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Codrus Minerals (ASX: CDR, Codrus or the Company) is pleased to advise that the first (RC) drill-hole completed as part of its maiden dill program at the recently acquired Karloning REE-Niobium Project in WA has intersected a significant zone of high-grade clay-hosted rare earth element (REE) mineralisation.
Highlights
- Initial assays from the top 40m of the first hole completed at the Karloning REE-Niobium Project in WA (KLRC001) returned a high grade intercept of 12m grading 2,680ppm TREYO1 including:
- 4m grading 4,764ppm TREYO
- The maiden 1,906m Reverse Circulation (RC) drill program at Karloning has now been safely completed, with all samples submitted to the laboratory for analysis.
- Work is ongoing to assimilate the geological data received to date and refine the geological context for the remaining drill-holes awaiting analysis.
- The result from KLRC001 significantly upgrades the Karloning Project’s REE potential, with two styles of REE mineralisation now confirmed within the project area – hard rock pegmatite mineralisation and clay- hosted REE’s.
- The Karloning Project represents an excellent opportunity for Codrus to diversify into the critical minerals space and build on its current gold and copper assets, providing exposure to a commodity sector with outstanding fundamentals and a strong growth outlook.
Figure 1. RC drilling at the Karloning REE Project in Western Australia
1: all results are downhole width; true widths are not known, all samples are 4m composites.
The recently completed drilling program was aimed at confirming the project’s credentials as an exciting growth and diversification opportunity for Codrus in the rare earths sector, with all samples submitted for assay. Results for the top 40 metres of the first hole were rushed for analysis based on visual observations and are reported in this announcement.
In November 2022, Codrus entered into a farm-in and joint venture agreement with Talgomine Minerals Pty Ltd (Talgomine) to earn up to a 90% interest in the Karloning Project, which is located in Western Australia’s Wheatbelt region. The Company has also pegged an additional tenement adjacent to this in its own right (see Figure 2 and ASX announcement “Codrus Secures Large-Scale Niobium-Rich REE Project in WA”, 23rd November 2022).
The Project offers compelling exploration potential for the high-value REE’s used in the manufacture of high-strength permanent magnets - namely praseodymium, neodymium, terbium and dysprosium.
These elements are in high demand because of the explosive growth in industries that rely on permanent rare earth magnets, such as electric vehicles, wind turbines and other renewable energy applications.
Figure 2. Location of the Karloning REE Project in Western Australia’s Wheatbelt.
Codrus Managing Director, Shannan Bamforth, said:
“This is a very exciting result from our first-ever drill hole at Karloning, confirming the presence of shallow clay-hosted rare earths mineralisation in addition to the hard rock hosted REE mineralisation that the project was originally acquired for.
“This provides Codrus with the opportunity to pursue rare earths discoveries within two separate geological units – both the near-surface clay horizon and the pegmatites.
“This first round of drilling at Karloning is now complete, with assays from the lower portion of KLRC001 and the other 12 drill holes eagerly awaited. Results are expected to significantly enhance our understanding of the structure and distribution of rare earths and niobium mineralisation at Karloning, which offers an outstanding opportunity for Codrus to diversify into the critical metals space.”
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Tennant Creek Technical Review to Drive Copper Exploration Program
HIGHLIGHTS
- Detailed technical review has identified 4 high priority exploration targets to grow CuFe Tennant Creek global resources.
- Review has provided detailed information to initiate assessment of heritage and regulatory approvals for initial near term exploration program including approximately 5,000m of drilling.
- It has identified the potential to grow the Orlando resource based on existing drilling following an external review of the 2023 Orlando Resource and historical underground drill data.
- Detailed analysis to further define targets continues, including reprocessing and interpretation of historical geophysical data.
CuFe Executive Director, Mark Hancock, commented“With the ongoing exploration success of other juniors in the region, the sustained improvement in the copper market and historical highs in the gold price we have initiated a detailed technical review of our Tennant Creek project. The aim is to expand existing resources and highlight the exploration potential remaining in the area. We have developed a detailed suite of targets that we can translate to on ground exploration with an initial drill program to be executed post heritage and regulatory approvals. We see a lot of potential to add resources to underpin the future recommencement of mining in this world class mineral field.”
Technical Review and Scope
A detailed technical review of the Tenant Creek geology, historical data sets and exploration targets has been undertaken by Mr John Dobe as a technical consultant to CuFe. Mr Dobe is a geologist with >30 years of global exploration experience (predominantly Homestake/Barrick) specialising in project generation and project evaluations at all stages of exploration, from grassroots through to brownfields. John has a detailed understanding of mineral deposits with particular focus on porphyry Cu-Au, IOCG, epithermal Au, orogenic Au, Sediment-hosted Cu, SEDEX, and VHMS deposits.
