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![Jindalee Lithium](https://investingnews.com/media-library/jindalee-lithium.png?id=50862791&width=1200&height=800)
More Exceptional Metallurgical Results from McDermitt
In mid-November 2023, Jindalee Lithium Limited (Jindalee, the Company) announced results from beneficiation of composite samples from the Company’s 100% owned McDermitt Lithium Project located in Oregon, USA, and noted that acid leaching of beneficiated samples was underway1.
- Excellent lithium (Li) extraction rates from acid leaching of beneficiated McDermitt ore
- Li extraction from composite samples averaged 93% (250µm) and 94% (75µm)
- Li extraction from all units exceeds 98% with higher acid additions
- Leaching of a bulk sample is underway to enable downstream testwork
- Samples have been shipped to POSCO for parallel leach testwork
Jindalee is pleased to advise that initial results from acid leaching of the beneficiated samples have been received, with extremely high lithium extraction rates recorded from both the 250µm and 75µm leach feeds using 500kg sulphuric acid per tonne of leach feed. The 250µm leach feed was also leached with a higher strength acid (850 kg/t leach feed) and returned exceptional extraction rates (>98.5%) for all units (Table 1).
Table 1 – Maximum Lithium Extraction at variable feed sizes and acid strengths - Units 4, 6, 8 and 10 (* calculated)
The leach testwork extended for up to four hours with most of the Li extraction occurring in the first hour. Optimised lithium extraction and acid addition rates will be incorporated into the Pre-Feasibility Study (PFS).
Leaching of a bulk composite has commenced to provide lithium in solution for downstream testwork. Beneficiated samples (250µm) have also recently been shipped to POSCO Holdings (NYSE: PKX) (POSCO) for testwork, pursuant to the Memorandum of Understanding signed with POSCO in February 20234.
Discussion
In July 2023 Jindalee shipped approximately 700kg of drill core to Hazen (Colorado, USA) for metallurgical testing, with this testwork being managed by global engineering, procurement, construction and maintenance (EPCM) company Fluor Corporation (Fluor). The core samples were selected from Units 4, 6, 8 and 10 within the Indicated portion of conceptual Pit Shell 6 (nominal 43 years); these units carry elevated lithium grades and selective mining of these units has the potential to deliver significantly higher-grade material (when compared to the Mineral Resource Estimate average grade) for processing (Figure 1) (Table 2)2.
Figure 1 – Schematic Section C-C’ with completed drilling, simplified geology and conceptual Pit Shell 6 (nominal 43 years). (Note: lateral projection onto section plane and 3x vertical exaggeration may cause distortion)
Head assays for these samples were announced in October 20233 with Units 4, 6, 8 and 10 averaging 1,790 ppm Li, 34% higher than the average McDermitt Mineral Resource grade (1,340 ppm Li)2. Results from attrition scrubbing (beneficiation) of a composite sample of McDermitt ore (250µm cut-size) were announced mid- November 2023, recording 92.0% Li recovery with 25.3% mass rejection and the lithium grade to leach increasing to 2,107 ppm Li1.
The acid leaching testwork now being reported was conducted on both 250µm and 75µm leach feed sizes using 500 kg/t (and 850 kg/t for 250µm leach feed). A composite sample (representing a nominal life-of-mine average feed) was also tested using the two leach feed sizes, recording very high lithium extraction rates using 500 kg/t. Lithium extraction from the coarser (250µm) leach feed was 92.9% and compares favourably with the extraction rate (94.0%) achieved from the finer (75µm) leach feed (Table 1).
Next Steps
Acid leaching of a bulk composite sample is currently underway to provide lithium in solution for downstream work. Results from this testwork will feed into the PFS which is expected to be completed mid-2024.
Samples from Units 4, 6, 8 and 10 have been beneficiated (250µm) and shipped to POSCO for parallel leach testwork, pursuant to the Memorandum of Understanding signed with POSCO.
