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![Lithium-Cesium-Tantalum Pegmatites Identified - West Spargoville Lithium Project](https://investingnews.com/media-library/marquee-commences-drilling-kibby-basin-lithium-project-nevada.png?id=29848514&width=1200&height=800)
Lithium-Cesium-Tantalum Pegmatites Identified - West Spargoville Lithium Project
Marquee Resources Limited (“Marquee” or “Company”) (ASX:MQR) is pleased to update the market about the ongoing exploration activities at the West Spargoville Project (“WSP” or “Project”).
HIGHLIGHTS:
- Results from aircore drilling confirm the presence of Lithium-Cesium-Tantalum (LCT) pegmatites as the source of surficial geochemical anomalism.
- Large LCT halo (extending over 2km and up to 300m wide) identified in aircore drilling to be followed up with reverse-circulation drilling to test for bedrock mineralisation.
- Follow-up mapping identifies outcropping, spodumene bearing pegmatite within an interpreted pegmatite dyke swarm.
10 reverse-circulation drillholes of the 57-hole program completed with drilling initially targeting the interpreted pegmatite dyke swarm.
The company has received results from a 93-hole, 5,470m aircore drilling program, which has confirmed the presence of highly fractionated LCT-type pegmatites as the source of surficial geochemical anomalism. Aircore drilling was completed in the eastern portion of the tenure, where the depth of weathering extends up to 60m deep, with elevated lithium-cesium-tantalum values in weathered material associated with elevated pathfinder elements (Table 1). A large geochemical halo (90th percentile Li > 64ppm) extending over 2 kilometres and up to 300m wide has been identified from the aircore drilling, with the bedrock source to be targeted in follow-up reverse-circulation (RC) drilling.
Table 1: Best assay result from aircore drilling.
In preparation for RC drilling further mapping was completed which identified a NE-striking, spodumene bearing pegmatite (Figure 1) in an area considered highly prospective due to the results from auger geochemistry and deep ground-penetrating radar (DGPR) (Refer: MQR ASX Release 21st April 2022). RC drilling has begun to test the NE-striking corridor with multiple pegmatites intersected in drilling thus far. The first batch of samples have been delivered to the laboratory with results expected in 4-6 weeks.
Figure 1: LEFT − Outcropping, spodumene bearing pegmatite. RIGHT − Grab sample collected from outcrop with abundant, elongate spodumene crystals.
In relation to the disclosure of visual mineralisation the Company cautions that visual estimates of spodumene abundance should never be considered a proxy or substitute for laboratory analysis. Laboratory assay results are required to determine the widths and the grade of visual mineralisation repo
Executive Chairman Comment:
Marquee Executive Chairman, Mr Charles Thomas, commented: “To identify pegmatites with clear LCT geochemical signatures is highly encouraging and confirms the prospectivity of the West Spargoville Project. There had been no lithium exploration completed at the Project 12 months ago so we are making great progress and look forward to keeping the market updated as more results come to light. We are currently systematically exploring the Project with RC drilling continuing for the forseeable future and will begin another round of aircore drilling in the last week of June so it is a very exciting time for the Company.”
Exploration Update & Forward Work Plan
Results have been received from a 93-hole, 5,470m aircore drilling program. The aircore program was completed in the eastern portion of the tenure where there is a well-developed weathering profile up to and beyond 60m deep. As such, the aircore results are from highly weathered material where geochemical dispersion is prevalent. The assay results show a clear LCT-pegmatite association with tantalum concentrated preferentially in the upper saprolite and lithium concentrated in the lower saprolite (Figure 2). Follow-up RC drilling is required to test for the bedrock source of the geochemical dispersion halo. The geological setting is analogous to the Cade Pegmatite at the Dome North Project where mineralised pegmatite is hosted within the Black Flag Beds beneath a well-developed weathering profile (Refer ESS ASX Release 14th January 2022).
