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Gold Mountain Limited (ASX: GMN) (“Gold Mountain” or “the Company” or “GMN”) is pleased to announce it has received 52 stream sediment samples from the Iguatu North Project in Central Brazil. The anomalies represent a new style of target for GMN in the Iguatu North Project area.
Highlights
Work Undertaken
- Assays received from 52 regional stream sediment samples at Iguatu North Project with widespread coincident Copper-Nickel anomalies supported by Cobalt, Palladium and Chromium anomalies.
- High order Ni-Cu anomalies over 3 km long surrounded by lower order anomalies.
- Geochemical anomalies clearly indicate the priority area for initial follow up work to define mineralised drill targets.
Figure 1. Field technician taking a sample in the Iguatu North region
David Evans, Managing Director, commented:
We are delighted to identify potential for Copper-Nickel-PGE mineralisation within our Iguatu tenements. The proximity of these anomalies to the Pedra Branca PGE deposit, just 25 km northeast, is highly encouraging.
With samples returning copper and nickel values up to two and four times higher than the program's average, respectively, these results also present an opportunity for Gold Mountain to add exciting Copper-Nickel-PGE targets to its existing lithium and rare earth prospects.
Future Workplan
- Iguatu North Ni-Cu anomalous areas will be tested by infill stream sediment and soil sampling followed by IP or other ground or airborne geophysics to define specific drill targets.
- Mapping of the full extent of the mafic intrusives interpreted to be present will be undertaken.
- Drilling will be undertaken on defined targets.
Details
Stream sediment sampling was carried out in a broad network of samples over the Iguatu North tenements, which were initially acquired for their Copper and Lithium potential.
Interpretation of results consisted of determining populations of results considered to be anomalous and then separating anomalous results for copper and carrying out element correlations on the copper anomalous samples.
Table 1 shows the correlation coefficients for a series of elements considered important for mafic intrusive hosted nickel-copper-PGE mineralisation and for IOCG style mineralisation.
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This article includes content from Gold Mountain, 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.
Terra Balcanica Drills 436 g/t AgEq Over 19.6 m at Antimony-Silver Discovery in Bosnia
- Drillhole BREDD002 returned 436 g/t AgEq over 19.6 m including 746 g/t AgEq and 1.42 wt.% Sb over 9.8 m;
- Another mineralization style confirmed at Brezani in addition to the gold skarn with 0.61 g/t AuEq over 88.0 m from surface (see Company’s news release dated 24th January 2023);
- Mineralization trends towards surface and daylights in a topographic depression with As-Bi-Sb-Te anomalism in soil samples with a shallow “boiling-zone” drill target (Figure 1);
- 4 shallow drillholes, aimed at expanding the footprint of the gold skarn have been completed within the > 800 m strike length gold in soil anomaly, with assay results pending.
Terra Balcanica CEO, Dr. Aleksandar Mišković, comments:
" We are very pleased with the polymetallic assays from an interval thrice as wide as that average reported at our other Viogor-Zanik target at Cumavici. Not only have we discovered a new type of mineralization that shallows toward northeast, and as such could be easily explored from top down, but we have also confirmed the significant presence of antimony at Brezani which continues to be a scarce commodity worldwide due to supply issues and trade restrictions imposed on certain countries. Now, the drill-confirmed surficial Au bearing skarn is confirmed to be underlain by the significant fault-hosted polymetallic mineralization which itself is underpinned by andesitic porphyry. It is encouraging to see this resulted from the very first drill hole leaving a lot of upside potential at Brezani as Terra releases additional assays from the four shallower intercepts drilled into the surficial skarn."
Table 1. Assay results of the new epithermal discovery in drillhole BREDD002. Interval lengths reported are drilled lengths, not true widths. Silver equivalents (“AgEq”) are based on assumed metal prices of US$2,700/oz for gold (Au), US$30/oz for silver (Ag), US$1.40/lb for zinc (Zn), US$17.50/lb for antimony (Sb) and US$0.90/lb for lead (Pb). *Assumed metal recoveries of 90% Au, 93% Ag, 95% Sb, 94% Pb and Zn are based on published metallurgical tests on analogous intermediate sulphidation epithermal vein deposits. The Sb pricing derived from the Nov. 2024 average Rotterdam Warehouse 99.6% ingot price.
Drillcore Observations
Watch Brezani Technical Webinar on YouTube.
