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Marquee Acquires 301km2 of Highly Prospective Lithium Tenure in WA’s Lithium Corridor of Power
Marquee Resources Limited (“Marquee” or “the Company”) (ASX:MQR) is excited to report that it has executed a Tenement Sale Agreement (“TSPA”) with Solstice Minerals Ltd (“Solstice”)(“ASX:SLS”) to purchase 100% legal and beneficial interest in four exploration tenements E28/2583-I, E28/2650-I, E28/3161 & E28/3124 (together, the “Yindi Project”).
- MQR acquires 301 square kilometres (km2) of highly prospective lithium exploration package (to be named the Yindi Project).
- Located 13km from, and geologically analogous to, the Manna Lithium Deposit (36Mt @ 1.13% Li2O) owned by Global Lithium Resources Limited (ASX:GL1), 90km east of Kalgoorlie.
- The presence of mapped intrusive granites and pegmatites in GSWA geology maps.
- The presence of granitic pegmatites units in historical drillhole logs that have not been assayed for lithium.
- Surficial geochemical anomalism from the limited soil sampling data.
- Previous tenement operators have highlighted the potential for the discovery of economic gold mineralisation throughout the Project, however the Company’s focus will be to explore for LCT-pegmatite mineral systems.
- Approximately 23,233 meters of drilling (RAB, AC and RC) conducted on the tenure within only ~1% assayed for lithium.
- MQR has commenced a review of the historical data and will expedite lithium exploration with field work to commence immediately.
- Further solidifies MQR’s lithium land package within the lithium “Corridor of Power”.
- Firm Commitments received for a share placement to raise $1,985,306 at $0.03 per share (with a 1:2 free attaching option (exercise price $0.08c and 3-year expiry from issue date), subject to shareholder approval at upcoming AGM.
The Yindi Project represent 301km2 of lithium exploration tenure, adjacent to and along strike from Global Lithium Resources Limited (“ASX:GL1”) Manna Lithium Deposit, 90km east of Kalgoorlie.
Figure 1: Yindi Project Location Plan
The Yindi Project Background
The Yindi Project is located 90km east of Kalgoorlie in the Kurnalpi Terrane of the Eastern Goldfields (Figure 1). Historical exploration work has been gold focussed and is of an early-stage nature, consisting of soil geochemistry and shallow drilling (Table 1). Only 24% of soil samples have been assayed for lithium and less than 1% of drill hole samples have been assayed for lithium. Previous tenement operators have highlighted the potential for the discovery of economic gold mineralisation throughout the Project, however the Company’s focus will be to explore for LCT-pegmatite mineral systems.
Table 1: Historical exploration completed at the Yindi Project
Following the completion of due diligence and desktop review, the Company believes the Yindi Project provides an excellent, early-stage exploration opportunity for the discovery of spodumene-bearing pegmatites. The primary factors include, but are not limited to:
- Analogous litho-structural setting to known lithium deposits (e.g. Manna Lithium Deposit).
- Geology dominated by mafic rock types surrounding late-stage granitic intrusions.
- The presence of mapped intrusive granites and pegmatites in GSWA geology maps.
- The presence of granitic pegmatites units in historical drillhole logs that have not been assayed for lithium.
- Surficial geochemical anomalism from the limited soil sampling data.
- The presence of transported sediments masking the underlying geology and potential mineralisation (benefit and hindrance).
The initial exploration focus will be on the western tenements E28/2583-I & E28/2650-I and the “Prospective Lithium Corridor” that runs N-S for 20km through the tenure (Figure 2). These tenements have been the primary focus of historical gold exploration efforts, with mafic rock types adjacent to late-stage granite plutons. Transported cover masks approximately 80% of the bedrock, however granitic and pegmatitic dykes have been mapped on surface within the tenure, and it is interpreted that a dyke swarm that has been observed SW of the tenure likely extends north into the Project extents. Additionally, drill hole logs indicate felsic intrusive granitic and pegmatitic rock types were intersected and the Company aims to visit the historical drill sites to resample drill spoils to further assess the prospectivity. While the presence of transported cover has hindered historical exploration for gold deposits, it also provides an opportunity to reassess the tenure with a different mineralisation model using the most modern geophysical and geochemical techniques.