RC drilling has begun to test multiple geochemical anomalies detected during the auger program (Refer: MQR ASX Release 21st April 2022). The first drillholes of the program have targeted an interpreted dyke swarm in the vicinity of recently mapped outcropping spodumene-bearing pegmatite dyke (Figure 3). Multiple pegmatitic dykes have been intersected of varying thicknesses (Figure 2), with the first batch of assays at the lab for analysis. Results are expected within 4-6 weeks.
Click here for the full ASX Release
This article includes content from Marquee Resources Limited (ASX: MQR), 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.
Space Mining Startup AstroForge Sets Sights on Off-Earth Mission in 2025
Asteroid-mining startup AstroForge is making waves with its plan to land on a near-Earth asteroid in 2025.
The company announced the expedition on Tuesday (August 20), also revealing that it has raised US$40 million in a Series A funding round, bringing the total capital it has accumulated to US$55 million.
The mission will use AstroForge’s Vestri probe, a 440 pound spacecraft designed to dock with a metallic asteroid. The launch is scheduled to take place as a ridealong on Intuitive Machines’ (NASDAQ:LUNR) IM-3 Moon mission.
If successful, it will be the first privately funded mission to land on a celestial body beyond the Earth-Moon system.
Founded in January 2022, AstroForge is looking to pioneer off-Earth mining and make off-world resources available for commercial use. While other space ventures are targeting water extraction from asteroids, AstroForge is concentrating on mining metals, with the goal of unlocking cost-effective and sustainable solutions to address resource depletion.
The California-based company hopes that it will be able to develop a new supply chain for critical raw materials.
The upcoming asteroid-landing mission is its third in a series of exploratory space ventures.
The company's first mission, Brokkr-1, was launched in April 2023 aboard a SpaceX Falcon 9 rocket. Although the firm's primary goal of demonstrating refinery technology in space was not achieved — due to the AstroForge team’s inability to activate the probe’s refinery payload — the mission provided valuable experience.
AstroForge's second mission, Odin, is set to launch later this year. Odin will serve as a precursor to the 2025 asteroid-landing mission by gathering crucial data about the target asteroid.
The Odin spacecraft will be a secondary payload on Intuitive Machines’ IM-2 mission to the Moon. It will focus on imaging the asteroid, giving AstroForge critical insights for its subsequent mining efforts. Odin, a 220 pound vehicle built entirely in-house, is replacing an earlier version of the spacecraft that failed vibration testing in March 2023.
AstroForge’s third mission will play a pivotal role in characterizing the composition of the targeted asteroid. The company’s goal is to assess both the quality and quantity of the valuable elements on the asteroid.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Exploration Agreement with English River First Nation Signed and Changes to Board of Directors
Key Highlights
- Exploration Agreement with English River First Nation formalises meaningful communication and engagement between the parties facilitating mutually beneficial, sustainable and safe exploration activities.
- Agreement relates to activities at the Marshall uranium project located in the southeast Athabasca Basin.
- English River First Nation confirm consent for the Company’s future exploration activities subject to compliance with the agreement.
- Basin reduces board size following resignations.
The Agreement addresses the process for consultation, environmental management and information sharing between Basin and the ERFN communities relating to the Company’s exploration and evaluation activities at the Project. It also provides a framework for the ERFN communities and the Company to ensure the meaningful participation of the ERFN communities in the Project by providing economic, employment and training opportunities and benefits to support community development initiatives. The Agreement confirms the ERFN’s consent and support for the Company’s exploration activities, subject to Basin meeting its obligations under the Agreement. The Company continues to engage with other rights holders affected by Basin’s exploration activities.
Cheyenna Hunt, Director, Lands & Consultation of ERFN, commented:
“English River First Nation is dedicated to build strong partnerships with the exploration industry to ensure the respect of the land while maintaining sustainable operations within our Ancestral Territory. Signing this agreement with Basin Energy is a step forward in the protection of our land and traditions, and fundamentally assuring that our inherent Aboriginal and Treaty Rights are respected. We look forward working collaboratively with Basin Energy and for the meaningful opportunities to come for our Nations’s people.”
