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Multiple EM Conductors Outlined at Mount Vernon
Miramar Resources Limited (ASX:M2R, “Miramar” or “the Company”) is pleased to advise that the electromagnetic survey currently underway at the Mount Vernon Project, in the Gascoyne region of WA, has identified multiple strong conductors indicating the potential for nickel-copper sulphide mineralisation.
- Multiple ground EM conductors identified at Mount Vernon
- Miramar has dominant land position in a potential new Ni-Cu-PGE province
A fixed loop electromagnetic (FLTEM) survey is currently underway within the Mount Vernon and Trouble Bore project areas which aims to refine EM anomalies outlined by previous airborne surveys (Figure 1).
The FLTEM survey at Mount Vernon has identified multiple late-time conductors at the first two targets tested to date (Figure 2) with modelling of the data suggesting south dipping conductive plates near the base of the dolerite sill where nickel-copper sulphides may have accumulated.
Target A shows three large south-dipping plates with moderate conductances of approximately 600 Siemens (Figure 3 and Table 1), whilst Target B shows five large south-dipping plates with conductances ranging from 250 up to 1200 Siemens (Figure 4).
There is no previous drilling in the vicinity of either target and all plates are interpreted to be within 70m of surface, i.e. within reach of RC drilling.
Aside from the new EM data, evidence that the dolerite sill targeted at Mount Vernon has undergone differentiation, and could therefore host Ni-Cu-PGE sulphide mineralisation, includes the following:
- Variation in grain size from very fine-grained chill margins at the extremities to coarse-grained gabbro in the centre of the sill.
- Increasing magnesium oxide (MgO) contents towards the bottom of the sill
- Nickel-Chromium-Titanium (Ni-Cr-Ti) ratios suggesting the presence of mafic cumulate rocks
Miramar’s Executive Chairman, Mr Allan Kelly, said the Bangemall Project had the potential for a style of Ni-Cu-PGE mineralisation not previously seen in WA, and similar to the giant Norilsk nickel-copper deposits in Siberia.
“We are the first company to explore for this style of deposit in the Bangemall region,” he said.
“At Mount Vernon, we identified multiple anomalies from our airborne EM survey and now, the first targeted ground EM surveys have confirmed and refined those large anomalies, any one of which could represent an accumulation of nickel-copper sulphide mineralisation,” he said.
“This is the tip of the iceberg for the Bangemall region, with the next step involving the first targeted drilling of the best airborne and/or ground EM anomalies,” he said.
“We are very excited about the Project as, if we can show proof of concept of the Norilsk-style deposit model at Mount Vernon and/or Trouble Bore, it opens up the entire Bangemall region as a new nickel- copper province, one where we have built a dominant landholding,” he added.
Figure 1. Mount Vernon and Trouble Bore showing airborne EM anomalies and planned ground EM.
Figure 2. Mount Vernon Project showing FLTEM conductors over magnetic image (TMI-RTP).
Figure 3. Target A (Vernon Gap) cross section showing conductive plates in relation to dolerite sill.
Figure 4. Target B cross section showing conductive plates in relation to dolerite sills.
Table 1. Mount Vernon FLTEM conductive plates.
Rock Chip Sampling
During the previous Quarter, the Company conducted a reconnaissance site visit in preparation for the current EM surveys.
As part of the site visit, field crews collected a total of 51 rock chip samples from various locations across the Mount Vernon Project.
All but one sample, MV031, was of material taken from outcropping dolerite sills.
As discussed in the ASX Announcement on 2 January 2024, and in the Quarterly Activities Report on 25 January 2024, several of the samples contained coarse-grained pyrite, in some cases up to 10%, both in the fine-grained chill margin and in coarser gabbro in the centre of the dolerite sill (Figure 5 and Table 2).
Note: Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations.
Click here for the full ASX Release
This article includes content from Miramar 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.
Lundin Mining Announces Updated Share Capital and Voting Rights
News Provided by Canada Newswire via QuoteMedia
Alderan Intersects 30m Copper Mineralised Zone at New Years Copper Prospect, Cactus District, Utah, USA
- up to 23.2% copper in averaged pXRF assay intervals in core
Alderan Resources Limited (ASX: AL8) (Alderan or the Company) is pleased to advise that its Stage 1 drilling programme at the New Years copper prospect in the Cactus copper-gold (Cu-Au) district in Utah, USA has intersected high grade copper mineralisation based on visual inspection and pXRF readings on the drill core. Spot pXRF readings reach grades of 45.5% copper between 14.0-14.2m down hole NY2024-DDH2 with the average of three separate readings over this interval being 23.2% copper (see Figure 2). This sits within a 30m interval from 10.8m downhole which contains high pXRF copper grades (see Appendix 3).