This article includes content from Marquee 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.
Augustus Minerals (ASX: AUG; “Augustus” or the “Company”) is pleased to advise of the completion of its maiden drilling campaign at its 100% owned Ti-Tree project in the Gascoyne region of Western Australia.
- 9,086m drilled in 78 holes across six project areas
- Campaign designed to test extensive surface mineralisation identified through soil sampling and rock chip analysis
- Visual observations of copper sulphide mineralisation in quartz veining in multiple holes at depth
- Assays are due back progressively over the coming weeks.
- Exploration and drilling activities to re-commence in Q1 2024
The drilling campaign included 78 holes totalling 9,086m of Reverse Circulation (RC) drilling. The program consisted of discovery drilling only and was designed to confirm historical results and to test near surface mineralisation at depth and along strike, with drilling having been limited to approximately 70m vertical depth.
Holes in the Crawfords, Nic’s Bore and Copper Ridge areas also intersected some visible disseminated mineralisation within quartz veins in the form of pyrite, malachite and chalcopyrite and assay are awaited.
Andrew Reid, Managing Director
“Our maiden drilling campaign following the IPO in May 2023 is now completed and has been a great success. The campaign was designed to test for mineralisation both at near surface and at depth and resulted in visually identifying mineralisation/veining in the majority of drill holes at our Minnie Springs copper-molybdenum-gold project.
Minnie Springs could represent a sizeable porphyry hosted copper deposit with the next step to be the completion of drilling in the remaining 50% of the copper-in-soil anomaly yet to be tested during the next drilling campaign in Q1 2024.”
Figure 1. Location map showing prospects drilled to date, Minnie Springs, Copper Ridge,Nick’s Bore, Crawford and Crawford South and COO Creek.
Table 1. List of RC holes completed by prospect location.
Figure 2. Minnie Springs soil sampling, rock chip and drilling location map showing location of the x-section A – A’.
Figure 3. Hole MSRC012 – showing visual pyrite - chalcopyrite – chalcocite – covellite mineralisation in zones from 127 – 139m downhole at the Minnie Springs prospect1.
The second northern-most line at Minnie Springs (Figure 2. MSRC 010 – 012) intersected multiple zones of copper sulphide mineralisation1 co-incident with chlorite-epidote alteration in hole MSRC012, which is characteristic of propylitic alteration commonly seen in in porphyry copper-molybdenum-gold deposits.
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.
EMU NL (ASX: EMU) (“EMU” or “the Company”) is pleased to release gold assay results from its maiden reconnaissance field survey conducted during July and August 2023 at the Georgetown Project in Queensland.
- Camp Oven Creek area historic surface rock assay results ranging from 12.9 g/t up to 224 g/t gold and 24 g/t to 135 g/t silver from rock samples in broad rhyolite breccia hosted veins in the NW1.
- 15.4 g/t gold assay results recorded from EMU’s first reconnaissance rock samples in the NE Dagworth area, ~19km east from Camp Oven Creek, along Delany Fault extension2.
- 15 historic rock values greater than 31.1 g/t gold (> 1 Ounce) identified from zones in the Camp Oven Creek, 130 Quartz Vein and Quartz 250 Prospects (“new historic information”)3.
- Three historic rock samples in the Quartz 130 prospect returned values ranging from 51 g/t gold up to 73 g/t gold4.
- Limited historic drilling at Rhyolite Breccia/Turtle Arm returned values to 2m at 15.8 g/t Au and 3m at 2.8 g/t Au.( See table 3).
- 86 historic surface rock samples greater than 1 g/t gold with a weighted average of 17.3 g/t within Georgetown EPM 27667 - NW Camp Oven Creek/Turtle Arm quadrant5.
- 2 EMU first reconnaissance rock samples returned 36.1 g/t gold and 25.6 g/t gold respectively from the Sandy Creek prospect just south of Georgetown6.
