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Marquee Resources Limited (“Marquee” or “Company”) (ASX:MQR) is pleased to provide this Quarterly Activities Report for the September 2023 quarter.
West Spargoville Project (Lithium, Gold & Nickel Project)
The Company provided an update to the market regarding the ongoing exploration activities at the West Spargoville Project (“WSP”). The WSP Project is a JV between Marquee Resources (75%) and Mineral Resources Limited (ASX:MIN) (25%).
The Company engaged Thomson Aviation to complete a 2,258 line-km aerial magnetics survey (figure 1) over the Project extents, with the survey completed during the quarter. The aim of this high-resolution survey is to provide further detail on structures hosting potential lithium bearing pegmatites. Following the completion of a 37,843m reverse-circulation (RC) and aircore (AC) drilling campaign in Q4-2022, the Company and Mineral Resources (ASX:MIN) geologists have been busy interpreting and modelling the data to delineate priority targets for follow-up work. The acquisition of high-resolution geophysics will greatly enhance the understanding of the subsurface and guide the planning of the next drill campaign that is being planned for 2024.
The processing of the aerial magnetics survey is nearing completion and the Company in conjunction with Mineral Resources Limited (ASX:MIN) will provide an update with future work plans in due course.
The West Spargoville Project
The West Spargoville Project is located in the core of the Southern Yilgarn Lithium Belt, an area that is well known for spodumene deposits that include; the Bald Hill Mine, the Mt Marion Mine, the Buldania Project and Essential Metals Pioneer Dome Project. Marquee and Mineral Resources entered into a updated JV agreement earlier this year over the lithium rights at the West Spargoville Project (refer ASX Release dated 09 June 2023).
Figure 1: Aerial magnetic survey plan for E15/1743
Redlings Rare Earth Project
Marquee Resources Limited conducted a ground gravity survey at the Company’s Redlings Rare Earth Element Project in July 2023 (see ASX Announcement 27 July 2023). The gravity survey aimed to test for deep-seated carbonatite intrusions to identify the potential source of surficial rare earth element (REE) anomalism up to 7,503ppm TREO (see ASX Announcement dated 19 May 2023).
The ground gravity survey consisted of 1,907 survey stations over the Redlings Project extents and results of the survey were released post quarter end (see ASX Announcement 05 October 2023). Final data processing and 3D modelling results of the survey have been announced highlighting a complex structural architecture intruded by dense bodies, which are interpreted to represent carbonatite pipes, extending to significant depths. The gravity survey focused on a ~4.9 km x 1.2 km geochemical anomaly to assist in interpreting the primary controls on surficial mineralisation. Although historical exploration has focused on NW trending structures, the gravity data has highlighted that the interpreted carbonatite pipes have a NNE trending orientation and the exploration model needs to be refined and shifted to focus on these NNE trending structures. Company geologists have mapped REE-bearing dykes/veins with varying structural orientations which may represent late-stage carbonatite cone sheets or ring dykes. Following the completion of the gravity survey, further mapping and auger geochemistry is planned with deeper reverse circulation drilling to follow in 2024. The Company aims to fully test the potential of the Project to host an economic REE mineral resource.
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This article includes content from Marquee Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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Marquee Resources
Overview
Marquee Resources (ASX:MQR) is a fully funded junior exploration company focused on its battery metals assets in Western Australia and the United States. Its diversified portfolio includes assets containing lithium, copper and rare earth elements - essential metals for battery manufacturing - as well as gold.
Global demand for battery metals is projected to reach $20.5 billion by 2027, growing at a compounded annual growth rate of 8.2 percent from 2020 to 2027, according to Allied Market Research, This growth is attributed to the exponential growth of the electric vehicle (EV) market, with two million EVs sold worldwide just in the first quarter of 2022, up 75 percent compared to the same period in 2021, along with continued market demand for consumer electronic devices.
Many of Marquee Resources’ assets are in advanced exploration stages, with highly encouraging exploration results.