Click here for the full ASX Release
This article includes content from Jindalee Lithium 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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Jindalee Lithium
Overview
Jindalee Lithium (ASX:JLL,OTCQX:JNDAF) is an Australia-based exploration and development company advancing North America’s largest lithium deposit. After a spinout of its Australian assets, Jindalee has become a pure-play lithium company focused exclusively on its promising 100-percent-owned McDermitt project. Jindalee recognises the vast opportunity for lithium projects in the US as the country progresses towards its sustainable energy transition and developing a robust domestic supply chain for critical minerals.
As the US strives to transition to clean energy, demand for lithium will continue to increase as this critical mineral is necessary to achieve the country’s net-zero goals. With its favorable mining policies and infrastructure, the US actively supports the advancement of new projects to strengthen its domestic supply chain.Jindalee’s McDermitt asset, located in southeast Oregon, contains a unique type of lithium mineralisation. Most lithium projects in North America are lithium brine or pegmatite deposits; however, the McDermitt project is an unconventional sediment-hosted lithium asset.
Sediment-hosted lithium deposits such as McDermitt are long-life assets with low strip ratios and low mining costs. Jindalee can leverage this advantage over other lithium assets, both in terms of reaching production faster and reducing operating expenses.
There is currently no commercially operating sediment-hosted lithium project in North America. Two recently announced projects, however, are under development and demonstrate McDermitt’s future trajectory as both companies move toward production.
The 2023 mineral resources estimate (MRE) for McDermitt contains a combined indicated and inferred mineral resource inventory of 3 billion tons at 1,340 parts per million (ppm) lithium for a total of 21.5 million tons (Mt) lithium carbonate equivalent (LCE) at 1,000 ppm cut-off grade. At 21.5 Mt LCE, McDermitt is the largest lithium deposit in the US by contained lithium in mineral resource, and a globally significant resource, with the deposit remaining open to the west and south.
In June 2023, Jindalee commenced a pre-feasibility study (PFS) on the McDermitt Lithium Project appointing Fluor Corporation as lead engineer. The company expects completion of the PFS by mid-2024. Jindalee also announced initial metallurgical results from acid leaching of the beneficiated samples of McDermitt ore. Lithium extraction from composite samples averaged 93 percent (250 micron (µm)) and 94 percent (75 µm) while lithium extraction from all units exceeded 98 percent with higher acid additions.
An experienced management team, with the right blend of experience and expertise in geology, corporate administration and international finance, leads Jindalee to fully capitalise on the potential of its assets.
Company Highlights
- Jindalee Lithium is a pure-play lithium exploration and development company focusing on its flagship McDermitt lithium project, currently the largest lithium deposit in North America.
- The United States has ambitious electrification goals but lacks the critical minerals to reach them. Jindalee aims to strengthen the North American supply chain to enable the country to reach net-zero emissions targets.
- Globally, most of the lithium is currently sourced from either pegmatite or lithium brine deposits. The company’s McDermitt deposit, however, is sediment-hosted, an emerging style of lithium deposit with the potential to be a long-life, low-cost source of lithium.
- There are presently no sediment-hosted lithium assets in North America that have reached production. Jindalee is ideally positioned to help fill this void in the market.
- Other companies in North America are moving towards production, and their progress indicates Jindalee’s future trajectory.
- An experienced management team leads Jindalee towards capitalising on the potential of its assets.
Key Project
McDermitt Lithium Project
The McDermitt Project is located in Malheur County on the Oregon-Nevada border and is approximately 35 kilometres west of the town of McDermitt. The 100-percent-owned asset covers 54.6 square kilometres of claims at the northern end of the McDermitt volcanic caldera. Following positive results from its 2022 drill campaign, the resource at McDermitt has increased to 21.5 Mt LCE, making McDermitt the largest lithium deposit in North America.
Project Highlights:
- Rare Sediment-hosted Lithium Deposits: The McDermitt asset supports low-cost mining operations due to its flat-lying sediments. This type of lithium deposit is amenable to low-cost mining operations, while still producing excellent metallurgical results.
