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Large Zone of Highly Anomalous Rare Earths Identified at Duke Project
Heavy Rare Earths Limited (“HRE” or “the Company”) is pleased to report the results of soil and historic drill chip sampling at its 100 per cent-owned Duke project in the Northern Territory.
- Soil survey identifies 7 km2 zone of rare earth enrichment
- Major rare earth zone adjacent to historic drill intercepts in saprolite:
- 42 metres @ 770 ppm TREO from 8 metres
- including 6 metres @ 1481 ppm TREO from 12 metres
- 24 metres @ 805 ppm TREO from 4 metres
- including 6 metres @ 1281 ppm TREO from 12 metres
- 42 metres @ 770 ppm TREO from 8 metres
- Historic drilling has not tested the best rare earth soil anomalies
- Soil survey extends historic copper-bismuth-gold soil anomaly
Figure 1: Image of rare earths in clay fraction of soils. Assays of drill chips from historic drilling of saprolitic Warrego Granite also shown.
HRE Executive Director, Richard Brescianini, said, “Assay results presented today indicate significant potential for a large saprolite-hosted rare earth deposit at Duke similar to our Cowalinya deposit in Western Australia. Additionally, the high rare earth grades within fresh Warrego Granite may also represent a secondary target, analogous to newly-discovered mineralisation in the Sybella Batholith near Mount Isa in Queensland by Red Metal.”
Soil Survey
HRE undertook an extensive 400 m x 200 m soil survey at Duke during August 2023 covering prominent thorium (Th) and uranium (U) airborne radiometric anomalies from past explorers, and including the area of quartz veining and elevated rare earths (REE) in surface samples reported previously (refer to ASX announcement 3 August 2023). A total of 470 soil samples including duplicates and certified reference material (CRM) were submitted to LabWest Minerals Analysis (LabWest) in Perth for assay via the Ultrafine+™ method.
Total rare earth (TREE) assay data is presented as an image in Figure 1. They reveal two parallel rare earth anomalies (I & II) the largest of which, Anomaly I, extends for 3.5 km in a NW-SE direction. Anomaly I is contiguous with a zone of elevated REE in saprolite identified from a program of drilling in the 1970s (next section).
Smaller anomalies (III & IV) occur in the west and south of the survey area. Both anomalies remain open. Anomaly IV is closely associated with numerous quartz vein outcrops and a zone of hydrothermal alteration inferred from airborne magnetic data.
The new soil data also confirm and extend a copper-bismuth-gold (Cu-Bi-Au) soil anomaly identified by a previous explorer (Figure 2). This anomaly extends over at least 5 km of strike and remains open to the south. The highest values recorded were 196 ppm Cu, 56 ppm Bi and 3.9 ppb Au. Several historic holes were drilled 500-850 m south of HRE’s EL33194 which returned modest Cu intersections including 3 m at 0.13% Cu (SLP001) and 6 m at 0.22% Cu (SLP002) with anomalous Bi and Au.
Sampling of Historic Percussion Chips and Drill Core
Numerous open hole percussion holes were drilled in the 1970s in the northern part and north of HRE’s soil survey area. Their locations are shown in Figure 1. The target was uranium, and the holes are coincident with an airborne radiometric uranium anomaly. In September 2023, drill chips from four of these holes were sampled by HRE at the Northern Territory Geological Survey core storage facility in Darwin, as was drill core from historic diamond hole TCPD11. Initial on-site chemical analysis was conducted using a portable XRF (pXRF) device. Two of the four percussion holes returned thick intersections of anomalous rare earths in saprolitic Warrego Granite (actually syenite) and this material was submitted for conventional assay at LabWest.
Assay results are presented in Table 1 and Figure 1. The best intersection was 42 m @ 770 ppm TREO from 8 m depth in hole 79SRRD-021. It is possible that some “smearing” of the samples occurred during drilling exaggerating the thickness of mineralisation. Nevertheless, these results point to substantial thicknesses of REE mineralisation in saprolite which, whilst contiguous with, do not coincide with the best rare earth soil anomalies.
Core hole TCPD11, which intersected fresh syenite of the Warrego Granite, was sampled using a pXRF at 1 m intervals from 49 m (start of core) to 153 m. This analysis returned elevated rare earths over the entire sampled interval. Assays of nine samples from across this interval at an average sample spacing of 10 m delivered rare earth grades in the range 536-1167 ppm TREO, averaging 839 ppm (Table 1). This is consistent with previously reported high rare earths in fresh Warrego Granite from hole PCRD001 using pXRF (refer to ASX announcement 3 August 2023) and subsequently verified using conventional chemical assay.
Click here for the full ASX Release
This article includes content from Heavy Rare Earths, 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.
St. George Signs MOU with SKI HongKong for Araxa Niobium Project
St. George Mining (ASX:SGQ) said on Monday (October 21) that it has entered into a non-binding memorandum of understanding (MOU) with global steel materials trading house SKI HongKong for a potential strategic partnership to advance the Araxa niobium-rare earths project, located in Brazil.
