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Iceni Gold Limited (ASX: ICL) (Iceni or the Company) is pleased to provide an exploration update on the 14 Mile Well Project.
Highlights
- Since listing on the ASX, Iceni embarked on a tenement wide fieldwork program, including UFF+ soil and rock chip sampling. These include over 15,000 soil samples that have been tested for 50 elements.
- Analysis of UFF+ soil and rock chip assays have identified new and significant nickel and lithium targets, in addition to the existing gold targets, within Iceni’s 14 Mile Well tenement package. These include:
- Four large UFF+ nickel soil anomalies (1.6-4.5kms long).
- Two large UFF+ lithium soil and rock chip anomalies (3-10km long) with a strong association with Li-Cs-Be-Rb.
- The Leonora-Laverton District hosts a number of Australia’s significant critical minerals projects and some of these are located within a 50km radius of Iceni’s 14 Mile Well Project.
- Iceni will further evaluate the critical minerals prospectivity at 14 Mile Well while maintaining the primary focus on discovering a world class gold deposit.
Technical Director David Nixon commented:
“The presence of potential nickel and lithium targets at the 14 Mile Well Project, in addition to our primary gold targets, adds significant exploration upside and supports the Company’s decision to complete the tenement wide soil sampling campaign from the outset following the IPO.
These new nickel and lithium anomalies are reinforced by multi-element soil geochemistry and have geochemical signatures known to be associated with lithium and nickel mineralisation in the Yilgarn.
The lithium anomalies have a similar tenor and extent to other published lithium anomalies within the Yilgarn Craton that host major lithium projects such as Mt Holland*.
Iceni will follow-up on these exciting targets in parallel to its focus on gold.”
*Mt Holland soil anomaly map in Phelps-Barber, Trench & Groves (2022) Recent pegmatite-hosted spodumene discoveries in Western Australia: insights for lithium exploration in Australia and globally. Applied earth Science, 131:2, 100-113.
Introduction
Over a two-year period UFF+ sampling was conducted across the entire tenement package on a regular grid pattern (nominally 100m x 400m). The 15,180 soil samples were taken and analysed for 50 elements, along with other soil properties, including soil sizing, colour, conductivity, acidity, and short wave infra-red analysis (SWIR), to identify clay mineralogy.
The CSIRO developed the UFF+ soil sampling technique to see through deep cover and identify the anomalies derived from mineralisation hidden below.
New generative targeting work conducted by Iceni, assisted by the reviews from the CSIRO and Tower Geoscience consulting geochemist Dr Chris Salt, has led to the identification of a number of new nickel and lithium targets that complement the existing gold targets within the 14 Mile Well project.
Since the IPO in 2021 the Company has identified 12 new significant soil and rock chip anomalies:
- Four UFF+ nickel soil anomalies.
- Two large rock chip/UFF+ lithium anomalies.
- Six large UFF+ gold anomalies (included in ASX releases dated 21 December 2022, 10 November 2022, 20 September 2022, 31 August 2022 and 14 February 2022).
Nickel Projects
Three significant nickel projects are situated within a 50km radius of the Iceni tenement package:
- Murrin Murrin Project (Glencore), operating, 2021 production: 33,700t Ni and 2,800t Co.
- Kilkenny/Eucalyptus Project (Alliance Nickel), under construction, planned annual production: 20,000t Ni and 1,400t Co.
- Windarra Nickel Project (Poseidon), re-development, historic production (1974-1978 and 1981-1989) 7.191Mt at 1.59% Ni for 84,630t Ni.
Figure 1 Nickel deposits known within the district surrounding Iceni’s 14 Mile Well project. Two large nickel projects share tenement boundaries with the 14 Mile Well project.
Nickel Soil Targets
The 14 Mile Well project sits immediately adjacent to the Murrin Murrin and Kilkenny/Eucalyptus nickel projects which adjoin tenement boundaries with Iceni’s 14 Mile Well project.
Work from the CSIRO UFF+ soil program has identified a number of nickel and multi-element anomalies associated with mafic-ultramafic rocks within the 14 Mile Well project. These anomalies include:
- 14UF010 Christmas Gift – 2.5km long platinum, nickel and chrome anomaly.
- 14UF011 Granite Bore West – 4km long platinum, nickel and chrome anomaly.