- Limited historic drilling at Munitions Creek (EPM 27642) returned values to 4m at 2.73 g/t Au and 1m at 10.85 g/t Au. (see table 3).
- EMU’s geological teams currently in field undertaking follow up sampling from these areas.
Commenting on the high gold values historically reported in the project area coupled with EMU’s latest results, EMU’s Chairman Mr Peter Thomas commented:
“It is quite remarkable that the Georgetown tenements and surrounding areas have not been comprehensively subjected to a modern and systematic exploration effort previously. EMU’s initial “first pass” reconnaissance field survey comprised the collection of a limited number of samples from rock outcrop, termite mounds and stream sediments in multiple areas targeted for gold, base metals, lithium and critical minerals. In addition to the recently reported copper, silver and lead values, the gold assay results and historic exploration results support EMU’s view that the project has the potential to deliver world-class discoveries which underpinned its decision to farm into the project”.
Further to the recent announcement7 confirming a substantial high-grade copper and silver system at Fiery Creek and high-grade lead and silver assays results from Snake Creek, EMU reports high grade gold values from rock chip samples collected from a number of prospective areas at Georgetown.
Recently compiled historic gold and base metal drill hole and surface outcrop sampling values from the Georgetown area and from within the three tenements which comprise the project, confirm the outstanding prospectivity of the project.
EMU is currently undertaking a new, limited and targeted follow-up exploration programme with teams in the field over areas not previously sampled to investigate zones which have historically reported high-grade gold and base metal values.
Figure 1 - Identified current and historic Gold Occurrences at Fiery Creek and Georgetown Tenements
Table 1. Emu’s Significant Gold Sample Assay Results (>1 g/t Au in bold text)
Historical Gold Reported:
Fiery Creek EPM 27667 (Gold + Base Metal Targets)
Based upon significant results that have emerged from the compilation of historic data and the limited field work already completed by EMU, the significant northern portion of the Fiery Creek tenement (EPM 27667) is emerging as a high priority for both precious and base metals. The higher priority targets include structural settings for gold in the Camp Oven Creek, Quartz 130, Quartz 250 and Dagworth Prospect areas, whilst the Fiery Creek prospect within the Yataga Granodiorite demands further attention due to the high-grade outcrop sample assay values for copper and silver.
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.
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The Placement was completed in connection with Carbonxt’s capital raise to raise approximately $2.94m before costs, which also comprises a non-renounceable pro-rata Entitlement Offer to existing shareholders (refer ASX Announcement 4 December 2023).
As part of the capital raise, the Company will make a further placement of 8.33m new fully paid ordinary shares at an issue price of $0.06 to Pure Asset Management, to raise an additional $0.5m. These shares will be issued in January 2024 concurrently with the allotment of the Entitlement Offer shares under the Company’s available placement capacity as per ASX Listing Rule 7.1 and 7.1A.
Funds raised will be used to provide funding to the Company for the development of the Kentucky Facility and for working capital purposes.
Managing Director Warren Murphy commented: “We are pleased to confirm the successful completion of the Placement component of Carbonxt’s capital raise. The short time to completion was reflective of strong support from a network of institutional and sophisticated investors. These funds provide the Company with working capital to assist management oversee the accelerated construction activity at our flagship activated carbon production facility in Kentucky, USA. Alongside the funds from the fully-underwritten Entitlement Offer, Carbonxt will be well-capitalised to execute on its stated strategy to deliver a material uplift in production and sales once the NewCarbon facility is operational in CY2024.”
Lead Manager for the Placement were Sanlam Private Wealth. The Lead Manager will be entitled to receive a fee of 6% on the funds raised by them.
This article includes content from Carbonxt Group, 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.
