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Anax Metals Limited (ASX: ANX, Anax, the Company) is pleased to provide an update on exploration at the Evelyn deposit (Evelyn), part of the Whim Creek Project, located 115km southwest of Port Hedland (Figure 1).
- Evaluation of historical exploration has identified high-potential drill targets & extensive areas in the Evelyn Mining Lease requiring further exploration
- The high-grade Evelyn base metal deposit (590Kt @ 2.54 % Cu, 3.90 % Zn)1 is centrally located within a granted Mining Lease & historical magnetic and EM surveys have defined prospective “event-horizon” stratigraphy that strikes for >3.0 km in the tenement. Approximately 70% of this highly prospective stratigraphy remains largely untested by effective drilling
- Discrete, late-time conductors defined by a VTEM (airborne EM) survey flown in 2007 are located beneath alluvial cover & remain largely untested
- Rock chip results from the recent sampling program at Felsic Dome target returned up to 3.94% Cu and 1.21 g/t Au, demonstrating prospectivity immediately west of Evelyn
- Strong bedrock conductors defined by FLEM (ground EM) surveys occur beneath transported cover with very limited drill testing completed
- Previous exploration ignored geochemical techniques in favour of geophysics
- Surface, auger & litho-geochemical techniques to be used extensively, allowing for fast & efficient exploration to identify further drill targets, mostly within the prospective event-horizon stratigraphy
- RC drilling is proposed to test existing VTEM & FLEM conductivity along with other targets generated by the geochemical program
Anax’s Managing Director, Geoff Laing commented: “Evelyn is a rich, high-value base metal deposit and the discovery of any further ore positions within the granted Mining Lease would add considerably to the overall economics of the broader Whim Creek Project. The exploration team have done well to advance the prospectivity of the area and we look forward to executing a more aggressive discovery strategy going forward”
The Company has undertaken a full review of all historical exploration resulting in the identification of considerable potential to add existing resources with successful exploration.
Figure 1: Location of the Whim Creek Project and Evelyn Deposit
Geological Overview
The Evelyn deposit exhibits many characteristics typical of a Volcanogenic Massive Sulphide (VMS) style of mineralisation. The ore is comprised predominantly of massive pyrrhotite, chalcopyrite, sphalerite and minor quantities of galena and pyrite. Almost no gangue exists within the ore and the interconnectivity of the sulphide minerals results in strong electrical conductivity providing an excellent target for ground, airborne and downhole electrical geophysical techniques.
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Anax Metals Limited
Investor Insight
Anax Metals, an ASX-listed exploration company, is dedicated to advancing its copper assets in Western Australia’s Pilbara region. Through key joint ventures and strategic partnerships, the company is well-positioned to develop a central processing hub, enhancing operational efficiency and delivering strong investor value.
Overview
Anax Metals (ASX:ANX) is a project developer that is on track to begin producing copper and zinc concentrates from its flagship Whim Creek project in the Pilbara region of Western Australia. The project is 80 percent owned by Anax, with JV partner Develop Global (Develop) owning the remaining 20 percent. The Whim Creek DFS (and leaching study) have demonstrated the opportunity for an eight-year mining operation producing copper concentrates, cathodes and valuable byproducts. The operation will generate $410 million in cash flow and deliver an NPV of $270 million with a development capex of $71 million.
The company believes its growth potential lies both in expanding the mineral resources across the project’s four deposits and in a consolidation strategy that includes a processing hub with a concentrator and heap leach at Whim Creek. Benefits from the consolidation include delivering economies of scale with processing flexibility to treat ores from regional orebodies. The permitted infrastructure is ideally located and suited to becoming the Pilbara-processing hub.
Anax Metals and GreenTech Metals signed a non-binding and non-exclusive memorandum of understanding to assess the potential to treat mined material from GreenTech’s base metal assets, with a focus on the open-pittable Whundo deposit.
Anax Metals also signed a non-binding and non-exclusive memorandum of understanding (MoU) with Artemis Resources (ASX:ARV) to jointly assess the potential for processing the copper content of Artemis’ open-pittable Greater Carlow resource at the fully-permitted Whim Creek Processing hub. Anax and Artemis also agree to evaluate the potential for Artemis to explore for gold mineralisation on the Anax project tenure.
Company Highlights
- Anax Metals focuses on delivering copper production at the Whim Creek copper-zinc project within the next 18 to 24 months, targeting over $400 million in free cash flow across an eight-year mine life.
- The company aims to drive resource expansion and consolidate copper assets in the Pilbara region by developing a central processing hub.
- Since completing the DFS last year, Anax Metals has been evaluating opportunities to increase Whim Creek’s production capacity beyond 20 kt of copper equivalent per year.
- Capital requirements are expected to remain low, with plans to leverage existing infrastructure and deploy preconcentration technology to optimize processing capacity..
- Anax Metals actively collaborates with key partners, including Develop Global (ASX:DVP), Greentech Metals (ASX:GRE), and several metal trading groups.
Key Projects
Whim Creek Copper-Zinc Project
Whim Creek is strategically located along the NW Coastal Highway in Western Australia’s Pilbara region, approximately 120 km from both Port Hedland and Karratha. With a long history of copper production, the project benefits from existing infrastructure, including dams, haul roads, offices, workshops, and a dedicated gas spur line. Currently being developed as an 80/20 joint venture between Anax Metals and Develop Global, Whim Creek hosts four key deposits—Whim Creek, Mons Cupri, Salt Creek, and Evelyn. These deposits feature structurally controlled, volcanic-hosted massive sulphide copper-zinc-lead mineralization, presenting significant development potential.
