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Auric Mining Limited (ASX: AWJ) (Auric or the Company) is pleased to announce that Stage Two of mining of the Jeffreys Find Gold Mine (the Project) near Norseman, WA, will recommence in March 2024.
Highlights
- Mining to recommence in March 2024.
- Mining equipment to mobilise in February 2024.
- BML Ventures Pty Ltd has completed a grade control drill program.
- Stage Two pit to be substantially larger than Stage One.
- Auric has paid $1.0 million as working capital contribution for Stage Two.
Management Comment
Managing Director, Mark English, said“We have hit the ground running in 2024. Grade control drilling by BML Ventures Pty Ltd (BML) is complete with samples at the laboratory. It won’t be long before mining gets underway at what promises to be another rewarding chapter for Auric.
“Our partner, BML of Kalgoorlie, is waiting on assay results before finalising the parameters for a final pit. Mining is anticipated to last between 9 and 12 months.
“Last year 175,865 tonnes of ore were milled producing 9,741 ounces of gold. Whilst we don’t have figures yet, we are certain the number of tonnes of ore we’ll extract from Jeffreys Find will be substantially higher than last year. That’s the best possible news.
“All approvals to mine are in place and BML are in final negotiations with a toll mill for the processing of multiple gold campaigns throughout 2024.
“Jeffreys Find is a straightforward deposit. We do not expect any surprises. Our second gold campaign of 2023 averaged 1.93g/t. With the AUD gold price remaining above $3,000 per ounce, a similar or better result on Stage Two of Jeffreys Find would be a terrific result for Auric.”
Grade control drilling at Jeffreys Find Gold Mine.
The Announcement
Through the joint venture with BML Ventures Pty Ltd (BML) of Kalgoorlie, a grade control drilling program over a potential final pit started on 11 January 2024 and was completed on 15 January 2024.
Once results are received BML will finalise its modelling of a Stage Two pit. Equipment will be mobilised to the mine site in February 2024 with mining scheduled to commence in March 2024.
Final numbers are not yet decided but substantially more tonnes of gold ore will be mined in 2024 compared to 2023. For Stage One in 2023 a pit design was premised on a base gold price of $2,600 per ounce. For 2024 the design will be based on a gold price of $2,900 per ounce. The current gold price is around $3,070 an ounce.
Auric has paid $1.0 million as working capital contribution to BML. Apart from that payment, BML are incurring and paying all additional mining costs and expenses. After completing this final phase of mining the two partners will subtract all costs before splitting the surplus cash proceeds on a 50:50 basis.
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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.
AWJ:AU
Heavy REEs Terbium and Dysprosium from Korsnäs
- Further impressive assay results received from 307 samples, 25 historical drill holes
- Assays include heavy REEs (Terbium (Tb) and Dysprosium (Dy)) results up to 86 ppm and 313.4 ppm respectively
- Numerous high grade and broad REE intersections are reported, such as:
- KR-272: 11.4m @ 13,383 ppm TREO1 from 102.7 (NdPrO2 3,982 ppm)
Including4.0m @ 32,831 ppm TREO from 106.7m
(40.9 ppm Tb4O7; 227.4 ppm Dy2O3; 9,943 ppm NdPrO) - SO-187: 17.4m @ 9,798 ppm TREO from 0.0m (NdPrO 3,087 ppm)
Including3.0m @ 48,465 ppm TREO from 11.4m
(86.0 ppm Tb4O7; 313.4 ppm Dy2O3; 15,557 ppm NdPrO)
- KR-272: 11.4m @ 13,383 ppm TREO1 from 102.7 (NdPrO2 3,982 ppm)
- The tables of REE Mineralised Zones >1,000 ppm TREO (in the announcement below) detail many more results worthy of attention
Prospech Managing Director, Jason Beckon, commented:
"Korsnäs keeps delivering standout results, with recent recognition of high grade zones rich in critical Heavy Rare Earth Elements (HREEs) like dysprosium (Dy) and terbium (Tb).
While Korsnäs is primarily a carbonatite-associated deposit known for valuable magnet REEs such as neodymium (Nd) and praseodymium (Pr), the presence of significant Dy and Tb mineralisation is a major advantage. These heavy REEs are crucial for producing high strength magnets which hold up under high temperatures and perform reliably in demanding applications like electric vehicles, wind turbines and high-efficiency motors.