The company’s flagship project is the West Spargoville Lithium Project, located in the prolific Southern Yilgarn Lithium Belt in Western Australia, and contains hard-rock lithium deposits. Marquee Resources has partnered with Mineral Resources Limited (ASX: MIN) to explore and develop the project. Mineral Resources has extensive experience operating hard-rock lithium mines and brings technical and operational expertise to the project. The West Spargoville Lithium Project has already yielded encouraging exploration results.
Marquee’s other encouraging lithium assets include Clayton Valley Lithium and Kibby Basin Lithium projects, both containing lithium brine and building additional excitement for lithium potential. Results from the 2022 drill program at Kibby Basin have returned high levels of lithium-bearing sediments along with dissolved lithium in the groundwater, with up to 924 parts per million (ppm) lithium from the two exploration boreholes (KB 22-01 and KB 22- 02) that were completed.
The company’s additional projects target other critical battery metals such as rare earth elements and copper. Its Lone Star Copper-Gold project is currently undergoing a 6,000-meter diamond drilling program. Marquee’s 2022 drill campaign at Lone Star intersected a wide mineralised envelope of up to 150 meters at 0.5 percent copper, with high-grade mineralised zones up to 19.8 meters at 2 percent copper. As many zones in the deposit remain open and untested, there is significant potential for additional mineralization, combined with historical diamond and percussion drill hills indicating high-grade deposits of copper and gold.
In October 2022, Marquee announced its maiden mineral resource estimate for the Lone Star Copper-Gold Project containing indicated mineral resource of 9.7 Mt at 0.45 percent copper and 0.24 g/t gold, and inferred mineral resource of 3.5 Mt at 0.31 percent copper and 0.20 g/t gold.
Marquee Resources is led by strong management with experience in natural resources and corporate administration. Charles Thomas, executive chairman, has over 15 years of experience in capital markets and structuring corporate transactions. Dr. James Warren, chief technical officer, has worked in leadership roles managing technical operations. George Henderson, non-executive director, has extensive experience in equity capital markets dating back to 2004. Anna Mackintosh, company secretary, has 26 years of commercial experience in compliance and finance roles for natural resource companies.
Company Highlights
- Marquee Resources is an Australian fully funded exploration company targeting battery metals with multiple assets in advanced exploration stages.
- The company’s flagship project is the West Spargoville Lithium Project, which has already yielded encouraging exploration results.
- Marquee Resources is in partnership with Mineral Resources Limited (ASX: MIN) to explore and develop the West Spargoville Lithium Project, and the companies have accelerated this farm-In agreement with MinRes acquiring an initial 25 percent interest in the lithium rights at WSP by funding $4.8 million on exploration activities at the project in less than 12 months.
- The company’s Kibby Basin project is located near the only producing lithium mine in the United States and contains encouraging geologic properties that indicate the presence of lithium brine.
- The company has additional projects that target lithium and other battery metals, such as copper, gold, and rare earth elements. Historical and current exploration assays indicate high-grade deposits of target metals.
- A management team leads Marquee Resources with directly relevant experience in natural resource markets, corporate administration and corporate finance.
Key Projects
West Spargoville Lithium
The Western Australian flagship project is located in the prolific Southern Yilgarn Lithium Belt. The asset is near multiple producing lithium mines, including the Bald Hill Mine and Mt. Cattlin Mine. Historical exploration data indicates a 2.4 kilometer long anomaly rich in lithium deposits. The project has slated non-stop exploration drilling until the end of 2022.
Project Highlights:
- Encouraging Exploration Results: Deep ground penetrating radar results indicated significant potential for lithium-bearing pegmatites. Interpretation of these has helped identify targets for follow-up drill testing.
- Auger Program Awaiting Lab Results: An auger geochemistry drilling campaign consisting of approximately 3,200 holes was recently completed.