HIGHLIGHTS
- Two holes intersected high grade copper mineralisation in Alderan’s Stage 1 drilling programme at New Years copper prospect in the Cactus copper-gold district, Utah.
- Hole NY2024-DDH2 intersected copper mineralisation from 10-40m down hole with averaged pXRF drill core assay intervals up to 23.2% copper. A second 2m zone of mineralisation at 72m downhole has spot pXRF grades up to 28.0% copper.
- Hole NY2024-DDH3 has intersected visible oxide copper mineralisation from surface to a depth of 99m downhole – pXRF assaying in progress.
- Copper mineralisation occurs in tourmaline breccia, the same rock that hosts the neighbouring historical Cactus copper-gold deposit which mined 2.0% copper ore.
- The preliminary logging and pXRF readings suggest that the drill holes may have significantly extended the mineralised zones reported in historical holes NY-6 and NY-2 which intersected 13.7m @ 2.32% Cu within 19.8m @ 1.67% Cu from 22.9m downhole and 10.7m @ 1.52% Cu within 27.4m @ 0.85% Cu from surface respectively.
- Alderan is now completing permitting for a follow-up drilling programme at New Years.
Figure 1: High grade copper mineralisation in tourmaline breccia which contains pXRF grades up to 45.5% copper within the interval 14-16m down hole NY2024-DDH2
Cautionary Note: Visual estimates and pXRF readings described in this release and detailed in Appendix 3 should not be considered a proxy or substitute for laboratory analyses. Laboratory assays are required to determine representative grades and mineralisation intervals reported from geological logging and pXRF readings. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations. Drill core from this programme is being sampled for laboratory analysis at ALS laboratories and results will be reported as soon as they become available.
The Stage 1 drilling at New Years is a three hole (319m) programme aimed at verifying copper mineralisation intersected in historical holes drilled in 1964 and 2002 plus identifying geological controls on mineralisation.1 Stage 2 drilling, which will be dependent on the final Stage 1 results, will focus on extending the mineralisation intersected in Stage 1 and testing geophysical targets. Sampling for lab analysis and detailed geological logging of the holes is still in progress and final design of Stage 2 drill sites is underway. Archaeological inspections required for permitting the proposed Stage 2 drill sites is also underway.
Figure 2: NY2024-DDH2 drill core at 14.0-14.2m downhole. The pXRF copper grade over 3 readings averages 23.2%.
Managing Director of Alderan, Scott Caithness, commented:
“The visual estimates and pXRF spot readings on the core from the second and third holes drilled in the New Years programme are very exciting with both indicating that near surface potentially high grades of copper mineralisation have been intersected. There is also clear evidence that copper rich sulphide mineralisation occurs deeper in the breccia pipe.
“The 30m copper mineralised intersection in Alderan’s hole NY2024-DDH2 from 10m downhole appears to broadly correlate and extend the historical hole NY-6 intersection which was 13.7m @ 2.32% Cu within 19.8m @ 1.67% Cu from 22.9m downhole. Although pXRF assays are not yet available, based on visuals hole NY2024-DDH3 appears to have intersected copper mineralisation to a depth of around 99m from surface – much deeper than historical hole NY-2.
“The Stage 1 drilling programme has been completed with detailed geological logging of the core and sampling for lab analysis now underway. Work has also commenced on final design and permitting for follow-up drilling”
Click here for the full ASX Release
This article includes content from Alderan 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.
Glencore Loan Facility Closed, Offtakes Executed
Cyprium Metals Limited (ASX: CYM) (Cyprium or the Company) is pleased to announce closing of the Senior Secured Loan Facility with Glencore International AG and its affiliates (Glencore) and execution of offtake agreements for copper products in line with previous announcements on 30 August 2024 – $40m Senior Secured Loan Facility with Glencore, and 26 July 2024 – Cyprium and Glencore Announce Commercial Strategic Partnership.
