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Nomgon CBM Operations Update
Elixir Energy Limited (“Elixir” or the “Company”) is pleased to provide an operations update on the work currently underway in its 100% owned Nomgon IX Coal Bed Methane (CBM) Production Sharing Contract (PSC) in the South Gobi Basin, Mongolia.
HIGHLIGHTS
- Nomgon-10 Pilot well drilled, completed and on line
- CBM discovery declared at Yangir
- Successful 2023 Drilling program near completion
The Nomgon-10 pilot production well has now been successfully drilled, completed and brought into production (with water flowing initially and gas due to follow). The time from spud to first water production was 19 days, with work proceeding on time and on budget. The well is being brought into production slowly to minimize the risks of formation damage and shocks to the coal reservoir.
Nomgon-10 is an additional pilot well that will be connected to the Nomgon Pilot Production plant. The Nomgon-8 and 9 pilot wells remain suspended whilst the Company monitors pressure communication between the wells.
Nomgon-10 Production Skid
In the Yangir region, Elixir is pleased to announce that it has performed a successful Drill Stem Test (DST) on the Yangir West-2 well. The DST over the interval 269-282 metres recorded a permeability of 2 milliDarcies (mD). The results of this well therefore constitute a CBM gas discovery under the Petroleum Resources Management System (PRMS) guidelines (Appendix 1), having proved the presence of gas saturated coal with adequate permeability.
Excelsior Energy (see company description below) conducted the DST by undertaking considerable pre-planning with Elixir and around the clock wellsite and remote supervision to ensure a successful outcome. Yangir core holes and chip holes have intersected coal thicknesses of up to 60 metres of coal, even though the full stratigraphic section is yet to be intersected. Elixir has measured gas contents of up to 10 cubic metres per ton (on a raw basis) in the Yangir sub-Basin.
At Big Slope, the Big Slope West-1 well has been successfully drilled. The well reached a total depth of 620 metres and intersected more than 27 metres of coal.
The Company’ 4 rig program is now winding down, with now one rig still drilling. The remaining Erdene Drilling rig is drilling Yangir Far West-1, and is currently at a depth of 425 metres, which is still above the coal targets.
Excelsior Energy personnel operating Drill Stem Testing tools
With Nomgon-10 on production, and CBM discoveries declared at both Big Slope and Yangir, Elixir has now met all its major drilling objectives for 2023. The drilling program for 2023 will now be finalised once the Nomgon Far West-1 well is completed. Planning for the 2024 program has commenced and will have a primary focus on de-risking the discoveries made to date.
Elixir’s Managing Director, Mr Neil Young, said: “The drilling of the Nomgon-10 pilot well has gone to plan and we look forward to growing production of water – and then gas – from this well. Favourable results will put the Nomgon Pilot Project back on the intended pathway of determining commerciality. Our other appraisal and exploration drilling in 2023 – completed safely and within budget - has added new discoveries in the key South West region of our PSC. We expect in 2024 to focus on moving these discovered resources into reserves.”
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This article includes content from Elixir Energy, 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.
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Quarterly Report for the Period Ending 31 March 2024
Redstone Resources Limited (ASX: RDS) (Redstone or the Company) is pleased to provide its quarterly report for the period ending 31 March 2024 (the Quarter).
HIGHLIGHTS
WEST MUSGRAVE COPPER PROJECT (100% RDS) – WEST MUSGRAVE, WESTERN AUSTRALIA
- Redstone currently planning work programs to advance its copper exploration strategy at its 100% owned West Musgrave Project in WA
- Foundation set for growth ‐ existing copper resource base at West Musgrave:
- Tollu copper vein deposit with a resource of 3.8 million tonnes at 1% Cu, containing 38,000 tonnes of copper (ASX announcement of 15 June 2016).
- Significant drilling intersections of high‐grade Cu mineralisation at the Chatsworth and Forio Prospects within Tollu (dating back to 2017) are yet to be included in the existing JORC 2012 resource estimate.
- Significant and consistent high‐grade copper results at depth and to the surface at Tollu:
- Most recent drilling at Chatsworth intersected 11m at 1.2% Cu from only 29m downhole (TLC205), extending the previously intersected high‐grade copper lens a further 20m towards the surface.
