- Two further sighter leach tests focused on maximising scandium recovery at atmospheric pressures from Melrose laterite-hosted mineralisation returns recoveries of 62.6% and 90.1% scandium respectively
- Latest results represent significant improvement on previous best scandium recovery of 40%
- Improvement in scandium recovery attributed to increased acidity (sulphuric acid) and addition of reagents (NaCl)
- Rimfire has engaged highly experienced hydrometallugist Mr Boyd Willis as Process Consultant to guide future metallurgical studies
- All activities fully funded by Rimfire’s exploration partner - GPR
Commenting on the announcement, Rimfire’s Managing Director Mr David Hutton said: “The results of the further sighter leach tests are highly encouraging and build on the previous test results.
Having demonstrated that we can recover up to 90.1% of the scandium into a “pregnant” solution by leaching Melrose mineralised material at atmospheric pressures, our attention is now turning to maximising the extraction of scandium from solution.
Rimfire is conducting a review of existing publicly available extraction technologies and has engaged highly experienced hydrometallugist Mr Boyd Willis as Process Consultant to guide this work.
Mr Willis’ engagement provides Rimfire with invaluable metallurgy capability to complement our highly experienced geological team. We feel that the latest metallurgical results together with recent drilling results from the Murga and Melrose Scandium Prospects, as well as the calibre of our technical team, reinforce Rimfire’s position as unique ASX exposure to scandium”.
Click here for the full ASX Release
This article includes content from Rimfire Pacific Mining Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Fiery Creek Copper Expansion Georgetown Amended with Link
Emu NL hereby submits an amended ASX Release made earlier this morning in its entirety which now includes the following link to be able to view a video from CEO Doug Grewar on this announcement.
https://investorhub.emunl.com.au/link/0PǪDOr
EMU NL (ASX: EMU) (“EMU” or “the Company”) is pleased to provide an exploration update on the Fiery Creek Copper prospect located within the Georgetown Project in North Queensland. The Company’s mobilised and highly experienced exploration team is undertaking extended geochemistry and geophysics programmes at Fiery Creek to further investigate and build upon this potentially significant copper porphyry discovery.
Highlights
- EMU’s exploration team identifies significant extensions to the high-grade copper veining at Fiery Creek prospect
- High grade surface copper veining extends 2.5km along strike within a major structural NNW setting interleaved with NNW striking mineralised shear zones between 60-120m wide located between non mineralised granodiorite
- Interpretation of aeromagnetic data suggests that this zone of structural geologic disruption with potential mineralisation and hydrothermal alteration extends approximately 6km to the SSW within the Yataga Igneous Complex
- The shear zones have been invaded by prevalent stockwork veining of quartz and copper oxides with substantial hydrothermal fluidisation observed in several impulse phases
- Growing evidence (mineralogy and geochemistry) strongly points to the mineralisation being developed directly above and in contact with the potassic copper shell of an interpreted porphyry copper system
- EMU’s field teams conducting soil, rock and termite sampling over the newly identified extension
- pXRF sampling programme to commence this week will provide immediate feedback on mineralisation
- LIDAR and photogrammetry drone survey underway to provide high resolution topographical and photographic definition of structural settings will also improve access route and drill planning
- A geophysics survey (including pole dipole, IP, resistivity and MT) scheduled and on target to commence August 2024
- EMU expediting accesses for a drill programme at Fiery Creek following interpretation and vectoring from geophysics results
EMU Non-Executive Chairman Peter Thomas commented,
“In field progress and updates are extremely pleasing and thus incredibly exciting. The identified extent of the high-grade copper system at Fiery Creek is growing. What was already thought to have the makings of a massive multimillion tonne copper porphyry system, just keeps getting bigger.All indications are consistent with the fact that the Fiery Creek Copper prospect lies at the magmatic – hydrothermal transition zone. Hence, the postulated subjacent porphyry copper shell, which is interpreted to be the source of high-grade copper mineralisation, appears to lie at a very modest depth below surface.Results from our geochemistry and geophysics surveys are directed at delivering optimised vectors for our maiden drilling programme.”
Fiery Creek Copper Prospect
The Fiery Creek Copper prospect is hosted within a major NNW striking shear zone developed in the core of the Yataga Igneous Complex. The complex is a medium grained, equigranular, ovoid, granodiorite body, which at 29km2 is the largest such igneous body known in the Georgetown Inlier.
Field work has highlighted that this major shear structural zone appears to extend over a geologic strike length of approximately 2.5km and up to 2.0km in width. This zone of mineralisation identifies as a substantial drill target with outcropping veining, copper enriched stockwork and dissemination. It is posited from aeromagnetic data the shear zone is likely to continue along strike for a further 3.5-4.0km. Initial copper mineralisation, within these shear zones, has been traced and identified from just 1.3m of exposed veining from EMU’s previous reconnaissance field trips1. Follow up geological reconnaissance, currently being conducted at Fiery Creek, has identified that the main zones of shearing and cataclastic brecciation of the host Yataga Igneous Complex has developed over coherent widths of between 60 to 120m. To date, four of these cataclastic shear zones have been identified with the potential for further extensions to be identified as the programme continues and the system is further investigated.
Click here for the full ASX Release
This article includes content from EMU 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.