On-going exploration work at Evelyn resulted in discovering exciting new targets for future drilling campaigns scheduled in early 2025. Exploration works conducted in 2024 indicated high copper grades and new soil anomalies. The company is assessing the regional potential of the granted Evelyn Mining Lease for further high-grade VMS-type, polymetallic base metal deposits.
Anax Metals announced its recent application for an exploration license (E47/5275) covering 65 sub-blocks spanning approximately 207 sq. km, which extends the company’s landholding to the south and west of the Whim Creek joint venture tenement package. Once granted, the new tenement will be 100 percent owned by Anax. The majority of E47/5275 lies within the Whim Creek Greenstone Belt, which is highly prospective for volcanogenic massive sulphide (VMS) mineralization, similar to the Whim Creek and Mons Cupri deposits.
Production – Concentrator and Heap Leach
Since completing the definitive feasibility study in 2023, Anax has promoted Whim Creek as a regional processing hub, with potential for an expanded production capacity over 20 kt copper equivalent. Highlights of the technical report include FCF generation of $410 million over an eight-year mine life. Processing would be predominantly through the planned concentrator. Heap leaching is anticipated to begin in the second year of production.
Anax has achieved significant success with bioleaching technology, reporting up to 80 percent copper and 90 percent zinc extraction rates. This innovative approach enhances metal recovery and supports the company’s commitment to sustainable practices.
A processing hub with sorting, concentrator and heap leach facilities
The company believes the project will also provide a processing solution for surrounding projects located within trucking distance of Anax’s processing facility. In the long term, Anax plans to establish a Pilbara Base Metal Alliance to facilitate collaboration with other base metal projects in the region.
Management Team
Phillip Jackson - Chairman
Phillip Jackson is a barrister and solicitor with significant legal and international corporate experience, Phillip Jackson specialises in commercial and contract law, mining and energy law and corporate governance. He has been a director and chairman of a number of ASX and AIM listed minerals companies.
Geoff Laing - Managing Director
Geoff Laing is a chemical engineer with 30 years in mining and project development. He has been involved in the exploration and junior mining sector for the last 15 years, taking on corporate and advisory roles. He was a key player in Exco Resources’ divestment of a substantial copper asset for $175 million to Xstrata Copper, and as managing director, he delivered the successful takeover of the company by WH Sol Pattinson.
Peter Cordin - Non-executive Director
Peter Cordin is a civil engineer with over 45 years' global experience in mining and exploration, both at operational and senior management levels. He has direct experience in the construction and management of diamond and gold operations in Australia, Fenno-Scandinavia and Indonesia.
Phil Warren - Non-executive Director
Phil Warren is a chartered accountant with over 25 years’ experience in board governance, corporate advisory and capital raising advice. Warren has spent a number of years working overseas for major international investment banks. He is currently a non-executive director of ASX listed companies, including Family Zone Cyber Safety, Narryer Metals, Killi Resource and Rent.com.au. He was a founding director of Cassini Resources, which was subsequently acquired by Oz Minerals.
Jenine Owen - Chief Financial Officer
Jenine Owen joined Anax in 2020, where she is responsible for corporate risk management, financial management and financial reporting. She is a chartered accountant with extensive finance and commercial experience, including several CFO roles in ASX listed entities. Having started her career with Deloitte (Zimbabwe) in the external assurance division, she moved to London in 1999 where she held various finance and governance roles before settling in Australia in 2008. Prior to joining Anax, Owen was CFO at Predictive Discovery (ASX:PDI).
Andrew Mcdonald - General Manager
Andrew McDonald is a seasoned geologist with over 20 years of experience in project management, development, resource geology, and exploration across a wide range of commodities. He has held roles with several ASX-listed mining companies, where he has led project development and managed regulatory approvals for mining projects in both Australia and the United States.
Dan O’Hara – Environmental Manager
Dan O’Hara is an experienced environmental professional with over 15 years in environmental management across the mining, oil and gas, construction, and government sectors. In recent years, he has played a key role in securing environmental permits for mining projects in Western Australia.
Near-term copper producer targeting resource growth and a regional consolidation strategy
Empire Metals Limited Announces Warrant Exercise
Application for Admission
Application will be made to the London Stock Exchange for the new shares to be admitted to trading on AIM ('Admission'). It is expected that Admission will become effective on or around 18 June 2025.
Following Admission of the new shares as described above, the issued share capital of the Company will consist of 690,393,221 ordinary shares of no-par value. 690,393,221 represents the total number of voting rights in the Company and may be used by shareholders as the denominator for the calculations by which they can determine if they are required to notify their interest in, or a change to their interest in the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.
**ENDS**
For further information please visit www.empiremetals.co.uk or contact:
About Empire Metals Limited
Empire Metals is an AIM-listed exploration and resource development company (LON: EEE) with a primary focus on developing Pitfield, an emerging giant titanium project in Western Australia.
The high-grade titanium discovery at Pitfield is of unprecedented scale, with airborne surveys identifying a massive, coincident gravity and magnetics anomaly extending over 40km by 8km by 5km deep. Drill results have indicated excellent continuity in grades and consistency of the mineralised beds and confirm that the sandstone beds hold the higher-grade titanium dioxide (TiO₂) values within the interbedded succession of sandstones, siltstones and conglomerates. The Company is focused on two key prospects (Cosgrove and Thomas), which have been identified as having thick, high-grade, near-surface, bedded TiO₂ mineralisation, each being over 7km in strike length.
