The Conversation (0)
Summit Minerals Limited (ASX: SUM) (“Summit” or the “Company”) is pleased to announce that it will commence exploration over its 100% owned Ecuador Niobium and REE Project situated in the Borborema Pegmatitic Province (BPP) in the Paraiba State, Northeast Brazil. This pegmatitic province is an important market source of Niobium, Spodumene and quality Gemstones.
HIGHLIGHTS
- Summit to commence a systematic exploration program at its 100% owned Ecuador and Juazerinho Niobium projects aimed at defining initial priority drill targets.
- Due diligence completed by Summit has highlighted the presence of prospective LCT pegmatites at Ecuador, which have seen prior informal mining and extraction of Niobium / Tantalite mineralization from with these LCT pegmatites.
- Previous surface sampling results included1:
JUAZERINHO ASSAYS (Niobium & REE)
- 355,400ppm or 35.54% (Na2O5) + 14,080ppm pREO or 1.408% PREO (SID 099/24)
- 107,010ppm or 10.7% (Na2O5) + 142,080ppm pREO or 14.208% PREO (SID 098/24)
ECUADOR ASSAYS (Niobium + REE)
- 303,400ppm or 30.34% (Na2O5) + 15,130ppm pREO or 1.513% PREO. (SID 100/24)
- Exploration will include focused geological mapping, outcrop & sub crop channel sampling, trenching, and pitting (where appropriate).
- In parallel with the ground-based exploration activities the company is planning an orientation high resolution UAV (drone) magnetics survey aimed at defining signatures associated with known mineralization which, in conjunction with the mapping and geochemical results can be used to focus in on initial targets for drill testing.
- An experienced, locally based Brazilian geological team will commence on-site exploration activities and initiate the necessary drill permitting processes immediately.
Figure 1 - Location and of the Equador and Juazeirinho Project (Summit 100%)
Exploration Program
The geological due diligence completed by Summit highlighted the presence of prospective LCT pegmatites at Ecuador, some of which have seen prior exploitation of Niobium / Tantalite mineralization associated with these LCT pegmatites.
This week, Summit is deploying an experienced in country geological team to commence a systematic exploration program focused on the Ecuador Niobium and REE project. This early exploration phase will include detailed geological mapping, outcrop sampling, channel sampling and where appropriate trenching and pitting.
In parallel with the ground-based exploration activities the company is planning to perform an orientation high resolution UAV (drone) magnetics survey aimed at defining signatures associated with known mineralization. Data gained from these activities will inform preliminary drill targeting.
Regular updates on the exploration program’s progress and results will be provided to the market.
Click here for the full ASX Release
This article includes content from Summit Minerals 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.
Jeffreys Find Gold Mine Toll Milling of 150,000 Tonnes Commenced, Second 2024 Campaign
HIGHLIGHTS
- Processing of 150,000 tonnes commenced at Greenfields Mill.
- 75,600 tonnes on ROM Pad at Greenfields as of 23 July 2024.
- Second campaign expected to finish early September 2024.
- On target to process 300,000 tonnes at Greenfields Mill in 2024/2025.
- BML expects to mine well in excess of 300,000 tonnes in 2024/2025.
- First cash distributions to Auric this quarter.
MANAGEMENT COMMENT
Managing Director, Mark English, said: “We have the good fortune of pouring gold just as the price firms. It happened last year when the price went to $3,000 an ounce, this year it’s around $3,600 an ounce.
“The ever increasing gold price will result in Auric and our joint venture partner generating cash surpluses well in excess of what we had budgeted and anticipated.
“150,000 tonnes is a sizeable parcel of ore for this campaign. While it will take six weeks or so to mill, we expect it to generate well in excess of $25 million through gold sales for the joint venture.
“The mill contract is to process 300,000 tonnes in 2024. This 150,000 tonnes parcel will be the largest for Stage 2 of mining of Jeffreys Find. That leaves an additional 120,000 tonnes for milling at Greenfields towards the end of 2024.
“Jeffreys Find will be a substantial cash producer for Auric in 2024. We are on target to receive our first distribution within about a month.” said Mr English.
The Jeffreys Find Pit as of 16 July 2024
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.
Viani - Low Sulphidation Epithermal Gold Project License Renewed
Highlights
- MRD notified Alice Queen on Friday 19 July 2024 via email that its Viani license (SPL1513) has been renewed for a further three years with effect from Wednesday 3 July 2024.
- Viani, located on the Pacific Rim of Fire on Vanua Levu in Fiji, covers an area greater than 200km2 and is largely under explored (see Figures 1 and 2).
- The Dakuniba prospect within Viani has been previously sampled where epithermal gold mineralisation has been recorded in outcrop samples over a >3km strike length.
- Multiple epithermal veins within the Dakuniba prospect area, 5km by 1.5km surface gold-in- soil geochemical anomaly - the footprint of the epithermal mineralisation is comparable to other economically productive gold epithermal deposits globally.
- Previous drilling by Japanese International Cooperation Agency (JICA) in 1997 focused on a small, shallow part of the overall system and intersected high grade epithermal gold mineralisation.
- (Hole MJFV-5 (see Figure 3) over 6 vein zones at 50 to 100m below surface with best results, 0.6m @ 27.6 g/t Au & 900 g/t Ag and 0.4m @ 11.7 g/t Au1 and remains open in all directions.
- The JICA drilling was limited to only 600m of strike-length of the 5km long gold-in-soil anomaly (>10ppb Au) supported by epithermal geochemistry i.e., Ag and As.
- Based on discovery knowledge from epithermal systems worldwide, it is apparent the historical drilling was an inadequate test of the Viani gold system.
