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Multiple High-Grade Copper Results and Antimony at Fiery Creek Project
Aruma Resources Limited (ASX: AAJ) (Aruma or the Company) is pleased to announce high-grade copper assay results from its initial surface sampling program at the Fiery Creek Copper Project in the Mt Isa copper belt, in northern Queensland.
Highlights
- Initial Surface Sampling Program returns multiple very high-grade copper assay results at Fiery Creek Copper Project in the Mt Isa copper belt, Queensland
- Results from the Piper prospect covering over 600m of strike include; 11.83% Cu, 11.53% Cu, 9.95% Cu and 9.53% Cu
- Highly encouraging antimony results also returned including; 10,883ppm Sb, 2,305ppm Sb and 2,035ppm Sb – along with high-grade silver assays up to 31.3g/t Ag
- Historical exploration at Fiery Creek also returned very high-grade copper rock chip samples including; 36% Cu, 25.4% Cu and 15.2% Cu (ASX announcement 30 July 2024)
- Data generated from soil sampling to date indicates strong copper anomalism across the Fiery Creek Project, beyond the initial Piper and Fiery Creek targets
- The under-explored Fiery Creek Project displays geological features favourable for copper deposits and is an exploration priority for Aruma
- Next steps: detailed ground gravity surveys to better define drill targets to commence this month followed by an IP survey at the Piper prospect planned for October
The first-phase sampling program provides initial confirmation of the Project’s exploration potential. Results come from the priority Piper prospect in the north-west of the Project area, and include multiple very high-grade copper samples along with high-grade silver results (Figure 1). Highlight results include;
- 11.83% Cu, 17.7g/t Ag: AR28585
- 11.53% Cu, 18.8 g/t Ag and 0.3% Zn: AR28586
- 9.95% Cu, 31.3g/t Ag; AR28582
- 9.53% Cu: AR28580
- 4.02% Cu, 20.8g/t Ag: AR28584
- 2.10% Cu, 31.3g/t Ag: AR28581
The sampling program also returned encouraging antimony (Sb) results including; 10,883ppm Sb in AR28586, 2,305ppm Sb in AR28583 and 2,035ppm Sb in AR28585.
Aruma Resources managing director Glenn Grayson said:“The multiple high-grade copper results, along with the silver and antimony mineralisation returned at the Piper target from our initial surface sampling program provide early confirmation of the Fiery Creek Project’s exploration potential. These results, in conjunction with historic exploration results, help provide key base-line data for our next phase of field work. Ground-based geophysical surveys are planned in the coming weeks, with the aim of defining targets for a maiden drilling program. Also of significant, wider importance is that the data generated from soil sampling to date indicates strong copper anomalism across the Fiery Creek Project, beyond the initial Piper and Fiery Creek targets.”
Figure 1: Geology map of the Piper Prospect at the Fiery Creek Project (GDA20 z54) showing AAJ’s sample results plus historic drilling results.
Sample rocks from the Piper prospect (Figures 2, 3) highlight the potential for copper mineralisation with supporting antimony, sliver and arsenic (As), with an outcropping cross-cutting quartz breccia mapped for 700m. The breccia is terminated by a tertiary creek system to the east. This is an excellent example of the prospectivity of Fiery Creek, and also underlines the need for appropriate base data to help interpret other prospective structural traps for copper under cover.
Click here for the full ASX Release
This article includes content from Aruma 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.
Substantial Step to Pilbara Processing Hub
Artemis and Anax to collaborate on copper-focussed Pilbara alliance and gold exploration
Anax Metals Limited(ASX: ANX) (Anax or the Company) and Artemis Resources Ltd (ASX:ARV, Artemis) are pleased to announce that they have signed a non-binding and non-exclusive Memorandum of Understanding (MoU) which sets out the terms on which Anax and Artemis agree 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 (Whim Creek). In addition, the parties also agree to jointly assess the potential for Artemis to explore for gold mineralisation on the Anax Project tenure.
