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Mandrake Secures Large-Scale Lithium Project in the United States
Managing Director James Allchurch commented: “Mandrake has organically secured a potentially world-class lithium project in the heart of the US, at a time when the US federal government is actively funding and supporting domestic sources of strategic and critical materials such as lithium.
Utah is among the most mining and investment friendly jurisdictions in the US with the State Government heavily involved in aiding Utah-based projects play a role in the global energy transition from fossil fuels to renewable energy.
Our 100%-owned Utah Lithium Project comprises over 56,000 acres of prime lithium brine�prospective ground in the Paradox Basin in proximity, and incorporating, a multitude of Date: 22 February 2023 ASX Code: MAN Capital Structure Ordinary Shares: 552,499,920 Current Share Price: 5.3c Market Capitalisation: $29.3M Cash: $17.2M (Dec 2022) EV: $12M Debt: Nil Directors Lloyd Flint Non-Executive Chairman Company Secretary James Allchurch Managing Director Roger Fitzhardinge Non-Executive Director Contact Details First Floor 10 Outram Street West Perth WA 6005 Australia Tel: +61 9200 3743 mandrakeresources.com.au Mandrake Resources Limited I ACN: 006 569 124 2 www.mandrakeresources.com.au First Floor, 10 Outram Street West Perth WA dormant oil and gas wells that can be relatively quickly and inexpensively accessed for the purposes of sampling and eventual production.
The Paradox Basin includes nearby operators such as lithium developer Anson Resources (ASX: ASN), who have a Mineral Resource of over 1MT of Lithium Carbonate Equivalent at an average grade of 124mg/L Li1, as well as the biggest potash producer in the US, Intrepid Potash.
The opportunity presented by Mandrake’s large-scale Utah Lithium Project is clearly recognised by ASX lithium developer Galan Lithium Limited (ASX: GLN; MC: $344M) who are investing $1.5 million for a 5% stake in Mandrake and will be involved in the project on an ongoing basis in a technical advisory capacity.
Mandrake will leverage the significant technical work already undertaken over the preceding months to move rapidly into exploration as we head towards the Company’s maiden lithium Resource.”
Highlights
- Mandrake has secured a large-scale lithium project in the prolific ‘lithium four corners’ Paradox Basin southeast Utah, USA.
- The Utah Lithium Project comprises a land position of over 56,000 acres (~226 km2) – includes a Binding Agreement with the Utah State Govt for over 34,000 acres.
- Staking is still underway; the Company will update shareholders with increases in project acreage.
- Compilation of geological and petrophysical data is well advanced to potentially generate a lithium Exploration Target in the short term and to guide exploration work toward a maiden Mineral Resource in the second half 2023.
- Located proximal to Anson Resources’ (ASX: ASN) Paradox Lithium Project in the pro-mining jurisdiction of Utah with access to Tier 1 infrastructure including power and water.
- ASX-listed lithium developer Galan Lithium Limited (market cap: $344M) to provide technical support and invest $1.5M for a ~5% stake in Mandrake.
- US governmentt and industry aggressively promote domestic exploration/production of strategic/critical materials via myriad funding and grant schemes.
- Project generated internally – no payments to third parties.
- Mandrake fully funded - $19M cash post Galan placement.
Utah Lithium Project
Mandrake Resources Limited (ASX: MAN) (Mandrake or the Company) has secured over 56,000 acres (approximately 226 km2) of lithium brine prospective ground in the Paradox Basin. The lithium brine land tenure comprises:
- 34,670 acres of leases pursuant to an Other Business Agreement (OBA) with the Utah School and Institutional Trust Lands Administration (SITLA), the organization which manages the Utah State Government’s trust lands and mineral rights.
- Over 1,000 claims have been acquired on Bureau of Land Management (BLM) land which totals over 21,383 acres. Claim staking has targeted the most prospective lithium brine areas in the Paradox Basin.
A global review undertaken by Mandrake of several lithium assets and numerous lithium hard-rock, clay and brine prospective areas throughout the world identified the Paradox Basin in the United States as the most attractive opportunity for the Company to successfully develop a world-class lithium project.
The Utah Lithium Project was generated by Mandrake internally meaning there is no vend or acquisition cost to reduce Mandrake’s cash position or dilute its existing shareholders.