Fiery Creek Copper Expansion Georgetown Project, QLD
EMU NL (ASX: EMU) (“EMU” or “the Company”) is pleased to provide an exploration update on the Fiery Creek Copper prospect located within the Georgetown Project in North Queensland. The Company’s mobilised and highly experienced exploration team is undertaking extended geochemistry and geophysics programmes at Fiery Creek to further investigate and build upon this potentially significant copper porphyry discovery.
Highlights
- EMU’s exploration team identifies significant extensions to the high-grade copper veining at Fiery Creek prospect
- High grade surface copper veining extends 2.5km along strike within a major structural NNW setting interleaved with NNW striking mineralised shear zones between 60-120m wide located between non mineralised granodiorite
- Interpretation of aeromagnetic data suggests that this zone of structural geologic disruption with potential mineralisation and hydrothermal alteration extends approximately 6km to the SSW within the Yataga Igneous Complex
- The shear zones have been invaded by prevalent stockwork veining of quartz and copper oxides with substantial hydrothermal fluidisation observed in several impulse phases
- Growing evidence (mineralogy and geochemistry) strongly points to the mineralisation being developed directly above and in contact with the potassic copper shell of an interpreted porphyry copper system
- EMU’s field teams conducting soil, rock and termite sampling over the newly identified extension
- pXRF sampling programme to commence this week will provide immediate feedback on mineralisation
- LIDAR and photogrammetry drone survey underway to provide high resolution topographical and photographic definition of structural settings will also improve access route and drill planning
- A geophysics survey (including pole dipole, IP, resistivity and MT) scheduled and on target to commence August 2024
- EMU expediting accesses for a drill programme at Fiery Creek following interpretation and vectoring from geophysics results
EMU Non-Executive Chairman Peter Thomas commented,
“In field progress and updates are extremely pleasing and thus incredibly exciting. The identified extent of the high-grade copper system at Fiery Creek is growing. What was already thought to have the makings of a massive multimillion tonne copper porphyry system, just keeps getting bigger.All indications are consistent with the fact that the Fiery Creek Copper prospect lies at the magmatic – hydrothermal transition zone. Hence, the postulated subjacent porphyry copper shell, which is interpreted to be the source of high-grade copper mineralisation, appears to lie at a very modest depth below surface.Results from our geochemistry and geophysics surveys are directed at delivering optimised vectors for our maiden drilling programme.”
Fiery Creek Copper Prospect
The Fiery Creek Copper prospect is hosted within a major NNW striking shear zone developed in the core of the Yataga Igneous Complex. The complex is a medium grained, equigranular, ovoid, granodiorite body, which at 29km2 is the largest such igneous body known in the Georgetown Inlier.
Field work has highlighted that this major shear structural zone appears to extend over a geologic strike length of approximately 2.5km and up to 2.0km in width. This zone of mineralisation identifies as a substantial drill target with outcropping veining, copper enriched stockwork and dissemination. It is posited from aeromagnetic data the shear zone is likely to continue along strike for a further 3.5-4.0km. Initial copper mineralisation, within these shear zones, has been traced and identified from just 1.3m of exposed veining from EMU’s previous reconnaissance field trips1. Follow up geological reconnaissance, currently being conducted at Fiery Creek, has identified that the main zones of shearing and cataclastic brecciation of the host Yataga Igneous Complex has developed over coherent widths of between 60 to 120m. To date, four of these cataclastic shear zones have been identified with the potential for further extensions to be identified as the programme continues and the system is further investigated.
Click here for the full ASX Release
This article includes content from EMU 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.
Firebird Metals Limited (ASX: FRB) – Trading Halt
Description
The securities of Firebird Metals Limited (‘FRB’) will be placed in trading halt at the request of FRB, 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 Wednesday, 15 May 2024 or when the announcement is released to the market.
Issued by
ASX Compliance
Click here for the full ASX Release
This article includes content from Firebird Metals 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.
Auric Mining Set to Double Gold Production at Jeffreys Find Amid High Gold Price, CEO Says
Auric Mining (ASX:AWJ) has commenced Phase 2 of gold production at Jeffreys Find, with nearly 20,000 tonnes of ore delivered to the Coolgardie mill. The company’s managing director, Mark English, said the company is poised make a “substantial amount of money” in 2024 as it intends to double its production amid high gold prices.
“We'll make sure to generate around $7 million worth of gross revenue out of this parcel. So throughout 2024, (with) 300,000 tonnes (of gold ore) going through that mill, we will certainly double our production on what we did compared to 2023 … This year, we'll do a minimum of 20,000 ounces (of gold),” said English.
“Even if we look at what we did in 2023, just a difference in the gold price, we would have netted an extra $9 (million) to $10 million in the joint venture. So you know, the price is king at the moment.”
Ore processing at the mill commenced on April 16 of this year, with the first parcel expected at 40,000 dry tonnes. Auric Mining expects to receive its first cashflow from Phase 2 in May.
Watch the full interview with Auric Mining Managing Director Mark English above.
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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 Auric Mining and seek advice from a qualified investment advisor.
This interview may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, receipt of property titles, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The issuer relies upon litigation protection for forward-looking statements. Investing in companies comes with uncertainties as market values can fluctuate.
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