The Conversation (0)
Greenstone Resources Limited (ASX:GSR) (Greenstone or the Company) is pleased to report a 146% increase to the Mineral Resource Estimate (MRE) for the Mt Thirsty Co-Ni-Mn-Sc project (50% Greenstone Resources, 50% Conico Limited) (the Project). The Project is located just 16 kilometres North-Northwest of Norseman, Western Australia and is supported by a network of existing infrastructure (road, rail, port & power).
- Mineral Resource Estimate (Indicated & Inferred) at Mt Thirsty Cobalt-Nickel project increases by 146%1, for:
- 66.2 million tonnes @ 0.06% cobalt; 0.43% nickel and 0.45% manganese
- Deposit hosts the second highest Co-Ni ratio for similar predevelopment Co-Ni projects in Australia2
- Deposit uniquely positioned to potentially produce pCAM, containing all three elements (Co, Ni & Mn)
- Precursor Cathode Active Material (pCAM) is a high-value product made of cobalt, nickel & manganese
- Scoping Study already underway leveraging of materially larger resource to support a longer life operation
- Scoping Study to access the adoption of HPAL3 & production of pCAM4 (expected early-July 2023)
- Addition of HPAL and pCAM to the Mt Thirsty project could potentially transform project economics
- Comparable HPAL projects typically receive Co and Ni recoveries of 90% and 92%, respectively5
- pCAM typically receives a ~50% pricing premium over intermediatory products (MHP / MSP)6
- Comparable HPAL projects typically receive Co and Ni recoveries of 90% and 92%, respectively5
- Ability to provide a sustainable source of low-cost & ethical critical minerals outside of DRC, PRC & RF7
- Updated Scoping Study to provide foundation for future studies & potential consolidation to support an IPO
The updated global Mineral Resource estimate was undertaken by WSP Australia Pty Limited (WSP) and now totals 66.2 million tonnes @ 0.06% cobalt; 0.43% nickel and 0.45% manganese (Indicated and Inferred), which represents an increase of 39.3Mt (146%) over the previous MRE.
Importantly, large areas of the resource remain open at depth (Figure 3), and Scandium has not been included in current resource estimation, both of which will be assessed post the completion of the Scoping Study which is expected in early-July 2023.
Managing Director and CEO, Chris Hansen, commented: “Previously the Mt Thirsty project had principally been viewed as a cobalt only project, with little attention given to the thick and continuous zones of overlying and outcropping nickel-manganese mineralisation. However, following the recent adoption of high-pressure acid leaching (HPAL), and the expected improvements in metal recoveries, the inclusion of this outcropping mineralisation in the Mineral Resource Estimate has the potential to transform the Mt Thirsty project into a long-life and low-cost operation.
Following the rapid adoption of electric vehicles over the past five years there has been a fundamental shift not only in underlying commodity demand, but also in the specific product requirements demanded by end-users, which has signalled a shift away from lower-value intermediary projects (e.g. mixed hydroxide precipitate) to higher-value refined products (e.g. pCAM). The Mt Thirsty project is uniquely positioned to take advantage of this fundamental shift, containing all three of the necessary elements (Co, Ni & Mn) to potentially produce a cathode precursor product on site and importantly capture these improved pricing premiums, with cathode precursors typically receiving a ~50% pricing premium over intermediatory products (Figure 4).
More recently this unprecedented demand for critical minerals has served to highlight the geopolitical and ethical risks associated with establishing sustainable supply chains capable of meeting emission reduction targets. With Australia now positioning itself as a battery manufacturing powerhouse, we believe that Mt Thirsty can play a key role in supplying a low-cost, ethical and sustainable source of cobalt and nickel outside of the Democratic Republic of the Congo and Russia, who currently dominate global supply.”
Figure 1: Australian hosted laterite deposits >50Mt; Measured, Indicated & Inferred resource grade. See below for tonnes and grades.
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EIS Grant for Minnie Springs Copper Porphyry Drilling
- Augustus Minerals has been granted a co-funded drilling grant of up to $110,000 for 2 x 700m deep diamond drill holes under the WA Government’s Exploration Incentive Scheme (EIS) for the Minnie Springs prospect.