The Paradox Basin in the south-eastern Utah ‘lithium four corners’ area hosts hypersaline brine historically documented to contain significant concentrations of lithium, boron, potassium salts (potash) and other elements. The United States’ biggest potash producer, Intrepid Potash (NYSE: IPI MC: US$427M) operates the Cane Creek potash mine which is located approximately 50km to the north west of the Utah Lithium Project whilst mid-tier ASX-listed lithium developer Anson Resources (ASX: ASN MC: AUD$224M) is located approximately 60km north west (Figure 1).
Figure 1: Location of the Utah Lithium Project
Project Geology and Lithium Brines
The Paradox Basin is composed of sedimentary rocks that overlie an Early Proterozoic basement of metamorphic gneiss and schist that is locally intruded by granite (Nuccio and Condon, 19962; Tweto,19873). The prospective reservoir brine occurs in deep-seated, confined Paleozoic sedimentary reservoirs, or aquifers, that are still being assessed and may vary in depth between 2,000 and 7,000 feet (610 and 2,134 metres) below surface.
The geological units of most interest to Mandrake currently include the Pennsylvanian age Paradox Member (within the Hermosa Formation) and the Mississippian Leadville-Ouray Limestone Formation (Leadville Limestone; Figure 2).
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EIS Grant for Minnie Springs Copper Porphyry Drilling
Augustus Minerals (ASX: AUG; “Augustus” or the “Company”) is pleased to advise the grant of a co-funded EIS drilling grant of up to $110,000 for the Minnie Springs Cu-Mo project in the Gascoyne Region. Augustus thanks the State Government and DEMIRS for supporting exploration in Western Australia with these grants.
- Augustus Minerals has been granted a co-funded drilling grant of up to $110,000 for 2 x 700m deep diamond drill holes under the WA Government’s Exploration Incentive Scheme (EIS) for the Minnie Springs prospect.
- The deeper diamond drill program is designed to test and to provide a 550m deep, 1km wide geological/geochemical/structural cross-section through the large 3km long by 1km wide copper moly porphyry system, linking the Mo mineralised leucogranite to the extensive Cu in soil anomaly to the northeast.
- Previous RC drilling at Minnie Springs intersected mineralisation, geology and alteration halo consistent with the zoning of a large porphyry copper / moly system.
Andrew Ford, GM Exploration
“The Company is pleased to receive an EIS grant to complete deeper drilling at the Minnie Springs Copper Molybdenum Project. The resultant data will enable mapping of the lithology and alteration to a depth of 550m and potentially intersect, or provide vectors to, higher grade Mo-Cu mineralisation using a Mo-Cu porphyry geological model”.
Minnie Springs
Minnie Springs hosts porphyry related copper molybdenum mineralisation previously drilled and defined by Catalyst Metals. A molybdenum Exploration target has been defined for the historicdrillingareacomprisedofbetween12-84Mtasoutlinedbelow (Table 1 and Figure 1, 2.)1.
Table 1. Exploration target size estimate for Minnie Springs Molybdenum depositNote: Based on ~300 ppm cut-off at 100% recovery.
The potential quantity and grade of the exploration target is conceptual in nature, there has been insufficient exploration to estimate a Mineral Resources, and it is uncertain if further exploration will result in the estimation of a Mineral Resource.
The planned diamond drilling will complement the recently completed 3,200m RC drilling program that infilled around hole MSRC012 (18m @ 0.37% Cu and 9.7 g/t Ag from 94m downhole, and 16m @ 0.38% Cu and 19.4g/t Ag from 121m downhole2) and tested the northern half of the 2km long copper-in soil anomaly. Assays from this program are expected to become available over the next month.
The limited exploration in the region, highlighted by 95% of the Ti-Tree project having no previous exploration, demonstrates the prospectivity of this underexplored mineral province.
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This article includes content from Augustus Minerals, 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.
Quarterly Activity Report 31 March 2024
EMU NL (ASX: EMU) (“EMU” or “the Company”) is pleased to report on its activities for the quarter ending 31 March 2024.
Figure 1. Fiery Creek Copper Prospect/Yataga Granodiorite summarizing rock (brown diamonds) and termite mound sample results (black crosses)
Continuing with its primary exploration focus on the Georgetown project in the latter half of 2023, EMU received assay results during the quarter from its second, in field reconnaissance work. The geochemical sampling programme covered the Fiery Creek high grade copper vein swarm and the Snake Creek prospects with significant element results returned from the Fiery Creek Copper (elevated Cu-Au-Ag-Bi-In-Pb-Sb-Te) and Snake Creek (elevated Pb-Ag-Au-Sb).
