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Many Peaks Minerals Limited (ASX:MPK) (Many Peaks or the Company) is pleased to provide the Quarterly Activities Report for the period ending 31 December 2023. During the quarter, the Company completed drilling activities at the Yarrol and Mt Steadman projects in Queensland and completed surface sampling and mapping campaigns at the Odyssey rare earth element project.
HIGHLIGHTS
Yarrol Gold Project, Queensland
- Diamond drilling confirms additional gold targets at Yarrol associated with geophysical anomalies on margins of 4km long mineralised diorite body
- 2023 drill results cover 2.2km extent of mineralised corridor in initial drill tests by Many Peaks to confirm and extend gold mineralisation in historical drilling, with better results returning;
- 40.8m @ 2.80 g/t gold from 38m depth – YA187 Including 17.8m @ 4.01g/t gold from 61m depth
- 11.15m @ 1.15 g/t gold from 32.25m depth - YA188
- 16m @ 0.75g/t gold from
- First oriented diamond drilling completed, informing on key structural controls to mineralisation and optimal drill orientations
Mt Steadman Gold Project, Queensland
- Drilling at Mt Steadman identifies significant extension to shallow gold mineralisation returning 8m @ 2.63gt gold from 8m depth
- Continued mapping and surface sampling on the recently identified N-21 target at Mt Steadman outlines an intrusive breccia target associated with recent extensions to surface gold anomalism
Yarrol Project
The Yarrol Gold Project is a 560km2 land holding located approximately 30km south-east of the township of Monto in the Northern Burnett Region, and 100km west of the regional city of Bundaberg. The greater Yarrol Province hosts a number of significant mines and exploration projects, including the nearby Mt Rawdon gold mine operated by Evolution Mining (ASX:EVN) and 70km northwest of Many Peaks’ Mt Steadman Gold Project (refer to Figure 2).
Diamond Drilling Results
Many Peaks has completed a further 6 diamond holes comprising a total 1,210m drilled targeting multiple extension targets across more than 1.6km strike extent of the 4km long diorite hosted intrusion related gold system at Yarrol.
Drill holes YAD189 and YAD194 (refer to Figure 1) are each an initial drill test on targets generated from reprocessing and inversion modelling of aerial magnetic data and historical IP ground geophysics.
YAD194, drilled into the historical True Blue prospect area at Yarrol, host to a 700m long corridor of better than 1 g/t gold in rock chips at surface located one kilometre south of the recently reported 40.8m @ 2.80g/t gold from drill hole YA187. Surface rock chip results across the 700m surface anomaly at True Blue includes peak historical rock chip results of 33.1g/t gold, 8.57g/t gold & 7.74g/t gold (refer to ASX Announcement dated 23 August 2023).
Figure 1 | Yarrol Gold Project drill collar location map with outline of mapped diorite intrusion hosting gold mineralisation
Drill hole YAD189 at True Blue successfully intersected gold mineralisation in the same diorite intrusion hosting gold at YA187 and returned 16m @ 0.75g/t gold associated with sheeted quartz veining from 42m drill depth before extending into intensely altered and veined sedimentary wallrock from 95m drill depth.
In addition to the success in hole YAD189 at True Blue, the Company also drilled a similar style of geophysical target 1.6km north of YAD189 (600m south of the recently reported 11.15m @ 1.15 g/t gold from 32.25m depth in drill hole YA188) where drill hole YAD194 intersected narrow zones of sulphide mineralisation (pyrite and chalcopyrite) associated with visible gold hosted in sediments immediately downhole of the sheared diorite contact zone highlighting a structural corridor for follow-up work at Yarrol.
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Many Peaks Minerals
Overview
Many Peaks (ASX:MPK) is an Australia-based mineral exploration company with gold-copper assets in West Africa and Australia, and exposure to key energy transition assets in Newfoundland, Canada – all these countries are globally significant and attractive mining jurisdictions. With drill-ready targets across its projects, Many Peaks aims to realise growth and value creation through near-term mineral resource definition and exploration discovery.
In West Africa, the company is focused on the recent acquisition of three mineral projects in Cote d’Ivoire totaling 1,275 square kilometres, including the Odienne and Ferké gold projects with recent gold discoveries and more than US$4 million in previous exploration expenditures.
Queensland assets bolster the portfolio with a land package of over 1,080 square kilometres in central Queensland with significant gold confirmed in drilling across multiple projects, each with open mineralisation ready for follow-up. The company’s Australian portfolio has excellent infrastructure and is host to intrusion related gold systems and copper gold porphyry style mineralisation.