- Artemis Resources Ltd (ARV) and Anax Metals Ltd (ANX) sign Memorandum of Understanding (MoU) to assess potential to treat Carlow Castle (64,000 T Cu Inferred Mineral Resource Estimate) and other suitable ARV copper assets at Whim Creek processing hub.
- The Parties also agree to jointly assess the potential for Artemis to explore for gold mineralisation on the Anax Project tenure.
- The Pilbara Alliance and Processing Hub continue to gather momentum with Carlow Castle to be assessed in addition to Develop Global’s (DVP), Sulphur Springs Oxide and GreenTech Metals (GRE), Whundo project as potential satellite ore sources.
- Fully-permitted Whim Creek processing assets could provide near-term processing option for Artemis’ open pittable Carlow Castle deposit.
Anax’s Managing Director, Geoff Laing, commented:“We are extremely pleased to be working with Artemis on potential copper/gold production via the planned Whim Creek hub and to advance gold exploration opportunities at the project. Our region is prolific with copper and gold potential, and we look forward to applying the key strengths of our respective teams to delivering positive outcomes via the production hub and an expanded gold exploration initiative at Whim Creek.”
Artemis Executive Director, George Ventouras, commented:"We are thrilled to collaborate with Anax Metals on the Pilbara copper alliance via this MoU and expand our own potential for gold exploration. The West Pilbara region of Western Australia is an exciting jurisdiction to be operating in and this initiative allows each company to focus on its strengths and to deliver results for all stakeholders.”
The proposed Whim Creek Project (80% owned by Anax and 20% owned by Develop Global Ltd) will consist of a new 400,000 tonnes per annum concentrator, and a refurbished heap leach facility capable of treating oxide, transitional and supergene ore that is supported by robust project economics. 1, 2 & 3 By fully utilising its processing capacity, the Whim Creek hub could become a substantial Australian copper producer.
Whim Creek is located 115km southwest of Port Hedland in the West Pilbara region of Western Australia, and 80km east of the Artemis Carlow Castle deposit which is located 25 km east of Karratha (Figure 1).
Figure 1: Location of the Whim Creek and Carlow Castle Projects (Refer Appendix A)
Under the agreement, each party will contribute resources and information to the joint assessment that will focus on technical studies and regulatory approvals at Carlow Castle. The joint assessment will assist the Parties in developing terms for a legally binding agreement that allows for Artemis copper assets to be processed at Whim Creek. Transaction options being considered include (without limitation) an outright asset sale/purchase agreement, joint venture or joint mining and funding agreements.
The parties also agree to jointly assess the potential for Artemis to explore for gold mineralisation on the Whim Creek Project tenure. Artemis will continue to progress gold and lithium exploration at its 100%-owned and JV Pilbara tenements.
The MoU is for a term of 12-months and either party is permitted to terminate the MoU by providing 30-days’ written notice.
Click here for the full ASX Release
This article includes content from Anax Metals 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.
Critical Issues and Opportunities in Australia’s Copper Sector
Nations around the world include copper on their national critical minerals lists. That allows mining companies working with the mineral access to special funds and programs, enabling mining development.
The most recent list in Australia, however, omits copper, relegating it to “strategic mineral” status. This is triggering concerns around the possible impact on exploration and development of copper finds in the coming years.
Copper is the most conducive non-precious metal, and it’s used in components for wind generation, batteries, transportation, consumer electronics, health care and more. Global demand for copper grew by 30 percent between 2010 and 2022.
Worldwide, the industry is valued at US$8.87 billion and is expected to grow to US$11.86 billion by 2032.
What is a critical mineral?
Jurisdictions publish lists of critical minerals as a way of identifying what minerals are important to the nation for a variety of reasons, including its economy and the move to a greener energy economy. Such lists often open up access to grants and other programs that support mining companies and processors, as well as other projects along the supply chain.
