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Quarterly Activities Report December 2023
West Spargoville Project (Lithium, Gold & Nickel Project)
Marquee Resources Limited and its Joint Venture partner Mineral Resources Limited (ASX:MIN) (MQR 75% / MIN 25%) announced the completion of a high resolution airborne magnetic and radiometric survey at the Company’s West Spargoville Lithium Project (E15/1743), located 28km south of Mineral Resources Mount Marion Lithium Mine in Western Australia. The 2,325 line-km magnetic and radiometric survey has provided excellent quality, high resolution geophysical images that provide detailed exploration information within the Project area.
The 2,325 line-km survey was conducted using 50m spaced flight lines orientated E-W, and a sensor height of 35m. The survey was designed to gain detailed structural and lithological information to assist in interpreting the controls on the location of LCT-pegmatites at depth. Radiometric data is also useful in highlighting potassium (K) anomalies that may be associated with LCT-pegmatites. The data was processed by Southern Geoscience Consultants and was interpreted by Marquee and Mineral Resources geologists and geophysicists.
The results from the survey were of great quality, producing high resolution images of magnetic and radiometric anomaly patterns throughout the project area. The magnetic high anomalies in the image data represent the ultramafic units striking NNW through the Project, and near surface maghemite within drainage channels and dolerite dykes, while known pegmatites are correlated with magnetic low anomalies. The technical team has identified multiple new target areas, where clusters of magnetic low anomalies and associated radiometric anomalies could indicate further pegmatite bodies. These are new high priority targets for our 2024 field reconnaissance and drill testing programmes.
Next Steps
- Field reconnaissance trip to map and sample additional targets.
- Completion of Flora Survey.
- Completion of Heritage Survey.
- Recommencement of reverse-circulation drilling.
The West Spargoville Project - Lithium JV with Mineral Resources Limited (ASX:MIN)
Marquee and Mineral Resources entered into a JV agreement in 2023 over the lithium rights at the West Spargoville Project (refer ASX Release dated 09 June 2023). Please refer to todays ASX release (31 January 2024) for further details on WSP’s latest results and exploration plans.
Click here for the full ASX Release
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.
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.
Will Changes to Canada's Capital Gains Tax Hurt Mining Investment and Innovation?
On April 16, the Canadian government tabled its 2024 budget proposal. Called "Fairness for Every Generation," it is aimed at helping Millennials and Gen Zs, with C$535 billion earmarked by the Trudeau government for investments in housing, clean economy initiatives, childcare, healthcare and national security.
But one section of the document has garnered widespread attention — changes to the capital gains tax scheme.
Starting on June 25, 2024, changes to Canada's tax system will aim to “enhance fairness” by adjusting the inclusion rate for capital gains. Individuals with over C$250,000 in annual capital gains will see their inclusion rate increase from one-half to two-thirds, while those with gains below this threshold will maintain the 50 percent inclusion rate.
Corporations and trusts will face a two-thirds inclusion rate for all capital gains. These adjustments seek to create a more equitable taxation framework across different income brackets and entities.
“Tax fairness is important for every generation, and it is particularly significant for younger Canadians,” budget documentation explains. “In 2021, only about 5 percent of Canadians under 30 had any capital gains at all. Only 0.01 percent of Canadians under 30 are expected to have capital gains above the $250,000 annual threshold in 2025.”
While the government has emphasized that the capital gains tax revision upholds its commitment to progressive taxation as a cornerstone of fairness and Canadian prosperity, a variety of people and companies have voiced opposition, fearing that the changes will create a mass exodus of businesses and entrepreneurs from Canada.
Harley Finkelstein, president of Shopify (NYSE:SHOP), Canada's third largest publicly traded company, shared his thoughts via X, formerly known as Twitter, saying the proposed budget will penalize innovators and entrepreneurs.
The Liberal government’s ongoing deficit was also a target of analysts and experts.
