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Manganese RC Drilling Completed
Bryah Resources Limited (ASX: BYH, “Bryah” or “the Company”) is pleased to announce it has completed 1,557 metres of RC drilling at the Brumby Creek manganese project. Bryah is in a Joint Venture with OM (Manganese) Ltd, (“OMM”). OMM is a wholly owned subsidiary of OM Holdings Limited (ASX: OMH).
HIGHLIGHTS
- 1,557 Metres of RC drilling completed at the Brumby Creek manganese targets
- 41 RC holes drilled.
- Gradient Array Induced Polarisation (GAIP) surveys completed over 5 project areas.
Commenting on the drilling, Bryah CEO Ashley Jones said: “The last drill program of the year was completed on the Redrum and West Brumby areas with the aim to expand areas of previously intersected manganese mineralisation. We look forward to these results next year.
Figure 1 Location of Mn JV prospects with Mineral Resource on Aeromagnetics TMI RTP image
ABOUT BRYAH RESOURCES
Bryah’s assets are all located in Western Australia, a Tier One global mining and exploration jurisdiction. Strategically the Projects are energy metals focused, or able to exploit synergies of geological knowledge, locality and exploration.
The prospective Bryah Basin licences cover 1,048km2 and have a potential new Volcanogenic Massive Sulphide (VMS) ‘Horseshoe Lights type’ mine analogue at the Windalah prospect, and multiple other similar untested targets. The area also contains extensive outcroppings of manganese, the subject of a substantial $7M joint venture with ASX listed OM Holdings Limited (ASX: OMH). OMH is a vertically integrated manganese producer and refiner with a market capitalisation of over $500M. Bryah and OMH have an excellent working relationship, with OMH having already spent over $3 million to earn-in to the Manganese Rights of the Project.
Click here for the full ASX Release
This article includes content from Bryah 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.
Quarterly Activities Report for the Period Ending 31 March 2024
Augustus Minerals (ASX: AUG; “Augustus” or the “Company”) is pleased to provide the following summary of activities undertaken during the quarter ended 31 March 2024 (March Quarter).
Highlights
- Assay results received from last quarter's drilling at the Ti-Tree project identified mineralisation at several prospects.
- Strong results, consistent with the zones of a porphyry copper system were received from the first 22 holes drilled into the Minnie Springs Cu-Mo-Ag porphyry prospect, including intercepts of:
- 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 downhole
- MSRC022: 7m @ 0.19% Cu from 87m downhole
- MSRC011: 7m @ 0.12% Cu from 21m downhole
- MSRC012 mineralisation contained significant base metal and silver including:
- 5m @ 27.6 g/t Ag, 0.25% Pb and 0.15% Zn with 148 ppm Mo from 107m, and
- 14m @ 21.5 g/t Ag, 0.18% Pb and 0.1% Zn with 274ppm Mo from 122m
- Copper Ridge CRRC008 returned:
- 4m @ 0.91% Cu from 13m
- Including 2m @ 1.67% Cu
- A 3,400m RC drill program has commenced at Minnie Springs, with deeper diamond drilling planned for June.
- Extensive soil sampling program commenced, representing the first systematic exploration over large parts of the mineralised Ti-Tree and adjacent Minga Bar Shears
- Soil program to target both base metal-gold and lithium prospective Leake Spring Metamorphics as well as extensions to the Minnie Springs porphyry style copper- molybdenum trend.
- Cash position of $4.55m as of 31 March
Augustus has continued to advance its mineral exploration ground efforts within the Ti-Tree Project with a regional soil sampling program commencing in March and a second RC drilling program commencing in early April at the Minnie Springs Cu-Mo-Ag porphyry prospect.
Drilling Activities
The Ti-Tree project covers some 3,600km2 and overlies 85kms of strike of the Ti-Tree Shear which is known to host a significant number of mineral occurrences in the region. The project area also contains >20kms of strike of the Money Intrusion, where Dreadnought Resources (ASX:DRE) has recently discovered significant Ni-Cu-PGE mineralisation1 .
Assay results from late last quarter’s drilling which comprised 78 holes totalling 9,086m of Reverse Circulation (RC) drilling were received in the March quarter2.
The primary focus of this drill program was to target significant mineralised zones defined by surface exploration completed across the 6 prospect areas of Minnie Springs, Coo Creek, Nick’s Bore, Copper Ridge, Crawford Bore and Crawford South (Figure 1).
Figure 1. Map of Crawford area and Minnie Springs, key drilling targets
Significant assays with >1m width at >0.1%Cu are shown in Table 1 below. Intervals marked * contain composite samples (nominal 4m).