Many Peaks’ Canadian asset targets lithium potential in Newfoundland, where an emerging lithium district is strategically positioned with access to both European and North American markets.
A management team with a range of experience throughout the natural resources industry leads the company towards achieving its goals of strengthening shareholder value through exploration.
Company Highlights
- Many Peaks is a mineral exploration company with assets in West Africa, Australia and Canada – all mining-friendly jurisdictions.
- In West Africa, Many Peaks holds a 65 percent interest and earning to an 85 percent interest in the Ferké and Odienné projects
- Many Peaks holds a 100 percent interest in the Aska Lithium Project in Newfoundland, Canada, and an extensive portfolio of copper-gold assets in Australia.
- An expert management team with extensive experience throughout the natural resources industry leads the team toward fully exploring its assets.
Key Projects
Cote d’Ivoire (West Africa)
Many Peaks’ assets in Cote d’Ivoire comprise three projects – Odienné, Ferké and Oume.
Many Peaks acquired three projects from Turaco Gold in March 2024, triggering a drag-along right in its joint venture on the projects with Predictive Discovery, and consolidating ownership in a holding company owning an Ivorian subsidiary party to a joint venture/farm-in arrangement that has acquired a 65 percent interest in the projects and retains an exclusive right earning into an 85 percent interest by funding the projects through feasibility study.
The projects include - Odienné, Ferké and Oume – comprising four permits across 1,275 square kilometres of land package in Cote d’Ivoire, with recent gold discoveries at both Odienné and Ferké ready for follow-up drilling.
Ferké Gold Project
Located in northern Cote d’Ivoire, the Ferké gold project covers 300 square kilometres with a granted exploration licence. Ferké is situated on the eastern margin of the Daloa greenstone belt at the intersection of major regional scale shear zones.
Initial exploration work conducted at Ferké defined a more than 17-kilometre long gold-in-soils anomaly on the Leraba Gold Trend. Previous exploration included systematic surface geochemistry, trenching and reconnaissance reverse circulation (RC) drilling across the broader Ferké area. Early success in reconnaissance RC drilling included initial intercepts into the Ouarigue South target area, including results of 25 metres @ 3.06 grams per ton (g/t) gold from 64 metres in hole FNRC016.
The success in RC drilling was followed up with trenching and an initial 18 diamond drill holes, which confirmed a significant outcropping mineralised body associated with a granite intrusion, including intercepts from surface of 91.1 metres @ 2.02 g/t gold in hole FNDC008 and 47 metres @ 3.72 g/t gold from surface in hole FNDC012.
Odienné Gold Project
Located in northwest Cote D’Ivoire, Odienné comprises two granted exploration permits covering a total area of 758 square kilometres. It is situated on the flexure of a regional scale structure zone hosting mineralisation to the northwest in neighbouring Guinea and immediately south along the margin of the Archean aged Man craton.
Auger drilling in early 2023 defined coherent gold in saprolite anomalism, which prompted a maiden air core drilling campaign in late 2023. Wide spaced reconnaissance drilling covering three prioritised targets extending across more than 16 kilometres of a 30-kilometre gold anomaly intersected significant intercepts of gold on each line of drilling from the intial 160 shallow air core drill holes within the extensive gold anomaly at Odienné. The air core drilling returned its strongest results in 8 to 16 metre zones of mineralisation at 1.0 to 1.30 g/t gold along a strike of 1,200 metres extent.
Oumé Gold Project
The Oumé project is an early-stage exploration asset located in south-central Cote D’Ivoire. It comprises a single exploration permit (the Beriaboukro licence) and is situated on the Oumé-Fetekro belt, historically one of Cote d’Ivoire’s most productive greenstone belts. The area is host to Allied Gold’s 2.5 million-ounce (Moz) Bonikro, the 1 Moz Agbaou gold operations and Endeavour’s 2.5 Moz Fetekro gold project.
Queensland (Australia)
Many Peaks’ Queensland assets total 1,080 square kilometres with promising geological formations indicating intrusion-related gold systems and copper-gold porphyry style mineralization.
Projects:
- Mt. Weary Gold: The Mt. Weary project has drill-ready targets throughout the 3.5-kilometre gold anomaly at the surface. Additionally, drill-proven gold mineralization is already in 600 metres of surface anomalies. Previous drill results indicate up to 6.24 grams per ton (g/t) of gold.
- Monal Gold: As a historical gold field known for hosting high-grade gold mineralization, the Monal Gold project covers an extensive corridor of underground surface workings.