Reward Minerals Limited (ASX: RWD) (Reward or the Company) is pleased to announce that it has entered into a binding share sale agreement (Share Sale Agreement) with the Receivers and Managers (Receivers) of Kalium Lakes Limited (Administrators appointed) (Receivers and Managers appointed) (ASX: KLL) ACN 613 656 643 (Kalium) to acquire the Beyondie Sulphate of Potash (SOP) Project (Beyondie Project) on a debt-free basis, free of encumbrances for total consideration of A$20 million, comprising a A$250,000 exclusivity payment previously made (see ASX announcement dated 16 November 2023), upfront cash consideration of $14.75 million and deferred cash consideration of $5 million by 30 June 2025. See the Schedule for further details.
Execution of the Share Sale Agreement and submission of a deed of company arrangement (DOCA) proposal (DOCA Proposal) follows the Company’s entry into an exclusivity deed with Kalium and the Receivers, as announced to ASX on 16 November 2023, and represents the next step towards Reward acquiring the Beyondie Project.
Commenting on the Share Sale Agreement, Reward Executive Director, Dr Michael Ruane said:
“Reward is pleased to have progressed the potential acquisition of the Beyondie SOP project on a debt-free basis, free of encumbrances to the execution of the Share Sale Agreement stage.
Assuming that the proposed DOCA with Creditors, Shareholder Approval and Capital Raising are completed, the Reward team are keen to move quickly on evaluation of the plant and flowsheet modifications and costs for potentially recommissioning the Beyondie Project.
The evaluation will also cover the incorporation of the Reward Process into the existing project layout and also for SOP recovery operations at other SOP resource sites.”
Share Sale Agreement
Reward has entered into the Share Sale Agreement for the acquisition of 100% of the issued share capital of Kalium Lakes Infrastructure Pty Ltd (KLI) and Kalium Lakes Potash Pty Ltd (KLP) (together, the Target Entities), on a debt-free basis, free of encumbrances. KLP is the employing entity for the Beyondie Project, with the majority of suppliers contracted through KLP. KLI holds the non-process infrastructure assets for the Beyondie Project.
The material terms of the Share Sale Agreement are summarised in the Schedule.
As a key condition to completion of the Share Sale Agreement, DOCAs for each of KLP and KLI must be approved by creditors of KLP and KLI (with meetings of creditors scheduled to be held on 6 December 2023). The DOCA Proposal submitted by Reward contains customary terms for a document of its nature, and provides that:
- all KLP and KLI unsecured creditor claims and debts will be compromised through effectuation of the DOCAs and the establishment of separate Creditors Trusts, which will act as the vehicle to distribute any DOCA funds to the creditors of KLP and KLI;
- funds will be allocated from the consideration payable under the Share Sale Agreement to satisfy the costs of the administration of KLI and KLP and enable a dividend to be paid to priority employee creditors in full and to unsecured creditors of KLP and KLI;
- KLP and KLI will continue under the ownership of Reward (subject to completion of the Share Sale Agreement);
- priority employee claims will be paid 100 cents in the dollar and under each DOCA, they are afforded a priority claim over unsecured creditors;
- a combined fund of up to $250k will be available to meet the claims of unsecured creditors of KLP and KLI (estimated to represent a dividend of approximately 5 cents in the dollar); and
- the existing unsecured founder royalty of 1.9% of gross revenue from all products extracted from the relevant mining tenements that comprise the Beyondie Project will be extinguished by the DOCA or reduced on such terms to be agreed between Reward and the relevant royalty holders for the purposes of preventing any termination right described in item 7(b) of the Schedule that Kalium might otherwise have under the Share Sale Agreement.
As part of the transaction, Tyson Resources Pty Ltd (Tyson Resources), an entity associated with Executive Director, Michael Ruane, has provided $8.750 million of loan funding to Kalium towards prepayment of a post- administration secured debt outstanding from Kalium to a third-party lender (Tyson Loan). The Tyson Loan is secured over the present and after acquired property of Kalium, KLP and KLI (but ranking behind the third-party lender debt), and will only receive interest should the Share Sale Agreement not complete due to the DOCAs not being approved or breach by Kalium or the Receivers (at a rate of 12.5% per annum from 1 January 2024). The Tyson Loan (including attaching interest and security interests) will be repaid and discharged on completion of the Share Sale Agreement. There is no recourse against Reward in relation to the Tyson Loan.