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 Report – Activities for Quarter Ended 31 March 2024
HIGHLIGHTS:
Lyndon Uranium/Lithium/REE
- New Rock chip assay results up to 6,612ppm U3O8 at the Baltic Bore and Jailor Bore prospects
- 12 rock chips returned assays >1,000ppm U3O8
- 5 rock chips returned assays >1,000ppm V2O5
- Uranium anomalism spans strike lengths of 2.6km at Baltic Bore and 2km at Jailor Bore
- Lyndon Project Immediately adjoins Paladin Energy’s Carley Bore Uranium Project (15.6MLbs U3O8)
Relief Well Uranium Project (Lyndon):
- Relief Well Uranium Prospect immediately adjoins Paladin Energy’s Carley Bore Uranium Project
- (15.6MLbs U3O8 announced resource)1
- Extensive 8km long palaeochannel confirmed at Relief Well, prospective for roll-front style uranium mineralisation
- Drill planning underway for testing of roll-front uranium mineralisation at Relief Well
Gascoyne East:
- Completion of lithological and structural interpretation from geophysical datasets
- PoW approval for Phase 1 aircore drilling to assist bedrock mapping
- Geophysical interpretation has confirmed drill targets for:
- Intrusion-related porphyry and Iron Oxide Copper-Gold (IOCG) mineralisation
- Magmatic Ni-Cu-PGE mineralisation within a distinct layered mafic intrusion
- Orogenic and intrusion-related gold mineralisation within the Dalgaringa Supersuite and Camel Hills Metamorphics.
- Intrusion-related gold and base metal deposits within the Edmund Basin
- Sedimentary-hosted base metal deposits in the Edmund Basin analogous to the Abra deposit
- At-surface uranium targets identified through airborne radiometric survey data
Odessa’s Executive Director, David Lenigas, commented:
“It’s been a very active and successful exploration period for Odessa in the Gascoyne this past quarter, having identified very significant uranium prospects emerging at Lyndon returning some exceptional grades up to 6,600 ppm U3O8. Our exploration priorities in the Gascoyne are now swayed towards accelerating our uranium targeting at Lyndon and readying the uranium prospects for drilling later this quarter if possible. We are also excited with what we are seeing now at Gascoyne East with the detailed interpretation of the airborne survey highlight excellent gold copper and uranium targets. Detailed planning for air-core and RC drilling is now well underway and should also start later this quarter or early next quarter.”
Figure 1: Odessa Minerals regional Gascoyne Project location map overlain with Geological Survey WA Minedex Occurrences.
Lyndon Uranium/Lithium/REE Project
Lyndon Project Overview
The Lyndon Project is located on the margin of the Carnarvon Basin and Gascoyne Complex approximately 200km south of Onslow and 200km NE of Carnarvon, in Western Australia. The project consists of over 1,000km2 of exploration licenses and applications.
Click here for the full ASX Release
This article includes content from Odessa 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.
Maiden Exploration to Commence at Summit’s Brazilian Niobium Projects
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.
Will Changes to Canada's Capital Gains Tax Hurt Mining Investment and Innovation?
On April 16, the Canadian government tabled its 2024 budget proposal. Called "Fairness for Every Generation," it is aimed at helping Millennials and Gen Zs, with C$535 billion earmarked by the Trudeau government for investments in housing, clean economy initiatives, childcare, healthcare and national security.
But one section of the document has garnered widespread attention — changes to the capital gains tax scheme.
Starting on June 25, 2024, changes to Canada's tax system will aim to “enhance fairness” by adjusting the inclusion rate for capital gains. Individuals with over C$250,000 in annual capital gains will see their inclusion rate increase from one-half to two-thirds, while those with gains below this threshold will maintain the 50 percent inclusion rate.
Corporations and trusts will face a two-thirds inclusion rate for all capital gains. These adjustments seek to create a more equitable taxation framework across different income brackets and entities.
“Tax fairness is important for every generation, and it is particularly significant for younger Canadians,” budget documentation explains. “In 2021, only about 5 percent of Canadians under 30 had any capital gains at all. Only 0.01 percent of Canadians under 30 are expected to have capital gains above the $250,000 annual threshold in 2025.”
While the government has emphasized that the capital gains tax revision upholds its commitment to progressive taxation as a cornerstone of fairness and Canadian prosperity, a variety of people and companies have voiced opposition, fearing that the changes will create a mass exodus of businesses and entrepreneurs from Canada.
Harley Finkelstein, president of Shopify (NYSE:SHOP), Canada's third largest publicly traded company, shared his thoughts via X, formerly known as Twitter, saying the proposed budget will penalize innovators and entrepreneurs.