Basin’s Managing Director, Pete Moorhouse, commented:
“Basin is extremely pleased to have established a framework for on-going consultation, cooperation and economic participation with the English River First Nation. We are committed to sustainable and environmentally responsible operations, and we value building mutually beneficial and transparent relationships with all rights holders impacted by our operations. Through this Agreement, we look forward to building upon the relationships we have established with the communities and local businesses.”
Corporate Update
Basin wishes to advise that non-executive directors Peter Bird and Ben Donovan have advised their intention to resign with effect close of business on Friday 23rd August, as the Company looks to streamline its operations. Ben Donovan will remain in his role as Company Secretary.
Basin’s Chairperson, Blake Steele, commented:
“On behalf of Basin, I would like to thank both Peter and Ben for their valuable contributions to the Company during their tenure as directors. Peter was instrumental in negotiating the acquisition of Basin’s current exploration assets and Ben played a crucial role in the IPO process.”
Click here for the full ASX Release
This article includes content from Basin Energy, 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.
Allup Silica Boosts Leadership Team with New MD Appointment, Report Says
The company has appointed Simon Finnis as its new managing director, bringing over 35 years of mining industry experience to the role. Finnis's expertise in the mineral sands sector, including his leadership of projects such as the Pooncarie mineral sands project in New South Wales and the Grand Cote project in Senegal, positions him well to drive Allup Silica's growth strategy.
Complementing this appointment, Peter Secker has joined the board as a non-executive director. Secker's extensive background in mineral sands operations, including his work at the Cooljarloo mineral sands mine, adds valuable industry insight to the company's leadership.
These boardroom changes align with Allup Silica's focus on capitalizing on the burgeoning demand for mineral sands, particularly in the high-value titanium minerals sector, the report said. The company's flagship McLaren project, acquired for $150,000 and a 1.5 percent royalty, boasts a substantial resource of 280 million tonnes with a 4.8 percent heavy mineral content.
Read the full report here
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Battery materials and the growing importance of urban ore
Why existing minerals and metals in batteries will change the dynamics of the mining industry
For millennia, we’ve mined and refined materials to power our civilisations and industries, and feed consumer demand for products. This has traditionally been a linear process: dig material from the ground, purify and convert it into useful forms, manufacture products for use and then dispose of these products.
However, with electric vehicles – which are subject to technology disruption, changing regulations and uncertain geopolitical factors – driving a surge in demand for battery materials, is it time to rethink the mining value chain?
“The scale of the decarbonisation task requires a lot of new mines,” says Worley vice president, battery materials, Greg Pitt.
“But it also depends on a greater role for recycled materials already mined, which exist in batteries and other electronic devices.”
These devices – currently found within homes, warehouses, aging electrical infrastructure and more – make up the “urban orebody”. Their materials could be worth tens of billions of dollars. And if the industry can recycle these materials, it could reduce both the time to get metal to market and environmental impacts compared with traditional mining and materials processing.
So, if more minerals, metals, and battery grade materials needed for the energy transition come from recycling, rather than new mines and facilities, how will this impact established players within the mining industry?
Assessing the urban orebody
Modern technologies are capable of recycling certain commodities, such as steel, aluminium, copper and lead. As Pitt explains, when existing technologies and devices reach end of life, the materials can be economically placed back into service to create more products for consumption.
“If we consider high nickel cathode variants, the importance of recycling is emerging quickly,” he says. “This is partly because of policy settings, such as the minimum threshold for recycled content mandated by the European Battery Regulations. It’s also being driven by feedstock security needs, and some part by pure economics to maximise value streams from off spec material and production waste.
“Value chain players, particularly cathode material manufacturers, are now conceiving ‘closed loop’ systems in their investment strategies to capture and re-purpose battery waste back into their processing facilities,” says Pitt.
“This is good news for reducing the environmental impact of battery production, as it’s possible to achieve greater sustainable outcomes by using more recycled content, but there is still a hill to climb for recycling technologies to deliver efficient yield recovery economically. The battery value chain is no longer linear.”
How could the urban orebody impact the traditional mining industry?
The emergence of recycling means miners of the future can extract value from both ends of the value chain: natural resources in the earth’s crust, and the urban ore body that exists in recovered batteries, off spec cathode materials and black mass.