Copper is often listed as a critical mineral because it’s a key material for a green energy transition, and for economies in general, plus its supply chains can be vulnerable.
Geoff Laing, managing director of Anax Metals (ASX:ANX), calls copper “absolutely critical” to green energy projects. “There is a common view that deficits in years to come will significantly impact efforts to decarbonise the planet,” he says.
Canada prioritizes copper as part of its Canadian Critical Minerals Strategy, along with five other minerals, calling them necessary “inputs for priority supply chains.” The country has a number of funding mechanisms for projects across the supply chain for these minerals.
The US Department of Energy’s Critical Materials List includes copper as a critical material for energy, and such an inclusion helps copper-related projects access a range of funding.
The European Union has a list of 34 critical raw materials, of which 17 are delineated strategic — and copper is on this list. This sub-list inclusion gives it additional perks under the EU Critical Raw Materials Act. The EU wants 10 percent of its annual requirements for these materials to be mined locally by 2030.
Strategic only
In 2023, Australia removed copper from its critical minerals list, relegating it to a strategic mineral instead. (In contrast to the EU, where being a strategic mineral is more highly prioritized, the strategic minerals list ranks them as less vital or at risk.) The country has reasoned that copper’s supply chain is not vulnerable enough for inclusion on the main list, and therefore has offered it fewer protections and incentives.
The creation of a strategic minerals list is new for Australia; the list also includes nickel, aluminium, phosphorous, tin and zinc. In a statement, the minister for resources said these minerals are vital for energy transition, but require less vigorous protection due to their “well-established industries, greater global market depth, clearer price transparency, and stable supply chains.”
“There are concerns that this approach does not support copper’s position as a key element underpinning global carbon reduction initiatives and, equally importantly, urbanization of the developing world,” says Laing.
Leaving copper off the main list could compromise Australia’s ability to realize the potential of its copper reserves. “Copper production will likely fall behind consumption requirements and Australia will forego the opportunity to expand its copper mining industry to deliver the product into a lucrative market,” he says.
This change has been mitigated by the announcement of strategic materials hubs across the country, which are intended to support the production of nickel and copper, which both changed status.
Laing says the hubs, which will group processing facilities and technical expertise, could offer many positive benefits, particularly if there’s sufficient government support.
Australia and copper
The nation has the third largest reserves worldwide, at 100 metric tonnes, about 10 percent of global reserves.
Australia ranks eighth in the world for copper production, generating 830,000 megatonnes, about four percent of world production. The industry in Australia is expected to grow by one percent between 2023 and 2027.
In that gap lies potential. Laing says the Pilbara region of Western Australia is considered a premier mining region. “With low political risk, well established infrastructure and a highly educated workforce, there are many advantages to developing a copper mine here. However, there are challenges, too.” High costs but also insufficient support from government via funding, plus too much green tape, are barriers to growth.
Projects to watch
In response to strong worldwide demand, there are a number of copper projects in development across Australia. The Eva Copper Mine, which is owned by Harmony Gold (NYSE:HMY), is an iron oxide, copper and gold resource in Northwest Queensland. The project is projected to have a 15-year mine life with potential for expansion. Harmony is now undertaking a feasibility study.
In the Pilbara region in Western Australia, Rio Tinto’s (ASX:RIO) Winu copper-gold project is currently going through environmental approvals. Rio Tinto has signed initial agreements with local Indigenous groups to develop the resource of 249 million tonnes.
In the same region, Anax Metal’s (ASX:ANX) Whim Creek project is forecast to produce 12,000 tonnes of copper equivalent annually, along with zinc and lead, over an eight-year mine life. The company is focused on delivering near-term copper production - within the next 18 to 24 months - at Whim Creek, generating more than $400 million over its mine life. The project is 80 percent owned by Anax, with JV partner Develop Global owning the remaining 20 percent.
In South Australia, the Kalkaroo project, operated by Havilah Resources (ASX:HAV), holds 1.1 million tonnes of copper, 3.1 million ounces of gold and 23,200 tonnes of cobalt.