- 2022 Drill Campaign: A drilling campaign was conducted in 2022, with 122 holes of reverse circulation (RC) drilling completed for 18,687 meters, and 391 aircore drills (AC) for 19,156 meters. Assays are currently pending results. Drilling will recommence in early 2023, following up on anomalous intercepts.
- Near World-Class Lithium Deposit: The Earl Grey deposit is located west of the deposit and contains similar geological formations as the primary West Spargoville project area.
In 2022, Marquee Resources entered into a binding term sheet with Mineral Resources Limited (ASX:MIN) to explore and develop lithium deposits in a joint venture across the West Spargoville project. The companies have agreed to accelerate the farm-In agreement with MinRes acquiring an initial 25 percent interest in the lithium rights at WSP by funding $4.8 million on exploration activities at the project in less than 12 months. MinRes also funded $500,000 to exercise the Fyfehill option. MinRes can also earn an additional 26 percent interest (MQR 49 percent/MinRes 51 percent) in the lithium rights at the project by funding the project until the development, construction and commissioning of a mine and related facilities for the conduct of mining operations on the project within five years.
Lone Star Copper & Gold
The company's copper and gold project is located in Washington State and contains a 3-kilometer-long mineralization trend of copper-gold deposits. The project has multiple past-producing mines and previous exploratory drill holes. Following the completion of the approximately 6,000-meter Phase 1 diamond drill program, Marquee Resources announced maiden mineral resource estimate for the Lone Star Copper-Gold Project containing indicated mineral resource of 9.7 Mt at 0.45 percent copper and 0.24 g/t gold, and inferred mineral resource of 3.5 Mt at 0.31 percent copper and 0.20 g/t gold.
Project Highlights:
- Robust Infrastructure: The project has road access and water access and is located only minutes away from a community.
- Exiting Mill Being Refurbished: A mill located 11 kilometers away is undergoing refurbishment before commencing operations.
- Encouraging Historical Data: Previous exploration data indicates copper deposits up to 2.4% from 19 meters and 1.4 g/t gold at 7.6 meters.
- 2022 Drill Program: Intersected a wide mineralised envelope of up to 150 meters at 0.5 percent copper, with high-grade mineralised zones up to 19.8 meters at 2 percent copper.
Kibby Basin Lithium
Kibby Basin is located in Nevada, 60 kilometers north of Ablemarle's operating lithium mine. The project covers 2,560 acres, and Marquee has full water extraction permits necessary for lithium-brine extraction. The project is in advanced exploration stages and has a drill rig carrying out 24/7 exploration currently.
Project Highlights:
- Geological Structure Indicative of Lithium Brine Deposits: Kibby Basin contains a 7.4 kilometer long structure with a similar geological structure as Ablermarle’s prolific lithium mine.
- Basin May Contain Layers: Early exploration results indicated an extensive enough basin to potentially contain multiple layers of aquifers, which is favorable for high-grade lithium brine. Additionally, the project has substantial water resources available.
- Fully Permitted and Exploration Underway: The project has received all necessary permits, and the company is currently carrying out a robust drilling program. The company suspects that this project will complement its nearby Clayton Valley Lithium Project.
- 2022 Drill Program Results: High levels of lithium-bearing sediments along with dissolved lithium in the groundwater, with up to 924 parts per million (ppm) lithium from the two exploration boreholes (KB 22-01 and KB 22- 02) that were completed.
Clayton Valley Lithium
Clayton Valley covers 12 square kilometers in Nevada and contains both lithium brine and clay. Like Kibby Basin, Clayton Valley is near Albemarle’s productive lithium mine. Kangari Consulting LLC completed a comprehensive review of the project and surrounding area, prompting Marquee to commence a two-phase exploration project. Marquee will commence a two-phase exploration program in the first half of 2023, consisting of detailed geological mapping and drilling.
Project Highlights:
- Cater to U.S. Lithium Consumption: The asset is located in a great location to service the U.S. domestic market with scalable, staged development that can be developed to cater to increasing demand.