This article includes content from Rewards 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.
Significant Number of New LCT Pegmatite Targets Generated from Airborne Lidar at Aqua Property, James Bay – Quebec, Canada
James Bay Minerals (ASX: JBY) (“James Bay Minerals” or “the Company”) is pleased to advise that it has generated a significant number of high-priority LCT pegmatite targets across its Aqua Property. The targets were identified following assessment of the airborne LiDAR and high-resolution photography recently flown by Perron Hudon Belanger (PHB) across the Company’s La Grande Project and Troilus Projects.
- Airborne LiDAR and high-resolution photography flown across the La Grande Lithium Project.
- Assessment of data from LiDAR and high-resolution photography has generated a total of 123 LCT pegmatite targets across the Aqua Property.
- High-priority targets commence just ~200m to the east of FIN Resources’ significant spodumene showings1, which have returned assayed grades of up to 6.85% Li2O2.
- The La Grande Project is a highly prospective lithium property located along trend from Winsome Resources' (ASX: WR1) Cancet Lithium Project and Patriot Battery Metals (ASX: PMT).
LiDAR has been utilised to measure and map out the variations in slope, aspect and elevation to study landforms. The Company’s exploration team has examined all the variations in slope and elevation to identify and confirm high-priority areas which sit proud of other structures, as these are some of the key geological features expected of Lithium-Caesium-Tantalum (LCT) pegmatites in the region. Once structures have been identified utilising LiDAR, the James Bay Minerals team overlayed these onto high-resolution photos where white outcropping is visible generating key targets. This methodology will also be deployed in the assessment of JBY’s other La Grande Properties and its Troilus Project.
James Bay Executive Director, Andrew Dornan, commented:
“This is another exciting development for the Company with over 120 LCT pegmatite targets identified across our Aqua Property. Given we have the three key geological ingredients for giant LCT lithium- pegmatite deposits – along with FIN Resources’ spodumene discovery on the border of our Property – our confidence in the prospectivity at Aqua and the potential for a significant lithium discovery continues to grow.”
In conjunction with its exploration partner, Breakaway Exploration, JBY is in the process of planning a targeted field program across the Aqua Property focused on field mapping the new LCT pegmatite targets generated from LiDAR and high-resolution photography. This program is planned to commence in the first half of 2024.
Figure 1 – High-priority LCT pegmatite targets across the Aqua Property.
Figure 2 – Aqua Property high-priority LCT pegmatite targets within the north-western section of the Property, within proximity to FIN Resources’ discovery.
LiDAR, an acronym of "light detection and ranging" or "laser imaging, detection and ranging" is a method for determining ranges by targeting an object or a surface with a laser and measuring the time for the reflected light to return to the receiver.
LiDAR surveys produce a high-resolution topographical image of the surface, allowing detailed desktop exploration of outcropping pegmatites and prospective geological features. The survey will deliver a digital elevation model (DEM) on a 1x1m grid scale with an overlying image of 16cm pixel resolution.
The high-resolution nature of the survey is designed to uncover undiscovered or hidden pegmatites beneath vegetation. Pegmatite outcrops are more resistant to weathering than other lithologies present in the project area and tend to present as topographic highs which can be detected by the high-resolution LiDAR survey. Importantly, this technique has been successfully used in the James Bay region by other explorers and producers in the discovery of lithium-bearing pegmatites.
Background on James Bay Minerals
James Bay has acquired a 100% interest in one of the largest lithium exploration portfolios in the James Bay region, covering an area of 34,572Ha or 346km2. The Joule, Aero and Aqua properties are located in the La Grande sub province along trend from the Corvette deposit, where Patriot Battery Metals (ASX: PMT) recently reported a maiden Inferred Mineral Resource Estimate of 109.2Mt at 1.42% Li2O and 160ppm Ta2O5 (0.40% Li2O cut-off grade).3
The Troilus Project is located further to the south sitting only 5km to the north of Sayona’s Moblan Lithium Project and proximity to Winsome Resources’ Sirmac-Clappier Project.
This article includes content from James Bay 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.