Investor takeaway
While those engaged in the industry in Australia have concerns about the removal of copper from the critical minerals list, copper still has an important future. As a strategic mineral, it will be supported through new production hubs.
With the nation’s ample and underdeveloped copper resources, plus the worldwide demand for the mineral in a large array of industries, it remains a key investment opportunity now and for years to come.
Diane Peters is a freelance writer based in Ontario.
This INNSpired article is sponsored by Anax Metals (ASX:ANX). This INNSpired article provides information which was sourced by the Investing News Network (INN) and approved by Anax Metalsin order to help investors learn more about the company. Anax Metals is a client of INN. The company’s campaign fees pay for INN to create and update this INNSpired article.
This INNSpired article was written according to INN editorial standards to educate investors.
INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.
The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with Anax Metals and seek advice from a qualified investment advisor.
TNC Identifies Broad Zones of Surface Copper Mineralisation at Mt Oxide Project, QLD
True North Copper Limited (ASX:TNC) (True North, TNC or the Company) is pleased to announce results from a systematic rock chip sampling campaign at the Aquila and Ivena North prospects, part of its 100% owned Mt Oxide Project, located 140km north of Mt Isa in Queensland.
HIGHLIGHTS
- Assay results received from a successful rock chip sampling program at the Aquila and Ivena North prospects, part of TNC’s 100% owned Mt Oxide Project in Queensland.
- Aquila and Ivena North are both part of the larger Dorman Fault Mineral System, a +10km long trend that hosts the Vero Cu-Ag-Co Resource and the Camp Gossans Prospect.
- At Aquila, sampling has highlighted six zones of anomalous Cu, Co & As associated with multiple gossanous breccia structures up to 30m wide.
- Aquila B Trend: +180m long and +30m wide Cu +/- Co-As-Ag within a 440m long fault breccia with visible copper oxide mineralisation. The trend includes rock chip channels returning 3.6m @ 0.49% Cu with a peak assay of 0.94% Cu.
- Aquila A Trend: +20m long and up to 12m wide Cu-As-Sb anomalous zone within +210m strike of hematite altered hydrothermal breccias, returning up to 0.05% Cu and 12.7g/t Ag and anomalous pathfinders.
- Aquila D Trend: +100m long and up to 4m wide Cu-Co trend associated with a historical prospecting pit with strong copper oxide mineralisation, and a peak assay of 0.87% Cu.
- At Ivena North, sampling has identified Cu, Co & As trends within two geochemically anomalous zones from multiple gossanous breccia structures that are up to 25m wide.
- Ivena North A Trend – +130m long and up to 15m wide Cu-Co-As trend within a +580m strike of hydrothermal breccia and gossans that returned assays up to 1.38% Cu and anomalous As +/- Ag-Sb-Bi-Mo.
- A combined 680m strike length of mapped hematite silica gossans remains under-sampled between the Aquila and Mt Gordon Prospects.
- Rock chip results will be integrated with ongoing mapping and results from the Queensland Government-funded MIMDAS IP and MT survey, which is currently underway along the Dorman Fault Mineral System.
The rock chip sampling program has successfully identified new broad zones of strongly anomalous copper and pathfinder elements. The copper grades and pathfinder anomalism returned in the samples are at levels consistent with other outcropping leached gossans associated with historic drill discoveries in the region.
The Ivena North and Aquila prospects are located along strike northwest of the high-grade Vero Cu-Ag-Co resource (Vero). Both prospects are high priority exploration targets for TNC, with a MIMDAS Induced Polarisation (IP) and Magnetotellurics (MT) geophysical survey continuing at Mt Oxide to test for geophysical anomalies coincident with outcropping geochemically anomalous gossans1, 3.