- Near Tesla’s Gigafactory: Clayton Valley is 3.5 hours away from Tesla’s Gigafactory Number 1, a significant producer of lithium-ion batteries.
- Encouraging Exploration Results: Existing data indicates the presence of high-grade lithium ranging from 2.9 mg/l at 10 feet to 11.6 mg/l at 110 feet. Additionally, the project has substantial water resources to support lithium extraction and processing.
Redlings Rare Earths
The Redlings Project is located in Western Australia, 150 kilometers away from Lynas’ (ASX:LYC) Mount Weld Project. The 100-percent-owned project covers an area of approximately 108 square kilometres of tenure with historical samples of up to 7.8 percent TREO.
Auger sampling recently completed identified additional rare earth element bearing dykes. According to executive chairman Charles Thomas, "There is a very good potential to identify a part of the system that hosts an economic deposit."
Exploration drilling is set to restart in the first quarter of 2023, to follow up on targets generated by the successful 2022 auger program.
Project Highlights:
- Historic sampling results: Rock-chip samples up to 7.8 percent TREO.
- Location: In proximity to Lynas’ Mount Weld Mine where a new exploration program has been established after samples returned high grade REE assays.
- Promising exploration strategy: Recent drilling identified structures on the location of known REE-bearing carbonatitic dykes; drilling intersected a 25km structural zone of pink, frenetic, alteration intruded by multiple carbonatitic dykes.
Mt Clement Gold & Antimony Project
The Mt Clement Project is located 30 kilometers southwest of Black Cats (ASX:BC8) Paulsens gold mine, at the western end of the Ashburton Basin in the northern Capricorn Orogen of Western Australia. The project represents a genuine greenfield opportunity in one of Australia’s most underexplored regions.
Project Highlights:
- Underexplored Region: Consists of 360 square kilometers of tenure prospective for syngenetic gold antimony mineralisation, a poorly understood and underexplored mineralisation style in Ashburton Basic, Western Australia.
- Geological team recently completed a field mapping and reconnaissance expedition with a more extensive exploration program planned for 2023.
Management Team
Charles Thomas - Executive Chairman
Charles Thomas is the founding director of Marquee Resources and was the managing director of the company until 2019, when he then assumed the role of executive chairman. Thomas is also an executive director and founding partner of GTT Ventures, a leading boutique corporate advisory firm based in Australia. He holds a Bachelor of Commerce from UWA majoring in corporate finance. Thomas has worked in the financial service industry for more than 15 years and has extensive experience in capital markets as well as the structuring of corporate transactions. Thomas has sat on numerous ASX boards spanning the mining, resources and technology space. His previous directorships include, among others, AVZ Minerals Ltd (ASX:AVZ), Force Commodities Ltd (ASX:4CE) and Liberty Resources Ltd (ASX:LBY), where he was responsible for the sourcing and funding of numerous projects. Thomas is currently the non-executive chairman of Viking Mines Ltd (ASX:VKA), non-executive chairman of High Tech Metals Ltd (ASX:HTM) and non-executive director of Chase Mining Corporation Ltd (ASX:CML).
Dr. James Warren - Chief Technical Officer
Dr. James Warren is a geologist with extensive experience in the mineral resources sector and has held a variety of technical, operational and leadership roles spanning from greenfield target generation to production. Warren commenced his career in the Eastern Goldfields working at Gold Fields’ ST Ives operation in exploration and underground positions. He then completed his PhD, focusing on Kunanalling and Zulieska shear zones, while working at Phoenix Gold Limited (previously ASX: PXG). Warren was a key member of their exploration team until their takeover by Evolution Mining Limited. Warren then worked in the Mineral and Hydrothermal Geochemistry team at the CSIRO, when he was appointed as exploration manager of Echo Resources Ltd (Echo). At Echo, Warren oversaw the exploration strategy and growth of Echo’s resource base to over 1.8 Moz and was involved in the development of their corporate strategy and promotion.