- Rawlins Gold-Copper: The copper-gold porphyry style project contains a newly defined copper-gold target with promising exploration results. The asset is near existing projects that have already produced high-grade copper, gold, and silver assays.
- Mt. Steadman Gold Project: The Mt. Steadman project is a 56-square-kilometre holding, comprising two granted exploration permits, covering an intrusion-related gold (IRG) system situated in the New England Orogenic Province, 30 kilometres northwest of Biggenden, Queensland. The project hosts several outcropping zones of gold mineralization associated with shear-hosted quartz and broad zones of sheeted quartz veining. Drilling by Many Peaks at Mt. Steadman identified a significant extension to shallow gold mineralisation confirmed in previous drilling, with recent results returning 8 metres @ 2.63 g/t gold from 8 metres depth. Continued mapping and surface sampling on the recently identified N-21 target outlines an intrusive breccia target associated with recent extensions to surface gold anomalism.
Newfoundland (Canada)
Aska Lithium
Many Peaks’ 100-percent-owned Aska project is approximately 45 kilometres east of Cape Ray, Newfoundland. The project covers 193 square kilometres in proven lithium terrane and is situated in a growing lithium district known to host lithium-caesium-tantalum type pegmatites.
Management Team
Travis Schwertfeger - Executive Chairman
Travis Schwertfeger is a geologist with over 25 years’ global industry experience primarily in gold and copper projects across Africa, Australia, Africa and the Americas. Schwertfeger has previously held several technical roles in exploration and production, including over seven years operating in West Africa with Newmont Mining and other ASX listed explorers. He has prior experience as a director of ASX-listed mineral resource companies through previous roles, including a former role with Exore Resources (acquired by Perseus in September 2020 for ~A$80m).
Ben Phillips - Non-executive Director
Ben Phillips has more than 15 years of experience in commercial negotiations and has worked in several industries, including oil and gas, resource, technology and defence. He provides advise on a wide range of operational aspects, from R&D and exploration to production, commercialization and sales. Phillips is the executive chairman of Norfolk Metals (ASX:NFL), was previously a non-executive director at Bronson Group (ASX:BGR) and, subsequently, Mandrake Resources (ASX:MAN). He is currently a corporate executive at Ironside, focused on sourcing, structuring, funding and management requirements for public and private small-cap companies.
Marcus Harden - Independent Non-executive Director
Marcus Harden is a geologist with extensive gold and base metals exploration and management experience throughout Australia, Africa, Asia and the Americas. Harden's more recent roles include chief geologist of AuTECO Minerals, head of regional exploration for Bellevue Gold, chief geologist of Alicanto Minerals Ltd, and other senior exploration roles with Gryphon Minerals and First Quantum Minerals. He has played key roles in the discovery and definition of several gold deposits globally with ASX-listed junior companies. Among previous projects with contributions to discovery, three are currently operating mines and one is in development. He is also a member of The Australian Institute of Geoscientists.
Aaron Bertolatti - Company Secretary
Aaron Bertolatti is a chartered accountant and company secretary with more than 10 years of experience in the mining industry and accounting profession. Bertolatti has significant experience in the administration of ASX-listed companies, corporate governance and corporate finance.
Airborne EM over Multiple Targets on Ti-Tree Project
- Augustus Minerals has contracted UTS Geophysics to conduct a VTEM Max survey over several Copper, Cu-Ni-PGE, Zn-Pb-Ag and Uranium targets along the money Intrusion and within proximity of the prospective 85k long Ti-Tree Shear.
- The surveys will cover:
- The Money Intrusion, prospective for Cu-Ni-PGE mineralisation.
- Copper Ridge and Nics Bore over anomalous Copper Drilling results
- The Coo Creek prospect where drilling by Augustus in 2023 identified strongly anomalous Zn-Pb-Ag mineralisation.
- The Munaballya Well North area which shows potential for economic Uranium mineralisation.
- The surveys will help to advance the untapped potential of the Ti-Tree project to host economic mineralisation of multiple commodities.
Andrew Ford, GM Exploration
“The VTEM survey will provide key targeting data over three highly prospective and different prospects with potential for multiple commodities. Whilst the high prospectivity for copper mineralisation has been well documented, the addition of uranium and Broken Hill base metal style mineralisation highlights the quality of the underexplored Ti-Tree project”.
VTEM
UTS Geophysics has been engaged to conduct a helicopter borne VTEM Max survey comprising 646-line km over three separate survey areas. The system is excellent for locating discrete conductive anomalies as well as mapping lateral and vertical variations in resistivity which helps map structure, alteration and rock type. The system also collects magnetic data through a caesium magnetometer. The transmitter/receiver loop is suspended on a cable approximately 40m below the helicopter (Figure 1).