Whilst the survey was cut short due to inclement weather, EMU was encouraged by the significant success reflected in the assays results. The results from mineralogical studies confirmed EMU’s interpretation of an indicative, scale Copper-Porphyry system at the Fiery Creek prospect and was a highlight of the survey with new information building on the scale and potential of the prospect1.
Assay results returned included:
- Fiery Creek rock assay results up to 23.5% Cu, 0.27ppm Au, 460ppm Ag, 1.9% Bi, 89ppm In, 2.7% Pb, 667ppm Sb, 1470ppm Zn2.
- evidence of strong potential for the presence of critical and strategic minerals (Cu, Bi, In), with precious and base metals.
- evidence of alteration mineralogy, mineralisation geochemistry and areal extent of the Fiery Creek quartz-Cu-Bi vein swarm strongly suggesting a previously unrecognised subjacent porphyry Cu-Mo system.
- Yataga Granitoid Complex termite mound and coincident rock chip sampling returned several anomalous polymetallic zones for follow up.
- Snake Creek Prospect assays returned 0.20ppm Au, 390ppm Ag, 22.4% Pb, 464ppm Sb1.
Significant results were returned from the Fiery Creek Copper prospect with elevated Cu-Au- Ag-Bi-In-Pb-Sb-Te and from the Snake Creek prospect with elevated Pb-Ag-Au-Sb.
The elevated pathfinder element results and a macro-petrology assessment3 of rock samples completed by Mr Nigel Maund, Consulting Economic Geologist, from the previously unexplored Fiery Creek Prospect, point to the discovery of a porphyry copper system.
The sampling program assessed a number of high-priority prospects within the Georgetown Project tenements utilising termite mound and outcrop rock chip geochemistry. A total of 46 rock chip and 489 termite mound samples were collected across eight prospects.
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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.
Quarterly Report for the Period Ending 31 March 2024
Redstone Resources Limited (ASX: RDS) (Redstone or the Company) is pleased to provide its quarterly report for the period ending 31 March 2024 (the Quarter).
HIGHLIGHTS
WEST MUSGRAVE COPPER PROJECT (100% RDS) – WEST MUSGRAVE, WESTERN AUSTRALIA
- Redstone currently planning work programs to advance its copper exploration strategy at its 100% owned West Musgrave Project in WA
- Foundation set for growth ‐ existing copper resource base at West Musgrave:
- Tollu copper vein deposit with a resource of 3.8 million tonnes at 1% Cu, containing 38,000 tonnes of copper (ASX announcement of 15 June 2016).
- Significant drilling intersections of high‐grade Cu mineralisation at the Chatsworth and Forio Prospects within Tollu (dating back to 2017) are yet to be included in the existing JORC 2012 resource estimate.
- Significant and consistent high‐grade copper results at depth and to the surface at Tollu:
- Most recent drilling at Chatsworth intersected 11m at 1.2% Cu from only 29m downhole (TLC205), extending the previously intersected high‐grade copper lens a further 20m towards the surface.
- Together with prior drilling, TLC205 also confirmed the targeted high‐grade Cu lens at Chatsworth has the following encouraging characteristics:
- Up to 26m thick (downhole) and has a consistent Cu grade over 1% Cu;
- Extends over 140m vertical from TLC205 to its deepest intersection to date in TLC188;
- A consistent high average grade of over 1% in numerous holes; and
- Remains open at depth
- Historical Cu intersections at Chatsworth include mineralisation that continues from the surface to the maximum vein intersection depth at over 424m (downhole), where grades of 3.73% Cu over 10m, including 5m at 5.3% Cu from 427m (downhole), still continue and are not closed out
- Drilling at the Forio Prospect, which included the highest grade intersection ever recorded at Tollu, being 1m at 18.5% Cu from 18m downhole (TLC203) within an intersection of 8m at 4.1% Cu from 13m downhole, extend Forio’s high grade Cu mineralisation zone at Forio to a 60m strike length (north and south) of continuous high grade copper.
- The high grade Forio Cu Zone extends all the way to the surface with lenses of Cu mineralisation up to 34m thick (downhole) with average grades always over 1% Cu (34m at 1.04% Cu from 15m downhole in TLC181)
- Nearby to major BHP deposit: Tollu copper deposit is located 40km east of BHP’s world‐class Nebo‐ Babel Ni‐Cu‐Co‐PGE deposit ‐ estimated to have a resource of 390 million tonnes grading 0.33% copper and 0.30% nickel, for 1.2 million tonnes of contained nickel metal and 1.3 million tonnes of contained copper metal
- Redstone has been successfully awarded a $220,000 drilling grant from the DMIRS under the Round 29 Exploration Incentive Scheme (EIS) – grant will co‐fund a single deep drill hole of approximately 1,000m at the Chatsworth Prospect at Tollu
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This article includes content from Redstone 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.