George Henderson - Non-Executive Director
George Henderson is a corporate lawyer and founding partner of AGH Law. Henderson primarily acts for clients in relation to capital raisings (including IPOs, back door listings and secondary offerings), mergers and acquisitions (including takeovers and private share or asset sales), and ASIC and ASX compliance. He has particular experience in the resources and technology sectors, for both local and international clients. Henderson graduated from the University of Western Australia with degrees in law and commerce (corporate finance and financial accounting). Since graduating, Henderson has also obtained a graduate certificate in applied finance at Kaplan Higher Education.
Daniel Moore - Non-Executive Director
Daniel Moore (BEcon/LLB) was formally the CEO of Centenario Lithium. He has extensive experience in equity capital markets since 2004, previously with Wilson HTM and Morgan Stanley, focused on emerging companies. He has held non-executive director roles at iCollege (ASX:ICT), Coronado Resources during its RTO with Race Oncology (ASX:RAC), and Stratum Metals during its RTO with Locality Planning Energy (ASX:LPE).
Anna Mackintosh - Company Secretary
Anna Mackintosh, B.Com (UWA) CPA, also serves as company secretary of TAO Commodities Ltd (ASX:TAO) and Global Vanadium Ltd (ASX:GLV). Mackintosh has over 26 years of commercial experience including 11 years with BHP, 10 years with AFSL holder Kirke Securities Ltd as compliance manager, finance manager and responsible executive. Mackintosh was previously the company secretary/CFO of Kalia Limited (ASX:KLH) (2009 -2018 formerly GB Energy Limited) and Applabs Technologies Ltd, and financial controller at Force Commodities Ltd.
Copper Porphry Potential Grows at Georgetown Project
Highlights
- High grade copper veins have developed adjacent to a copper porphyry system at Fiery Creek prospect, within the Georgetown Project in Queensland
- High-grade copper assays of up to 23.5% Cu
- Mineralogy review strongly supports the presence of a shallow, constrained significant copper mineralised porphyry system
- Geochemistry favourably compares to similar geologically aged projects including Mount Leyshon, Kidston, Red Dome and nearby Mt Turner
- Copper mineralised zone of the Fiery Creek porphyry system is interpreted to lie close to surface
- Outcropping vein areas indicative of pencil porphyry type systems as documented at North Parkes and Ridgeway, NSW
- Extended geochemistry sampling program underway at Fiery Creek with planned detailed geologic mapping activity
- Geophysics survey (pole dipole, IP, resistivity, MT) scheduled for August 2024
Emu Non-Executive Chairman Peter Thomas commented,
“Emu is increasingly confident the Fiery Creek prospect has the makings of a massive multi- million-tonne copper porphyry system. In addition to Mr Maund’s assessment, the results of our geochemistry work to date at Fiery Creek have confirmed the potential for a near-surface, high- grade deposit which warrants further investigation. Emu intends to strengthen its understanding of this discovery in 2024 by applying modern exploration techniques not previously used in the area. This includes the next key step for the Company which is to undertake a definitive geophysical survey of the Fiery Creek Prospect area in August this year.”
Emu has contracted Independent Consulting Economic Geologist and Fellow of the AusIMM and AIG, Mr Nigel Maund, to assess the Company’s Fiery Creek prospect, within the Georgeotwn Project.
The scope of Mr Maund’s assessment includes:
- a comprehensive mineralogical investigation of the Fiery Creek vein samples1,
- review of EMU exploration data, and
- an update to his interim report2.
In his interim report, Mr Maund suggested the Fiery Creek quartz, copper oxide, sulphide vein array system appears to be developed within the cupolas of two possible, closely spaced “pencil porphyry – type” mineralised systems.
Further research work undertaken by Mr Maund, relying on the updated EMU geologic exploration database, has strengthened his view and interpretation of the system. Indeed, evidence of feldspar porphyry intrusive bodies and phreatic breccias and advanced argillic alteration have been confirmed from Fiery Creek samples viewed under microscope.