Figure 1 VTEM Max helicopter deployed electromagnetic survey arrangement.
Figure 2 Prospects and VTEM Survey areas.
Money Intrusion
The Money Intrusion, which has proven potential to host Ni-Cu-Co-PGE (platinum group elements), is part of the regional Mundine Well Dolerite Suite, a regionally extensive dolerite (strike length >80km). This extensive mafic intrusion, which is comprised of a variety of lithologies, including gabbro in the core, olivine dolerite on the chilled lower contact or keel and fine-grained dolerite on the outer edges. Mapping, aeromagnetics and multi-spectral imagery show that the Money Intrusion within the Ti-Tree Project covers a strike length greater than 16km, reaching widths >600m in the north of E09/23241.
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This article includes content from Augustus Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Latest Kameelburg Assays Up To 10.38% Nb2o5 and 9.89% TREO
Highlights
- A total of 74 highly prospective rock samples recently collected from various beforsite and mafic dykes
- Most notable assays reveal up to 10.38% Nb2O5 and 9.89% TREO
- Large scale geological mapping of Kameelberg carbonatite is nearing completion
- Track access clearance & preparation for underground water supplies underway for upcoming maiden diamond drilling programme
Results from recently collected seventy-four (74) samples were received and highlighted the REE rich nature of the carbonatite with TREO(+Y) assays ranging from 1.16 to 9.89%, refer to Figure 1 for samples locations and Table 1 for results.
Figure 1: Southern Carbonatite Margin Geological mapping area with rock chip samples
Niobium Results Along Mafic Dykes
In addition to sampling the carbonatite plug, a further four (4) samples were collected across the Nb dyke zone on the southwest flank of the carbonatite. Results for these samples ranged from 5.44% to 10.38% Nb2O5. This provides additional confidence to previous niobium findings (see announcements dated 28 February 2024 and 27 December 2023). Table 2 compiles the Nb results with Figure 2 depicting recent sample locations in relation to the previous Nb2O5 results.
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This article includes content from Aldoro 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.
Firetail Resources
Overview
Firetail Resources (ASX:FTL) is an Australian exploration company building a strategic portfolio of battery metals in Australia and Peru.
Batteries are a critical foundation of the transition to a greener and more sustainable future. Consequently, between electric vehicles and renewable energy, global demand for batteries is expected to increase from 185 GWh in 2020 to over 2,000 GWh by 2030. This is expected to have a profound impact on the market for battery and base metals such as lithium, nickel, cobalt and copper.
Firetail Resources aims to leverage this significant opportunity to find the critical resources to support the world’s journey to electrification. Under the direction of a proven board and management team with decades of collective experience in mining exploration, development and production, Firetail Resources boasts a diversified asset portfolio with multiple drill-ready targets and advanced exploration projects that all have tremendous potential to increase shareholder value.
Firetail's Australian Yalgoo-Dalgaranga, Mt. Slopeaway and Paterson projects are all located in proven geologic domains and display significant upside for substantial mineral resources. The company's more recent acquisition of two projects in Peru strongly complements these assets.
As the world's third-largest copper producer, Peru has a massive mining industry with a strong prominence in the country’s national economy. Long recognized as an excellent, low-risk mining jurisdiction, the country recently approved roughly $600 million worth of new mining projects. Unsurprisingly, nearly every major global mining company is either operating in the jurisdiction or is aware of it.
Although only recently acquired, Firetail's Picha Copper project is now one of its most promising assets. The Picha Project was acquired as part of a deal that includes a farm-in agreement with Barrick Gold Corporation (TSE:ABX) for an earn-in of up to 70 percent interest in the Charaque Project.
Picha is located along a NNW regional trend of carbonate-replacement (CRD) and epithermal deposits, including the San Gabriel Gold Project (Buenaventura NYSE:BVN), which is fully permitted and in construction; and the Berenguela Ag, Cu, Mn, Zn Deposit (Aftermath Silver TSXV:AAG).
In 2024, Firetail Resources announced the acquisition of York Harbour copper project, Canada. The company has signed a binding option agreement to acquire up to 80 percent of York Harbour project via a staged earn-in. York Harbour is a Cyprus-style volcanogenic massive sulphide (VMS) exploration project, located 180 km west-south-west of FireFly Metals Ltd (ASX:FFM) Green Bay copper project.
With a diversified portfolio of battery and base metals assets in two leading mining jurisdictions, Firetail is perfectly positioned to take advantage of the transition to green energy, driving considerable shareholder value in the process.