An Exploration Target* for Pitfield was declared in 2024, covering the Thomas and Cosgrove mineral prospects, and was estimated to contain between 26.4 to 32.2 billion tonnes with a grade range of 4.5 to 5.5% TiO2. Included within the total Exploration Target* is a subset that covers the weathered sandstone zone, which extends from surface to an average vertical depth of 30m to 40m and is estimated to contain between 4.0 to 4.9 billion tonnes with a grade range of 4.8 to 5.9% TiO2.
The Exploration Target* covers an area less than 20% of the overall mineral system at Pitfield which demonstrates the potential for significant further upside.
Empire is now accelerating the economic development of Pitfield, with a vision to produce a high-value titanium metal or pigment quality product at Pitfield, to realise the full value potential of this exceptional deposit.
The Company also has two further exploration projects in Australia; the Eclipse Project and the Walton Project in Western Australia, in addition to three precious metals projects located in a historically high-grade gold producing region of Austria.
*The potential quantity and grade of the Exploration Target is conceptual in nature. 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.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
Aston Bay and American West Metals Announce Drilling Preparations Underway at the Storm Project, Nunavut, Canada
Highlights:
- The 2025 drill program is set to begin. A pipeline of large-scale exploration targets prioritized for drilling includes:
- Cirrus Deeps - high-priority EM target below the Cirrus Deposit with a stratigraphic setting similar to Cyclone will be the first target to be tested with diamond drilling
- Cyclone Deeps - potential continuation of the large Cyclone Deposit at depth with reconnaissance drill intercepts such as 10 metres ("m") @ 1.2% copper ("Cu") from 311m (including 0.5m @ 3.7% Cu from 315.5m), ready for follow-up with diamond drilling
- Resource Expansion - several discoveries near the footprint of the Mineral Resource Estimate ("MRE") will be followed up, including the Gap Prospect, which contains a strong EM anomaly confirmed with drilling that returned 20m @ 2.3% Cu from 28m, and the Squall and Hailstorm Prospects
- Tornado/Blizzard - located 5km east of the Storm copper deposits, the area hosts a 3.2km x 1.5km geochemical copper anomaly and two large electromagnetic ("EM") plates yet to be drilled
- Midway - discovered by a single historical drill hole that intersected a total of 58m of visual copper sulfide, located approximately 5km to the west of the Storm MRE area, to be drilled
- Geophysics to generate new targets. An extensive airborne Mobile Magneto-Telluric ("MobileMT") survey is planned early in the season for the Storm MRE area and other areas of interest along the 110km prospective copper horizon, with results expected to inform drill targeting and prioritization this season.
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. Laboratory assays are required to determine the presence and grade of any contained mineralization within the reported visual intersections of copper sulfides. Portable XRF is used as an aid in the determination of mineral type and abundance during the geological logging process.
Thomas Ullrich, Chief Executive Officer of Aston Bay, commented:
"We are excited to begin another field season at Storm. The reverse circulation drill rig will work on adding to the resource and target near-surface exploration targets, while the diamond drill rig will focus on the deeper exploratory holes.
"In addition to the compelling targets generated in previous geophysical programs, we are very excited to be flying a comprehensive MobileMT survey at Storm. This is the same survey that has successfully delineated large conductive targets at our Epworth property. The significant contrast in the conductive properties of the mineralized rock versus the host rock at Storm is ideal for MobileMT, and its utilization of natural-source energy from within the Earth should help define deeper targets that may have eluded previous methods. These new targets will be ready for drilling this season.
"Investors can also look forward to the completion of a Preliminary Economic Analysis for the near-surface mineralization at Storm, currently underway. We are also working up drill targets for our Epworth copper project, also in Nunavut, for a potential late-season drill program."
Figure 1: A photo of interpreted copper sulfides/oxides (green) on the surface at the Chinook Deposit, Storm Project, Nunavut. The material has not been assayed.
INITIAL DIAMOND DRILL PLAN
The first diamond drill targets to be tested in the Storm MRE area are Cirrus Deeps and Cyclone Deeps (Figure 2). The drilling aims to follow up earlier intersections of high-grade copper mineralization and build evidence for the large-scale copper potential at depth, which could rapidly expand the copper endowment within the Storm MRE area.
Subsequent diamond drilling will continue to test high-priority geophysical anomalies and regional exploration targets. These will include the Tornado, Blizzard, Midway areas and any new targets defined by the upcoming MMT survey.
Figure 2: Plan view of the Storm area showing the high-priority (initial drilling) areas with potential for further growth of copper mineralization based on drilling, geochemical sampling and geophysics, overlaying copper deposit outlines, and topography.
Cirrus Deeps
Diamond drill hole ST24-03 was designed to target a 1,300m x 500m MLEM anomaly (Figure 3 & 5) which is bounded by a series of large EM plates (approximately 350m to top, conductance ~40-60 siemens, moderate ~40-60° S/SW dip, striking ~WNW-ESE) at its northern edge. The EM anomalies are located below the Cirrus Deposit and the Gap high-grade copper prospect, and are interpreted to be proximal to the Southern Graben Fault.
This location in the Allen Bay Formation immediately below the Cape Storm Formation is the same stratigraphic location as Cyclone. In addition to the potential for flat-lying stratigraphic mineralization like Cyclone, the target is located along a fault zone similar to the well-mineralized Chinook Deposit. These anomalies may indicate a considerable, connected accumulation of copper within the Central Graben area. Similar EM targets drilled elsewhere in the Storm copper belt have been confirmed as high-grade copper mineralization.