- The deeper diamond drill program is designed to test and to provide a 550m deep, 1km wide geological/geochemical/structural cross-section through the large 3km long by 1km wide copper moly porphyry system, linking the Mo mineralised leucogranite to the extensive Cu in soil anomaly to the northeast.
- Previous RC drilling at Minnie Springs intersected mineralisation, geology and alteration halo consistent with the zoning of a large porphyry copper / moly system.
Andrew Ford, GM Exploration
“The Company is pleased to receive an EIS grant to complete deeper drilling at the Minnie Springs Copper Molybdenum Project. The resultant data will enable mapping of the lithology and alteration to a depth of 550m and potentially intersect, or provide vectors to, higher grade Mo-Cu mineralisation using a Mo-Cu porphyry geological model”.
Minnie Springs
Minnie Springs hosts porphyry related copper molybdenum mineralisation previously drilled and defined by Catalyst Metals. A molybdenum Exploration target has been defined for the historicdrillingareacomprisedofbetween12-84Mtasoutlinedbelow (Table 1 and Figure 1, 2.)1.
Table 1. Exploration target size estimate for Minnie Springs Molybdenum depositNote: Based on ~300 ppm cut-off at 100% recovery.
The potential quantity and grade of the exploration target is conceptual in nature, there has been insufficient exploration to estimate a Mineral Resources, and it is uncertain if further exploration will result in the estimation of a Mineral Resource.
The planned diamond drilling will complement the recently completed 3,200m RC drilling program that infilled around hole 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 downhole2) and tested the northern half of the 2km long copper-in soil anomaly. Assays from this program are expected to become available over the next month.
The limited exploration in the region, highlighted by 95% of the Ti-Tree project having no previous exploration, demonstrates the prospectivity of this underexplored mineral province.
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Quarterly Activity Report 31 March 2024
Figure 1. Fiery Creek Copper Prospect/Yataga Granodiorite summarizing rock (brown diamonds) and termite mound sample results (black crosses)
Continuing with its primary exploration focus on the Georgetown project in the latter half of 2023, EMU received assay results during the quarter from its second, in field reconnaissance work. The geochemical sampling programme covered the Fiery Creek high grade copper vein swarm and the Snake Creek prospects with significant element results returned from the Fiery Creek Copper (elevated Cu-Au-Ag-Bi-In-Pb-Sb-Te) and Snake Creek (elevated Pb-Ag-Au-Sb).
Whilst the survey was cut short due to inclement weather, EMU was encouraged by the significant success reflected in the assays results. The results from mineralogical studies confirmed EMU’s interpretation of an indicative, scale Copper-Porphyry system at the Fiery Creek prospect and was a highlight of the survey with new information building on the scale and potential of the prospect1.
Assay results returned included:
- Fiery Creek rock assay results up to 23.5% Cu, 0.27ppm Au, 460ppm Ag, 1.9% Bi, 89ppm In, 2.7% Pb, 667ppm Sb, 1470ppm Zn2.
- evidence of strong potential for the presence of critical and strategic minerals (Cu, Bi, In), with precious and base metals.
- evidence of alteration mineralogy, mineralisation geochemistry and areal extent of the Fiery Creek quartz-Cu-Bi vein swarm strongly suggesting a previously unrecognised subjacent porphyry Cu-Mo system.
- Yataga Granitoid Complex termite mound and coincident rock chip sampling returned several anomalous polymetallic zones for follow up.
- Snake Creek Prospect assays returned 0.20ppm Au, 390ppm Ag, 22.4% Pb, 464ppm Sb1.
Significant results were returned from the Fiery Creek Copper prospect with elevated Cu-Au- Ag-Bi-In-Pb-Sb-Te and from the Snake Creek prospect with elevated Pb-Ag-Au-Sb.
The elevated pathfinder element results and a macro-petrology assessment3 of rock samples completed by Mr Nigel Maund, Consulting Economic Geologist, from the previously unexplored Fiery Creek Prospect, point to the discovery of a porphyry copper system.
The sampling program assessed a number of high-priority prospects within the Georgetown Project tenements utilising termite mound and outcrop rock chip geochemistry. A total of 46 rock chip and 489 termite mound samples were collected across eight prospects.
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Basin Energy Mining Exploration Entity or Oil and Gas Exploration Entity Quarterly Cash Flow Report
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