“The MoU establishes a general framework for collaboration on marketing, offtake and financing aspects of the project with the aim of progressing feasibility studies for a mine development,” the company said.
St. George announced plans to acquire Araxa in August, and shareholders voted in favor of the deal on October 8. Currently the company is working on the final steps required to complete the transaction.
The Araxa acquisition comes by way of the purchase of a subsidiary of Itafos (TSXV:IFOS,OTC Pink:MBCF).
Under Monday's agreement, St. George and SKI HongKong will consider and negotiate a potential binding partnership to further support the development of the project within nine months of signing the MOU. Key project development parameters such as product mix and global marketing arrangements will be discussed during this time.
“SKI is an impressive strategic partner for St George, based on its substantial trading track record in steel materials and its particular industry-leading expertise in niobium products,” said John Prineas, executive chairman of St. George.
The companies will also discuss offtake arrangements, with SKI HongKong potentially securing 20 percent of niobium products produced by Araxa. Currently, the compay exclusively sources niobium products from Canada's Niobec mine.
SKI HongKong may also provide funding for St. George via an investment or offtake prepayment.
Araxa is adjacent to CBMM's flagship niobium mine, which produces 80 percent of the world's niobium.
High-grade rare earths and phosphate mineralisation has been confirmed at the project via drilling.
St. George is planning to produce sample niobium products in the first quarter of 2025 using the Araxa pilot plant, depending on specifications to be agreed with SKI HongKong and the results of product testing by SKI HongKong.
The first stage of on-the-ground exploration work is set to commence before the end of this year. St. George has assembled a highly experienced team in Brazil to oversee the process.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
High-grade Figueira Resource Improves Financial Metrics of the Caldeira Scoping Study
Meteoric Resources NL (ASX: MEI) (Meteoric or the Company) encloses a replacement ASX release relating to the updated Caldeira Scoping Study released today. The updated announcement corrects Figures 2 – 7 that data had formatting issues.
Meteoric Resources NL (ASX: MEI) (Meteoric or the Company) is pleased to announce an update to the Scoping Study (Study) results on its Caldeira Rare Earth Ionic Clay Project (Caldeira Project or the Project) (see ASX release on 8 July 2024) following the updated Mineral Resource Estimate (MRE) for the Figueira deposit (see ASX release on 5 August 2024).
The financial metrics of the Project have improved with the inclusion of the high-grade Figueira resources into the Study’s 20-year mine plan increasing NdPr production and reducing operating costs. In addition, rare earth element (REE) spot prices have been adjusted, to include the current pricing (NdPr US$60/kg). All other variables contained in the Study remain in line with previous Scoping Study.
HIGHLIGHTS
Significantly improved financial outcomes throughout the Life of Mine (LOM)
- Improved project economics based on a 20-year LOM, maintaining Adamas pricing forecasts (discounted by 40%) highlight the robust nature of the Caldeira Project and deliver:
- Increase in Pre-tax NPV8% of 14% to US$1,403M
- Pre-tax IRR increases 6% to 40.4%
- Pre-tax payback of 2.2 years
- NdPr C1 Cash Cost (Opex)1 reduces by 4% to average US$16.84/kg over the first five years and US$20.41/kg LOM
- At current spot prices the Calderia Project generates an IRR of 22% with a payback of 3 years.
Improved production profile with the inclusion of high-grade tonnes from Figueira
- NdPr production increases by 4% to 18,109 tonnes in first five years with LOM increasing by 7% to 63,899 tonnes
- Total REO production increases by 3% to 57,258 tonnes in the first five years and 7% to 193,584 tonnes LOM
- Project Opex reduces by 3% to an industry leading US$6.74/kg of recovered TREO in a Mixed Rare Earths Carbonate (MREC) over a 20-year LOM
- Annualised production of 11.5kt TREO over first five years with LOM average production of 9.7kt TREO comprised of 33% NdPr and 1% DyTb
- Higher confidence in the mine schedule which is now based 100% on Measured and Indicated Resources for the LOM
Table 1: Recovered Oxide tonnes in MREC by year
Outstanding project growth potential
- Extension of the currently modelled 20-year mine life is highly likely based on the current global resource estimate of 740Mt @ 2,572ppm TREO of which only 13.5% is included in the Study mine schedule
- Strong scope for the expansion of future processing capacity as additional Mineral Resources are identified through further exploration success
- Significant upside potential for additional high-grade mineralisation (>4,000ppm TREO) early in the LOM with 90% of project licences yet to be explored and assessed
Pre-Feasibility Study on track for completion in the second half of FY2025
Meteoric Chief Executive Officer, Nick Holthouse said,
“As expected, the addition of Figueira tonnes has further improved the financial metrics of an already outstanding low cost REE development project.
The simple combination of outstanding metallurgical recoveries and additional high-grade feed from the recently announced Figueira resource cements the Caldeira Project as a low cost, environmentally friendly producer of significance for REEs to a growing supply chain of downstream industries and OEMs.
All key work programs for the Pre-Feasibility Study, including Permitting, Engineering, and Metallurgical and Resource development continue to advance on schedule. This also Includes the recently approved scoping study level separation test work with ANSTO, important to our longer term ambitions of moving further downstream beyond Mixed Rare Earth Carbonates and into separated Rare Earth products.”