Figure 3: NE-SW geological section view through ST24-03 (looking NW) showing the Cirrus Deposit, interpreted Southern Graben Fault and modelled MLEM conductors. The planned drill hole depth is 650-700m.
ST24-03 has currently been drilled to a downhole depth of 414m (planned depth of 600-700m) and intersected several zones of fracturing and sporadic copper sulfides (Figure 3) in the upper portion of the hole, with increased fracturing at depth. Fracturing and voids in the rock are positive indications since permeability and open spaces are required for efficient mineralization in the sediment hosted copper model.
The drill hole will be the first diamond hole completed in the 2025 drill program.
Cyclone Deeps
High-grade copper mineralization has been discovered at depth, offset to the south of the Cyclone Deposit (Figure 4). The Cyclone Deeps intersection of 10m @ 1.2% Cu (drill hole ST24-01) displays a typical sediment hosted copper mineralogical profile with a high-grade core of native copper and chalcocite (including 3m @ 2.2% Cu) with peripheral chalcopyrite and other less copper-rich sulfide minerals.
The copper mineralization is hosted near the top of a thick sequence of fractured dolomudstone of the Allen Bay Formation. The Allen Bay is the main host of the known copper mineralization within the Storm area, and the stratigraphic position near the top of the formation also hosts Cyclone, the largest deposit discovered to date. This mineralization may represent the offset southern portion of the faulted Cyclone Deposit and presents an exceptional opportunity to add significant volume to the current resources. This prospective horizon extends for over 5km in the immediate Storm area.
Figure 4: Schematic geological section at 464730E. The mineralization intersected by ST24-01 is immediately below the Cape Storm Formation, similar to the Cyclone Deposit.
INITIAL REVERSE CIRCULATION DRILL PLAN
Reverse Circulation ("RC") drilling will be used to test near-surface (<250m depth) resource upgrade, resource expansion, and exploration targets.
The first phase of drilling will commence at the Thunder, Lightning Ridge, and Corona Deposits before moving on to The Gap, Squall and Hailstorm Prospects (Figure 2). All of these opportunities have the potential to add significant mineral resources to the Storm Project, with high-grade mineralization similar to the known deposits already discovered.
Subsequent RC drilling will aim to test other nearby and regional exploration targets, which include the Tornado and Blizzard areas, and numerous untested geochemical, Electromagnetic (EM) and Induced Polarization (IP) anomalies.
The Gap Prospect is a 500m-long zone located between the Corona and Cirrus Copper Deposits (Figure 2), where multiple drill holes have intersected high-grade copper sulfides (including 1.5m @ 4.4% Cu, 9.8g/t Ag from 39m, and 2m @ 2.5% Cu from 74m downhole in AB18-09, and 20m @ 2.3% Cu, 3.3g/t Ag (Including 8m @ 5.3% Cu, 6.4g/t Ag) from 28m in SR24-003.
The Squall and Hailstorm Prospects are located immediately south of the southern graben fault and collectively extend 1.8km northwest along strike of the Corona Deposit (see Figure 2).
Drilling at Squall during the 2024 season intercepted 1.5m @ 2.36% Cu, 5.0g/t Ag from 181.4m (SR24-108) at the end of the hole, whilst surface geochemistry at Hailstorm has identified a 250m x 250m copper anomaly that remains open to the south (Figure 5).
Figure 5: Copper gossan from the Hailstorm Prospect. This is massive chalcocite (copper sulfide) and returned a laboratory assay grade of >50% Cu, 61g/t Ag (Sample Y007193, 50% Cu is the upper limit of the assay technique used).
Mobile Magneto-Telluric (MobileMT) Survey
A regional-scale MobileMT survey is planned to cover the Storm and wider exploration areas during the 2025 program (Figure 6). MMT utilizes natural source energy to capture a broader range of EM frequencies than the techniques used at Storm to date. The survey is designed to show a greater contrast between the host rocks and potential accumulations of conductive material (i.e. metalliferous sulfide) with improved spatial and depth resolution. This is potentially very useful in delineating deeper (>200m) occurrences of copper sulfide at Storm, where the resistive host rocks cause a decreased signal-to-noise ratio and decreased confidence in interpretation with depth in the historical geophysics.
The initial MobileMT survey will be completed over the Midway-Storm-Tornado area as an orientation survey to determine the response of the known deposits before extending the survey into more regional areas. The survey will begin in the coming week, allowing results to inform drill targeting and prioritization this season.
Figure 6: Proposed MobileMT survey showing the planned Phase 1 and Phase 2 survey lines, overlaying topography, and regional geology.
FORWARD PROGRAM
- MobileMT geophysical survey to commence imminently, with results expected to inform targeting for exploratory drilling this season.
- RC drilling to commence in the Storm area, testing high-priority geophysical and resource upgrade and definition targets.
- Diamond drilling to commence in the Storm area, following up on deep, high-priority copper targets and EM anomalies.
- Unsampled historical diamond drill holes with visual copper sulfides at the Tornado and Midway Prospects will be sampled immediately to expedite transport to the laboratory for assaying.
- Planning is complete, and preparations are underway for a broad range of environmental monitoring and survey activities during 2025.
- PEA and PFS activities, including permitting, processing, and mining studies, are continuing.
Qualified Person
Michael Dufresne, M.Sc., P.Geol., P.Geo., is a Qualified Person as defined by the NI 43-101 Standards of Disclosure for Mineral Projects and has reviewed and approved the scientific and technical information in this press release.