The scope of the review included auditing and consolidation of historical drill hole geological and geophysical databases, exploration target review, generation and ranking. The outcomes of the review have helped derive an exploration strategy with the aim of growing the global resources at the CuFe Tennant Creek Project.
Review Findings and Target Ranking
The Gecko and Orlando Corridors are well explored and current resources are mostly well defined with multiple generations of surface and underground drilling including RAB, vacuum, RC and Diamond. The sharp and well-defined nature of the mineralisation does provide further opportunities for additional resources extensions immediately adjacent to the known deposits. Geophysical data is also abundant and wide ranging including IP, Helitem, magnetics, gravity and seismic.
Exploration targets in aim of growing the global resource have been identified within the Orlando and Gecko Corridor and have been allocated the following categories:
1. Resource extensions and infill
2. Near Resource / brownfields
3. Target Delineation
4. Grassroots / Generative
Resource extensions and infill targets have a higher degree of certainty and potential than those that are grassroots generative and conceptual in nature.
Targets have also been ranked by priority on the basis of their complexity, exploration maturity and prospectivity. Their relative potential size has been estimated based on technical review/analysis and conceptual models and projections (See Figure 1).
Figure 1: Targets defined during the technical review within the Gecko and Orlando corridors.
Four high priority targets have fallen out of the technical review that are located with both the Gecko and Orlando corridors. Spatially the targets are shown in Figure 2.
Figure 2: Location of the targets and the Orlando and Gecko Corridors
Orlando Corridor
Five targets have been identified within the Orlando Corridor, two of which are high priority, potentially adding to resources by extension and near resources / brownfields discoveries. Orlando underground resource extension includes the interpretation and modelling of the Orlando underground resources that are not included within the current Orlando Resource.
Recently MEC consulting was engaged by CuFe to review the Orlando Resources and historical drilling data. The review confirmed that there is drill hole data that supports extensions of copper and gold mineralisation from the existing open pit, into and around the historical underground workings. Currently this mineralisation is not interpreted and or reported in the existing 2023 Orlando Resource (See Figure 3 and refer to CuFe ASX announcement 3 April 2023). An immediate workstream has been initiated to develop a global resource for the Orlando deposit based on an updated validated drill hole data base including recently sourced Grade Control drilling from the Open Pit mining and historic drilling where QA/QC can be achieved. This target ranks high in terms of priority based on the short lead time with no drilling required and minimal execution costs. It also has the potential to grow the underground resource at Orlando with reasonable confidence considering the drill intercepts are confirmed and historical underground mining has recovered cooper and gold from these levels.
The second high priority target within the Orlando Corridor is an area immediately below the open pit and adjacent to the underground where there is a gap in drill coverage that leaves a portion of the resource open along strike and at depth (See Figure 3). Testing this gap will require deep drilling in the order of 350m but the potential scale of this target justifies its high ranking and priority.
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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 Acquires West Arunta Tenure with Exciting Geophysical Targets
HIGHLIGHTS
- CuFe acquires E80/6052, located 13km north-east of existing tenure expanding its position in the emerging West Arunta Niobium province to over 281 km².
- Geophysical review of 3D inversion modelling magnetic data over new tenure has identified two prospective targets within E80/6052.
- Land Access agreement negotiations ongoing, with the Parna Ngururrpa Traditional Owners Group to facilitate the commencement of on-ground works.
CuFe Executive Director, Mark Hancock, commented“We are pleased to acquire new ground in the exciting West Arunta region. This acquisition gives us an additional target area that shows the right geophysical characteristics to represent carbonatites / intrusive bodies. The tenement has synergies with our existing landholding and there has been very little exploration undertaken in this area historically. We continue to work with Parna Ngururrpa Traditional Owners Group in aim of securing a heritage and land access agreement, which is required to commence on ground works given the tenure is located with an Aboriginal Reserve area.”
Acquisition Details
CuFe has entered a binding agreement to acquire exploration application E80/6052 from an unrelated entity, Territory Prospecting Pty Ltd. The terms of purchase comprise an upfront payment of $10,000 cash and $25,000 in CuFe shares at an issue price of 1.6c per share (1,562,500 shares). Upon the later of the grant of the tenure or the execution of heritage agreement a further payment is due of $50,000, to be made in cash.