COMMENT
True North Copper’s Managing Director, Bevan Jones said:
“Our exploration team has been working hard to systematically map and sample the +10km Dorman fault trend at Mt Oxide. Multiple gossans have been identified, and rock chip results from the gossans are revealing large areas of wider and stronger mineralisation on which to focus our future exploration work, including the ongoing MIMDAS geophysical survey.
We are also remobilising the on-ground team to systematically collect additional rock chip samples over the newly discovered Black Marlin and Rhea structures. Further geophysical results are filtering through, and updates will be released soon. We are potentially building a significant district at Mt Oxide with multiple high priority targets which have never been drilled. Our next steps include prioritisation of these targets, designing and planning upcoming drill programs, and securing the necessary permits for on-ground access.”
Figure 1. Mt Oxide Project with priority prospects identified within the Dorman Fault corridor.
Summary of Results
During Q4 CY23, TNC’s Discovery Team initiated a prospectivity analysis of the Dorman Fault Mineral System, host to the Vero Cu-Ag-Co Resource (Vero) (15.03Mt @ 1.46% Cu and 10.59g/t Ag M, I & I, refer Table 1)4. Geological and structural mapping delineated a +10km highly prospective corridor of intermittently outcropping gossanous and silica breccias with no drilling, surface sampling or effective geophysics. Since completion of this work, TNC has collected 388 rock chip samples, including 243.5m of rock chip channel samples at the Ivena North and Aquila Prospects where TNC is currently acquiring MIMDAS IP and MT as part of its Queensland Government Collaborative Exploration Initiative (CEI) grant3.
Analysis of the assay results has highlighted eight high priority geochemically anomalous zones within the larger, structurally complex footprint at both prospects with two of these zones remaining open to the north. These anomalies have similar pathfinder geochemical signatures and are within the order of magnitude of the results from Camp Gossans4 south of Vero, which are considered analogous to the leached gossan outcrops at the Esperanza South deposit4.
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.
Goldman Sachs Cuts Copper Price Forecast on Weak Chinese Demand
Goldman Sachs (NYSE:GS) has revised its copper price forecast, significantly lowering its 2025 estimate due to weakening demand from China, a major consumer of the metal.
The American investment bank now anticipates that copper prices will average US$10,100 per metric ton next year, a sharp reduction from its previous forecast of US$15,000.
According to Bloomberg, the US$15,000 prediction came from former analysts Jeffrey Currie and Nicholas Snowdon, while the new outlook was outlined in a note by analysts including Samantha Dart and Daan Struyven.
Explaining their thoughts on China, Dart and Struyven point to its ongoing economic challenges, including a persistent downturn in the property sector and slower-than-expected recovery in manufacturing and exports.
As copper demand from the Asian nation has slowed, inventories of the red metal have risen.
Goldman Sachs has also adjusted its price forecasts for other commodities.
It is now estimating an aluminum price of US$2,540 per metric ton, down from US$2,850. The bank is holding to its bearish outlook on iron ore and nickel, reflecting the broader trend of weaker demand in key markets.
"Softer-than-expected China commodity demand, as well as downside risks to China’s forward economic outlook, lead us to a more selective, less constructive tactical view of commodities," the analysts said.
China's economic growth is struggling to meet the government's 5 percent annual target, primarily due to a surplus of raw material inventories that is unlikely to clear soon due to softening demand.
Goldman Sachs remains optimistic about gold, maintaining a target price of US$2,700 per ounce for early 2025. The bank cites increased interest from managed money players in the west and continued demand from central banks as key factors supporting its positive outlook. Interest rate cuts from the US Federal Reserve are also seen helping gold.
Major miners involved in copper and aluminum production saw share price declines on the news, including Freeport-McMoRan (NYSE:FCX), BHP (LSE:BHP,ASX:BHP,NYSE:BHP) and Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO).
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Codelco Makes US$500 Million Bid for 10 Percent Stake in Quebrada Blanca Mine
Chilean state-run copper giant Codelco has made a US$500 million bid to acquire a 10 percent stake in the Quebrada Blanca mine, operated by Teck Resources (TSX:TECK.A,TSX:TECK.B,NYSE:TECK).