With current supply disruptions in China, securing a stable source of these materials is more important than ever. Prospech is looking to meet this need, positioning itself as a dependable future supplier of magnet critical HREEs. Our commitment to thoroughly assessing these enriched zones at Korsnäs reflects our confidence in the project’s potential and our determination to support the growing global demand for sustainable energy technologies. By developing Korsnäs as a secure supply source, we are not just meeting immediate industry needs; we’re playing a key role in strengthening the resilience of global rare earth supply chains for the long term."
Initially developed as a lead mine, the Korsnäs project also hosts extensive rare earth element (REE) zones, which remain open both along strike and at depth. The site features a series of layered carbonatite zones, each up to 20 metres thick and separated by 50 to 100 metres along the strike. These REE enriched zones correlate with gravity anomalies, represented as orange ellipses on the included plan. So far, five such anomalies have been identified, extending over a strike length of more than 5 kilometres.
Focusing on REE mineralisation, the Company has conducted a comprehensive REE sampling program on the historic Korsnäs core stored by GTK at their data facility. Assay results have been reported in ASX announcements on 11 May 2023, 14 June 2023, 5 September 2023, 24 October 2023, 21 November 2023, 12 December 2023, 16 January 2024, 5 February 2024, 26 March 2024, 4 July 2024 and 4 November 2024.
Map showing the locations of drilling at Korsnäs. Newly reported holes are marked with red circles, previously reported holes with additional new assays are represented by blue triangles. Gravity-low anomalies are indicated by orange ellipses.
Presented below are two tables of assay intersections from the latest batch. The first table lists intersections from newly assayed holes that have not been reported before. The second table (in two parts) includes intersections from previously reported holes, now updated with additional assays from the margins of mineralised zones.
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This article includes content from Prospech 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.
Ultra-High Grade Naturally Occurring Antimony at Alturas Project with Assays up to 69.98% Sb
Highlights
- Rock chip samples from the Alturas Antimony project in British Columbia, Canada, have returned outstanding ultra-high grade Antimony assays, including:
- 69.98% Sb – sample ALT24-PS-R003
- 67.96% Sb – sample ALT24-JL-R004
- 49.98% Sb – sample ALT24-JL-R005
- 47.97% Sb – sample ALT24-JL-R002
- 45.55% Sb – sample ALT24-JL-R003
- 44.45% Sb – sample ALT24-PS-R002
- 37.39% Sb – sample ALT24-PS-R004
- 28.81% Sb – sample ALT24-PS-R005
- 20.89% Sb – sample ALT24-JL-R009
- 20.17% Sb – sample ALT24-PS-R001
- 18.01% Sb – sample ALT24-JL-R007
- 16.77% Sb – sample ALT24-JL-R010
- 14.75% Sb – sample ALT24-JL-R001
- 12.42% Sb – sample ALT24-PS-R006
Pure Stibnite, Antimony Ore contains 71.4% Sb
- Additional ground totaling 3.3 km2 has been strategically staked to the east and west of the property, offering further potential to expand the mineralised footprint.
- 105 tonnes of Antimony ore, averaging 57.20% Sb has been historically sold from the Alps- Alturas Antimony Mine on this property.
- Since the execution of the option agreement for the Alturas project, the price for Antimony has reached US$36,000 per metric ton as of October 25, 2024, from approximately US$24,000 per metric ton at the time of acquisition. This significant price increase has been driven by supply constraints arising from new export controls on antimony announced by China in September 2024.
- Malachite stained rock chip from copper-bearing boulder field returned up to 0.96% Cu, offering potential for copper mineralisation beneath the surface.
- Drilling underway at Brazilian REE projects with assay results pending.
Equinox Resources Managing Director, Zac Komur commented:
We are thrilled to announce our latest exceptional exploration results, revealing extraordinary antimony assays that highlight the immense potential of the Alturas Project. Rock chip samples have returned grades as high as 69.98% antimony (Sb), establishing some of the world's highest reported natural stibnite (Sb2S3) grades. Considering that pure stibnite contains 71.4% antimony, these findings confirm Alturas as a truly unique and valuable asset.
By strategically expanding our footprint with additional claims to the east and west, we are positioned to explore beyond the known mineralisation. The discovered copper zone, with rock chips grading at 0.96% Cu, along with an extensive shear system, further solidifies Alturas as an outstanding opportunity. This project offers us a rare chance to unlock substantial value by systematically exploring an underexplored, ultra-high-grade asset in a mining-friendly jurisdiction.
We’re also continuing drilling at our Mata da Corda Titanium and Campo Grande Rare Earth Projects in Brazil, with assays pending.”