Company Highlights
- Demand for batteries is expected to exponentially increase by 2030, consequently driving the demand for battery and base metals.
- An Australian exploration company, Firetail Resources is well-positioned to take advantage of this market trend via a portfolio of Australian and Peruvian battery metals projects.
- Firetail's drill-ready assets are supported by smart field exploration and drilling programs to unlock their resource potential and increase shareholder value.
- The company's current portfolio of assets includes lithium, copper, cobalt, manganese, molybdenum, lead, zinc and nickel.
- All of Firetail's exploration activities are directed by a board and management team with a proven track record in mineral exploration, development and production.
Key Projects
Picha (Copper)
Located in Southern Peru's Moquegua and Puno departments, Picha represents Firetail's most recent acquisition. Intended as a complement to the company's portfolio of battery metals assets, the highly prospective 200-square-kilometre copper project hosts multiple drill-ready targets which Firetail plans to test in the coming months. Picha was obtained as part of a deal that included a farm-in agreement with Barrick Gold Corporation for the Charaque Project located 30 kilometres to the northeast.
Firetail recently confirmed its official drill permit for Picha and site preparations are underway for a October drilling campaign.
Project Highlights
- Promising Geology: Picha is located within Peru's Epithermal Au-Ag-Cu-Pb-Zn metallogenic zone along a north-northwest regional trend of carbonate-replacement and epithermal deposits.
- Nearby Projects: Picha is situated roughly 17 kilometres east-northeast of Compania de Minas Buenaventura's San Gabriel gold-copper-silver project, which hosts:
- Reserves of 14.9 Mt with 4.04 grams per ton (g/t) gold and 6.43 g/t silver representing 1.94 Moz gold.
- Resources of 24.86 Mt with 2.10 g/t gold and 8.46 g/t silver.
- Multiple Mineralisation: The project is prospective for multiple styles of copper mineralisation, including epithermal, stratabound, polymetallic carbonate replacement and porphyry-style. It also hosts several untested and geologically significant geochemical and geophysical anomalies, displaying similar mineralisation to the Storm/Seal copper project on Somerset Island.
- Significant Exploration Potential: Firetail has identified 13 exploration targets through a combination of geological mapping, surface sampling and geophysical surveys. Thus far, the company has collected 651 rock/chip samples and 289 soil samples and performed 118 line-kilometre IPs and 240 line-kilometre magnetic surveys. Highlights of its exploration work include:
- Widespread surface copper mineralisation coincident with IP anomalies.
- Channel Sample Results
- Cobremani: 41.6 metres at 1.12 percent copper and 22.85 g/t gold.
- Maricate: 17.6 metres at 1.95 percent copper and 29.58 g/t gold.
- Cumbre Coya: 32.85 metres at 0.61 percent copper and 209.76 g/t gold.
- Fundicion Target: Identification of a large chargeability anomaly reflecting potential sulphide mineralisation and/or alteration at depth indicative of a large porphyry body. This anomaly is roughly 2 kilometres long and 2 kilometres across at its widest point.
- Additional Drill Targets: Firetail's second IP survey revealed additional anomalies, including:
- Ichucollo: Semi-contiguous 2.5-kilometre long IP anomaly with coincident surface mineralisation and sample results of 24 metres at 1.08 percent copper, 13 metres at 1.38 percent copper and 30 metres at 0.79 percent copper. Manto-type mineralisation at the target's southern end also averages 1.45 percent copper over 18 metres.
- Huancune: A 1.5-kilometre long anomaly coincident with surface mineralisation. Multiple channel samples ranging from less than 0.5 percent copper up to 3.95 percent copper.
Charaque (Copper)
The Charaque Copper Project is located roughly 30 kilometres northeast of Firetail's Picha project, consisting of eight claims covering roughly 60 square kilometres. The region around the project is an active exploration area where multiple leading mining companies maintain significant landholdings, including Barrick Gold, Teck Resources (TSE:TECK.B) and Fresnillo (LON:FRES).
Charaque was acquired via a farm-in agreement between Firetail and Barrick Gold which entitles the latter to earn up to a 70 percent interest in the project.
Yalgoo & Dalgaranga (Lithium)
Firetail's Yalgoo and Dalgaranga lithium projects collectively span more than 1,750 square kilometres in Western Australia's highly prospective Murchison region. Located close to Geraldton Port and with easy access to all necessary infrastructure, the two projects host known lithium-caesium-tantalum (LCT) pegmatites with a strong rubidium association. Firetail recently completed a small maiden drilling program in the Johnson Well area of Yalgoo, itself the site of a historic lepidolite mine.