- 14UF012 Granite Bore South – 1.5km long platinum, palladium and nickel anomaly.
- 14UF013 Bell Bird – 4.5km long platinum, nickel and chrome anomaly.
Figure 2 Location of Ni-Pt-Pd UFF+ soil anomalies within the 14 Mile Well project. Iceni’s project is situated withinthe infrastructure envelopes of the Murrin Murrin Ni project and the Kilkenny/Eucalyptus Ni project.
Lithium Geochemistry Targets
As a result of the UFF+ soils campaign a significant gold anomaly 14UF001 - Breakaway Well was discovered on the southwestern boundary of the project within the Monument Granite (in ASX release dated 1 October 2021).
Click here for the full ASX Release
This article includes content from Iceni Gold, 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.
ICL:AU
Prospect Ridge Resources
Investor Insight
Prospect Ridge Resources' compelling investment value proposition stems from the company's robust growth ambitions driven by its highly prospective assets near the renowned Golden Triangle region, and a management team with substantial technical expertise.
Overview
Prospect Ridge (CSE:PRR,OTC:PRRSF,FRA:OED) is a precious metals exploration company focused on key projects in Northern British Columbia near the prolific Golden Triangle. The Golden Triangle in northwest British Columbia has been a hub for mineral exploration and mining endeavors for over 150 years. The company owns 100 percent of both the Knauss Creek property and the Holy Grail property.
The Knauss Creek property resembles the high-grade mineralization found in the historical Dorreen mine. Exploration at Knaus Creek has revealed high-grade mineralization comprising gold, silver, copper, lead and zinc. The Copper Ridge zone, which is in the southern part of the Knauss Creek property, is particularly interesting. In 2023, a total of 241 samples were collected from this area which extended the Copper Ridge mineralized zones over an east-west strike length of 1,550 meters, a north-south strike of 850 meters, and a height difference of 470 meters.
Prospect Ridge Resources has also completed an inaugural drilling program at the Copper Ridge zone to test high-priority targets covering an area of 1,550 metres by 850 metres.
The other property, Holy Grail, has also historically produced high-grade gold and silver from placer mining. Prospecting results at the Holy Grail property showed exceptional promise, uncovering significant discoveries of gold, silver, copper, lead and zinc.
Prospect Ridge benefits from a team of professionals boasting extensive expertise in geology and mining. The company is led by Micheal Iverson, CEO, who has more than three decades of experience in mining exploration. The management team has a proven track record of executing several successful exploration and development projects, including Fortuna Silver Mines and NioGold Mining’s Marban project.
Company Highlights
- Prospect Ridge is a Canada-based exploration and development company with two highly prospective land packages in British Columbia.
- The company’s two key assets are the Knauss Creek property and the Holy Grail property, located near the renowned Golden Triangle region in northwestern British Columbia. The Golden Triangle has historically been known for abundant precious and base metal discoveries, with numerous active mining projects and ongoing resource exploration.
- The flagship Knauss Creek property has revealed high-grade surface samples up to 78.9 g/t gold, 4,740 g/t silver, 29.4 percent copper, 33.33 percent lead and 4.10 percent zinc. The Copper Ridge zone is particularly interesting, where a 1.5-km strike zone containing high-grade gold-silver-copper trends were discovered.
- The company has completed an inaugural drilling program to test the drill-ready target Copper Ridge zone as well as other targets.
- Prospecting results from the Holy Grail property are exceptionally promising. They reveal noteworthy discoveries of gold, silver, copper, lead and zinc.
- Prospect Ridge is led by a proven team of executives with more than 100 years of combined experience leading several successful exploration and development projects, including Fortuna Silver Mines and NioGold Mining’s Marban project (sold to Oban Mining, now Osisko Mining).
Key Projects
Knauss Creek Property
The Knauss Creek property, situated 35 kms north of Terrace, BC, spans 2,944. It has excellent infrastructure access, proximity to Highway 16, numerous logging roads traversing it, and the Canadian National Railway passing through.
The property is home to the historical Dorreen mine. Various showings on the property, including the Jay Veins, Hugin, Kandy and Copper Ridge, contain gold, silver, copper, lead and zinc mineralization. The current focus is on the Copper Ridge zone, a high-grade polymetallic mineralization zone spanning 1,500 meters.