- Resource Increased by 62 percent early 2023: Compilation of the 2022 drilling results saw the estimated indicated and inferred resources at McDermitt increase to 3 billion tons at 1,340 ppm lithium, a 62 percent increase in contained lithium. The updated resource released by the company contains a combined indicated and inferred total of 21.5 Mt LCE at 1,000 ppm cut-off grade.
- Memorandum of Understanding (MOU) with POSCO Holdings: Jindalee entered into an MOU with POSCO Holdings (NYSE:PKX), under which POSCO will fund metallurgical testwork on McDermitt ore and undertake joint research for the asset. POSCO is partnering with General Motors to supply cathode active material (including lithium) for its electric vehicles.
- Fluor recommended processing route: In March 2023, US engineering group Fluor reviewed all testwork undertaken at McDermitt and recommended beneficiation and acid leaching as the optimal processing route.
- Highly encouraging metallurgical testwork: Results from beneficiation and acid leaching tests have exceeded expectations. Beneficiation testwork completed in late 2023 (on sample representing a nominal life-of-mine average feed) recovered 92 percent of the lithium to leach feed and rejected 25.3 percent of the mass at a cut size of 250 µm. Additionally the acid leach test work announced in early 2024 demonstrated very high lithium extraction rates on beneficiated ore. Specifically, the calculated lithium extraction for a composite sample using 250 µm leach feed was 92.9 percent which compares favourably with the extraction rate (94 percent) achieved through testwork from the finer (75 µm) leach feed using 500 kg/t acid. Further testwork is now underway.
- PFS in progress: Jindalee has appointed Fluor Corporation to commence the PFS for McDermitt, set to be completed by mid-2024.
Management Team
Ian Rodger - Chief Executive Officer
Ian Rodger is a qualified mining business executive with almost 15 years of experience in various roles including as a mining engineer for Rio Tinto across two large greenfield mine developments, before successfully transitioning into mining corporate finance where he held Executive and Director positions at RFC Ambrian overseeing origination and management of numerous mandates across a range of corporate advisory roles. Rodger was the project director for Oz Minerals (ASX:OZL) where he made significant contributions to successfully define the value potential of the West Musgrave nickel/copper province through the delivery of a portfolio of growth studies. Most notably, he led technical, market and partnership development workstreams, successfully confirming value potential for producing an intermediate Nickel product for the battery value chain.
Rodger holds a Bachelor of Mining Engineering from the University of Queensland, a Masters of Mineral Economics from Curtin University and is also a graduate of the Australian Institute of Company Directors and member of the Australasian Institute of Mining and Metallurgy.
Lindsay Dudfield - Executive Director
Lindsay Dudfield is a geologist with over 40 years of experience in multi-commodity exploration, primarily within Australia. He held senior positions with the mineral divisions of Amoco and Exxon. In 1987, he became a founding director of Dalrymple Resources NL and spent the following eight years helping acquire and explore Dalrymple’s properties, leading to several greenfield discoveries. In late 1994, Lindsay joined the board of Horizon Mining NL (Jindalee Lithium’s predecessor) and has been responsible for managing Jindalee Lithium since inception. Lindsay is a member of the Australasian Institute of Mining and Metallurgy, the Australian Institute of Geoscientists, the Geological Society of Australia and the Society of Economic Geologists. He is also a non-executive director of Jindalee spin-out companies Energy Metals (ASX:EME), Dynamic Metals (ASX:DYM) and Alchemy Resources (ASX:ALY).
Wayne Zekulich - Non-executive Chair
Wayne Zekulich was appointed to the board as Chair on 1 February 2024. He holds a Bachelor of Business and is a fellow of the Institute of Chartered Accountants. Zekulich is a consultant and non-executive director who has substantial experience in advising, structuring and financing transactions in the infrastructure and resources sectors. He was previously the head of Rothschild in Perth, chief financial officer of Gindalbie Metals Limited, chief development officer of Oakajee Port and Rail and a consultant to a global investment bank. Currently, he is chair of Pantoro Limited (ASX:PNR) and non-executive director of the Western Australian Treasury Corporation. In the not-for-profit sector, he is the past chair of the Lester Prize and is a mentor in the Kilfinan program.