Figure 1. Fiery Creek Copper/Yataga Granodiorite summarising rock
Fiery Creek Geochemistry Suggests Shallow Copper Mineralisation
Substantial high-grade copper assays of up to 23.5% Cu were recorded with anomalous associated elements: bismuth (up to 1.88%), silver (up to 480 g/t), arsenic (up to 1,650 ppm), antimony (up to 667 ppm), zinc (up to 1,470 ppm), barium (up to 1.25 %) and tellurium (up to 215 ppm). Mr Maund noted that the system is copper dominated with significant bismuth and silver. Referencing Dr Scott Halley’s3 work, Mr Maund noted the level of erosion within a porphyry copper system can be pinpointed by its geochemical footprint and its silicate and sulphide mineralogy. See Figures 2 and 3 below. These diagrams illustrate that the Fiery Creek system is likely to have been eroded to the upper potassic alteration shell of a porphyry copper system with high grade copper impregnated veining currently exposed to surface.
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This article includes content from EMU NL, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Quarterly Activities Report for the Period Ending 31 March 2024
Highlights
- Assay results received from last quarter's drilling at the Ti-Tree project identified mineralisation at several prospects.
- Strong results, consistent with the zones of a porphyry copper system were received from the first 22 holes drilled into the Minnie Springs Cu-Mo-Ag porphyry prospect, including intercepts of:
- MSRC012: 18m @ 0.37% Cu and 9.7 g/t Ag from 94m downhole, and;
- 16m @ 0.38% Cu and 19.4g/t Ag from 121m downhole
- MSRC022: 7m @ 0.19% Cu from 87m downhole
- MSRC011: 7m @ 0.12% Cu from 21m downhole
- MSRC012 mineralisation contained significant base metal and silver including:
- 5m @ 27.6 g/t Ag, 0.25% Pb and 0.15% Zn with 148 ppm Mo from 107m, and
- 14m @ 21.5 g/t Ag, 0.18% Pb and 0.1% Zn with 274ppm Mo from 122m
- Copper Ridge CRRC008 returned:
- 4m @ 0.91% Cu from 13m
- Including 2m @ 1.67% Cu
- A 3,400m RC drill program has commenced at Minnie Springs, with deeper diamond drilling planned for June.
- Extensive soil sampling program commenced, representing the first systematic exploration over large parts of the mineralised Ti-Tree and adjacent Minga Bar Shears
- Soil program to target both base metal-gold and lithium prospective Leake Spring Metamorphics as well as extensions to the Minnie Springs porphyry style copper- molybdenum trend.
- Cash position of $4.55m as of 31 March
During the period Augustus received the drill results from the Ti-Tree project’s maiden reverse circulation (RC) drilling program completed last quarter. The program was designed primarily to test six advanced targets where existing soil and/or rock chip anomalies had been generated.
Augustus has continued to advance its mineral exploration ground efforts within the Ti-Tree Project with a regional soil sampling program commencing in March and a second RC drilling program commencing in early April at the Minnie Springs Cu-Mo-Ag porphyry prospect.
Drilling Activities
The Ti-Tree project covers some 3,600km2 and overlies 85kms of strike of the Ti-Tree Shear which is known to host a significant number of mineral occurrences in the region. The project area also contains >20kms of strike of the Money Intrusion, where Dreadnought Resources (ASX:DRE) has recently discovered significant Ni-Cu-PGE mineralisation1 .
Assay results from late last quarter’s drilling which comprised 78 holes totalling 9,086m of Reverse Circulation (RC) drilling were received in the March quarter2.
The primary focus of this drill program was to target significant mineralised zones defined by surface exploration completed across the 6 prospect areas of Minnie Springs, Coo Creek, Nick’s Bore, Copper Ridge, Crawford Bore and Crawford South (Figure 1).
Figure 1. Map of Crawford area and Minnie Springs, key drilling targets
Significant assays with >1m width at >0.1%Cu are shown in Table 1 below. Intervals marked * contain composite samples (nominal 4m).