Assays from outcrop samples gathered during the 2023 prospecting season have revealed numerous high-grade gold, silver and copper findings. Highlights from rock outcrop sampling, include:
- Sample W489444 contains 6.70 grams per ton (g/t) gold, 4,610 g/t silver, 2.23 percent copper
- Sample W489424 contains 15.9 g/t gold, 987 g/t silver, 0.29 percent copper, 17.55 percent lead, 6.99 percent zinc
- Sample W501837 contains 0.49 g/t gold, 134 g/t silver and 29.4 percent copper
- Sample W501812 contains 2.14 g/t gold, 264 g/t silver and 10.35 percent copper
Consequently, the Copper Ridge zone has been extended, now measuring an east-west length of 1,550 meters, a north-south strike length of 850 meters, and a vertical difference of 470 meters. Field data suggests the veins follow a north-south orientation and dip towards the east.
The interpretation suggests the zone comprises a network of mineralized veins arranged like a ladder hosted within a dioritic intrusion.
The company has completed an inaugural drilling program to evaluate drill-ready targets like the Copper Ridge zone, the Leon’s Legacy and Dorreen Mine showings.
Holy Grail Property
The Holy Grail property is located 10 km north of Terrace, BC, and forms a horseshoe that encloses the fully owned Knauss Creek property in its southeastern part. It currently spans 70,109 hectares. The property is easily accessible via a highway, multiple serviced roads, logging roads, and ATV trails that cross cut it.
Prospecting results from the Holy Grail property displayed remarkable potential through substantial findings of gold, silver, copper, lead and zinc. Key highlights of the results include:
- Grab sample C362354 returned 28.0 g/t gold, 56.9 g/t silver and 2.03 percent copper on the 4 Shore showing
- Grab sample C362357 returned 13.7 g/t gold, 39.9 g/t silver and 1.33 percent copper on the 4 Shore showing
- Grab sample C363353 returned 0.37 g/t gold, 58.7 g/t silver and 3.43 percent copper on the Maroon Creek showing
- Grab sample C363092 returned 6.7 g/t gold, 21.1 g/t silver, and 0.12 percent lead on the Iceberg showing.
Management Team
Michael Iverson – CEO and Director
Michael Iverson has over three decades of experience in public and private capital markets. He also has significant experience in the mining industry, having founded Niogold Mining and Fortuna Silver Mines. At Niogold, he spearheaded the acquisition and exploration of an expansive land parcel in Val D’Or, leading to the company's acquisition by Oban Mining, presently known as Osisko Mining , at a substantial premium to its market capitalization. At Fortuna, he played a vital role in the company's prosperous evolution into a silver producer with operational mines in Peru and Mexico. Iverson, over his entire career spanning three decades, has achieved, in aggregate, market capitalizations in excess of $1 billion.
Yan Ducharme – President and Director
Yan Ducharme is a professional geologist with over 25 years of experience in greenfield and brownfield exploration projects in Quebec, Ontario, Africa and South America. He was on the exploration team at SEMAFO and Cambior/Iamgold and was an exploration manager at NioGold (then vice-president exploration), Canadian Malartic, SOQUEM, and Wesdome Gold Mine. He worked in underground mines and open pits. Ducharme obtained a masters in earth sciences from the University of Quebec in Montreal.
Jasmine Lau – CFO
Jasmine Lau is a seasoned finance and accounting expert with a wealth of experience as a CFO in the mineral exploration and resource sector, having worked on projects across the globe. She was employed in internal audit at Teck Resources and Deloitte, where she focused on audits of public mining and resource companies. Lau is a CPA, CA, and holds a Bachelor of Commerce degree from the University of British Columbia.
Simon Ridgway – Chairman and Director
Simon Ridgway is the CEO of Rackla Metals, a Vancouver-based junior gold exploration company listed on the TSX Venture Exchange since September 2011. He is also the CEO, president and director of Volcanic Gold Mines, a Vancouver-based company engaged in gold and silver property acquisition and exploration.
Michael Michaud - Director
Michael Michaud is a professional geologist with over 30 years of experience. He is an expert in developing and executing regional and mine-site exploration strategies across diverse deposit types in North and South America, Africa, Asia and Europe. Michaud is the vice-president of exploration at Wesdome Gold Mines. He also held roles at several firms, including Iamgold, St Andrew Goldfields, SRK Consulting and North American Palladium. Michaud holds an honors B.Sc. from the University of Waterloo and an M.Sc. from Lakehead University.