- Together with prior drilling, TLC205 also confirmed the targeted high‐grade Cu lens at Chatsworth has the following encouraging characteristics:
- Up to 26m thick (downhole) and has a consistent Cu grade over 1% Cu;
- Extends over 140m vertical from TLC205 to its deepest intersection to date in TLC188;
- A consistent high average grade of over 1% in numerous holes; and
- Remains open at depth
- Historical Cu intersections at Chatsworth include mineralisation that continues from the surface to the maximum vein intersection depth at over 424m (downhole), where grades of 3.73% Cu over 10m, including 5m at 5.3% Cu from 427m (downhole), still continue and are not closed out
- Drilling at the Forio Prospect, which included the highest grade intersection ever recorded at Tollu, being 1m at 18.5% Cu from 18m downhole (TLC203) within an intersection of 8m at 4.1% Cu from 13m downhole, extend Forio’s high grade Cu mineralisation zone at Forio to a 60m strike length (north and south) of continuous high grade copper.
- The high grade Forio Cu Zone extends all the way to the surface with lenses of Cu mineralisation up to 34m thick (downhole) with average grades always over 1% Cu (34m at 1.04% Cu from 15m downhole in TLC181)
- Nearby to major BHP deposit: Tollu copper deposit is located 40km east of BHP’s world‐class Nebo‐ Babel Ni‐Cu‐Co‐PGE deposit ‐ estimated to have a resource of 390 million tonnes grading 0.33% copper and 0.30% nickel, for 1.2 million tonnes of contained nickel metal and 1.3 million tonnes of contained copper metal
- Redstone has been successfully awarded a $220,000 drilling grant from the DMIRS under the Round 29 Exploration Incentive Scheme (EIS) – grant will co‐fund a single deep drill hole of approximately 1,000m at the Chatsworth Prospect at Tollu
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This article includes content from Redstone 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.
Metals Australia Quarterly Activities Report - to 31 March 2024
Highlights
- Highly experienced Mining Executive, Paul Ferguson commenced employment with the Company, as Chief Executive Officer on January 22nd, 20241. Paul’s commencement has enabled the Company to significantly advance planning and preparation for the exploration, metallurgical test work programs and design studies required to move its flagship Lac Rainy high-grade graphite project towards development. Contract awards for key programs and studies are imminent and will be announced during May.
- The Company completed a $3.5M AUD2 (before costs) capital raise to support funding of its planned exploration programs in Quebec, Canada. The raise was completed at a 40% premium to the prevailing stock price and utilised the Canadian Federal Governments exploration tax incentive program (Flow Through Shares). This program is provided by the Canadian Government to help stimulate mineral exploration investment by providing increased tax incentives to investors who support companies exploring for critical minerals. The Company has subsequently noted announcements in the April 16th Canadian Federal Govt budget of changes likely to negatively impact these investor incentives from June 25th. Having completed the capital raise, the Company has ensured it has sufficient funding to achieve its exploration and development objectives.
- Company representatives, including its CEO, hosted an investor booth at PDAC3 (Prospectors & Developers Association of Canada) Mining convention in Toronto March 3rd to 6th. The convention was hugely successful with significant contacts and connections established, who have expressed their interest in our project. Connections made include government representatives, fund managers, investors and a wide range of technical services and engineering companies covering all aspects of the study programs required to advance the companies projects. This helped raise the profile of our Company’s flagship Lac Rainy project, along with our other Quebec based projects. Follow up meetings with the government and supportive, Quebec based, exploration and project investment funds has further enhanced our profile in Canada.
- The Company held strategic planning workshops in Australia and Canada to review the extensive portfolio of high-quality exploration tenements held by the group. Strategic plans and priorities were developed for each project and plans are advancing to progress further exploration and metallurgical test programs. The Company is also investigating additional exploration or project opportunities where they add scale or accelerated pathways to development. The balance of the financial year will see further announcements, outlining plans.
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This article includes content from Metals Australia, 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.
Basin Energy Mining Exploration Entity or Oil and Gas Exploration Entity Quarterly Cash Flow Report
Basin Energy (ASX:BSN) is pleased to announced its mining exploration entity or oil and gas exploration entity quarterly cash flow report.