Click here for the full ASX Release
This article includes content from Meteoric 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.
Australian Strategic's Dubbo Rare Earths Project Gets AU$5 Million Federal Government Grant
Australian Strategic Materials (ASX:ASM,OTC Pink:ASMMF) said it has been awarded AU$5 million under the Australian government’s International Partnerships in Critical Minerals (IPCM) Program.
IPCM is an AU$20 million program launched this year to “support early to mid-stage critical minerals projects that contribute to building end-to-end supply chains with Australia’s international partners in the critical minerals sector.”
Australian Strategic will use the money received to support work to identify potential lower-capital and shorter-implementation pathways to rare earths production at its Dubbo project in New South Wales.
The amount is in addition to a AU$6.5 million grant received by Australian Strategic from the government’s Critical Minerals Development Program last year. It was provided for the advancement of project design elements.
The company said the new funds recognise its strategic importance as a future producer of rare earths and critical minerals such as zirconium, niobium and hafnium, which are key to the defence industry.
Australian Strategic said that it will match the grant to further support activities at Dubbo.
“With this funding, we will be able to undertake important work to identify lower capital and shorter implementation pathways to unlock rare earth production at the Dubbo Project and ensure a focused completion of our final FEED,” said Australian Strategic Managing Director and CEO Rowena Smith, while thanking the Australian government for its support.
“Government support to refine rare earths is important for our sovereign capabilities and will help our trading partners meet their economic, national security and emission reduction commitments,” said Madeleine King, minister for resources and minister for Northern Australia, in a separate statement on Tuesday (October 15).
In March of this year, Australian Strategic also received a non-binding letter of interest from the Export-Import Bank of the US regarding up to US$600 million in debt funding to support the project’s construction.
Located approximately 400 kilometres northwest of Sydney, Dubbo is expected to deliver up to 1,000 local jobs during the construction period and approximately 270 jobs once operational.
Australian Strategic is targeting a final investment decision for Dubbo within the first half of 2026.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
Appointment of TritonLake as Global Corporate and Financial Advisors to Drive Business Partnerships and Global Growth Footprint
ChemX Materials Limited (ASX:CMX) (ChemX or the Company), an Australian high purity critical materials company and 100%-owner of the HiPurA® patented process to produce High Purity Alumina (HPA) is pleased to advise it has appointed TritonLake to act as the Company’s Corporate Advisors.
- ChemX Appoints TritonLake as Global Corporate Advisors
- ChemX proceeding with Pilot Plant Construction for HPA production at Scale
- International Focus for Joint Venture Offtake, Strategic Partnerships & Investors
ChemX is commercialising its unique HiPurA® technology producing HPA and other aluminous products from a chemical feedstock, independent of mine production, thereby potentially reducing project risk and approval lead times. Importantly, ChemX has the opportunity to co-locate future production facilities with offtake partners in key markets.
Under the agreement, ChemX will have access to TritonLake’s network of global partners and investors as it moves forward with its final phase of pilot plant construction and commissioning.
A detailed summary of the corporate advisory mandate is set out in Schedule 1.
TritonLake CEO Conor Smyth Commented: “It is a pleasure to be working with ChemX as it takes its patented HPA production process forward to realise its global potential. The attractiveness of a high purity alumina process to be deployed in key markets including USA, Europe and South-East Asia has the potential to integrate into supply chains for the next generation of technology and consumer applications across AI Semiconductors and Micro LEDs.”
TritonLake’s appointment comes at a key time for critical materials as the world seeks to harness the high value materials to drive the AI and energy revolution. HPA and Synthetic Sapphire serve a key purpose in providing chemical inertness in high value applications whether in Semiconductors, Micro LEDs or Optical devices.
Click here for the full ASX Release
This article includes content from ChemX Materials, 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.
Results of General Meeting
In accordance with Listing Rule 3.13.2 and section 251AA of the Corporations Act, CuFe Ltd (ASX: CUF) (CuFe or the Company) provides the results of its General Meeting of Shareholders held at 2:00pm (WST) on 10 October 2024, as set out in the attached schedule. The Company advises that the resolution was passed and decided by way of a poll.
The Company confirms that receipt of shareholder approval of the transaction (as referred to in the ASX Announcement of 26 August 2024), satisfies a key condition precedent. The Company is working with the purchaser Newcam Minerals Pty Ltd to finalise the remaining conditions precedent. Completion is expected to occur this month.
This announcement is intended to lift the trading halt requested by the Company on 10 October 2024 in relation to its securities.
Announcement released with authority of the CuFe Board of Directors.
Click here for the full ASX Release
This article includes content from CUFE 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.
CuFe Ltd (ASX: CUF) – Trading Halt
Description
The securities of CuFe Ltd (‘CUF’) will be placed in trading halt at the request of CUF, 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 Monday, 14 October 2024 or when the announcement is released to the market.
ASX Compliance
Click here for the full ASX Release
This article includes content from CUFE 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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