“This has some big implications,” says Pitt.
“Recycling materials brings an entirely new set of opportunities and challenges for miners to tackle, which could change the role miners play.”
Pitt explains why.
“For centuries, mining has involved extracting value from variable single digit ore grades, which need a lot of capital investment and involve long payback periods to bring virgin material to market.
“However, the urban orebody of the future has an extremely high content of key minerals – Cu, Ni, Li, Co, Mn, Al, Fe – which are widely distributed but relatively easily transportable to central processing. It’s also ever increasing in volume as more products are made and then reach end of life.
“And yet we don’t currently see the mining industry actively participating in taking full advantage of this opportunity.”
So, what implications could this urban ore body have on traditional miners that follow a linear mining process?
Investing in a new mine asset is typically a long and high-risk process, mainly due to the uncertainty in the quality and quantity of the ore body involved and the cost of mining and refining it. Imagine a world where these are known, and the mine life is set to infinity.
Pitt says: “Several key questions then emerge: will the urban orebody miners of the future be an entirely new set of players, or will miners diversify their models and influence both ends of the value chain?
“Will heritage miners become pure upstream suppliers of incremental virgin materials to ‘top up’ the increasingly circular system?”
Explaining the leased mineral model for battery materials
Consider the fundamental economics influencing the commercial landscape. Cathode material is the major contributor to battery cell cost. This is primarily driven by the purchase price of the key mineral feedstocks used.
“Major producers of cathode material have seen the immediate economic benefit of producing their own feedstocks from recycled materials and reducing their reliance on upstream material supply,” says Pitt.
“This is also being driven by OEM obligations to recover end of life batteries and find a partner to take and feed them back into the value chain. It’s an obvious strategy to ask cathode companies to recycle.”
But what if you didn’t need to buy the key minerals to make a battery, and could lease them instead?
This shift in mindset opens new possibilities and commercial models to drive down product costs and incentivise even more circularity throughout the system.
“For example, nickel in a nickel manganese cobalt [NMC] battery cell could be on loan, so you pay only for the time during which you used it. This would end when you return the molecule back to its original owner,” says Pitt.
“We can, with some effort, find more minerals at reasonable grades from the traditional mining process. But it’s actually a going-out-of-business model if you take a long-term perspective and consider declining ore grades and scarcity.
“Instead, we could view the minerals themselves as a perpetual asset, within a closed or near closed system, to be recirculated infinitely. They could generate cash every time they cycle through, eventually becoming a sustainable, long term business model.”
The benefits of a mineral leasing model
Pitt says an opportunity exists to generate longer term recurring revenue streams that move away from a life-of-mine model and to a life-of end product model.
“This would typically enable around 10 years of rental income after virgin material has entered the system before an end-of-life battery returns,” he says.
“Deferred cash flows from a leasing model for the new urban miners would enable them to pass on a lower ultimate cost of product through sub-leasing arrangements, to cathode material, to battery, to EV.
“Over time, overall product costs should reduce as recycled content percentages increase, needing only to recover incremental costs to recycle. This is what the cathode players are already banking on in their closed loop system strategies.”
Pitt says this system should further incentivise increased sustainability of battery products, as the economics of returning minerals for reprocessing will drive the environmental footprint down to the bare minimum involved to reprocess.
“It also offers a different perspective on supply chain security and control,” he says.
“Bans on certain material exports – as we’ve seen recently in China and Indonesia – could be reconceived if the original resource owner remains the owner, even after material has left the border.
“This system is complex and would rely on a deep foundation of trust, to provide visibility and traceability of material flows around the world,” Pitt says. “Thankfully the technology already exists to track which materials go where today.”
Every option will play a role meeting demand for battery materials
As with energy transition being a multi-solution endeavour, Pitt believes there is no single approach to meeting growing demand for battery materials.
“We need to consider every available option,” he says. “There’s a role for greenfield mines. And there’s a role for recycling materials that are already in the system, too.
“The challenge for both traditional and emerging players supplying the battery value chain is how to participate in both greenfield and recycling opportunities in an integrated way.