According to a Tuesday (September 3) Bloomberg report, the offer, directed to fellow state entity Empresa Nacional de Minería (Enami), is currently under consideration by Enami's board. The move is part of Codelco’s strategy to sustain its position as the world’s leading copper supplier amid declining production levels.
Enami’s stake in Quebrada Blanca represents a carried interest, meaning the firm isn't responsible for the mine’s capital expenditures. The sale, if approved, would provide Enami with funds to address financial challenges.
The company has faced consistent losses in recent years due to its role in processing minerals for small-scale miners in Chile. The infusion of US$500 million could help reduce its debt burden while limiting the necessity for public funding.
Quebrada Blanca, located in Northern Chile, is a significant copper mine that is primarily owned by Teck Resources (60 percent), with Japan’s Sumitomo Metal Mining (TSE:5713) holding a 30 percent interest.
As mentioned, acquiring Enami's stake in Quebrada Blanca would help Codelco stabilize its copper production, which dropped to its lowest level in 25 years in 2023. It would also help the company retain its title as the world's top producer.
However, the proposed purchase is not without obstacles. The Chilean National Mining Society (Sonami), which holds a position on Enami’s 10 member board, has voiced concerns about the process.
Sonami believes any sale of the Quebrada Blanca stake should be conducted via an open and competitive bidding process, not a direct transaction with Codelco — potentially delaying or complicating the approval process for the bid.
Regardless, the move comes at a critical time for Chile, as the nation faces challenges in maintaining its status as the top global copper producer. Declining ore grades, aging infrastructure and competition from other copper-producing countries have all combined to put pressure on the state’s output.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Golden Deeps Shares Jump on Copper-Zinc Drill Results at Havilah Project
On Tuesday (September 3), Golden Deeps (ASX:GED) announced the intersection of "significant" sulphide mineralisation in three initial diamond drill holes completed at its Havilah project in New South Wales.
In a press release, the company highlights a 28 metre zone in hole HVD003 that produced high-grade portable XRF readings of up to 18.5 percent copper and 34.8 percent zinc, averaging 0.5 percent copper and 0.7 percent zinc.
The news sent Golden Deeps' share price up nearly 220 percent from its AU$0.028 close on Monday (September 2), catapulting the company as high as AU$0.089 on Tuesday (September 3).
"The intersection of sulphide mineralisation in all three initial holes at Havilah ... indicates we’re on top of a large porphyry-sulphide system with similar characteristics to other major copper-gold discoveries in the Lachlan Fold Belt such as Cadia-Ridgeway and the recent Boda-Kaiser discovery," said Jon Dugdale, CEO of Golden Deeps.
According to the company, all three holes drilled at Havilah resulted in notable findings. HVD001 encountered 40 metres of silicified breccia and veining with disseminated sulphides from surface. Meanwhile, HVD002 intersected a 130 metre zone of altered mafic volcanics with scattered veinlets and disseminations of pyrite and rare chalcopyrite.
HVD001 was testing the Hazelbrook North anomaly, while HVD002 was testing an induced polarisation anomaly.
Golden Deeps gained full ownership of Havilah in 2020 following its acquisition of Extract Minerals. The project is located in the Lachlan Fold Belt in New South Wales, together with the company's Tuckers Hill gold project.
Drilling at Havilah has prioritised copper and gold targets since May. Drilling of a fourth hole at the site is ongoing, with HVD004 testing the Hazelbrook anomaly, which is 200 metres along strike to the northeast of HVD003.
“Laboratory analytical results (ALS Laboratories, Orange, NSW), including gold assays (gold is not detectable with pXRF) will be reported when available and compiled,” the company explains in its release.
“We look forward to completing the remainder of our diamond drilling program and receiving the laboratory results from the holes completed, which will be released as soon as they come to hand and are compiled.”
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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