Toby Lim - Director
Toby Lim has been a practicing solicitor since 1997, focusing on corporate and securities law. He received a Bachelor of Commerce degree with honours from the University of British Columbia in 1992, followed by a Bachelor of Laws degree from Osgoode Hall Law School in Ontario in 1996.
Jacques Brunelle – Director
Jacques Brunelle has over three decades of involvement in the North American mining sector. He has held executive positions as president and director in publicly traded companies, including Niogold Mining, where he served in 2003, culminating in a successful acquisition by Osisko Mining in 2016. Throughout his career, Brunelle has raised substantial funds for exploration and equity financing initiatives in both public and private enterprises.
Bradley Scharfe – Director
Bradley Scharfe has over 25 years of experience in North America's capital markets. Scharfe has led financing endeavors throughout his career and assembled robust companies across various sectors, including resources and commodities. He specializes in raising, deploying and managing venture capital for companies in their early growth stages. Previously, Scharfe served as a venture capital stockbroker with Canaccord Capital, a leading Canadian investment firm. Scharfe holds a Bachelor of Arts degree from the University of Toronto, where he majored in commerce and economics.
TEM | Yalgoo Update - Further Excellent Iron Results
Key Points
- Additional high-grade magnetite iron intercepted in RC drilling
- Consistent intercepts over >2 km of drilled strike length
- Identical outcropping geology mapped over a 5 km total strike length
- Potential for a large-scale iron ore deposit nearby other world-class processing facilities
Remorse Target
High-grade iron
In addition to the lab results for the first drillhole previously reported 1, the Company is pleased to announce the completion of drilling and that follow-up results in subsequent drillholes confirm the presence of high-grade iron at the Remorse Target. New results include:
WARDH00180 16m @ 32.6% Fe from 93m (pXRF)
WARDH00169 20m @ 32.3% Fe from 120m (pXRF)
and 11m @ 30.8% Fe from 182m (pXRF)
WARDH00166 7m @ 32.8% Fe from 96m (Lab)
WARDH00171 8m @ 30.1% Fe from 130m (pXRF)
* Portable XRF (pxrf) results are not comparable in reliability to authorised laboratory results and should be not relied on for quantitative purposes outside indicative demonstrations of potential order of magnitude of enrichments.
Background
TEM has completed the first phase of RC drilling at the Remorse Target of its flagship Yalgoo Project. In total, 21 RC holes were drilled for 4,005m. Samples have been Boxscanned (pXRF) and submitted to the lab and final assay results are expected in December 2024.
The previously reported iron intercept from the first hole drilled at Remorse was WARDH00160 of 32m @ 30.0% Fe from 96m (including 7m @ 37% Fe) (Lab).
The Remorse Target is part of Tempest's broader Yalgoo Project which spans over 1,000 square kilometres of prospective terrain for base metals, precious metals and iron ore.
Figure 01: Section through iron mineralisation WARDH00180
Figure 02: Section through iron mineralisation WARDH00169 and WARDH00163-165.
All samples collected have been analysed using a Boxscan unit which includes a mounted portable X-ray fluorescence (pXRF). Although not as accurate as laboratory analysis, pXRF data when collected in a quality and consistent manner can also exhibit high accuracy and precision. The pXRF data has been compared with assays received to date (>800 samples) and has an average variance of -4.2% and a median of -4.3%. The results indicate the accuracy is considered acceptable for current exploration reporting purposes (and potentially an overall slight underestimation by pXRF).
Remaining assay results are due in December and are expected to correlate strongly with the pxrf results announced.
As previously advised, the drill program design was focused on the strong base metal geochemical anomaly exhibited at the Remorse Target 2. The planned holes were focused strongly on testing the 'hanging wall' stratigraphy at Remorse and were not initially focused on the newly identified iron layer. However, the program did result in the 4 most northerly drill holes intercepting the main magnetite layer and numerous holes intercepting adjacent magnetite-rich layers.
The widely spaced drilling shows continuity and consistency over more than 2 kilometres and identical iron-rich stratigraphy outcrops can be traced over an extensive 5-kilometre zone correlating with the original Remorse Target footprint.
Click here for the full ASX Release
This article includes content from Tempest Minerals 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.