QA/QC Protocols
The analytical work reported herein was performed by ALS Global ("ALS"), Vancouver Canada. ALS is an ISO-IEC 17025:2017 and ISO 9001:2015 accredited geoanalytical laboratory and is independent of Aston Bay Holdings Ltd., American West Metals Limited, and the QP. Drill core samples were subject to crushing at a minimum of 70% passing 2 mm, followed by pulverizing of a 250-gram split to 85% passing 75 microns. Samples were subject to 33 element geochemistry by four-acid digestion and inductively coupled plasma atomic emission spectroscopy (ICP-AES) to determine concentrations of copper, silver, lead, zinc, and other elements (ALS Method ME-ICP61a). Overlimit values for copper (>10%) and were analyzed via four-acid digestion and ICP-AES (ALS Method Cu-OG62).
Aston Bay Holdings Ltd. and American West Metals Limited followed industry standard procedures for the work carried out on the Storm Project, incorporating a quality assurance/quality control (QA/QC) program. Blank, duplicate, and standard samples were inserted into the sample sequence and sent to the laboratory for analysis. No significant QA/QC issues were detected during review of the data. Aston Bay Holdings Ltd. and American West Metals Limited are not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data referred to herein.
About Aston Bay Holdings
Aston Bay is a publicly traded mineral exploration company exploring for high-grade critical and precious metal deposits in North America.
The Company is currently exploring the Storm Copper Property and Cu-Ag-Zn-Co Epworth Property in Nunavut. The Company is also in advanced stages of negotiation on other lands with high-grade precious and critical metals potential in North America
The Company and its joint venture partners, American West Metals Limited and its wholly-owned subsidiary, Tornado Metals Ltd. (collectively, "American West"), have formed a 20/80 unincorporated joint venture in respect of the Storm Project property, which hosts the Storm Copper Project and the Seal Zinc Deposit. Under the unincorporated joint venture, Aston Bay shall have a free carried interest until American West has made a decision to mine upon completion of a bankable feasibility study, meaning American West will be solely responsible for funding the joint venture until such decision is made. After such decision is made, Aston Bay will be diluted in the event it does not elect to contribute its proportionate share and its interest in the Storm Project property will be converted into a 2% net smelter returns royalty if its interest is diluted to below 10%.
FORWARD-LOOKING STATEMENTS
Statements made in this news release, including those regarding entering into the joint venture and each party's interest in the Project pursuant to the agreement in respect of the joint venture, management objectives, forecasts, estimates, expectations, or predictions of the future may constitute "forward-looking statement", which can be identified by the use of conditional or future tenses or by the use of such verbs as "believe", "expect", "may", "will", "should", "estimate", "anticipate", "project", "plan", and words of similar import, including variations thereof and negative forms. This press release contains forward-looking statements that reflect, as of the date of this press release, Aston Bay's expectations, estimates and projections about its operations, the mining industry and the economic environment in which it operates. Statements in this press release that are not supported by historical fact are forward-looking statements, meaning they involve risk, uncertainty and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Although Aston Bay believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which apply only at the time of writing of this press release. Aston Bay disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by securities legislation.
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 news release.
For more information contact:
Thomas Ullrich, Chief Executive Officer
thomas.ullrich@astonbayholdings.com
(416) 456-3516
Sofia Harquail, IR and Corporate Development
sofia.harquail@astonbayholdings.com
(647) 821-1337
Osisko Metals Intersects 0.33% Cu Over 258 Metres at Gaspé
Infill Drilling Continues to Extend Deposit at Depth Below 2024 MRE
Osisko Metals Incorporated (the “Company or "OsiskoMetals") (TSX-V: OM; OTCQX: OMZNF; FRANKFURT: 0B51) is pleased to announce new drilling results from the 2025 drilling program at the Gaspé Copper Project, located in the Gaspé Peninsula of Eastern Québec. Results for eight new holes are reported below, located at the southern end of the deposit defined in the 2024 Mineral Resource Estimate (“MRE”, see attached map and November 14, 2024 news release).
Figure showing surface outline of 2024 MRE, as well as currently and previously reported drill holes.
Highlights (see Table 1 below):
- Drill hole 30-1075, located in the south-eastern portion of the 2024 MRE model, intersected 258.0 metres averaging 0.33% Cu and 2.95 g/t Ag(including15.6 metres averaging1.47% Cu and 8.5 g/t Ag), and a second intercept at depth, below the base of the 2024 MRE model, of 96 metres averaging0.54% Cu and 3.34 g/t Ag, extending mineralization to a vertical depth of 529 metres.
- Drill hole 30-1076, located along the southern limit of the 2024 MRE model, intersected 208.4 metres averaging 0.40% Cu and 2.61 g/t Ag (including12.0 metres averaging1.91% Cu and 9.6 g/t Ag), followed by a second intercept of 70.8 metres averaging 0.25% Cu and 2.15 g/t Ag, and a third intercept at depth, below the base of the 2024 MRE model, of 48.9 metres averaging0.34% Cu and 2.78 g/t Ag, extending mineralization to a vertical depth of 548 metres.
- Drill hole 30-1068, located in the south-eastern portion of the 2024 MRE model, intersected 189.0 metres averaging 0.30% Cu and 2.62 g/t Ag.