Metals Australia Quarterly Activities Report - to 31 March 2024
Metals Australia Limited (ASX: MLS) (“Metals Australia”, the “Company” or “MLS”) is pleased to report its activities for the quarter ended 31 March 2024 (“Quarter”):
Highlights
- Highly experienced Mining Executive, Paul Ferguson commenced employment with the Company, as Chief Executive Officer on January 22nd, 20241. Paul’s commencement has enabled the Company to significantly advance planning and preparation for the exploration, metallurgical test work programs and design studies required to move its flagship Lac Rainy high-grade graphite project towards development. Contract awards for key programs and studies are imminent and will be announced during May.
- The Company completed a $3.5M AUD2(before costs) capital raise to support funding of its planned exploration programs in Quebec, Canada. The raise was completed at a 40% premium to the prevailing stock price and utilised the Canadian Federal Governments exploration tax incentive program (Flow Through Shares). This program is provided by the Canadian Government to help stimulate mineral exploration investment by providing increased tax incentives to investors who support companies exploring for critical minerals. The Company has subsequently noted announcements in the April 16th Canadian Federal Govt budget of changes likely to negatively impact these investor incentives from June 25th. Having completed the capital raise, the Company has ensured it has sufficient funding to achieve its exploration and development objectives.
- Company representatives, including its CEO, hosted an investor booth at PDAC3(Prospectors & Developers Association of Canada) Mining convention in Toronto March 3rd to 6th. The convention was hugely successful with significant contacts and connections established, who have expressed their interest in our project. Connections made include government representatives, fund managers, investors and a wide range of technical services and engineering companies covering all aspects of the study programs required to advance the companies projects. This helped raise the profile of our Company’s flagship Lac Rainy project, along with our other Quebec based projects. Follow up meetings with the government and supportive, Quebec based, exploration and project investment funds has further enhanced our profile in Canada.
- The Company held strategic planning workshops in Australia and Canada to review the extensive portfolio of high-quality exploration tenements held by the group. Strategic plans and priorities were developed for each project and plans are advancing to progress further exploration and metallurgical test programs. The Company is also investigating additional exploration or project opportunities where they add scale or accelerated pathways to development. The balance of the financial year will see further announcements, outlining plans.
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This article includes content from Metals Australia, 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.
Basin Energy Mining Exploration Entity or Oil and Gas Exploration Entity Quarterly Cash Flow Report
Basin Energy (ASX:BSN) is pleased to announced its mining exploration entity or oil and gas exploration entity quarterly cash flow report.
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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.
Basin Energy Quarterly Activities Report for the Period Ending 31 March 2024
Basin Energy Ltd (ASX: BSN) (‘Basin’, or the ‘Company’) is pleased to provide an overview of activities for the period ending 31 March 2024 (‘Quarter’, ‘Reporting Period’) and an accompanying Appendix 5B.
- Active exploration of all three of Basin’s Athabasca uranium properties including:
- Phase 2 exploration drilling at Geikie
- Ground geophysics at Marshall and North Millennium
- Significantly oversubscribed $3.3 million capital raise completed
- Continued engagement and consultation with stakeholder groups
- U3O8 spot price1 surpasses US$100/Lb; hitting 16-year high, with uranium spot price trading as high as US$106/Lb during January 2024
Exploration for the Quarter occurred on all of Basin’s Athabasca Basin uranium projects (the ‘Projects’) (Figure 1). Phase 2 exploration drilling at the Geikie Project (‘Geikie’) commenced, with more than 2,000 metres of drilling completed, and maiden ground electromagnetic surveys at the North Millennium and Marshall projects (‘North Millennium’, ‘Marshall’) with 86-line kilometres of data acquired.
In February, the Company raised A$3.3 million (before costs) via a share placement to institutional, sophisticated, and professional investors. The treasury remained over $5 million at the end of the Reporting Period.
Basin’s Managing Director, Pete Moorhouse, commented:
“The first quarter of 2024 has been a busy period for Basin, with exploration happening concurrently on all three of our Athabasca Uranium projects.
Basin is in a strong position with funding in place to allow continued exploration in the heartland of the world’s premier uranium district.
We look forward to updating the market in the coming weeks on the outcomes of the drilling and geophysics.”
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