The Liberal government’s ongoing deficit was also a target of analysts and experts.
“The entire budget proposal is a disaster, worse than my already low expectations,” Rick Rule, proprietor at Rule Investment Media, told the Investing News Network. “When might the budget balance itself? Never!”
Rule was also critical of the proposed capital gains tax reform.
“The government taxes success to subsidize failure, reducing that amount of capital available to successful, experienced investors to be allocated by political hacks, with investment track records unblemished by success," he said.
Mining sector fears loss of investment and innovation
The 2024 spending plan prompted other reactions from the mining sector as well, with the Mining Association of Canada (MAC) and the Prospectors & Developers Association of Canada (PDAC) both releasing statements.
The MAC pointed to the government’s plans to extend the Mineral Exploration Tax Credit (METC) until March 31, 2025, as a win for the junior mining sector, but noted that the decision to increase the inclusion rate for corporations and trusts, as well as individuals, could significantly diminish the effectiveness of the METC.
“(The) budget has pros and cons,” said MAC President and CEO Pierre Gratton.
Aside from the METC extension, the MAC said the pros include changes to the Clean Technology Manufacturing Investment Tax Credit (CTM-ITC), which will now include the cost of eligible property primarily used for producing qualifying critical minerals, provided that at least 50 percent of the production value is dedicated to this purpose.
This update reflects concerns raised by MAC earlier this year — the original CTM-ITC proposal had suggested a 90 percent threshold that the MAC said would have significantly restricted the tax credit's applicability and effectiveness in encouraging new investments in mining and mineral processing.
“The proposed new threshold for the CTM-ITC is welcome, but the changes to capital gains may undermine the METC and harm mineral exploration financing,” explained Gratton in his statement. “We applaud the government’s ambitions with respect to project timelines, but the real success will come down to implementation; we look forward to working with the government to make sure that mines in Canada can be approved and brought online in timelines that are more responsive to the urgent need for Canadian minerals and metals.”
This sentiment was echoed by PDAC. The mineral exploration and development organization, which has more than 7,000 members globally, acknowledged that the METC term increase is a beneficial milestone for the nation’s exploration sector, but expressed concerns about the capital gains tax adjustment.
“Such an increase will reduce the amount of available capital for junior exploration and development companies and create major headwinds for investment into Canadian industry more broadly,” warned PDAC.
“Without careful consideration, the proposed tax increase could put us on track to fall short on the critical mineral and other federal strategies, and we cannot risk losing momentum in building our capacity to discover and connect new mineral deposits to domestic supply chains," the organization also notes.
In February, ahead of the proposed federal budget, PDAC issued a list of six recommendations.
Its suggestions are primarily focused on fostering growth and innovation within the Canadian mineral exploration and mining sector. It includes proposals related to tax measures, regulatory enhancements, research and development incentives, infrastructure investments, Indigenous engagement and international trade promotion.
Related to the capital gains tax, the organization proposed the following: “That the government adjust the capital gains tax treatment for flow-through shares to reflect the issue price of the security versus the current nil cost base approach to expand participation in this funding mechanism by a broader base of investors within Canada."
PDAC also emphasized the importance of supporting the mining industry's competitiveness, sustainability and contribution to economic development and job creation in Canada.
“PDAC will be unwavering in voicing how uniquely Canadian investment incentives like flow-through shares and exploration tax credits must remain well-oiled and ingrained in our financial landscape,” the statement reads. “And we will remain steadfast in our call that Canada must expand its public geoscience knowledge-base and incorporate this information into our national strategies and land management processes.”
For Brian Leni, editor and founder of Junior Stock Review, the government’s move to change capital gains tax rubric is likely to weigh heavily on the already challenged junior mining landscape. “Money flows to where it is treated best,” he told the Investing News Network via email. “I don't think this situation will be any different.”
In recent years, Canada’s junior mining sector has faced various challenges, including regulatory complexities, limited access to capital and volatile commodities prices.
“Canada's position as a top-tier destination for mining investment continues to erode,” continued Leni. “Raising the capital gains tax on the group of investors who infuse the most amount of money is a grave mistake, but unfortunately, I wouldn't expect anything less from the government. That isn't a bipartisan comment either, left or right. With debts at all-time highs, inflation still persistent, to me it's just a matter of time before they come for us all.”
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
IND Establishes HPQ Exploration Target at Pippingarra Project
Industrial Minerals Ltd (ASX: IND or the Company) is pleased to announce a Maiden Exploration Target for High Purity Quartz (HPQ) at its Pippingarra Quarry Project (Pippingarra) located 30km south-east of Port Hedland, in the Pilbara region of Western Australia (Figure 1).