Rock chip sampling of surrounding areas is ongoing along with a detailed analysis of lithium prospectivity. Results and a project update are expected within four to six weeks.
Project Highlights
- Yalgoo Exploration Results: Thus far, exploration at Yalgoo has returned highly promising results, including:
- A 25-kilometre "Goldilocks Zone" at Yalgoo confirmed to host LCT pegmatites with historic results of up to 3.75 percent lithium oxide.
- Rock chip assay results of up to 0.54 percent lithium oxide and under 1 percent rubidium.
- High-grade rubidium, including 10 metres at 0.44 percent rubidium from 10 metres.
- Dalgaranga Exploration Results: Firetail has completed detailed geological mapping in the project's north, returning anomalous lithium, rubidium, caesium and tantalum values indicative of LCT pegmatites. The company plans to undertake further mapping in the area.
- Dalgaranga's Strong Prospectivity: Dalgaranga counts several advanced critical minerals projects amongst its neighbours which together confirm its prospectivity:
- King Tamba (ASX:KTA): Maiden mineral resource estimate (MRE) of 5 Mt at 0.14 percent rubidium oxide with a lithium oxide credit. Open mineralisation in all directions with a planned infill drill program to expand MRE.
- Aldoro Resources Limited (ASX:ARN): Aldoro's Niobe Tantalum-Lithium project has delivered a maiden inferred JORC MRE of 4.6 Mt at 0.17 percent rubidium oxide and 0.07 percent lithium oxide. Potential to upgrade is present thanks to mineralisation at shallow depth.
- Farm-in Agreement on Southern Yalgoo Tenement: Completion of the farm-in agreement completed with SensOre (ASX:S3N), through its joint-venture subisidiary Exploration Ventures AI Pty (EXAI) in partnership with German resource investment group Deutsche Rohstoff AG, on tenement E59/E2252, a part of the Firetail Yalgoo Lithium Project. As per the agreement, EXAI is to earn up to 80 percent of lithium rights on E59/E2252 by spending $3.5 million in two stages. Additional considerations of up to $600,000 will be fulfilled upon the delivery of maiden mineral resource estimate (MRE) and pre-feasibility study (PFS). SensOre will further provide Firetail access to its proprietary AI technology across the Yalgoo and Dalgaranga Lithium Projects. The two companies will work closely together to identify and confirm Lithium exploration targets in the region.
Mt. Slopeaway (Nickel)
Situated in Central Queensland, Firetail's Mt. Slopeaway Nickel Project contains an existing JORC 2012-compliant inferred mineral resource of 4 MT at 1 percent nickel, 0.2 percent cobalt and 1 percent manganese. Having recently been awarded project status, Firetail plans to conduct environmental and heritage surveys. Planning of an onsite drilling program is also underway.
Project Highlights
- Current Progress: In addition to drilling, heritage and environmental surveys, highlights of Firetail's work at Mt. Slopeaway include:
- Development of a geological model indicative of a manganese-cobalt-nickel layer at the base of a limonite section.
- Finalisation of a project land access agreement and completion of site earthworks.
- Phase 1 reverse circulation (RC) drilling with results exceeding historical nickel and cobalt assay data.
- A planned Phase 2 RC and diamond drilling program to upgrade the project's current resource classification.
- Extensional drilling to potentially expand the project's current inferred resource.
- Drilling Results: A drilling program completed in Q4 2022 returned up to 51 metres of thick laterite nickel-cobalt mineralisation.
Paterson (Copper)
Firetail's Paterson Copper Project spans five tenements across roughly 1,000 square kilometres in Western Australia. Heritage agreements for the project are in place and desktop studies are currently progressing, with multiple prospective target areas identified for drilling.
Project Highlights
- Shallow Intercepts: Paterson displays the shallowest known historical gold/copper intercepts in the region, with up to 6.5 percent copper, 0.99 g/t gold and copper, 0.99 g/t gold and 1,330 parts per million (ppm) molybdenum across an approximately 50-metre wide magnetite alteration zone.
- Drilling Targets: Paterson has identified the following potential targets for drilling at Paterson:
- 87WDRC2: 17 metres at 1.6 percent copper and 317 ppm molybdenum including 9 metres at 2.6 percent copper and 456 ppm molybdenum from 84 metres.
- 87WDRC6: 9 metres at 2 percent copper and 272 ppm molybdenum including 5 metres at 3.1 percent copper and 430 ppm molybdenum from 84 metres.
- 87WDRC8: 11 metres at 1.5 percent copper and 181 ppm molybdenum including 7 metres at 2.1 percent copper and 250 ppm molybdenum from 83 metres.