“Boards should be evaluating the right balance to extract value from today’s linear economy while setting up their business to benefit from tomorrow’s circular economy.”
This article was reproduced with the permission of Worley, a lead sponsor of this year’s IMARC conference and exhibition in Sydney from October 29-31.
Fig Tree IP Survey Results
Australian manganese explorer, Black Canyon Limited (Black Canyon or the Company) (ASX:BCA) is pleased to announce the results of Induced Polarisation (IP) Surveys across subcropping mineralisation and structural targets at the Fig Tree Project, part of the Carawine Joint Venture with Carawine Resources Ltd (ASX: CWX).
HIGHLIGHTS
- Induced Polarisation (IP) surveys have been completed at Fig Tree targeting hydrothermal manganese mineralisation similar to the high-grade Woodie Woodie manganese mine.
- A Dipole-Dipole IP survey (DDIP) extended over a 1,400m long northwest extension of the HD1 prospect where previous RC drill results included:1
- 7m @ 33.2% Mn from 2m (HADRC017)
- 3m @ 17.0% Mn from surface (HADRC018)
- The DDIP survey detected a number of near surface targets coincident with outcropping manganese mineralisation (34.2% Mn1) and subsurface IP responses interpreted to represent shallow down dip extensions.
- A Gradient Array IP (GAIP) survey, located about 35 km south and along strike of the Woodie Woodie mine was designed to test for mineralisation within an interpreted “Woodie” structural corridor and identified several chargeability anomalies that warrant follow-up
- The Fig Tree IP survey was co-funded to a maximum of $57,875 under the State Government’s 2024-2025 geophysics co-funded Exploration Incentive Scheme (EIS).
Surface mapping, sampling and RC drilling completed by previous explorers identified and returned high-grade manganese results from multiple prospects across the Fig Tree tenement which is located 35km south of the Woodie Woodie operations. The IP results have generated a number of targets that require infill geophysical surveys prior to drill testing.
Black Canyon’s Managing Director Brendan Cummins said:
“After the success of discovering large shale-hosted manganese deposits across the Balfour Manganese Field, the Company is now turning some of its attention to exploring for near-surface high grade mineralisation at its Wandanya and Fig Tree projects. Several prospects along the Fig Tree Manganese Trend have been mapped and drilled in the past, establishing the tenement's potential to host higher-grade, hydrothermal-style mineralisation. Its geological similarities to Woodie-Woodie and previous RC drilling have confirmed the prospectivity of the tenement, which is located only 35km south of Woodie-Woodie. Manganese deposits are often associated with chargeability anomalies which can be detected using IP techniques, so we were keen to deploy IP to the area and now have several new targets that warrant follow-up.”
Black Canyon used the high-quality historic exploration datasets at Fig Tree to evaluate the known manganese prospects, and then used this information to generate new IP survey targets. The DDIP survey has confirmed chargeable responses co-incident with outcropping manganese mineralisation and extending down dip. The GAIP surveys have also yielded several large sub- surface chargeable anomalies. Further IP surveys are planned to better resolve the size and strength of these new chargeable anomalies and establish their significance prior to refining potential drill targets in addition to other prospects across the Fig Tree tenement.
Figure 1. LHS - Fig Tree Project areas tenement showing the location of Woodie Woodie and RHS - completed DDIP, GAIP geophysical surveys and historic exploration data.
HW1 Dipole-Dipole IP Survey Results
The DDIP survey was designed to test a 1,400m long zone of subcropping manganese mineralisation along strike from the historic HD1 prospect where rockchip samples and limited RC drilling encountered medium to high grade manganese. The DDIP lines were spaced between 200 and 600m apart along the target horizon providing a cross-strike coverage between 600m and 950m.
Several near-surface chargeable anomalies, coincident with outcropping manganese mineralisation (Figure 2) and subsurface chargeable anomalies were detected with the DDIP survey. The subsurface responses are interpreted to represent shallow down-dip extensions to the surface mineralisation. are estimated to range between 10 to 25m thick from surface to depths of 50m and persist across 4 sections extending over 1,000m of strike (Figure 3) (Appendix 1).