The zone of mineralization from 482.1 m consists of banded veins and sulphide cemented breccias with characteristics of both low and intermediate sulphidation epithermal deposits. The upper vein contact is sharp with minimal alteration progressing into the hornfels, whereas the vein footwall is brecciated and hosts strong clay alteration. The margins of the vein host repeating bands of chalcedonic quartz-rhodochrosite-calcite and sulphides/sulphosalts stibnite-pyrite-arsenopyrite-sphalerite-galena-jamesonite (Figure 2). The centre of the structure is dominated by hydrothermal breccia with a sulphide-quartz-carbonate cement. Clasts are banded vein fragments.
Figure 1. Section through the Brezani target illustrating conductivity and the 95th percentile magnetic shell. Drillhole BREDD002 is shown, with a tabular conductivity feature extending to the ENE from the epithermal mineralized interval. Conductivity feature is interpreted as the continuation of the host structure with increased conductivity due to sulphide and clay within the broken rock mass. It passes through a break in the magnetics, which is further evidence of structural control.
Future Exploration Program
2023 drilling at the Brezani target uncovered a new style of mineralization at the contact between the skarn-hornfels package and underlying chlorite-sericite altered diorites. The epithermal mineralization encountered 482.1 m downhole is interpreted to shallow to the ENE creating a conductivity feature which passes through a magnetic low. A topographic low with an anomalous epithermal assemblage in soil and rock chip geochemistry is interpreted as the surface expression. Future drilling efforts will aim to intersect the epithermal mineralization shallow and explore for a “boiling zone” where precious metals may have been favourably precipitated.
Figure 2.Photographs of three HQ3 diameter core samples from the interval of epithermal mineralization labelled with AgEq values for assay results of host sample. A) 482.1-482.4 m millimeter scale banded chalcedonic quartz-calcite-rhodochrosite-sulphide. B) 483.6-483.85 m calcite-rhodochrosite breccia cemented by chalcedonic quartz-sulphide crosscut by a later calcite-chalcedonic quartz-sulphide vein set. C) 485.1-485.5 m banded quartz-calcite-sulphide vein grading into a stibnite-sphalerite sulphide breccia cement with clasts of wallrock hornfels and banded veins.
Table 1. Collar locations for reported drillhole. Coordinates and elevation were taken by local consultant surveyors using a differential GPS unit. (WGS84/UTM Zone 34N).
QA/QC
Half core (HQ3) samples were delivered to ALS Bor, Serbia for sample preparation and subsequent wet chemical analysis at the Loughrea laboratory in Ireland, an ISO/IEC 17025:2017 certified test facility. Sample preparation PREP-31BY method involved crushing the core to 70% less than 2 mm, rotary split 1.0 kg and pulverizing the split to greater than 85% passing 75 microns. Silver and base metals were analysed by ICP MS after a four-acid digest (ME-MS61). Gold was assayed by 30g fire assay with ICP AES finish (Au-ICP21). Over limit samples for base metals were re-analysed by the four-acid digest ICP-AES analyses termed ME-OG62. Control samples comprising the certified reference material CDN-ME-1810 (Canadian Resource Labs Ltd.), quarter core field duplicates and blanks were inserted at a rate of 9 % and investigated as part of the Company’s quality assurance and quality control program.
Qualified Person
Dr. Aleksandar Mišković, P.Geo, the Company’s designated Qualified Person for this news release within the meaning of National Instrument 43-101 Standards of Disclosure of Mineral Projects (“NI 43-101”), has reviewed and validated that the information contained in this news release is factual and accurate.
About the Company
Terra Balcanica is a polymetallic and energy metals exploration company targeting large-scale mineral systems in the Balkans of southeastern Europe and norther Saskatchewan, Canada. The Company has 90% interest in the Viogor-Zanik Project in eastern Bosnia and Herzegovina. The Canadian assets comprise a 100% optioned portfolio of uranium-prospective licences at the outskirts of the world-renowned Athabasca basin: Charlot-Neely Lake, Fontaine Lake, Snowbird, and South Pendleton. The Company emphasizes responsible engagement with local communities and stakeholders. It is committed to proactively implementing Good International Industry Practice (GIIP) and sustainable health, safety, and environmental management.
On Behalf of the Board of Directors
Terra Balcanica Resources Corp.
“Aleksandar Mišković”
Aleksandar Mišković
President and CEO
For further information, please contact Aleksandar Mišković at amiskovic@terrabresources.com, +1 (514) 796-7577, or visit our website at www.terrabresources.com/en/news.