- 87WDRC14: 13 metres at 1.1 percent copper including 6 metres at 2 percent copper from 107 metres.
Management Team
Brett Grosvenor — Executive Chair
Brett Grosvenor is a seasoned executive with over 25 years of experience in the mining and power industry. He holds a dual tertiary qualification in engineering and a Master in Business. Prior to his current position, Grosvenor was the director of development at Primero Group, focused on the development of projects from an initial concept through to contract delivery and operation.
Grosvenor is currently a director of ASX-listed Perpetual Resources and Firebird Metals. He is a member of the project steering group for Patriot Battery Metals and also the Australian Industry Consultation Group for Battery and Critical Minerals.
Simon Lawson — Non-executive Director
Simon Lawson is a professional geoscientist with more than 16 years operational experience spanning multiple commodities and jurisdictions, and was a founding member of Northern Star Resources (ASX:NST).
He holds a Master of Science in geology from Auckland University and has more than 15 years of exploration, production and management experience in gold and base metals. He is currently the managing director of Spartan Resources (ASX:SPR) formerly Gascoyne Resources (ASX:GCY).
Cai Kecheng — Non-executive Director
Cai Kecheng is a representative of Hong Kong Jayson Mining Co. (Jayson), a substantial shareholder of Firetail. Kecheng has over eighteen years of experience in financial investment and corporate strategy. He is currently the associate president and head of investment & strategy for Jayson. Prior to that, he served as managing director at a number of private equity firms in Shanghai
George Bauk — Non-executive Director
George Bauk is an experienced director with over 17 years as a listed company director and 30 years within the resources industry including global operational and corporate roles.
He has experience managing everything from exploration to production in Australia and internationally, with expertise across a variety of commodities including rare earths, lithium, graphite, gold, uranium and copper. During his time as managing director of Northern Minerals, he led his team from a greenfields heavy rare earth explorer to one of the few global producers of high-value dysprosium outside of China.
Alongside his position as director at Firetail, he is also an executive chairman of ASX-listed Valor Resources (ASX:VAL) and Lithium Australia (ASX:LIT), as well as an executive director of PVW Resources (ASX:PVW).
Robin Wilson — Technical Director
Robin Wilson has held senior exploration positions in several exploration and mining companies, including Valor Resources, Polaris Metals, Tanganyika Gold, Troy Resources, CRA Exploration and Northern Minerals. He has also spent five years working in oil and gas exploration for Woodside Energy.
During nearly 30 years of involvement in mineral exploration, Wilson has worked on gold, nickel, REE, uranium, copper, lithium and phosphate projects throughout Australia, Africa, South America and North America and was involved in the initial discovery and outlining of several gold deposits in Australia. Between 2006 and 2021 he led the Northern Minerals exploration team that discovered the Browns Range REE deposits that have advanced through development to production of HRE carbonate.
Frank Bierlein — Technical Consultant
Dr. Frank Bierlein is a geologist with 30 years of experience as a consultant, researcher, lecturer and industry professional. He served on the Firetail board of directors from the time of its listing on ASX in April 2022 until July 2023. He remains a technical consultant to Firetail, in particular for ongoing technical work on the Mt Slopeaway Project.
Bierlein has held exploration and generative geology management positions with QMSD Mining, Qatar Mining, Afmeco Australia and Areva NC and consulted for, among others, Newmont Gold, Resolute Mining, Goldfields International, Freeport McMoRan and the International Atomic Energy Agency.
He is currently a Non-executive director of Blackstone Minerals, Impact Minerals and Variscan Mines.
Leon Bagas — Senior Exploration Geologist
Leon Bagas is an exploration geologist with forty years of industry experience. He has held senior exploration roles with multiple Australian companies and senior research positions for the University of Western Australia.
Bagas is highly experienced in developing mineralisation models using geochemistry and geochronology. Combined with his proficiency in the field, this makes Bagas an excellent candidate to assist in the development of the exploration and drilling programs at Firetail's Paterson Orogen and Yalgoon-Dalgaranga project areas.
Phillip Mackenzie — Senior Exploration Geologist
Phillip Mackenzie has worked in Central Queensland over several decades, exploring the Marlborough and Yeppoon terrain to assess and explore for nickel, cobalt, chromite, magnesite and gold related to the Princhester Serpentinite. His work included management of projects and teams to perform activities ranging from regional sampling to resource drilling. As a result of his work, several hundred drill holes targeting lateritic nickel and cobalt were assessed and an indicated resource determined for a mining lease.