Darren Wates - Non-executive Director
Darren Wates is a corporate lawyer with over 23 years of experience in equity capital markets, mergers and acquisitions, resources, project acquisitions/divestments and corporate governance gained through private practice and in-house roles in Western Australia. Wates is the founder and principal of Corpex Legal, a Perth-based legal practice providing corporate, commercial and resources related legal services, primarily to small and mid-cap ASX listed companies. In this role, he has provided consulting general counsel services to ASX listed company Neometals (ASX:NMT) since 2016, having previously been employed as legal counsel of Neometals. Wates holds Bachelor's degrees in Law and Commerce and a Graduate Diploma in Applied Finance and Investment.
Paul Brown - Non-executive Director
Paul Brown has over 23 years of experience in the mining industry, most recently with Mineral Resources (ASX:MIN) where he was chief executive – lithium, and chief executive – commodities. Brown has held senior operating roles with Leighton, HWE and Fortescue (ASX:FMG) and has a strong track record in technical leadership, project/studies management, and mine planning and management. Brown is currently CEO of Hastings Technology Metals (ASX:HAS). He holds a Master in Mine Engineering.
Brett Marsh - VP Geology and Development (US)
Brett Marsh is an AIPG certified professional geologist and a registered member of the Society for Mining, Metallurgy and Exploration (SME) with over 25 years of diverse mining and geological experience. He has worked for and held senior leadership roles for Kastan Mining, Luna Gold, Kiska Metals, Newmont, Freeport-McMoRan, Phelps Dodge, ASARCO and consulted to deliver numerous NI 43-101 technical reports. Marsh has demonstrated the ability to deliver results in culturally diverse and geographically difficult environments, such as Brazil, Peru, Chile, Democratic Republic of Congo, Ghana, Tanzania, Indonesia, Australia, and has also worked in remote areas of Alaska. He has managed all phases of the mining lifecycle including greenfield and brownfield exploration, project development (including preliminary economic assessments, pre-feasibility and feasibility), project construction, mine operations, and environmental. He successfully led multi-cultural teams to develop business processes and implementation plans for many mine development and operational projects.
Carly Terzanidis - Company Secretary
Carly Terzanidis has 20 years of prior experience in the financial services industry, having been employed by Euroz Hartleys, DJ Carmichael and Shaw and Partners. Terzanidis’ recent experience has been in corporate services and in the role of company secretary for resources-focused entities. Terzanidis acts as company secretary for Alchemy Resources (ASX:ALY), Kalamazoo Resources (ASX:KZR) and Viridis Mining and Minerals (ASX:VMM). Terzanidis holds a Bachelor of Commerce with majors in Accounting and Corporate Administration and a Graduate Diploma in Applied Corporate Governance.
Coniagas Battery Metals Extends Private Placement
Coniagas Battery Metals Inc. (TSXV: COS) announces that it has extended the final closing date of its previously-announced non-brokered private placement to August 30, 2024. As previously announced, the private placement consists of a maximum of 5,000,000 units at a price of $0.12 per unit for maximum gross proceeds of $600,000. Each unit will be comprised of one common share and one-half of a common share purchase warrant. Each full warrant will entitle the holder thereof to purchase one additional common share at a price of $0.15 for five years from the date of issuance.
Coniagas will use the net proceeds from the private placement primarily for exploration on the Graal property as well as for metallurgical test work and working capital.
About Coniagas Battery Metals Inc.
Coniagas Battery Metals Inc. is a Canadian junior mining company focused on nickel, copper, cobalt, and platinum group metals in Quebec. Our strategy is to create shareholder value through the development of our mineral properties, with the goal of becoming a critical metals supplier to the EV market.