“This is an important moment,” said Cyprium Executive Chair Matt Fifield. “This closing cements our strategic commercial partnership with Glencore, enables additional investment in the restart planning for our flagship asset, and extends the maturity of our senior secured debt to October 2028. Strategically, our offtake agreements give Cyprium access to Glencore’s downstream processing assets in Mt. Isa and Townsville, Queensland,” said Fifield. “This upstream-downstream integration allows us to jointly offer copper consumers a copper product produced and refined wholly within Australia – ensuring the best in provenance and security of supply.”
Highlights include:
- Funds advanced under the new Senior Secured Loan Facility of USD 27,300,000 maturing in October 2028 will be used for:
- Repayment of Cyprium’s prior senior secured loan, and
- Working capital to advance Nifty early works, fund feasibility studies and general corporate purposes;
- Execution of copper cathode and copper concentrate offtake agreements (the Offtake Agreements) as previously disclosed; and
- Cyprium retains ability to sell up to 30% direct ownership interests in Nifty copper complex
In finalising the documentation of the previously announced binding term sheets, two changes were made by mutual agreement. First, the currency of the senior loan facility was changed from Australian dollars to US dollars – the final facility amount is USD 27.3 million. Second, Cyprium has retained the ability to sell a minority ownership interest in the Nifty copper complex (Nifty) and to offer proportionate physical offtake to an incoming joint venture party, subject to certain limitations and timelines.
“We are pleased to help accelerate Cyprium’s development plans through commercial partnership and financial support,” said Jyothish George, Glencore’s head of copper marketing. “By supporting our local and regional miners as they bring critical minerals and metals to market, we are helping maintain a vibrant Australian copper production base.”
Loan Facility Closed, Permitted Project Sell Down to Fund Restart Capex
The senior secured loan facility has closed and drawdown has completed. Proceeds from the drawdown were used retire the Company’s prior senior secured loan, and additional drawn funds will be directed towards early site works at the Nifty copper complex, support of feasibility studies, and general corporate purposes.
Material terms can be seen in the following Annexure A – Material Terms of Senior Secured Loan Facility. Significant changes to the terms as described in the Company’s announcement of 30 August 2024 are as follows:
- The base currency of the loan was changed by mutual agreement from Australian dollars to US dollars. The final loan facility amount is USD 27,300,000.
- Cyprium has retained a carve out in the loan facility and offtake agreements to enable the sale of up to 30% of its interests in the Nifty copper complex to copper consumers and/or financial investors. Cyprium has the ability to offer such minority investors pro rata physical offtake with purchased ownership, subject to certain terms and conditions. Proceeds from such a sale would be used to accelerate production from the Nifty copper complex.
“I’m pleased to state that our new loan facility and offtake agreements will enable Cyprium to offer proportionate offtake and direct mine ownership to discerning copper consumers and long-term investors for up to thirty percent (30%) of Nifty’s production, subject to certain terms and conditions,” said Fifield.
“This is an important funding tool that Cyprium expects to use to accelerate concentrate production at Nifty,” said Fifield. “Copper consumers correctly identify our Nifty brownfield copper complex as being among a small group of copper mines that can come online at scale in the near-term. We already have had discussions with copper consumers who have expressed interest in vertically integrating into the Nifty copper complex. This is not surprising – copper is the ultimate critical mineral, and the current market outlook shows new demand for copper outstripping visible new supply. Forward-thinking copper consumers are investing in new sources of supply and have expressed interested in an end-to-end Australian provenance that we can now offer.”
“Given the long-term importance of asset level participation to Cyprium’s funding plans, I am pleased that we have aligned with our partner Glencore on this as we finalised important commercial terms between us,” said Fifield. “Despite building this into our agreements, we don’t expect an asset level sell-down to come into play for some time. Right now, we remain focused on building strong forward plans based on solid foundations. We’re deep into the work around a pre- feasibility study and expect this to conclude before the end of the year. Early next year our eyes will turn towards execution planning on concentrate production – that’s the right time and sequencing to consider bringing in a copper consumer as a co-sponsor.”
Click here for the full ASX Release
This article includes content from Cyprium 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.