This article includes content from Augustus Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Quarterly Report – Activities for Quarter Ended 31 March 2024
HIGHLIGHTS:
Lyndon Uranium/Lithium/REE
- New Rock chip assay results up to 6,612ppm U3O8 at the Baltic Bore and Jailor Bore prospects
- 12 rock chips returned assays >1,000ppm U3O8
- 5 rock chips returned assays >1,000ppm V2O5
- Uranium anomalism spans strike lengths of 2.6km at Baltic Bore and 2km at Jailor Bore
- Lyndon Project Immediately adjoins Paladin Energy’s Carley Bore Uranium Project (15.6MLbs U3O8)
Relief Well Uranium Project (Lyndon):
- Relief Well Uranium Prospect immediately adjoins Paladin Energy’s Carley Bore Uranium Project
- (15.6MLbs U3O8 announced resource)1
- Extensive 8km long palaeochannel confirmed at Relief Well, prospective for roll-front style uranium mineralisation
- Drill planning underway for testing of roll-front uranium mineralisation at Relief Well
Gascoyne East:
- Completion of lithological and structural interpretation from geophysical datasets
- PoW approval for Phase 1 aircore drilling to assist bedrock mapping
- Geophysical interpretation has confirmed drill targets for:
- Intrusion-related porphyry and Iron Oxide Copper-Gold (IOCG) mineralisation
- Magmatic Ni-Cu-PGE mineralisation within a distinct layered mafic intrusion
- Orogenic and intrusion-related gold mineralisation within the Dalgaringa Supersuite and Camel Hills Metamorphics.
- Intrusion-related gold and base metal deposits within the Edmund Basin
- Sedimentary-hosted base metal deposits in the Edmund Basin analogous to the Abra deposit
- At-surface uranium targets identified through airborne radiometric survey data
Odessa’s Executive Director, David Lenigas, commented:
“It’s been a very active and successful exploration period for Odessa in the Gascoyne this past quarter, having identified very significant uranium prospects emerging at Lyndon returning some exceptional grades up to 6,600 ppm U3O8. Our exploration priorities in the Gascoyne are now swayed towards accelerating our uranium targeting at Lyndon and readying the uranium prospects for drilling later this quarter if possible. We are also excited with what we are seeing now at Gascoyne East with the detailed interpretation of the airborne survey highlight excellent gold copper and uranium targets. Detailed planning for air-core and RC drilling is now well underway and should also start later this quarter or early next quarter.”
Figure 1: Odessa Minerals regional Gascoyne Project location map overlain with Geological Survey WA Minedex Occurrences.
Lyndon Uranium/Lithium/REE Project
Lyndon Project Overview
The Lyndon Project is located on the margin of the Carnarvon Basin and Gascoyne Complex approximately 200km south of Onslow and 200km NE of Carnarvon, in Western Australia. The project consists of over 1,000km2 of exploration licenses and applications.
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This article includes content from Odessa Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Maiden Exploration to Commence at Summit’s Brazilian Niobium Projects
HIGHLIGHTS
- Summit to commence a systematic exploration program at its 100% owned Ecuador and Juazerinho Niobium projects aimed at defining initial priority drill targets.
- Due diligence completed by Summit has highlighted the presence of prospective LCT pegmatites at Ecuador, which have seen prior informal mining and extraction of Niobium / Tantalite mineralization from with these LCT pegmatites.
- Previous surface sampling results included1:
JUAZERINHO ASSAYS (Niobium & REE)
- 355,400ppm or 35.54% (Na2O5) + 14,080ppm pREO or 1.408% PREO (SID 099/24)
- 107,010ppm or 10.7% (Na2O5) + 142,080ppm pREO or 14.208% PREO (SID 098/24)
ECUADOR ASSAYS (Niobium + REE)
- 303,400ppm or 30.34% (Na2O5) + 15,130ppm pREO or 1.513% PREO. (SID 100/24)
- Exploration will include focused geological mapping, outcrop & sub crop channel sampling, trenching, and pitting (where appropriate).