“The entire budget proposal is a disaster, worse than my already low expectations,” Rick Rule, proprietor at Rule Investment Media, told the Investing News Network. “When might the budget balance itself? Never!”
Rule was also critical of the proposed capital gains tax reform.
“The government taxes success to subsidize failure, reducing that amount of capital available to successful, experienced investors to be allocated by political hacks, with investment track records unblemished by success," he said.
Mining sector fears loss of investment and innovation
The 2024 spending plan prompted other reactions from the mining sector as well, with the Mining Association of Canada (MAC) and the Prospectors & Developers Association of Canada (PDAC) both releasing statements.
The MAC pointed to the government’s plans to extend the Mineral Exploration Tax Credit (METC) until March 31, 2025, as a win for the junior mining sector, but noted that the decision to increase the inclusion rate for corporations and trusts, as well as individuals, could significantly diminish the effectiveness of the METC.
“(The) budget has pros and cons,” said MAC President and CEO Pierre Gratton.
Aside from the METC extension, the MAC said the pros include changes to the Clean Technology Manufacturing Investment Tax Credit (CTM-ITC), which will now include the cost of eligible property primarily used for producing qualifying critical minerals, provided that at least 50 percent of the production value is dedicated to this purpose.
This update reflects concerns raised by MAC earlier this year — the original CTM-ITC proposal had suggested a 90 percent threshold that the MAC said would have significantly restricted the tax credit's applicability and effectiveness in encouraging new investments in mining and mineral processing.
“The proposed new threshold for the CTM-ITC is welcome, but the changes to capital gains may undermine the METC and harm mineral exploration financing,” explained Gratton in his statement. “We applaud the government’s ambitions with respect to project timelines, but the real success will come down to implementation; we look forward to working with the government to make sure that mines in Canada can be approved and brought online in timelines that are more responsive to the urgent need for Canadian minerals and metals.”
This sentiment was echoed by PDAC. The mineral exploration and development organization, which has more than 7,000 members globally, acknowledged that the METC term increase is a beneficial milestone for the nation’s exploration sector, but expressed concerns about the capital gains tax adjustment.
“Such an increase will reduce the amount of available capital for junior exploration and development companies and create major headwinds for investment into Canadian industry more broadly,” warned PDAC.
“Without careful consideration, the proposed tax increase could put us on track to fall short on the critical mineral and other federal strategies, and we cannot risk losing momentum in building our capacity to discover and connect new mineral deposits to domestic supply chains," the organization also notes.
In February, ahead of the proposed federal budget, PDAC issued a list of six recommendations.
Its suggestions are primarily focused on fostering growth and innovation within the Canadian mineral exploration and mining sector. It includes proposals related to tax measures, regulatory enhancements, research and development incentives, infrastructure investments, Indigenous engagement and international trade promotion.
Related to the capital gains tax, the organization proposed the following: “That the government adjust the capital gains tax treatment for flow-through shares to reflect the issue price of the security versus the current nil cost base approach to expand participation in this funding mechanism by a broader base of investors within Canada."
PDAC also emphasized the importance of supporting the mining industry's competitiveness, sustainability and contribution to economic development and job creation in Canada.
“PDAC will be unwavering in voicing how uniquely Canadian investment incentives like flow-through shares and exploration tax credits must remain well-oiled and ingrained in our financial landscape,” the statement reads. “And we will remain steadfast in our call that Canada must expand its public geoscience knowledge-base and incorporate this information into our national strategies and land management processes.”
For Brian Leni, editor and founder of Junior Stock Review, the government’s move to change capital gains tax rubric is likely to weigh heavily on the already challenged junior mining landscape. “Money flows to where it is treated best,” he told the Investing News Network via email. “I don't think this situation will be any different.”
In recent years, Canada’s junior mining sector has faced various challenges, including regulatory complexities, limited access to capital and volatile commodities prices.