Reconnaissance Sampling
In September 2024, Equinox Resources conducted a maiden reconnaissance sampling campaign at the Alturas Antimony Project to evaluate the potential for high-grade antimony and associated polymetallic mineralisation along the extensive shear zone. The objectives of the reconnaissance campaign were to map and sample key structures by focusing on the 1.5 km shear zone, identified as the main mineralising structure, and to assess antimony concentrations in rock chip samples across newly identified dilation zones and extensions.
Figure 1: Location diagram of rock chip and soil samples taken with mapped shear zone identified
Figure 2: Assay results concentrated across the shear zone (Sb grades greater than 1%)
Project Overview
The Alturas Antimony Project is located in the Slocan Mining Division of British Columbia, Canada, approximately 15 kilometers northeast of New Denver. The project area is situated within a favorable geological setting, featuring a 1.5 km shear zone with polymetallic potential, including antimony, copper, and silver. The tenements cover the historic Alps-Alturas mine, an Antimony mine which operated between 1916 and 1926 selling ultra-high grade Antimony, averaging 57.2% Sb and up to 59.50% Sb. On 10 September 2024, Equinox Resources entered into a 12-month option to acquire 100% interest in all three tenements.
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Woomera Completes Maiden Drilling Program at Bronze Fox Copper-Gold Porphyry Project
- Woomera’s first drill programme at the Bronze Fox Project in Mongolia has been completed.
- 16 Diamond drill holes were completed for a total of 2516m.
- Drilling largely focussed on shallow infill and extension drilling with a single deeper hole (F109/916.4m) testing a coincident geophysical/structural target.
- The target porphyry was intersected in all holes with assays due late December/early January.
- Woomera can earn an 80% interest in the Bronze Fox Project by spending US$4m on exploration (with an election to acquire 100%).
Assays for the program are expected to be available in late December 2024 or early January 2025. Woomera can earn an 80% interest in the Bronze Fox Project from Kincora Copper Limited (ASX: KCC) by expenditure of US$4m and has to the right to acquire a 100% interest.
Figure 1: Drilling at Bronze Fox
Figure 2: Field work at Bronze Fox
BRONZE FOX PROJECT
The Bronze Fox Project covers 175km2 and is located in the Southern Gobi porphyry belt of southern Mongolia, approximately 450km south of the capital Ulaanbaatar. It represents an opportunity to secure a 100% interest in an underexplored world-class porphyry copper project with genuine Tier-1 potential. Drilling by Kincora totalling 46,625 metres of Reverse Circulation and Diamond Core drilling has defined three shallow, large porphyry complexes, providing genuine new discovery potential, resource delineation and early-stage exploration plays.
The Bronze Fox Project contains the West Kasulu Inferred Mineral Resource of 194.1Mt at 0.26% Copper Equivalent (CuEq), at a 0.2% CuEq cut-off to a depth of approximately 325m below surface and an Exploration Target of between 100Mt and 300Mt at 0.25 to 0.35% CuEq.20221
The Bronze Fox Project is located proximal to several world class mineral deposits including Oyu Tolgoi, Kharmagtai, Tsagaan Suvarga and Tavan Tolgoi (see Figure 3).
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Kurundi Main Assay Results Tennant Creek
- TTRC098: 9m @ 1.62g/t Au from 49m including 1m @ 12.75g/t Au from 53m.
Other high-grade results include:
- TTRC103: 3m @ 8.3g/t Au from 35m including 1m @ 16.25/t Au from 36m at the central main zone.
- TTRC092: 5m @ 2.14g/t Au from 38m including 1m @ 6.39g/t Au from 40m at the central main zone.
- TTRC110: 2m @ 5.11g/t Au from 44m including 1m @ 6.33g/t Au from 45m at the northern workings
Also, a possible new style of mineralisation on a porphyry-basalt contact, footwall to the central main mineralized zone has been identified (requires further investigation - see Central Target Area section below) with an intersection of:
- TTRC103: 2m @ 10.93g/t Au from 51m including 1m @ 20.75g/t Au from 51m.
All intersections are stated as down hole widths which are close to true width for the Kurundi Main structure. A second phase of drilling has commenced to test the new southern high-grade zone and continue exploring the other Kurundi Main targets.
Figure 1: Kurundi Main Prospect 2024 drilling (blue dots) with best new results (yellow labels). 2022 drilling shown as black dots.