- In parallel with the ground-based exploration activities the company is planning an orientation high resolution UAV (drone) magnetics survey aimed at defining signatures associated with known mineralization which, in conjunction with the mapping and geochemical results can be used to focus in on initial targets for drill testing.
- An experienced, locally based Brazilian geological team will commence on-site exploration activities and initiate the necessary drill permitting processes immediately.
Figure 1 - Location and of the Equador and Juazeirinho Project (Summit 100%)
Exploration Program
The geological due diligence completed by Summit highlighted the presence of prospective LCT pegmatites at Ecuador, some of which have seen prior exploitation of Niobium / Tantalite mineralization associated with these LCT pegmatites.
This week, Summit is deploying an experienced in country geological team to commence a systematic exploration program focused on the Ecuador Niobium and REE project. This early exploration phase will include detailed geological mapping, outcrop sampling, channel sampling and where appropriate trenching and pitting.
In parallel with the ground-based exploration activities the company is planning to perform an orientation high resolution UAV (drone) magnetics survey aimed at defining signatures associated with known mineralization. Data gained from these activities will inform preliminary drill targeting.
Regular updates on the exploration program’s progress and results will be provided to the market.
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This article includes content from Summit Minerals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
IND Establishes HPQ Exploration Target at Pippingarra Project
Highlights
- IND’s recent RC drilling program informs a Maiden High Purity Quartz (HPQ) Exploration Target at the Pippingarra Quarry Project.
- Drilling is planned for the exploration target area and to test several quartz occurrences mapped across the wider Mining Lease area.
- IND plans to commence work on a HPQ Mineral Resource Estimate in parallel with metallurgical testwork being conducted by potential offtake partners and third-party mineral processing laboratories.
- A 300kg Pippingarra quartz sample crushed from existing quarry stockpiles sent to China in late 2023 produced a >GG.GG4% SiO2 end product following standard HPQ processing1.
- A further 24 tonne bulk sample comprising crushed quartz rock has been shipped to China for processing, metallurgical test work, and assessment by potential offtake partners.
Figure 1: IND Pippingarra Quarry Project location and infrastructure.
In October 2023, IND announced the agreement of binding terms2 with North West Quarries Pty Ltd (NWQ) for an exclusive option to acquire an 80% interest in the non-construction material mineral rights.
Jeff Sweet, Managing Director of Industrial Minerals, commented:
“Following on from one of our potential offtake partners in China achieving a processed High Purity Ǫuartz product grading >SS.SS4% SiO2, we are extremely positive about the potential to supply Pippingarra quartz into high-end quartz markets.
“The Pippingarra Exploration Target is limited to an area where IND completed RC drilling in late 2023, to the east of the existing open pit. There are several quartz outcrops mapped across the broader Mining Lease area that will also be drilled with the intention to include these untested HPǪ target opportunities in the upcoming Mineral Resource Estimate (MRE) for Pippingarra.
“Our motivation to commence work towards a MRE is to leverage our unique position of having an active mining operation at the Pippingarra Ǫuarry. We believe this will give potential offtake partners the confidence to enter into offtake agreements with IND, knowing that we can rapidly advance to be mine ready and have a suitable mine life to support long term supply needs.”
Maiden High Purity Quartz Exploration Target
Table 1: Pippingarra HPQ Exploration Target range.
The potential quantity and grade of the Exploration Target is conceptual in nature, and there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. The Exploration Target has been prepared and reported in accordance with the 2012 edition of the JORC Code.
The Exploration Target is based upon the Reverse Circulation (RC) Drilling program completed by IND in December 2023. Drilling was conducted on a 50m x 50m spacing. From this, holes INRC003 – INRC009 recorded thicknesses of white crystalline quartz over widths from 12m to 20m as reported in the Table 2 below.
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