Highlights
- IND’s recent RC drilling program informs a Maiden High Purity Quartz (HPQ) Exploration Target at the Pippingarra Quarry Project.
- Drilling is planned for the exploration target area and to test several quartz occurrences mapped across the wider Mining Lease area.
- IND plans to commence work on a HPQ Mineral Resource Estimate in parallel with metallurgical testwork being conducted by potential offtake partners and third-party mineral processing laboratories.
- A 300kg Pippingarra quartz sample crushed from existing quarry stockpiles sent to China in late 2023 produced a >GG.GG4% SiO2 end product following standard HPQ processing1.
- A further 24 tonne bulk sample comprising crushed quartz rock has been shipped to China for processing, metallurgical test work, and assessment by potential offtake partners.
Figure 1: IND Pippingarra Quarry Project location and infrastructure.
In October 2023, IND announced the agreement of binding terms2 with North West Quarries Pty Ltd (NWQ) for an exclusive option to acquire an 80% interest in the non-construction material mineral rights.
Jeff Sweet, Managing Director of Industrial Minerals, commented:
“Following on from one of our potential offtake partners in China achieving a processed High Purity Ǫuartz product grading >SS.SS4% SiO2, we are extremely positive about the potential to supply Pippingarra quartz into high-end quartz markets.
“The Pippingarra Exploration Target is limited to an area where IND completed RC drilling in late 2023, to the east of the existing open pit. There are several quartz outcrops mapped across the broader Mining Lease area that will also be drilled with the intention to include these untested HPǪ target opportunities in the upcoming Mineral Resource Estimate (MRE) for Pippingarra.
“Our motivation to commence work towards a MRE is to leverage our unique position of having an active mining operation at the Pippingarra Ǫuarry. We believe this will give potential offtake partners the confidence to enter into offtake agreements with IND, knowing that we can rapidly advance to be mine ready and have a suitable mine life to support long term supply needs.”
Maiden High Purity Quartz Exploration Target
Table 1: Pippingarra HPQ Exploration Target range.
The potential quantity and grade of the Exploration Target is conceptual in nature, and there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. The Exploration Target has been prepared and reported in accordance with the 2012 edition of the JORC Code.
The Exploration Target is based upon the Reverse Circulation (RC) Drilling program completed by IND in December 2023. Drilling was conducted on a 50m x 50m spacing. From this, holes INRC003 – INRC009 recorded thicknesses of white crystalline quartz over widths from 12m to 20m as reported in the Table 2 below.
Click here for the full ASX Release
This article includes content from Industrial 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.
China-Based Battery Grade High-Purity Manganese Production Strategy
Investor Site Visit Presentation - April 2024
BUILDING A LOW-COST HIGH-PURITY MANGANESE SULPHATE PLANT
Unique, Low-Cost, Speed-to-Market Strategy
Successfully executing a high-purity manganese sulphate strategy to supply into the rapidly expanding LMFP battery market . Investor Site visit in China to demonstrate the compelling opportunity for Firebird to establish itself as a key, low-cost, near-term producer
Sustainable Economics and Perfect Timing
Firebird to become of one of the lowest-cost battery grade MnSO4 producers, placing the Company in a competitive position in all market environments, at a time when the LMFP market is forecasted for exponential growth and become a >US$20 billion market by 2030
Management, Board and In-Country Team with Sector Leading Credentials
Led by a Board and Management team with proven abilities of building companies through the lifecycle and into production. Assembled a proven and high-quality team in China, who are leaders in the development and production of high-purity manganese
Well-Funded and Supported
Strong cash position of $7.36m (as of 31 Dec 2023) to fund key workstreams across China strategy and at Oakover. Firebird has attracted a strong investor register supported by a highly-reputable investor Canmax Technologies Co., Ltd with a 9.7% holding
DEVELOPMENT PROGRESS IN CHINA CONTINUING AS PLANNED
- Preliminary design work, R&D centre, equipment supplier due diligence & project permitting are all being progressed at full speed
- Estimated permitting & design on track for completion by late Q3 2024
- European customer site visits & off-take discussions commenced with excellent feedback
- Formal advice from Jinshi Government & relevant departments on process to repatriate profits and capital from operations
- As further proof of the strong levels of support in-country, Firebird will also receive a preferential tax rebate for 6 years
- Australian investor & broker site visit to key areas in China, including Jinshi High-Tech Industrial Park, Pilot Plant and Jinshi Port to take place on April 23
- Oakover project development continues as planned and forms an integral part of Firebird’s long term manganese battery materials strategy
Click here for the full ASX Release
This article includes content from Firebird Metals 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.
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