Aura Increases Tiris’ Mineral Resources by 55% to 91.3 Mlbs U3O8
KEY POINTS:
- Tiris’ global Mineral Resources increased by 55% to 91.3 Mlbs U3O8, up from 58.9Mlbs U3O81 (global Mineral Resources includes Tiris East and Oum Ferkik Project areas)
- The recent 15,262m drill program delivered a very large 28.9 Mlbs U3O8 increase in the Tiris East Uranium Project’s Mineral Resources, totalling 76.6 Mlbs U3O8, delivered at a discovery cost of only US$ 0.14 per lb U3O8
- Measured and Indicated Mineral Resources increased by 35% adding 10.3 Mlbs U3O8 providing further confidence to the Front End Engineering Design (“FEED”)2 production schedule
- Drilling results and the increase in Mineral Resources both demonstrate significant future resource growth potential at Tiris from ongoing exploration activities
- The major increase in the Tiris Mineral Resources:
- Reinforces Auras’ commitment to progress Tiris towards a development decision in late 2024 or early 2025;
- Offers significant potential to materially enhance the already excellent FEED economics of NPV8 US$ 388 M and IRR 36% after tax3,4, and
- Presents real opportunities to increase the Project’s future scale beyond the current 17-year mine life at 2 Mlbs pa U3O8 production
- Additional Mineral Resources were defined from extensions to known mineralisation and exhibit the same characteristics as the current shallow free digging mineralisation that has proven exceptional beneficiation characteristics
- Mine scheduling and optimisation including a review of the Ore Reserve Estimate will now be undertaken on the enhanced Mineral Resources
Aura Energy’s Managing Director and CEO Andrew Grove said:
"The resource growth at Tiris confirms our view that this is an important uranium province with the capacity for further growth upside.
The Board believes that the very significant increase in Mineral Resources resulting from the successful drilling campaign will have a materially positive impact on Tiris’ economics and has been delivered at a very low discovery cost of just US$ 0.14 per lb.
Mineralisation was identified not only from high strength radiometric anomalies, but from areas of low strength anomalies, significantly increasing the exploration potential of the area as these low-level anomalies have been ignored in past exploration.
More opportunities remain to expand the known mineralisation within the current granted tenements. In addition, the potential for future discoveries within the 13,000km2 of new tenement applications is significant as we have only just begun exploration over this district-scale opportunity.
The increased Mineral Resource inventory will further support the funding and development of the Tiris Uranium Project in the near future.”
Tiris Global Mineral Resource Estimate reported using a 100ppm U3O8 cut-off grade, see Table 1 for details
The drilling program undertaken in 2024 has delivered a major increase to the Project’s Global Mineral Resources totalling 184 Mt at 225ppm for 91.3 Mlbs U3O8 at a 100ppm cut-off grade. This is a 55% increase in the contained U3O8 from the previous MRE, reported in 2023, of 113Mt at 236ppm for 58.9Mlbs5 U3O8.
This drilling program was aimed at assessing additional resource potential at Tiris East and delivered a 10.3 Mlbs or 35% increase of Measured and Indicated (“M&I”) Resources, which stands at 83 Mt @ 219ppm for 39.9 Mlbs U3O8, and a 76% increase in total Inferred Resource, which stands at 102 Mt @ 229ppm for 51.4 Mlbs U3O8. The detail of the upgraded resource across the project areas and the previous resources are shown in Table 1.
In April 20246, Aura completed an air core (“AC”) drilling program of 2,995 holes for 15,262 metres, a 37% increase in the total number of holes available for resource calculations, to evaluate a previously announced exploration target of between 8 Mlbs and 32 Mlbs7. The Mineral Resource increase of
32.4 Mlbs U3O8 exceeded the upper end of the exploration target range, providing strong support to Aura’s exploration methodology, and is a strong indication to the mineralisation potential that may be available in regional leases that are currently under application8.
In addition to targeting extensions to known mineralisation, and testing previously un-drilled radiometric anomalies around Tiris East, the program considered several conceptual targets over low- level radiometric anomalies. Several of these conceptual targets returned very positive results, further increasing exploration potential of the area. This is a major change from previous exploration in the area.
Mineral Resource estimates were undertaken utilising Multiple Indicator Kriging (“MIK”) estimation methodology and recoverable Mineral Resources reported using a 10x10x1m Selective Mining Unit (“SMU”). The Competent Person for the 2024 Tiris Mineral Resource Estimates is Mr Arnold van der Heyden of H&S Consulting Pty Limited (“HSC”).
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This article includes content from Aura Energy, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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