- Drill hole 30-1070, located near the eastern limit of the 2024 MRE model, intersected 160.5 metres averaging 0.16% Cu and 1.92 g/t Ag, followed by a second intercept of 122.8 metres averaging0.62% Cu and 4.86 g/t Ag (including 25.6 metres averaging 2.19% Cu and 16.9 g/t Ag at the level of the C Zone skarn), followed by a third intercept at depth, below the base of the 2024 MRE model, of 29.7 metres averaging1.92% Cu and 15.2 g/t Ag at the level of the E Zone skarn, extending mineralization to a vertical depth of 629 metres.
- Drill hole 30-1074, located in the south-central portion of the 2024 MRE model, intersected 118.5 metres averaging 0.26% Cu and 1.92 g/t Ag, and a second intercept of 167.2 metres averaging 0.22% Cu and 1.60 g/t Ag at depth below the base of the 2024 MRE model, extending mineralization to a vertical depth of 797 metres.
Table 1: Drill hole mineralized intervals, see attached map for drill hole locations.
Drill hole 30-1073 was drilled to the east of the 2024 MRE limit and did not intersect significant mineralization. Previously reported drill holes 30-1062 and 30-1066 were also collared to the southeast and to the east, respectively, of the 2024 MRE limit and these holes also failed to intersect significant mineralization, indicating that the deposit does not extend towards the east. The deposit remains open to the south and southwest.
All holes were drilled sub-vertically into the altered calcareous stratigraphy which dips 20 to 25 degrees to the north; true widths are estimated at 90-92% of reported widths. The L1 (C Zone) the L2 (E Zone) skarn/marble horizons were intersected in most holes, as well as intervening porcellanites (pale green to white potassic-altered hornfels) that host the bulk of the disseminated copper mineralization.
The November 2024 MRE was limited at depth to the base of the L1 skarn horizon (C Zone), and all mineralized intersections below this horizon represent potential depth extensions to the deposit, to be included in the next scheduled MRE update in Q1 2026.
Mineralization occurs as disseminations and veinlets of chalcopyrite and is mostly stratigraphically controlled in the area of Needle Mountain, Needle East and Copper Brook. As expected, no significant molybdenum mineralization was encountered in porcellanites in the latter areas, but high grades (up to 0.4% Mo) were locally obtained in both the C Zone and E Zone skarns. The bulk of the molybdenum mineralization occurs in veinlet stockworks further north at Copper Mountain, where true porphyry copper-style mineralization occurs, forming a distinct secondary mineralized zone that is characterized by widespread, continuous copper-molybdenum stockwork mineralization radiating from the central source of hydrothermal fluids, i.e. the Copper Mountain porphyry intrusion. At least five vein/stockwork mineralizing events have been recognized at Copper Mountain, which overprint earlier skarn/porcellanite-hosted mineralization throughout the Gaspé Copper system.
The 2022 to 2024 Osisko Metals drill programs were focused on defining open-pit resources within the Copper Mountain stockwork mineralization, leading to the May 2024 MRE (see May 6, 2024 press release). Extending the resource model south of Copper Mountain into the poorly-drilled primary skarn/porcellanite portion of the system subsequently led to a significantly increased resource, mostly in the Inferred category (see November 14, 2024 press release).
The current drill program is designed to convert the November 2024 MRE to Measured and Indicated categories, as well as test the extension of the system deeper into the stratigraphy and laterally to the south and southwest towards Needle East and Needle Mountain respectively.
Qualified Person
Mr. Bernard-Olivier Martel, P. Geo. is the Independent Qualified Person responsible for the technical data reported in this news release and he is a Professional Geologist registered in the Province of Quebec.
Quality Assurance / Quality Control
Mineralized intervals reported herein are calculated using an average 0.12% copper lower cut-off over contiguous 20-metre intersections (shorter intervals as the case may be at the upper and lower limits of reported intervals). Intervals of 20 metres or less are not reported unless indicating significantly higher grades.
Osisko Metals adheres to a strict QA/QC program for core handling, sampling, sample transportation and analyses, including insertion of blanks and standards in the sample stream. Drill core is drilled in HQ or NQ diameter and securely transported to its core processing facility on site, where it is logged, cut and sampled. Samples selected for assay are sealed and shipped to ALS Canada Ltd.’s preparation facility in Sudbury. Sample preparation details (code PREP-31DH) are available on the ALS Canada website. Pulps are analyzed at the ALS Canada Ltd. facility in North Vancouver, BC. All samples are analyzed by four acid digestion followed by both ICP-AES and ICP-MS for copper, molybdenum and silver.
About Osisko Metals
Osisko Metals Incorporated is a Canadian exploration and development company creating value in the critical metals sector, with a focus on copper and zinc. The Company acquired a 100% interest in the past-producing Gaspé Copper mine from Glencore Canada Corporation in July 2023. The Gaspé Copper mine is located near Murdochville in Québec's Gaspé Peninsula. The Company is currently focused on resource expansion of the Gaspé Copper system, with current Indicated Mineral Resources of824 Mt averaging 0.34% CuEq and Inferred Mineral Resources of 670 Mt averaging 0.38% CuEq (in compliance with NI 43-101). For more information, see Osisko Metals' November 14, 2024 news release entitled "Osisko Metals Announces Significant Increase in Mineral Resource at Gaspé Copper". Gaspé Copper hosts the largest undeveloped copper resource in eastern North America, strategically located near existing infrastructure in the mining-friendly province of Québec.