Tenure Update
The new tenement is located 13km North-East of CuFe’s West Arunta Project and 18km North-East of Lycaon Resources Stansmore Nb-REE Project (Figure 1). The tenure is on land of the Parna Ngururrpa Traditional Owners Group and exploration requires the consent of the Minister of Aboriginal Affairs. The tenement covers an area of 64km², this has increased CuFe’s tenement holding from 217km² to 281km² (See Figure 1).
The tenement was previously held by CRA Ltd in the early nineties who were pursuing the geophysical target as a potential kimberlite pipe however no exploration on ground was undertaken.
Figure 1 – New Tenement acquisition E80/6052.
The Company further advises that wo of its three previous tenement applications E80/5925 and E80/5950 have been granted by the Department of Energy, Mines, Industry Regulation, and Safety (DEMIRS) on 30 May 2024 and 4 June 2024 respectively, with the third expected to proceed to grant within the next month. The granted tenure covers an area of 58 km² and forms part of the Company’s 100% owned West Arunta Project in the highly prospective West Arunta region (Figure 1).
On ground exploration activities are restricted until a signed agreement is in place with the Parna Ngurrurrpa Traditional Owners Group and approval is given by the Minster of Aboriginal Affairs. CuFe continues to work with the group on achieving this.
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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.
High Grade Iron Rock Chip Results at Robinson Range – Bryah Basin
HIGHLIGHTS
- High grade iron enrichment identified on CuFe Bryah Basin Tenement E52/1613.
- Early-stage reconnaissance field work yields rock chip assays up to 60.63% Fe with low impurities.
- Corridor of surface supergene enrichment of Banded Iron Formation identified that has the potential to extend for 1.2km strike length.
- Full field mapping and rock chip program planned later this quarter.
CuFe Executive Director, Mark Hancock, commented“Following a review of our Bryah Basin package we have identified prospectivity for Iron Ore within E52/1613 located along the Robinson Range. Our first partial reconnaissance of the tenement has identified a pod of enrichment that is supported by high grade Fe rock chips and further illustrates the breadth of opportunity our exploration portfolio that CuFe shareholders have exposure to.
Although this is not the highest priority within our portfolio (where the focus is on exploration targets for future facing minerals including copper at Tennant Creek, lithium at North Dam and niobium in the West Arunta), we will follow up with more mapping and sampling along strike to further test the potential and to identify drill targets. The project logistics are favourable and offer potential for the style of low Capex DSO project we have experience in developing and executing.”
Tenement Overview
The CuFe Bryah Basin Project includes a package of tenements under various joint ventures and farm-ins, with a primary focus on the potential for gold and copper mineralisation. During a strategic review of the tenure CuFe identified that tenement E52/1613 has the potential for iron ore hosted within the Banded Iron Formation of the Robinson Range. E52/1613 is 100% owned by CuFe’s subsidiary Jackson Minerals following the withdrawal of the tenement from the Auris Minerals Ltd JV in the March 24 quarter.
The tenement covers an area of 34km² and is located approximately 95km north of the township of Meekatharra and 630km east of the Port of Geraldton, in the Midwest / Murchison Region of Western Australia (Figure 1). The Great Northern Highway passes 10km to the south, and the Ashburton Downs- Meekatharra Road passes 15km to the west of the tenement. Several roads and pastoral station tracks extend from these major transport routes and provide excellent access to the project area.
Figure 1: E52/1613 Location – Bryah Basin.
Local Geology and Iron Mineralisation
The project area and more extensively the Robinson Range Formation lies within Bryah-Padbury Basin which is part of the Proterozoic Capricorn Orogenic Belt lying between the Pilbara and Yilgarn Archaean Cratons. The Robinson Range Formation occurs toward the upper part of the Palaeoproterozoic Padbury Group. It contains Banded Iron Formations (BIF) and hematitic shales outcropping within the Robinson Range syncline with its axis trending east-west over an approximate strike length of 30km. The BIF thicknesses are variable along strike and range from less than 50m and up to 400-500m as reported1. The BIF’s are well represented by regional and local scale airborne magnetic images. Supergene enrichment along the BIF outcrop, producing hematite and goethite, ranges in Fe content from as low as 50% to 65% Fe (See Figure 2).
Sinosteel Midwest Group have reported three resources Raven, Raven North and Sparrow with a combined total of 9.3Mt at 56% Fe and 0.07% P. Within this the Raven North deposit is reported at 3.6Mt @ 59.03% Fe and 0.09% P. Recent success by Alchemy Resources (ASX:ALY) on 31st May 2024 reported high grade Fe rock chips from the Valley Bore prospect located 21km to the east along the range from E52/1613.
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.