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This article includes content from Basin Energy, 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.
Basin Energy Quarterly Activities Report for the Period Ending 31 March 2024
Basin Energy Ltd (ASX: BSN) (‘Basin’, or the ‘Company’) is pleased to provide an overview of activities for the period ending 31 March 2024 (‘Quarter’, ‘Reporting Period’) and an accompanying Appendix 5B.
- Active exploration of all three of Basin’s Athabasca uranium properties including:
- Phase 2 exploration drilling at Geikie
- Ground geophysics at Marshall and North Millennium
- Significantly oversubscribed $3.3 million capital raise completed
- Continued engagement and consultation with stakeholder groups
- U3O8 spot price1 surpasses US$100/Lb; hitting 16-year high, with uranium spot price trading as high as US$106/Lb during January 2024
Exploration for the Quarter occurred on all of Basin’s Athabasca Basin uranium projects (the ‘Projects’) (Figure 1). Phase 2 exploration drilling at the Geikie Project (‘Geikie’) commenced, with more than 2,000 metres of drilling completed, and maiden ground electromagnetic surveys at the North Millennium and Marshall projects (‘North Millennium’, ‘Marshall’) with 86-line kilometres of data acquired.
In February, the Company raised A$3.3 million (before costs) via a share placement to institutional, sophisticated, and professional investors. The treasury remained over $5 million at the end of the Reporting Period.
Basin’s Managing Director, Pete Moorhouse, commented:
“The first quarter of 2024 has been a busy period for Basin, with exploration happening concurrently on all three of our Athabasca Uranium projects.
Basin is in a strong position with funding in place to allow continued exploration in the heartland of the world’s premier uranium district.
We look forward to updating the market in the coming weeks on the outcomes of the drilling and geophysics.”
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This article includes content from Basin Energy, 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.
Auric Mining Quarterly Activities Report
31 March 2024
Auric Mining Limited (ASX: AWJ) (Auricor the Company) is pleased to report on its activities during the 31 March 2024 Quarter and up to the date of this announcement.
Jeffreys Find Gold Mine
- Stage Two Mining commenced on 10 March 2024 with over 300,000 tonnes of ore to be mined in 2024.
- First toll mining campaign for 2024 is underway at Greenfields Mill, Coolgardie.
- First gold sales expected early May 2024.
Munda Gold Project
- Assay results received for all of the 361 holes drilled in the first Munda 10m X 10m grade control pattern.
- Four contract mining companies have provided pricing estimates for mining and drill and blast services at Munda.
- Metallurgical testwork underway.
Corporate
- 17,493,780 options exercisable at 31 March 2024 were converted in April 2024, being 99% of this class of options on issue.
- The Company received $2,644,067, before costs, in April 2024 from exercise of options.
- Current cash at bank is around $4,100,000.
Managing Director, Mark English said:
"Another excellent quarter for Auric, both from operational and corporate perspectives.
“It was great to recommence mining at Jeffreys Find with BML Ventures Pty Ltd. It’s a terrific time to be mining and producing gold with such a tremendous gold price. We are looking forward to a strong year from mining activities at Jeffreys Find.
“We completed the grade control/resource definition drilling program at Munda in this March quarter. This is another positive step towards development of Munda and whilst there remains a lot to be done, we are still working towards mining commencing in either the last quarter of calendar year 2024 or the first quarter of 2025.
“The completion of the fund raising of the 31 March 2024 options was well received by our shareholders and the shortfall underwriter, with 99% of the total options available being exercised into shares. We now have about $4.1M cash at bank with further cash due from our share of surplus cash from mining at Jeffreys Find, a great place to be,” said Mr English.
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This article includes content from Auric Mining, 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.
Auric Mining Exploration Entity and Oil and Gas Exploration Entity Quarterly Cash Flow Report
Auric Mining (ASX:AWJ) is pleased to announce its mining exploration entityan doil and gas exploration entity quarterly cash flow report.
APPENDIX B
Mining exploration entity and oil and gas exploration entity quarterly cash flow report
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This article includes content from Auric Mining, 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.
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