In addition to the Gaspé Copper project, the Company is working with Appian Capital Advisory LLP through the Pine Point Mining Limited joint venture to advance one of Canada's largest past-producing zinc mining camps, the Pine Point project, located in the Northwest Territories. The current mineral resource estimate for the Pine Point project consists of Indicated Mineral Resources of 49.5 Mt averaging 5.52% ZnEq and Inferred Mineral Resources of 8.3 Mt averaging 5.64% ZnEq (in compliance with NI 43-101). For more information, see Osisko Metals' June 25, 2024 news release entitled "Osisko Metals releases Pine Point mineral resource estimate: 49.5 million tonnes of indicated resources at 5.52% ZnEq". The Pine Point project is located on the south shore of Great Slave Lake, Northwest Territories, close to infrastructure, with paved road access, an electrical substation and 100 kilometers of viable haul roads.
For further information on this news release, visit www.osiskometals.com or contact:
Don Njegovan, President
Email: info@osiskometals.com
Phone: (514) 861-4441
Cautionary Statement on Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation based on expectations, estimates and projections as at the date of this news release. Any statement that involves predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always, using phrases such as "expects", or "does not expect", "is expected", "interpreted", “management's view", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "potential", "feasibility", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This news release contains forward-looking information pertaining to, among other things: the tax treatment of the FT Units; the timing of incurring the Qualifying Expenditures and the renunciation of the Qualifying Expenditures; the ability to advance Gaspé Copper to a construction decision (if at all); the ability to increase the Company's trading liquidity and enhance its capital markets presence; the potential re-rating of the Company; the ability for the Company to unlock the full potential of its assets and achieve success; the ability for the Company to create value for its shareholders; the advancement of the Pine Point project; the anticipated resource expansion of the Gaspé Copper system and Gaspé Copper hosting the largest undeveloped copper resource in eastern North America.
Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management, in light of management's experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, including, without limitation, assumptions about: the ability of exploration results, including drilling, to accurately predict mineralization; errors in geological modelling; insufficient data; equity and debt capital markets; future spot prices of copper and zinc; the timing and results of exploration and drilling programs; the accuracy of mineral resource estimates; production costs; political and regulatory stability; the receipt of governmental and third party approvals; licenses and permits being received on favourable terms; sustained labour stability; stability in financial and capital markets; availability of mining equipment and positive relations with local communities and groups. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information are set out in the Company's public disclosure record on SEDAR+ (www.sedarplus.ca) under Osisko Metals' issuer profile. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward- looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Empire Metals Limited Announces Exceptional High-Purity TiO2 Product Achieved
Empire Metals Limited, the AIM-quoted and OTCQB-traded resource exploration and development company, is pleased to announce the results from its most recent titanium dioxide ("TiO2") product development testwork programme, carried out on mineral flotation concentrates produced from the in-situ mineralised weathered cap that extends across the giant Pitfield Project ('Pitfield'), located in Western Australia.
Highlights
- A very high-purity TiO2 product, assaying at 99.25% TiO2 has been achieved through conventional beneficiation, leaching and refining processes.
- The TiO2 product contains non-detectable, or extremely low levels of deleterious impurities and is expected to be suitable for high-quality titanium sponge metal or high-grade titanium dioxide pigment production.
- Bulk samples collected from the weathered cap (announced 17 February 2025) have been delivered to the metallurgical laboratory and these will be utilised to produce multiple, finished product samples for marketing purposes.
Shaun Bunn, Managing Director, said: "We have achieved an extraordinary outcome from our most recent product development testwork, which has delivered an exceptional high-grade, high-purity TiO2 product that should be ideal for either titanium sponge metal or high-quality TiO2 pigment production.
"It is remarkable that our technical team has so rapidly produced a high-purity TiO₂ product. We believe this not only highlights the effectiveness of our processing approach but also underscores the potential value of our product. Metallurgical testing and process optimisation continues, and with the availability of the 70 tonnes of bulk sample collected in February we will now be able to significantly scale up the testwork and produce a variety of final product samples to share with prospective downstream end-users."
Product Development Testwork
An acid bake-water leach process using sulphuric acid was applied, with parameters similar to that tested during the initial product development test programme (announced 10 March 2025). The TiO2 product purification and product finishing stages were tested at ALS Metallurgy laboratories, located in Perth, Western Australia. All assays were conducted at ALS Metallurgy by their in-house metallurgy-specific assay lab.
The most recent product development metallurgical test work was undertaken on flotation concentrates recovered from the near surface, highly weathered in-situ saprolitic zone. Diamond drill core collected from two holes, DD24TOM004 and DD24TOM005, formed the feed composite (refer Figure 1). The composite sample was passed through a wet scrubber to break up the clays and attrition the ore prior to desliming the resulting slurry over a 38µm screen. The coarse material was fed to a gravity test circuit and the finer fraction (-38µm) was processed via froth flotation. The rougher (first stage) flotation concentrate generated from multiple, repetitive flotation tests were then blended to form the feedstock for a subsequent acid leach stage (refer Figure 2).
Two subsamples of flotation concentrate were leached under the following different conditions:
1. Direct acid bake followed by hot water leach
2. Dilute acid pre-leach followed by direct acid bake and hot water leach.
For both tests iron filings were added to the hot water wash phase to reduce the iron in the ferric (Fe3+) state to the ferrous (Fe2+) state, thus removing the iron from the solution. In this acid leach stage the titanium is recovered from the mineral concentrates into the liquor as titanyl sulphate (TiSO4) and the residue solids and liquor are then separated after the water leach step, using filtration, with the liquor moving forward for purification and product finishing testwork.