Geophysics Reveal Further Highly Prospective Targets at Mt Oxide Project
HIGHLIGHTS
- Three MIMDAS Induced Polarisation (IP) and Magnetotelluric (MT) lines at the historic Mt Gordon Copper Mine and Aquila prospect have revealed multiple unexplored geophysical targets with similar signatures to the Vero Cu-Ag-Co resource at Mt Oxide.
- Mt Gordon – Three new shallow and untested anomalies, similar to the Vero resource, have been identified and are partially coincident with historic drilling intersections, including 1.9m @ 3.0% Cu from 106m downhole in ECM11.
- Aquila –Chargeability highs of 15mV/V from two MIMDAS lines spaced 85m apart are coincident with mapped iron oxide-rich breccias which returned up to 0.94% Cu in rock chip samples2.
- A 20m wide, shallow highly chargeable anomaly associated with a 150m long trend of fault breccias with anomalous Cu +/- Ag-As-Bi and no previous drilling.
- A 20m wide and up to 25m deep +25mV/V chargeability and <250ohm.m conductivity anomaly, un-drill tested and correlating with a Dorman trending structure 80m below surface.
- Next Steps
- The geophysical survey is nearing completion with processing pending on Ivena North and an additional line being undertaken at Camp Gossans to test the strike extent of the anomaly at Camp Gossans and the new Black Marlin target3.
- True North Copper’s Exploration team are currently sampling recently identified mineralised structures at Aquila, Rhea and Black Marlin.
- The new geophysics will be integrated with ongoing mapping and surface geochemical sampling campaigns to identify and prioritise targets for future drill campaigns.
- Heritage clearance and access planning for drilling has commenced.
COMMENT
True North Copper’s Managing Director, Bevan Jones said:
“Our geophysical survey at Mt Oxide has revealed several new, highly prospective targets that share similar characteristics with our high-grade Vero deposit. The results of this survey, which has been supported by a Queensland Government CEI Grant, have uncovered significant anomalies at both the historic Mt Gordon Copper Mine and Aquila prospect. These results are in addition to the positive results at Vero and Camp Gossans announced in August. With these exciting developments, we’re optimistic about expanding our exploration footprint and identifying additional drill targets. The continued integration of geophysics, mapping, and sampling will be key to advancing our future exploration programs at Mt Oxide, including the design of the next phase of drilling.”
Figure 1. Location of the Mt Oxide Project, within context of Mt Isa Inlier.
Mt Oxide MIMDAS Survey Results Summary
In July 2024, TNC announced it had commenced its leading edge MIMDAS Induced Polarisation (IP), Resistivity and Magnetotellurics (MT) geophysical survey (MIMDAS survey) at Mt Oxide4. Partial funding of $300k was granted to TNC in Round 8 of the Collaborative Exploration Initiative (CEI) to undertake the survey (Figure 6).
The MIMDAS survey has aimed to identify potential sulphide mineralisation developed below numerous leached gossan zones and build an improved understanding of the regional scale structural and geological architecture. Two previously reported lines identified chargeability anomalies correlating with mineralisation in the Vero resource and a series of untested anomalies including a chargeability anomaly 1km east of Vero, and two chargeability high responses at Camp Gossans3 beneath outcropping breccias with similar surface geochemical signatures to the Esperanza Deposit5. The coincidence of anomalies directly associated with the Vero resource highlights the applicability of MIMDAS to target copper-silver mineralisation within the Mt Oxide District.
Three additional lines have recently been completed, including two lines 85m apart for 2.3 line-kms over the highly prospective Aquila prospect and one line for 1.5 line-kms over the historic Mt Gordon Copper Mine (Figure 2).
At Aquila, the survey has identified two (2) chargeability responses in the Mount Gordon Fault Zone and the Dorman fault trend, and one conductivity response below a geochemically anomalous fault breccia.
At Mt Gordon, the survey has identified four (4) chargeability responses in the Mount Gordon Fault Zone and in resistive sandstone over a 600m wide chargeability trend.
The geophysical survey is nearing completion with processing pending on Ivena North and an additional line at Camp Gossans, 150m northeast of the line completed in August that returned a very high-order chargeability anomaly coincident with mapped Gossans and defined the new Black Marlin Target3.
Click here for the full ASX Release
This article includes content from True North Copper, 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.