The underlying geology is dominated by ferruginous chert and Pinjian Chert inferred to overlie close to surface Carawine Dolomite. The area is also bisected by a number of northeast and northwest trending faults and fractures. The manganese lenses form isolated subcrops 50 to 100m long and manganese disperses 20 to 40m from the subcrops.
Infill DDIP lines are required to provide more detailed chargeability mapping to resolve the potential strength and continuity of the anomalies. The HW1 target has never been drill tested and subject to further evaluation a drill program can be planned.
Click here for the full ASX Release
This article includes content from Black Canyon, 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.
Moving fast vital in mining’s open era: Hexagon leaders
‘We’re seeing organisations share more in order to learn and grow’
Wendy Hodgetts, safety manager at the Rosebery zinc-copper mine in western Tasmania, gave a warts-and-all deep dive on the historic mine’s introduction of a state-of-the-art operator alertness system (OAS). Senior Gold Fields operations leader, Michael Place, provided equally eye-opening insights into the gold major’s digital and automation journey in Australia.
Hexagon’s Mining division Asia Pacific vice president Ben Rogers says the openness of the industry’s leaders today – on display at the technology company’s recent regional mining forum in Perth, Western Australia – is worth savouring.
“The willingness of our customers to talk openly and to share information and provide feedback in these forums, exactly as you saw in Perth, and as we saw later in Almaty [Kazakhstan], is not something I’ve been used to in my career,” says Rogers, who spent more than a decade in senior technology management roles at Rio Tinto.
“Where mining houses wouldn’t previously want to talk about this technology, be it productivity or safety, we’re seeing organisations share more and more in order to learn and grow. It is a lot more accepted now.
“I think the other takeaway for me from these forums is that the technology vendors – and I joined Hexagon because it has technology that spans the whole mining and metals value chain – are less about product focus and more about delivering a value proposition. How can technology be applied to drive business value?”
Mining’s need to accelerate learning and solve material problems – many with the aid of software, automation and possibly artificial intelligence – is no doubt a key factor in the industry’s surging connectivity.
Dave Goddard, acting president of Hexagon’s Mining division, sees generally higher levels of technological literacy as another factor. “There’s familiarity with the various technologies that perhaps wasn’t there in the past,” he says.
“There’s a lot of mobility in the mining industry. People are moving around from company to company and getting experience with different solutions and there is probably more general agreement on the value of the solutions.
“I think that migrates more readily into an open forum.”
Rogers and US-based Goddard, who will share their experiences and insights at IMARC in Sydney in October, have had different vantage points but have both watched the mining technology landscape change significantly in the past decade.
Major international mining equipment manufacturers have been big buyers of niche mining tech firms. Hexagon and Canada’s Constellation Software have built large mining tech stacks. The likes of Australia’s Imdex and Orica have also been prominent players in the M&A arena.
There is a race among the leading mining tech players to integrate products and position themselves for a long-term uptick in digital and automation technology adoption.
“The vision we have is a relentless focus on value for the customer,” Goddard says.
“How can we help our customers operate in the most productive and most safe manner?
“Fundamentally, mining hasn't changed. It’s making the big rock smaller.
“You have larger machines so that you can lower your labour cost per tonne and you can increase your throughput in order to meet the commodity demands of a growing world. But fundamentally, the process hasn't changed.
“The cost drivers have evolved with the advent of technology.
“You have to be more efficient. The way you do that is by adding technology to eliminate the waste – both the wasted movement and the wasted process – and do so in a manner that provides a safe environment.
“One of the advantages of being a technology company and not an iron manufacturer is that we’re a lot more agile. We’re able to provide solutions that have value to the customer in a shorter period of time.”
Rogers said: “That agility extends to Hexagon AB, the broader parent company. Hexagon is a technology company in multiple sectors and industries, with the ability to bring to bear other technologies that may sit in other industries in an agile format, to mining.
“I think that gives us a tremendous advantage as we work to deliver value across mining and metals supply chains.”
Dave Goddard
Chief Product Officer
Hexagon
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