Cautionary Statement
This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively “forward-looking statements”). The use of any of the words “will”, “intends” and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such forward-looking statements should not be unduly relied upon. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. The Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. The Company does not undertake to update these forward-looking statements, except as required by law.
Table 2. Chemical assays for the remainder of the drill hole BREDD002 form the 2023 Phase II campaign at the Brezani Target. Assays for the topmost 214 were released previously.
High grade Assay Results Continue at Youanmi
- The latest batch of assays have been received from the 11,000m drilling program (both diamond core and reverse circulation) at the high gold-grade Youanmi Gold Project, located centrally in Western Australia’s prolific gold fields
- The recently-completed infill/exploration program aimed to improve resource confidence and open up corridors for resource growth; to underpin the Definitive Feasibility Study (DFS), and, additionally, provide sample material for ongoing metallurgical optimisation test-work for the DFS program
- Latest highlights from the program include:
- RXDD131: 4.38m @ 19.07 g/t Au from 387.98m,
- incl. 1.73m @ 41.43 g/t Au from 389.96m
- RXDD119: 4.56m @ 14.60 g/t Au from 220.64m
- RXDD115: 2.99m @ 21.11 g/t Au from 249.88m
- RXDD119: 4.0m @ 7.37 g/t Au from 162.0m
- RXDD132: 7.19m @ 3.90 g/t Au from 263.61m
- RXDD133: 2.83m @ 6.53 g/t Au from 431.00m
- RXDD128: 3.82m @ 4.51 g/t Au from 364.59m,
- incl. 1.73m @ 8.22 g/t Au from 364.59m
- incl. 1.73m @ 8.22 g/t Au from 364.59m
- RXDD122: 0.95m @ 13.50 g/t Au from 204.44m
- §These results further demonstrate the continuity of high- grade gold mineralisation along the Youanmi greenstone belt belt, and the potential for resource growth both at depth and along-strike, with discovery potential to the south
- 35,000m Step-up drill campaign well underway with the plan to bring forward ounces and increase the mine plan
The program focused on converting Inferred stopes at Pollard, United North and Youanmi Main to higher confidence Indicated classification and providing material for metallurgical testing for the upcoming Definitive Feasibility Study (DFS) – on track for H2 CY25.
This final consignment of diamond assay results are the fourth batch of assays results returned from the drill program and have been entirely drilled from the Pollard, Youanmi and United North areas (Figure 1).
Rox Resources’ Chief Executive Officer, Phillip Wilding, commented:
“It’s pleasing to round out the 11,000m RD and DD drilling program with another batch of excellent intercepts.
“More importantly, the program has significantly improved our knowledge of the high grade and underexplored Youanmi ore system, and shown that mineralisation remains open at depth.
“Next steps are to convert Inferred areas of the Resource to the higher confidence Indicated classification, and finalise key intercepts of sample material for metallurgical test work to feed into the Youanmi DFS.
“We are excited to have commenced the 35,000m Step-up program to potentially bring forward ounces in the mine plan and significantly increase the size of the Pollard ore zone.”
Youanmi Major Growth Drill program
Resource drilling has focused on converting selected Inferred stopes in the current Mineral Resource of 16.2Mt at 4.4g/t Au for 2.3Moz (Indicated: 10.7Mt at 4.5g/t Au for 1.6 Moz : Inferred 5.5Mt at 4.2g/t Au for 0.7 Moz) 1 to higher confidence Indicated classification at Pollard, United North and Youanmi Main as shown in plan on Figure 1. The drilling has also provided both sample material for metallurgical testing and valuable geological data for the pending Definitive Feasibility Study (“DFS”) planned for second half of 2025.
Figure 1: Plan view of the Youanmi Gold Project featuring drill hole collar locations and 2024 Resource outline overprinted on aerial photography
Outside of the immediate resource area, drilling was also conducted on near-mine exploration and focused on the Youanmi South prospect area, or Paddy’s Lode, first reporting high-grade intercepts in 20232. The drilling at Paddy’s has complimented the Company’s exploration strategy moving south along the Main Lode Shear Zone (MLSZ) and adding additional gold ounces to the Resource. Youanmi South has the potential to grow the Resource above the 103kozpa Production Target outlined in the recently completed Pre-Feasibility Study (“PFS”)3.
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This article includes content from Rox Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