“Canada's position as a top-tier destination for mining investment continues to erode,” continued Leni. “Raising the capital gains tax on the group of investors who infuse the most amount of money is a grave mistake, but unfortunately, I wouldn't expect anything less from the government. That isn't a bipartisan comment either, left or right. With debts at all-time highs, inflation still persistent, to me it's just a matter of time before they come for us all.”
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
IND Establishes HPQ Exploration Target at Pippingarra Project
Industrial Minerals Ltd (ASX: IND or the Company) is pleased to announce a Maiden Exploration Target for High Purity Quartz (HPQ) at its Pippingarra Quarry Project (Pippingarra) located 30km south-east of Port Hedland, in the Pilbara region of Western Australia (Figure 1).
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.
Click here for the full ASX Release
This article includes content from Industrial 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.
China-Based Battery Grade High-Purity Manganese Production Strategy
Investor Site Visit Presentation - April 2024
BUILDING A LOW-COST HIGH-PURITY MANGANESE SULPHATE PLANT
Unique, Low-Cost, Speed-to-Market Strategy
Successfully executing a high-purity manganese sulphate strategy to supply into the rapidly expanding LMFP battery market . Investor Site visit in China to demonstrate the compelling opportunity for Firebird to establish itself as a key, low-cost, near-term producer
Sustainable Economics and Perfect Timing
Firebird to become of one of the lowest-cost battery grade MnSO4 producers, placing the Company in a competitive position in all market environments, at a time when the LMFP market is forecasted for exponential growth and become a >US$20 billion market by 2030
Management, Board and In-Country Team with Sector Leading Credentials
Led by a Board and Management team with proven abilities of building companies through the lifecycle and into production. Assembled a proven and high-quality team in China, who are leaders in the development and production of high-purity manganese
Well-Funded and Supported
Strong cash position of $7.36m (as of 31 Dec 2023) to fund key workstreams across China strategy and at Oakover. Firebird has attracted a strong investor register supported by a highly-reputable investor Canmax Technologies Co., Ltd with a 9.7% holding
DEVELOPMENT PROGRESS IN CHINA CONTINUING AS PLANNED
- Preliminary design work, R&D centre, equipment supplier due diligence & project permitting are all being progressed at full speed
- Estimated permitting & design on track for completion by late Q3 2024
- European customer site visits & off-take discussions commenced with excellent feedback
- Formal advice from Jinshi Government & relevant departments on process to repatriate profits and capital from operations
- As further proof of the strong levels of support in-country, Firebird will also receive a preferential tax rebate for 6 years
- Australian investor & broker site visit to key areas in China, including Jinshi High-Tech Industrial Park, Pilot Plant and Jinshi Port to take place on April 23
- Oakover project development continues as planned and forms an integral part of Firebird’s long term manganese battery materials strategy
Click here for the full ASX Release
This article includes content from Firebird Metals 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.
Summit to Acquire Transformational Brazilian Niobium, Rare Earth & Lithium Portfolio
Summit Minerals Limited (ASX: SUM) (“Summit” or the “Company”) is excited to announce that it has signed binding agreements (“Agreements”) to acquire tenement packages highly prospective for rare earth elements (REE), niobium, and lithium. Term sheets were signed with vendors RTB Geologia & Mineracao Ltda (RTB), Sandro Arruda Silva Ltda. (SAS), and Mineracao Paranal Ltda (MPL) to acquire legal ownership and title over certain Exploration Permits and Applications for Exploration covering an area of 29,267 hectares in Minas Gerais and Paraiba States, Brazil (Figure 1; Table 2).
HIGHLIGHTS
- Summit has entered into a binding purchase agreement to acquire 100% of JUAZEIRINHO (Nb, REE), EQUADOR (Nb, REE), ARATAPIRA (REE), SANTA SOUSA (REE), T1/T2 (REE) & HERCULES NORTH & SOUTH (Li) Projects situated in the mining friendly and commodity-rich states of Minas Gerais & Paraiba.