Coniagas has achieved notable success with geophysics and shallow drilling at its 100% owned Graal project near Saguenay, Quebec, consistently hitting mineralization. This success has confirmed an open-pit deposit model along a 6 km strike of high-grade nickel and copper, with cobalt, platinum, and palladium byproducts. Upcoming plans include further drilling, an NI 43-101 resource report, metallurgical testing, and consultations with First Nations. The Graal project and immediate work plan are outlined in detail in the “NI 43-101 Technical Report Graal Nickel & Copper Project, Saguenay-Lac-St-Jean, Quebec, Canada” dated January 17, 2024. The report is available along with other information at the Company’s website.
“Frank J. Basa”
Frank J. Basa, P. Eng., Order of Engineers Ontario
Chief Executive Officer
For further information, contact:
Frank J. Basa, P. Eng. Ontario
Chief Executive Officer
416-625-2342
or:
Wayne Cheveldayoff, Corporate Communications
P: 416-710-2410 E: waynecheveldayoff@gmail.com
You can follow Coniagas on Social Media:
LinkedIn: https://www.linkedin.com/company/coniagas-battery-metals/
X (Twitter): https://twitter.com/coniagasmetals
Facebook: https://www.facebook.com/coniagas/
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution Regarding Forward-Looking Statements
This news release may contain forward-looking statements regarding Coniagas Battery Metals Inc. (“Coniagas” or the “Company”) which include, but are not limited to, comments that involve future events and conditions, which are subject to various risks and uncertainties. Except for statements of historical facts, comments that address the private placement referred to above, resource potential, upcoming work programs, geological interpretations, receipt and security of mineral property titles, availability of funds, and others are forward-looking. No assurance can be given that any of the foregoing will be achieved. In particular, Coniagas cannot give any assurance that it will be able to complete the private placement referred to above, either in whole or in part. Forward-looking statements are not guarantees of future performance and actual results may vary materially from those statements. General business conditions are factors that could cause actual results to vary materially from forward-looking statements. The Company does not undertake to update any forward-looking information in this news release or other communications unless required by law.
Maiden Fieldwork Discovers Widespread Chalcocite Dominant Vein Systems at Expanded Nunavut Rae Cu-Ag-Au Project
White Cliff Minerals Limited (“WCN” or the “Company”) is pleased to announce that work has commenced at the Rae copper, silver and gold project in Nunavut (“Rae” or the “Project”). Initial visual observations across all sample sites have confirmed numerous vein systems of chalcocite dominant mineralisation across significant strike lengths.
- Multiple styles of copper mineralisation identified, providing for potential district scale mineralisation:
- Massive chalcocite veining observed at Cu-Tar
- Sedimentary hosted copper and replacement mineralisation seen at HALO
- Native copper within vesicular basalt flow tops discovered at Kilauea
- Previous high grade historical locations have been located and samples taken within an expanded vicinity. At all priority targets the identifiable strike length has significantly increased.
- The HALO vein system now mapped and sampled over more than 440m strike length. Discovery of high grade sediment hosted copper greatly expands prospectivity and tonnage potential of the target
- Chalcocite dominant veining observed over a ±400m strike length at the Cu-TAR zone, alongside 3 other chalcocite veins and cemented copper rich breccia. These veins have been sampled along strike until they disappear under shallow cover
- The DON target has been identified to host 2 semi-massive chalcocite-bornite veins with over 200m strike length
- The PAT target now extended to >400m of outcropping, semi-massive, vein hosted chalcocite-bornite mineralisation
- Field evidence at the CALMAL target area where copper bearing hydrothermal fluids observed mineralising the Rae Group sediments. Potential for bulk tonne “Red Bed” copper
- Widespread native copper traced over 120 m at the Kilauea target
- The MobileMT airborne geophysical survey completed at Great Bear Lake, on time and on budget. Rae survey expected to be completed in the next 5-10 days
- First tranche of Assays from Great Bear expected in August
- Latest land rush to Nunavut amplifies the first mover strategic advantage that the Company has achieved
“The outcropping copper mineralisation throughout the project area is visually stunning and exceeds expectations. The focus of our maiden field programme across both Nunavut and Great Bear Lake has been twofold. Firstly, to confirm decades old historical state survey results from multiple project locations and extend the observable strike of each and in parallel undertaking airborne geophysics to further refine these targets. Second is prioritise and prepare project areas for drilling.