A total of 28 RC holes for 1,986m have been completed (results listed in Table 2) testing 3 main targets: (1) northern and southern extensions of the Kurundi structure up to 1km from the central main workings, (2) testing the plunge of the central high-grade shoot intersected in 2022 drilling, (3) testing mineralisation deeper under the central main workings.
Central Target Area:
Drilling has confirmed a southerly plunge to the central main high grade gold mineralisation identified in 2022 drilling with TTRC0103 and TTRC092 intersecting high grade gold mineralisation (Figure 2). Also, TTRC103 intersected an unexpected high grade gold zone of mineralisation footwall to the central main zone, on the contact between the basalt host rock and a porphyry intrusive unit (cross section in Figure 3). Due to the lack of structure and alteration being visible in the drill chips the result was initially perceived as a sampling error (2 composite samples from this interval returned anomalous results). However, re-assaying of the pulps followed by resampling at 1m intervals confirmed the presence of gold mineralization and eliminated possible sampling and laboratory errors. This possible new style of mineralisation will be investigated thoroughly with reinterpretation, drill hole relogging, multi element analysis, petrography and drilling to understand possible orientations, further targeting and to eliminate the possibility of down hole contamination of samples during the drilling of TTRC103.
In the Central Target Area KRR’s previous 2022 drilling only tested to a vertical depth of 40m. Four new holes have now been drilled to test a vertical depth of 65m. All holes intersected strong structure, alteration and veining confirming the continuation of the central target zone at depth. TTRC105 intersected a broad zone of veining and alteration and returned 10m @ 0.32g/t Au including 1m @ 0.98g/t Au from 68m with mineralisation open at depth and to the south, shown in the long projection below (Figure 2). The presence of strong veining and shearing at depth across the strike of the central zone is very encouraging for further, deeper drilling.
Figure 2: Long projection of the Central Main Kurundi mineralized zone beneath the central workings area. View is perpendicular to the main vein which dips approximately 35o towards 215o. New results shown in yellow boxes, 2022 results shown in grey boxes, light purple box is for the footwall intersection.
TTRC112 was drilled to test a resistivity anomaly identified by 2023 DDIP survey (KRR ASX: 28 June 2024) however no cause for the resistivity anomaly was identified.
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Exploration Program Commences at Virka
Key Highlights
- Historic data review identifies three areas for immediate field investigation
- Initial mapping and reconnaissance sampling underway
- Historic drill core located for relogging, and where possible, sampling:
- Evidence for both significant width and grade mineralisation at the Virka project from drilling which included 1,2
- 9 m at 1,087 ppm U3O8 from 24.5 m in drill hole 81-003
- within 17 m at 707ppm U3O8 from 23 metres depth
- Evidence for both significant width and grade mineralisation at the Virka project from drilling which included 1,2
- No modern systematic exploration undertaken with last significant exploration in 1980’s highlighting district scale potential
Initial work will focus on the assessment of three areas identified through reviewing historic reports. Limited exploration work was documented, but recorded anomalous base metals, silver and uranium. Exploration work at Virka focussed on North-NorthEast orientated structural features, which were interpreted to be a suitable structural conduit for potential mineralisation.
Basin’s Managing Director, Pete Moorhouse, commented:
“The team at Basin are extremely excited to commence work on the recently announced Scandinavian uranium and green energy metals portfolio. Initial review of the available historical data on the Virka project has provided areas for immediate groundwork. We know that the system is prospective for a variety of metals, with the historical drilling indicating favourable thickness of uranium mineralisation.
The team has commenced work immediately at Virka, conscious of the upcoming winter season. Initial work will focus on getting boots on the ground to assess rock outcrops and trace boulder trains. We will move to historic drill core review and additional literature compilation once the weather prohibits further ground activities.”
Virka Project Background 3
The Virka project is strategically positioned in the heart of the Arjeplog-Arvidsjaur shear-hosted uranium district in Sweden, and approximately 37 km southeast of Boliden’s (STO:BOL) Laisvall Pb-Zn-Ag former mine.
Figure 1: Virka initial work locations
Previous drilling activities conducted in the 1980’s across all licenses targeted uranium mineralisation, with diamond drillholes gamma probed and in rare occasions sampled for geochemical analysis3. Additionally, historical regional geological mapping and boulder tracing records unveiled several surface anomalisms in lead, zinc, silver and gold associated with fault structures. Research indicates that these anomalies have not been adequately followed up with results not verified to JORC Code (2012), however using this data and Basin’s interpretations, three areas have been prioritised for immediate field reconnaissance (Figure 1). This program has commenced with the review of these anomalous features that were historically reported in the project area.
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