NIOBIUM AND REE PACKAGE HIGHLIGHTS
- The Niobium and REE tenement package consists of Juazeirinho, Equador, Aratapira, Santa Sousa and T1/T2 Projects, covering a combined strategic area of 10,747.36 Hectares (107.47 km2) across 11 granted tenements.
- Exceptional grades in Niobium Pentoxide (Nb2O5) and partial rare earth oxide (PREO) were produced in panned concentrates from pegmatite and sediment samples at Juazeirinho and Equador (Paraiba State).1:
JUAZEIRINHO ASSAYS (Niobium & REE)
- 355,400ppm or 35.54% (Nb2O5) + 14,080ppm PREO or 1.408% PREO (SID 099/24)
- 107,010ppm or 10.7% (Nb2O5) + 142,080ppm PREO or 14.208% PREO (SID 098/24)
EQUADOR ASSAYS (Niobium + REE)
- 303,400ppm or 30.34% (Nb2O5) + 15,130ppm PREO or 1.513% PREO. (SID 100/24)
- Nine of 17 rare earth elements were analysed by the previous owner and used in PREO calculations, implying higher TREO (total rare earth oxide) values are probable.
- Numerous LCT-pegmatite bodies were observed at Equador and Juazeirinho, indicating good potential for columbite/tantalite, lithium, with significant concentrations of niobium across these projects.
LITHIUM PACKAGE HIGHLIGHTS
- The lithium tenement package consists of the Hercules North and the Hercules South projects, covering 18,519.44 hectares (185.19 km2) across 14 licenses (granted and applications) situated in the prolific Jequitinhonha or Lithium Valley (Minas Gerais), where 85% of Brazil’s lithium resources are located.
- Numerous artisanal mines exist within & near the tenement boundaries, where large LCT pegmatites have been identified that produced beryl, aquamarine, and spodumene in economic quantities, as evidenced by local stockpiles from garimperios production.
- Artisanal surface mining has been prominent across all projects, providing priority drill targets for deeper-level pegmatite-related mineralisation.
- Summit has established an in-country exploration team ready to conduct an aggressive exploration program on all tenements concurrently.
- Summit has a strong balance street, having ~A2.2m AUD in the treasure as of the last quarterly cash report2.
Summit Managing Director, Gower He, commented:
“We are extremely pleased to acquire these highly prospective projects. We anticipate acquiring these niobium, REE and lithium projects will enhance our company’s status as a critical mineral explorer and developer.
Over the last few months, we have assessed many options for project acquisition and have chosen these highly prospective and large-scale projects within the established mining-friendly jurisdiction of Brazil. Additionally, Brazil, being a relatively geopolitically neutral jurisdiction, should provide us with unrestricted access to global off-take and funding options, giving our projects the best chance of success within the macro environment.
In addition to some of the strong historical grades, we received great observational reports from our recently completed on-site DD, from which we await rock chip and soil assay results. Expansive exploration programs are already being planned as we look to rapidly develop our projects, giving ourselves the highest chance of success.
I would like to personally thank all our loyal shareholders for their ongoing support. We look forward to regularly informing the market of our progress.”
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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.
Positive Findings from Newmont Ti Benchmarking Study
West Cobar Metals Limited (ASX:WC1) (“West Cobar”, “the Company”) is pleased to provide an update on activities at its Salazar critical minerals project in Western Australia.
Highlights
- Titanium industry expert TZMI completes titanium benchmarking study on the Salazar Critical Minerals Project
- Study identifies Newmont as a standout from its peers in terms of Ti and TREO in-situ grade
- Benchmarking study is highly encouraging and supports validating flowsheet for production of titanium minerals from Salazar
Following successful characterisation testwork of Ti mineralisation at the Newmont Deposit area1, West Cobar Metals engaged international titanium expert TZ Minerals International Pty Ltd (TZMI) to complete a benchmarking study of the Newmont resource.