At Halo, multiple mineralised vertical structures have been identified and now constitute priority targets. This deep-seated plumbing acts as conduits for copper rich hydrothermal fluids that have deposited what appears to be significant quantities of copper into the surrounding reactive sandstones. This field observation provides the first direct evidence of extensive high grade sedimentary hosted “red bed” copper on Company ground, something not previously observed by historical exploration. We grow more confident each day of significant results coming from this sampling programme.
The recently completed airborne MOBILEMT survey at Great Bear is expected to work well and will add substantially to the understanding of the local and regional mineralising structures. Integrating this geophysical layer with assay results will eventually allow for a maiden drilling campaign by the Company which is scheduled to kick off in the coming months. The same aerial survey is now underway at Rae and expected to complete this week.”
Troy Whittaker - Managing Director
In relation to the disclosure of visual mineralisation, the Company cautions that visual estimates of sulphide and oxide material abundance should never be considered a proxy or substitute for laboratory analysis. Laboratory assay results are required to determine the widths and grade of visible mineralisation reported in sampling. The Company will update the market when laboratory analytical results become available, which are expected within 4-6 weeks.
Click here for the full ASX Release
This article includes content from White Cliff 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.
Red Mountain Lithium Discovery Bolstered with More Outstanding Thick Intersections
Second batch of assays delivers further high-grade intersections
Astute Metals NL (ASX: ASE) (“ASE”, “Astute” or “the Company”) is pleased to advise that assay results from the next four holes, RMRC004-007, of the inaugural Reverse Circulation (RC) drilling campaign at its 100%-owned Red Mountain Lithium Project in Nevada, USA, have returned high-grade mineralisation.
Key Highlights
- Multiple lithium intersections reported in assay results for the next four holes, RMRC004-007, with intersections up to +80m thickness, including:
- RMRC004: 83.8m @ 1,230ppm Li from 16.8m.
- RMRC005: 80.8m @ 1,270ppm Li from 56.4m
- RMRC006: 62.5m @ 1,070ppm Li from 6.1m and 70.1m @ 1,090ppm Li from 89.9m
- RMRC007: 74.7m @ 1,160ppm Li from 18.3m
- Intersections sit mid-project within 4.6km of strike length drilled to date at Red Mountain.
- Assay results for the remaining four drill holes expected in late July.
Assay results from the second batch of samples include the following drill intersections:
- RMRC004 : 13.7m @ 1,070ppm Li / 0.57% Lithium Carbonate Equivalent1 (LCE) from surface
- 83.8m @ 1,230ppm Li / 0.65% LCE from 16.8m
- RMRC005 : 26.0m @ 656ppm Li / 0.35% LCE from 3.0m
- 80.8m @ 1,270ppm Li / 0.68% LCE from 56.4m to End of Hole
- RMRC006 : 62.5m @ 1,070ppm Li / 0.57% LCE from 6.1m
- 15.3m @ 896ppm Li / 0.48% LCE from 71.6m 70.1m @ 1,090ppm Li / 0.58% LCE from 89.9m
- RMRC007 : 74.7m @ 1,160ppm Li / 0.61% LCE from 18.3m
- 25.9m @ 1,580ppm Li / 0.84% LCE from 115.8m
This second batch of assays, from drill holes located centrally within the group drilled so far (Figure 1), demonstrate thicker intersections than those previously announced, with all four holes intersecting +70m zones grading over 1,000ppm lithium. These outstanding results indicate the scale and grade potential at Red Mountain, as it continues to emerge as a project of significance in North America. Assays for the final four holes from the campaign are expected to be received later this month, which, along with other results, will allow the Company to determine the next steps at this highly prospective Project.