VVC – Extension of Series AG Warrants
VVC Exploration Corporation, dba VVC Resources, ("VVC" or the "Company") announces the following:
Warrant Extension
VVC has applied to the TSX Venture Exchange (“TSXV”) for a 1-year extension for 57,567,800 Series AG share purchase warrants (“warrants”) presently expiring on September 30, 2024. The warrants, exercisable at $0.075 per share, were issued pursuant to a Private Placement in September 2020 with a 3-year expiry and were extended last September for an additional year. The warrants have been out-of-the-money for some time. If approved by the TSXV, the warrants will expire on September 30, 2025.
Annual General Meeting of Shareholders
The Annual General Meeting of shareholders (the "AGM") will be held virtually on December 4, 2024, at 11:00 am (ET), with a Record Date of October 21, 2024. Following the mailing of Proxy Material to shareholders around October 29, shareholders will be able to download the Proxy Material, including the Information Circular Booklet, from www.sedarplus.ca and/or from the Company’s website at: www.vvcresources.com/shareholders-meeting.
The deadline for Proxy Voting will be 11:00 am (ET) on December 3, 2024, however shareholders are encouraged to vote early. Registered Shareholders will be allowed to vote in-person at the AGM using their Control Numbers. All other shareholders, NOBOs and OBOs, are required to vote by proxy at least 24 hours in advance.
Following the formal business session, management will update the Company’s activities and projects, and will be available to answer questions from shareholders, subject to Securities Laws regarding "Selective Disclosure".
"We look forward to meeting our shareholders at the AGM," said Terry Martell, Chairman of VVC. "We will be providing an update on our projects and investments."
About VVC Resources
VVC is engaged in the exploration, development, and management of natural resources - specializing in scarce and increasingly valuable materials needed to meet the growing, high-tech demands of industries such as manufacturing, technology, medicine, space travel, and the expanding green economy. Our portfolio includes a diverse set of multi-asset, high-growth projects, comprising: Helium & industrial gas production in western U.S.; Copper & associated metals operations in northern Mexico; and Strategic investments in carbon sequestration and other green energy technologies. VVC is a Canada-based, publicly-traded company on the TSXV (TSX-V:VVC) and on the OTC Market (OTCQB:VVCVF). To learn more, visit our website at: www.vvcresources.com.
On behalf of the Board of Directors
Michel J. Lafrance, Secretary-Treasurer
For further information, please contact: | ||
Patrick Fernet - (514) 631-2727 | or | Emily Bigelow - (615) 504-4621 |
E-mail: pfernet@vvcexploration.com | E-mail: emily@vvcesources.com |
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
2369 Kingston Road, PO Box 28059 Terry Town, Scarborough, ON M1N 4E7 – Tel: 416-619-5304
Click here to connect with VVC Resources (TSXV:VVC), to receive an Investor Presentation
Cobre and BHP in Talks for Copper-Silver Exploration in Botswana
Cobre (ASX:CBE) and a wholly owned subsidiary of BHP (ASX:BHP,NYSE:BHP,LSE:BHP) have signed a letter of intent to exclusively negotiate a material earn-in joint venture agreement.
The partnership will target Cobre’s Kitlanya West and East copper projects, both of which are located on the northern and southern basin margins of the Kalahari Copper Belt in Botswana.
According to Cobre's Monday (September 23) press release, the news follows its participation in BHP’s Xplor program, which funded a recently completed seismic survey at the Kitlanya West site.
Results from the survey are expected toward the end of this quarter.
“Participating in the BHP 2024 Xplor cohort has provided the opportunity to do a belt scale review of the Kalahari Copper Belt, culminating with the collection of seismic data over the prospective northern margin of the belt,” said Adam Wooldridge, CEO of Cobre. Xplor is a critical minerals accelerator program launched by BHP in 2022.
He added that the proposed transaction with BHP would allow Cobre to fully fund follow-on exploration programs at the Kitlanya West and East assets. The company is confident that both projects have the potential to host Tier 1 copper-silver deposits, and said working with BHP would maximise its chances of making new significant discoveries.
Cobre's deal with BHP is subject to approval and the execution of formal binding documents, along with the completion of BHP’s investigations within the exclusivity period.
Final details will be shared with the public once long-form documents have been completed.
Separate from its work with BHP, Cobre said it will keep moving forward at its Ngami copper project, with plans to publish a scoping study in early October. It is also aiming to drill further at its Okavango copper project.
Ngami and Okavango are also both located in Botswana.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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