TZMI is a global, independent consulting and publishing company which specialises in all aspects of the mineral sands, titanium dioxide and coatings industries2.
The Newmont resource3 and characterisation data was used by TZMI to benchmark the Salazar project deposit against several existing operations and potential new projects under development using publicly available information and TZMI estimates. The outcomes of the benchmarking are shown in Figure 1.
The benchmarking study shows that the Ti contained within the Newmont deposit has promising potential for economic extraction and that the Newmont resource is positioned favourably amongst peer resources in respect of both Ti and rare earth element content.
Figure 1 : Salazar Project (Newmont deposit) benchmarking
The relative positioning of the Newmont Inferred Ti and rare earth element resource is very positive for West Cobar, with relatively high insitu TiO2 grades and TREO grades compared to its peers. The Ti levels of the resource (on a whole rock basis) compare very favourably to both developing and operating projects.
TZMI concluded that “In terms of final ilmenite product quality, the composition of the magnetic fraction (comprising predominantly ilmenite) shows some promise with TiO₂ levels as high as 48.5%. This suggests the ilmenite is likely present as primary ilmenite … the CaO, MgO, V₂O₅, Cr₂O₃ in the magnetic fraction all seem relatively low which is positive and likely to be within the accepted levels for ilmenite used in sulfate pigment production.”
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This article includes content from West Cobar Metals 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.
High Grade Copper Rock Chips to 18% on New Targets at Ti-Tree
Augustus Minerals (ASX: AUG; “Augustus” or the “Company”) is pleased to advise the results of recent reconnaissance mapping and sampling at the Ti-Tree Project, located 200kms east of Carnarvon in Western Australia. The mapping, supported by 26 rock chip samples, identified two areas containing mineralised veins and historic workings (Figure 1). Neither of these prospects are recorded on GSWA maps.
- Two new prospects, Tiberius and Claudius, have returned high-grade copper and significant silver assays in rock chips from recent field work
- High grade assays up to 17.8% Cu and 282g/t Ag have been discovered on the Tiberius zone, currently 3m wide and extending for over 200m along strike.
- Claudius, 11km south of Tiberius, comprised of several parallel zones over a 100m by 300m area, returned grades up to 6.6% Cu and 86g/t Ag.
- The discovery of these prospects, 30km northwest from Copper Ridge which contain historic workings not marked on GSWA maps, highlights the significant prospectivity of the Gascoyne region.
- Further field work is being planned to determine the extent of these new discoveries.
Andrew Ford, GM Exploration
“These results highlight the potential of this underexplored area to host as yet undiscovered mineralisation. Less than 5% of the 3,600 sq km area of the Ti-Tree Project has had any previous exploration, and to discover unrecorded historic mining areas is very exciting. These results are a credit the Augustus geological team.”
Figure 1 Location of the Tiberius and Claudius prospects
Tiberius
Reconnaissance field work conducted on the Ti Tree Project’s northwestern tenement has discovered high grade copper and silver mineralisation (Figure 3) in two areas. Tiberius, the northern target comprises a quartz-sulphide vein system up to 3m wide and outcrops for over 200m (Figure 5).
A shallow shaft has been dug on the vein system (Figure 2). Another vein set was identified 600m along strike east-northeast of the main vein increasing the potential size of the target. The high grade veins contain both oxidized copper, high silver grades, lead sulphide and anomalous gold (Table 1).
Claudius
The Claudius prospect is located 10km to the southwest of Tiberius, comprised of quartz veined brecciated and silicified granite with mineralised veins mapped over a 100m x 300m area. The main area of outcropping mineralisation has been trenched by prospectors and rock chip sampling returned strong copper mineralisation in an iron rich siliceous vein. Silver was consistently elevated (up to 86g/t) with associated gold anomalism to 0.68g/t (Table 1, Figures 4 and 6).
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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.
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