Astute Chairman, Tony Leibowitz, said:
“Our confidence in the scale and significance of this discovery continues to increase with each successful drill-hole at Red Mountain. Assays from the latest four holes have exceeded expectations and returned some very thick, high-grade intercepts which have confirmed robust lithium mineralisation in the middle of the project, between intersections from the discovery holes.
“With final assay results expected for the remaining four holes shortly, data from all holes will then be integrated into an updated geological model for Red Mountain with a view to expediting the process to achieving a maiden Mineral Resource Estimate.”
Figure 1. Drill-hole locations and intersections, and gridded soil sample geochemistry over aerial image.
About Lithium Carbonate Equivalent (LCE)
Unlike spodumene concentrate, which is a feedstock for a value-added battery product, Lithium Carbonate is a principal lithium-ion battery product, which may be used directly in battery production or converted to other battery products such as lithium hydroxide. The Benchmark Mineral Intelligence Lithium Carbonate China Index priced lithium carbonate product at US$13,710/t6 as of 12 June 2024.
Click here for the full ASX Release
This article includes content from Astute Metals 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.
Avenira Limited (ASX: AEV) – Trading Halt
Description
The securities of Avenira Limited (‘AEV’) will be placed in trading halt at the request of AEV, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Friday, 26 July 2024 or when the announcement is released to the market.
ASX Compliance
Click here for the full ASX Release
This article includes content from Avenira 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.
Exploration Program Underway at Corvette River Lithium, Gold, Copper & Silver Project in Quebec
- A phased program of extensive field mapping, excavator trenching, and channel sampling testing high-grade gold and lithium targets across22km of strike within the prolific Lac Guyer Greenstone Belt
Metals Australia Ltd (ASX: MLS) has commenced phase one of its fully permitted1 Corvette River exploration program. The program includes detailed field mapping, extensive excavator trenching and channel sampling to firm up drilling targets for the anticipated drilling phase of the program.
The Project consists of several claim areas, including Felicie on the Corvette Lithium Trend which hosts Patriot Battery Metals’ world-class Corvette Lithium Project2 and the West Eade and East Eade claims on the parallel Corvette South Trend, approximately 12 km to the south. Both trends are on the prolific Lac Guyer greenstone belt in the tier-one global mining jurisdiction of Quebec, Canada (see Figure 1).
Phase 1 of the program will investigate and prioritise zones across the extensive claims areas for further work and follow up drilling. The program will include extensive geological mapping, excavator trenching and channel sampling, for multi-element assaying, using a team of geologists, support staff, excavators and an air support team. Field logistics are supported by helicopters, including heavy lift helicopters, to move excavators, required equipment and personnel. The program is being phased, given the limited access to heavy lift helicopters during this period. The program is sequential, initially focussed in the Felicie area (see Figure 1), to be followed by the East Eade and then the West Eade claim areas.
The primary objectives of the program are to investigate identified target locations through field mapping of structures and outcrops, extensive excavator trenching and channel sampling to finalise planning positions and the priority of follow-on drill targets in the following project locations:
- Felicie Project – Field map, trench and sample structures and outcrops associated with previous rock chip sampling that included grades of up to 4.16 g/t Au, 44.1 g/t Ag and 0.23% Cu3 from a zone of 180m strike-length open in all direction.
- East Eade – Extensive investigation of an approximately 300m wide complex fold-closure, which included previous assays of up to 29.7 g/t Au and 12 g/t Au3 See photographs of East Eade below.
- West Eade – Further investigate areas around historical sample sites with assays of up to 11.45g/t Au3 and more recent rock chip sampling results including 3.37 g/t Au over 3m3.