Alice Queen’s Managing Director, Andrew Buxton said,
We are delighted the SPL1513 license has been renewed for a further three years and look forward to continuing to work alongside the Fiji Mineral Resources Department as we commence our next phase of exploration activities. The Viani Gold Project is a tremendous prospect which has demonstrated it has the potential to become a significant epithermal system. With the license now renewed and the Company fully funded for its Fiji exploration plans, Alice Queen will continue the systematic exploration of the Viani Gold Project with the Company having commenced planning for its upcoming exploration programs.
Viani
Figure 1. Fiji Project locations.
Figure 2. Location of the Dakuniba Prospect in relation with SPL1513.
The Viani project (SPL1513) covers an area greater than 200km2 on the Caukadrove Peninsula on the Pacific Rim of Fire, Vanua Levu, Fiji. It is well serviced from Savu Savu on Vanua Levu and is highly prospective for a high-grade LSE gold system (see ASX releases 2 December 2022, “VIANI UPDATE” and 6 March 2023, “ALICE QUEEN UPGRADES VIANI EPITHERMAL PROJECT”.
Following a renewal process for Viani (SPL1513) which the Company commenced earlier this year (including as announced in the Quarterly Activities Report released to ASX on 23 April 2024), MRD notified Alice Queen on Friday 19 July 2024 that the license had been renewed with effect from Wednesday 3 July 2024 for a further three years. The renewed license includes typical terms for a license of this nature, including minimum work program and expenditure requirements.
Whilst the greater project area remains under explored, extensive sampling, trenching and (historic) limited drilling of the Dakuniba prospect area has been previously completed.
Previous drilling by JICA in 1997 returned multiple epithermal gold intersections in shallow drilling. Hole MJFV-5 (see Figure 2) intersected 6 vein zones at 50 to 100m below surface (best results include 0.6m @ 27.6ppm Au & 900ppm Ag, 0.4m @ 11.7ppm Au & 4.3ppm Ag)1. The JICA drilling was limited to only 600m of strike-length of the 5km long gold-in-soil anomaly (>10ppb Au) supported by epithermal geochemistry i.e., Ag and As.
Further details in relation to upcoming exploration plans at Viani will be announced in due course.
Click here for the full ASX Release
This article includes content from Alice Queen 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.
June 2024 Quarter - Activities Report
Highlights
- Multiple work programs focused on high-value critical minerals – scandium, cobalt, and copper across Rimfire’s NSW projects
- Thick zones of strong scandium anomalism from surface across multiple locations across the 20km² Murga Intrusive Complex;
- 22m @ 273ppm Sc from surface incl 12m @ 353ppm Sc
- 22m @ 172ppm Sc from 2m incl 5m @ 226ppm Sc
- 28m @ 158ppm Sc from 4m incl 6m @ 320ppm Sc
- 25m @ 163ppm Sc from 2m incl 5m @ 242ppm Sc
- 27m @ 162ppm Sc from 3m incl 4m @ 270ppm Sc
- Further Melrose leaching test work generates up to 90% scandium recoveries at atmospheric pressures
- Estimation of a combined JORC Mineral Resource for both Murga North and Melrose Scandium Prospects (Fifield and Avondale Earn-In Projects) underway ahead of completion within the coming weeks subject to receiving outstanding drill assays from the laboratory
- Drilling programs are planned for September 2024 Quarter designed to test copper cobalt targets at Broken Hill and scandium targets at Fifield
- Rimfire completes a placement to raise $1.15M post end of Quarter
Commenting on the Quarterly Activities report, Rimfire’s Managing Director Mr David Hutton said: “Rimfire continues to explore for and discover the critical minerals that are associated with global decarbonisation strategies. We are leveraged to and provide unique ASX investment exposure to scandium – an extremely valuable metal.
Buoyed by the success of our scandium drilling and metallurgical studies carried out during the Quarter we have made the decision to estimate a maiden JORC Mineral Resource for both the Melrose and Murga North Prospects with the work underway.
We expect to announce both resources in the coming weeks with just some Melrose drilling assays awaited on to complete the estimation process.
Looking ahead, the September 2024 Quarter will be pivotal for Rimfire and its shareholders with maiden scandium resources, further scandium drilling and the resumption of copper-cobalt drilling at Broken Hill”.
Introduction and Operational Summary
During the June 2024 Quarter (the “Quarter”), Rimfire’s exploration activities were focused on advancing the Murga and Melrose Scandium Prospects (Fifield and Avondale Earn In Project) with 100 aircore holes (2,664 metres) drilled.
The drilling successfully intersected strongly anomalous scandium at multiple locations across the Murga Intrusive Complex with subsequent re-assaying of anomalous drill samples demonstrating a significant increase in grade.
Buoyed by the success of the drilling, Rimfire has commenced the estimation of a combined JORC Mineral Resource for both the Murga North and Melrose Scandium Prospects.
Also, two further sighter leach tests focused on maximising scandium recovery at atmospheric pressures from Melrose laterite-hosted mineralisation returned recoveries of 62.6% and 90.1% scandium respectively. The latest results represent a significant improvement on previous best scandium recovery of 40% and can be attributed to increased acidity (sulphuric acid) and addition of reagents (NaCl).
To guide the Company’s future metallurgical studies, Rimfire also engaged highly experienced hydrometallugist Mr Boyd Willis as Process Consultant.
The exploration activities at the Fifield and Avondale are funded by Rimfire’s exploration partner
- Golden Plains Resources (GPR) and looking ahead to the September 2024 Quarter, Rimfire will complete the estimate of the combined JORC Mineral Resource for the Murga North and Melrose Scandium Prospects, as well as undertaking further aircore and diamond drilling at Murga to build on the initial resource.
Separately on its 100% - owned projects, Rimfire is preparing to carry out a further round of diamond drilling at its Bald Hill Copper Cobalt prospect commencing in August 2024.
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.
