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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This article includes content from Greenstone 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.
High grade Assay Results Continue at Youanmi
- The latest batch of assays have been received from the 11,000m drilling program (both diamond core and reverse circulation) at the high gold-grade Youanmi Gold Project, located centrally in Western Australia’s prolific gold fields
- The recently-completed infill/exploration program aimed to improve resource confidence and open up corridors for resource growth; to underpin the Definitive Feasibility Study (DFS), and, additionally, provide sample material for ongoing metallurgical optimisation test-work for the DFS program
- Latest highlights from the program include:
- RXDD131: 4.38m @ 19.07 g/t Au from 387.98m,
- incl. 1.73m @ 41.43 g/t Au from 389.96m
- RXDD119: 4.56m @ 14.60 g/t Au from 220.64m
- RXDD115: 2.99m @ 21.11 g/t Au from 249.88m
- RXDD119: 4.0m @ 7.37 g/t Au from 162.0m
- RXDD132: 7.19m @ 3.90 g/t Au from 263.61m
- RXDD133: 2.83m @ 6.53 g/t Au from 431.00m
- RXDD128: 3.82m @ 4.51 g/t Au from 364.59m,
- incl. 1.73m @ 8.22 g/t Au from 364.59m
- incl. 1.73m @ 8.22 g/t Au from 364.59m
- RXDD122: 0.95m @ 13.50 g/t Au from 204.44m
- §These results further demonstrate the continuity of high- grade gold mineralisation along the Youanmi greenstone belt belt, and the potential for resource growth both at depth and along-strike, with discovery potential to the south
- 35,000m Step-up drill campaign well underway with the plan to bring forward ounces and increase the mine plan
The program focused on converting Inferred stopes at Pollard, United North and Youanmi Main to higher confidence Indicated classification and providing material for metallurgical testing for the upcoming Definitive Feasibility Study (DFS) – on track for H2 CY25.
This final consignment of diamond assay results are the fourth batch of assays results returned from the drill program and have been entirely drilled from the Pollard, Youanmi and United North areas (Figure 1).
Rox Resources’ Chief Executive Officer, Phillip Wilding, commented:
“It’s pleasing to round out the 11,000m RD and DD drilling program with another batch of excellent intercepts.
“More importantly, the program has significantly improved our knowledge of the high grade and underexplored Youanmi ore system, and shown that mineralisation remains open at depth.
“Next steps are to convert Inferred areas of the Resource to the higher confidence Indicated classification, and finalise key intercepts of sample material for metallurgical test work to feed into the Youanmi DFS.
“We are excited to have commenced the 35,000m Step-up program to potentially bring forward ounces in the mine plan and significantly increase the size of the Pollard ore zone.”
Youanmi Major Growth Drill program
Resource drilling has focused on converting selected Inferred stopes in the current Mineral Resource of 16.2Mt at 4.4g/t Au for 2.3Moz (Indicated: 10.7Mt at 4.5g/t Au for 1.6 Moz : Inferred 5.5Mt at 4.2g/t Au for 0.7 Moz) 1 to higher confidence Indicated classification at Pollard, United North and Youanmi Main as shown in plan on Figure 1. The drilling has also provided both sample material for metallurgical testing and valuable geological data for the pending Definitive Feasibility Study (“DFS”) planned for second half of 2025.
Figure 1: Plan view of the Youanmi Gold Project featuring drill hole collar locations and 2024 Resource outline overprinted on aerial photography
Outside of the immediate resource area, drilling was also conducted on near-mine exploration and focused on the Youanmi South prospect area, or Paddy’s Lode, first reporting high-grade intercepts in 20232. The drilling at Paddy’s has complimented the Company’s exploration strategy moving south along the Main Lode Shear Zone (MLSZ) and adding additional gold ounces to the Resource. Youanmi South has the potential to grow the Resource above the 103kozpa Production Target outlined in the recently completed Pre-Feasibility Study (“PFS”)3.
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This article includes content from Rox Resources 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.
Drilling Commenced at Viani in Fiji
HIGHLIGHTS
- The Phase 1, three-hole diamond drilling program has commenced at the Viani Project, Fiji and will test for extensions to the quartz vein gold mineralisation at depth.
- Phase 1 is expected to be completed in early 2025, with plans for additional drilling under the same program dependent on the initial results
- The Viani Project (SPL1513) covers an area of approximately 200km2 and is largely underexplored.
- At the Dakuniba prospect within Viani, low sulphidation epithermal high-grade gold mineralisation has been mapped over >3km strike length.
- Diamond drilling completed by Japan International Cooperation Agency (JICA) in 1995 to 1997 intersected high-grade gold in low sulphidation epithermal quartz veins, including 0.6m @ 27.6 g/t Au.
Alice Queen’s Managing Director, Andrew Buxton said,
With drilling underway, Alice Queen is positioned to test the epithermal gold-style mineralisation identified in historic drilling at the Viani Project. Weather permitting, we anticipate completing the Phase 1, three-hole diamond drilling program in early 2025. Following this, our exploration team will mobilise the drill rig to the Sabeto Project in Fiji to maintain the momentum of this campaign. To deliver timely results to shareholders, we intend to accelerate the analysis of the drill core at ALS Brisbane.”
Image 1 – Diamond drilling at Viani
Details
Geology
The geology of the Viani Project (SPL 1513) comprises olivine basalts and volcaniclastics of the Natewa Volcanic Group which are intruded by andesite sills and dykes. In the 1940s, gold mineralisation was found by local prospectors near the village of Dakuniba. At Dakuniba, low sulphidation style epithermal gold occurs in quartz veins, and silicified rocks along a 3km long NE trending zone.
In 1995-1997, Japan International Cooperation Agency (JICA) drilled six diamond holes at Dakuniba and intersected high-grade gold in chalcedonic, crustiform, colloform banded quartz veins at depths of 50m to 100m below surface (i.e. MJVFV-5 intersected 2.2m @ 11.3 g/t Au, incl 0.6m @ 27.6 g/t Au at 121m downhole). This high-grade gold mineralisation is open in all directions.
Proposed Drill program
The initial Phase 1 drill program at Viani (see Table 1) will comprise three diamond drillholes designed to test continuity to the epithermal gold mineralisation previously intersected in JICA drillhole MJVFV- 5 (2.2m @ 11.3 g/t Au) (see Figure 2). The drilling will test for extensions to the gold mineralisation at depth and along strike.
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This article includes content from Alice Queen 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.