- Lithium Targets – Follow up on Lithium bearing pegmatite targets that have been previously reported, including CR1 (mapped over 1.6 km4) at Felicie and CS15 at West Eade (see Figure 1)
Figure 1: MLS’s Corvette River Project – Felicie, East Eade & West Eade Phase 1 Field Exploration sites, includingtrenching target locations for key gold, Silver & lithium targets outlined with geology and magnetics
Metals Australia CEO Paul Ferguson commented:
“It’s pleasing to be under way with phase 1 of our field exploration program at Corvette River. The commencement of this program is a result of a lot of great work by our team and our contractor, Magnor Exploration. We have developed a detailed and prioritised exploration program targeting lithium as well as gold, silver and copper and put in place a contract to allow this important work to be completed during the summer field season, when ground truthing is possible in Quebec. Importantly the program phasing recognises the challenges associated with accessing heavy lift helicopters during the peak summer period.
We are now on the ground with a dedicated team of geologists and field staff, including excavators. The team will be able to follow up on the targets, associated structures and outcrops that have been identified from previous sampling. This will allow accurate positioning of trenching and channel sampling. The outcomes of this work will result in a well-defined and prioritised list of drill targets – which will be the subject of phase 2 of the program.
This program will follow up on the highly prospective lithium pegmatite targets as well as high-grade gold and silver target zones we have communicated previously. I look forward to communicating the results of phase 1 when they are available.
We continue to aggressively progress all our high-quality projects on their pathway through exploration and, when results warrant, into development. Four of our projects are now pending government approval for their next phase of exploration, including Lac Carheil, which also has active prefeasibility study work underway. It’s been an incredibly active period of planning, permit applications and work-program contracting. We are now seeing the field exploration stages starting to emerge – with Corvette River now fully permitted for advanced exploration target testing.
We are only able to advance this work because we have a very supportive board, a dedicated and driven team and the financial capacity to fund the programs we have planned. Currently, there is no value ascribed to our projects by the market and we have a market capitalisation well below cash backing, which is highly unusual. Given the high-quality pipeline of projects we are progressing and the opportunities they represent, I expect the balance of 2024 and beyond to represent exciting times for the Company.”
Click here for the full ASX Release
This article includes content from Metals Australia Ltd, 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.
Liquid Assets & Future Proceeds from Divestments
Chariot Corporation Limited (ASX:CC9) (“Chariot” or the “Company”) is pleased to announce an update on the Company’s direct and indirect holdings in Australian Stock Exchange (“ASX”) and Canadian Stock Exchange (“CSE”) listed companies (together, the “Liquid Assets”) and the potential future proceeds from previous divestments of ‘non-core’ assets (“Future Divestment Proceeds”).
HIGHLIGHTS:
- Chariot holds a 24.08% membership interest in Mustang Lithium LLC
- Mustang Lithium LLC holds cash, listed shares and the right to potential future proceeds from previous divestments of certain mineral assets
- Chariot continues to hold a direct interest in listed shares in St George Mining Ltd, which were previously received as part of the payment from the sale of seven (7) projects in Western Australia to Lithium Star Pty Ltd, a wholly owned subsidiary of St George Mining Ltd
- Chariot continues to monitor its interest in shareholdings in a number of public companies listed on the ASX and CSE for potential value creation and/or liquidity
Mustang Lithium LLC
On 24 May 2024, FMS Lithium Corporation (“FMSL”) distributed all of the membership interests in Mustang to certain former shareholders of FMSL including Chariot (the “Mustang Distribution”). Chariot received 24.8243 units in Mustang and after the issuance of units to consultants, retains units representing a 24.08% membership interest in Mustang.
Mustang holds 100% of the membership interests of Horizon Lithium LLC (“Horizon”), Halo Lithium LLC (“Halo”) and Lithic Lithium LLC (“Lithic”) which were formerly subsidiaries of FMSL. Each of Halo, Horizon and Lithic hold or held certain claystone hosted lithium projects in Nevada, USA which have been described in previous announcements made by the Company (together the, “Mustang Projects”). Each of these projects are subject to an agreement with a publicly listed counterparty interested in developing the relevant project under which the subsidiary may receive future payments from the counterparty payable in cash and/or listed shares.
Click here for the full ASX Release
This article includes content from Chariot Corporation, 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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