The Conversation (0)
MTM Critical Metals Limited (ASX:MTM) (MTM or the Company) has successfully completed the Stage 1 Earn In expenditure on the three exploration licences held by Tevel Pty Ltd (Tevel) in the East Laverton project area. Under the Earn In and Joint Venture agreement (Agreement) between the two companies, MTM has now earned a 51% interest in the licences. MTM has advised Tevel that the Company will now continue with the Stage 2 Earn In under the Agreement.
Commenting on the completion of the Stage 1 Earn In under the Agreement, Managing Director Lachlan Reynolds said:
“MTM has accelerated our exploration program on the Tevel exploration licences at East Laverton, where we have intersected highly encouraging grades and thicknesses of rare earth element mineralisation in broad-spaced aircore drilling at the Pt Kidman prospect.
Our exploration team has now completed several phases of drilling and has successfully confirmed the district-scale exploration potential of the ground for rare earth elements. We are progressing the work program and look forward to continue working with Tevel as the Company continues its exploration of the area.”
Tevel Agreement
The Company has entered into an Agreement with Tevel to explore three exploration licences (the Tenements) that are part of the Company’s East Laverton project (Figure 1). The Company is entitled to acquire up to 75% interest in the Tenements, through a series of staged increments of exploration expenditure.
Having completed the Stage 1 Earn In, through the expenditure of $700,000, the Company has now earned a 51% equity interest in the Tenements and is required to pay a further
$50,000 to Tevel. The Company has confirmed with Tevel that it intends to continue with the Stage 2 Earn In phase, which requires the Company to i) expend a further $1 million over 3 years on the Tenements, and 2) complete a bankable feasibility study within 5 years, in order to earn a further 24% equity in the Tenements.
Exploration on Tevel Tenements
During the Stage 1 Earn In period, MTM has principally completed further soil sampling, aircore and RC percussion drilling (refer to Mt Monger ASX announcements dated 19 August and 17 November 2022, 17 January and 15 May 2023) on the Tenements. The work has successfully confirmed the potential for widespread clay-hosted rare earth element (REE) mineralisation in the weathering profile, derived from underlying gneissic basement rocks.
Further sampling and drilling are planned on the Tenements during the Stage 2 Earn In period in order to increase the confidence in the grade, continuity and extent of the REE mineralisation.
A metallurgical testwork program is also planned to evaluate the leaching characteristics of the REE mineralisation.
Figure 1: Location map of the East Laverton Project showing the location of the three Tevel exploration licences over the Point Kidman prospect area.
Table 1: Summary of Tevel Exploration Licences.
This announcement has been authorised for release by the Board of Directors.
Click here for the full ASX Release
This article includes content from MTM Critical Metals, 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.
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.
Click here for the full ASX Release
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 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.
Click here for the full ASX Release
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.
Basin Energy Mining Exploration Entity or Oil and Gas Exploration Entity Quarterly Cash Flow Report
Click here for the full ASX Release
This article includes content from Basin Energy, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.