The next step in the purification process is the hydrolysis stage, which involves the heating of the liquor, thus breaking down the titanyl sulphate and resulting in the production of hydrated TiO2 and the recovery of H2SO4. This step was carried out in two stages without seed TiO2 material, an improvement from previous work. The solution was heated to 106 degrees C and held at temperature whilst being stirred for 2 hours. The resulting slurry was then centrifuged to separate the liquor from the precipitated solids. Finally, as part of the product finishing stage, the hydrated TiO2 was separated from the liquor using a centrifuge, and the solids were then calcined to remove water and produce a high-purity TiO2 compound (see figure 3).
The final chemical analysis of the TiO2 product indicates a very high purity of 99.25% TiO2 by mass with non-detectable or extremely low amounts of deleterious impurities (see table 1).
Figure 1. Saprolite composite sample before scrubbing/attritioning
.
Figure 2. Flotation test on the saprolite composite slimes fraction
Table 1. Finished Product Analysis
Product Analysis (XRF) | % by mass |
TiO2 | 99.25 |
Al | 0.16 |
Ca | 0.01 |
Fe | 0.09 |
La | <0.01 |
Nd | 0.01 |
Pb | 0.004 |
P | 0.23 |
Si | 0.03 |
Th | <0.001 |
U | <0.001 |
V | 0.01 |
Figure 3. Purification and product finishing testwork, photos from left to right: titanyl sulphate solution from leaching stage, hydrated TiO2 produced from hydrolysis, and the calcined TiO2 product.The Pitfield Titanium Project
Located within the Mid-West region of Western Australia, near the northern wheatbelt town of Three Springs, the Pitfield titanium project lies 313km north of Perth and 156km southeast of Geraldton, the Mid West region's capital and major port. Western Australia is ranked as one of the top mining jurisdictions in the world according to the Fraser Institute's Investment Attractiveness Index published in 2023, and has mining-friendly policies, stable government, transparency, and advanced technology expertise. Pitfield has existing connections to port (both road & rail), HV power substations, and is nearby to natural gas pipelines as well as a green energy hydrogen fuel hub, which is under planning and development (refer Figure 4).
Figure 4. Pitfield Project Location showing theMid-West Region Infrastructure and Services.
Competent Person Statement
The scientific and technical information in this report that relates to process metallurgy is based on information reviewed by Ms Narelle Marriott, an employee of Empire Metals Australia Pty Ltd, a wholly owned subsidiary of Empire. Ms Marriott is a member of the AusIMM and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the JORC Code 2012. Ms. Marriott consents to the inclusion in this announcement of the matters based on their information in the form and context in which it appears.
The technical information in this report that relates to the geology and exploration of the Pitfield Project has been compiled by Mr Andrew Faragher, an employee of Empire Metals Australia Pty Ltd, a wholly owned subsidiary of Empire. Mr. Faragher is a member of the AusIMM and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the JORC Code 2012. Mr Faragher consents to the inclusion in this release of the matters based on his information in the form and context in which it appears.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014, as incorporated into UK law by the European Union (Withdrawal) Act 2018, until the release of this announcement.
**ENDS**
For further information please visit www.empiremetals.co.uk or contact:
Empire Metals Ltd Shaun Bunn / Greg Kuenzel / Arabella Burwell | Tel: 020 4583 1440 |
S. P. Angel Corporate Finance LLP (Nomad & Broker) Ewan Leggat / Adam Cowl | Tel: 020 3470 0470 |
Shard Capital Partners LLP (Joint Broker) Damon Heath | Tel: 020 7186 9950 |
St Brides Partners Ltd (Financial PR) Susie Geliher / Charlotte Page | Tel: 020 7236 1177 |
About Empire Metals Limited
Empire Metals is an AIM-listed and OTCQB-traded exploration and resource development company (LON:EEE)(OTCQB:EPMLF) with a primary focus on developing Pitfield, an emerging giant titanium project in Western Australia.
The high-grade titanium discovery at Pitfield is of unprecedented scale, with airborne surveys identifying a massive, coincident gravity and magnetics anomaly extending over 40km by 8km by 5km deep. Drill results have indicated excellent continuity in grades and consistency of the in-situ mineralised beds and confirm that the sandstone beds hold the higher-grade titanium dioxide (TiO₂) values within the interbedded succession of sandstones, siltstones and conglomerates. The Company is focused on two key prospects (Cosgrove and Thomas), which have been identified as having thick, high-grade, near-surface, in-situ bedded TiO₂ mineralisation, each being over 7km in strike length.
An Exploration Target* for Pitfield was declared in 2024, covering the Thomas and Cosgrove mineral prospects, and was estimated to contain between 26.4 to 32.2 billion tonnes with a grade range of 4.5 to 5.5% TiO2. Included within the total Exploration Target* is a subset that covers the in-situ weathered sandstone zone, which extends from surface to an average vertical depth of 30m to 40m and is estimated to contain between 4.0 to 4.9 billion tonnes with a grade range of 4.8 to 5.9% TiO2.
The Exploration Target* covers an area less than 20% of the overall mineral system at Pitfield which demonstrates the potential for significant further upside.
Empire is now accelerating the economic development of Pitfield, with a vision to produce a high-value titanium metal or pigment quality product at Pitfield, to realise the full value potential of this exceptional deposit.
The Company also has two further exploration projects in Australia; the Eclipse Project and the Walton Project in Western Australia, in addition to three precious metals projects located in a historically high-grade gold producing region of Austria.
*The potential quantity and grade of the Exploration Target is conceptual in nature. 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. See RNS dated 12 June 2024 for full details.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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