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Norfolk Projects Updates
Norfolk Metals Ltd (ASX:NFL) (Norfolk or the Company) initiated a soil program at the Roger River Project (Tasmania) to obtain a better understanding of the copper and gold mineralisation to guide the next exploration phase and potential drilling.
- Roger River Project (Tasmania) soil study complete with successful reanalysis of historical samples
- Norfolk awarded permit EL6948 expanding both Orroroo and Johnburgh Projects (South Australia) further west
- Norfolk commences review of complimentary projects to the South Australian uranium project suite, amongst other projects elsewhere
- Strong cash position at A$3.49m December 2023 quarter
Figure 1: Soil study showing new and historical sample locations
Roger River (Tasmania) Update
The program focus was to provide a lateral vector or a possible surface trend or strike to the native copper (Cu) mineralization intersected in hole 22RRD-001 at Anomaly 2 (A2). The soil program consisted of new surface samples and the re-analyses of selected historical samples (not previously sampled for Cu) being submitted for Cu (multi-elements) analysis.
Figure 2: Roger River Project Location
New surface samples were collected on a 200 x 100m grid around A2 with a total of 98 samples collected covering an area of approximately 1.2km x 1.5km over the interpreted splay from the Roger River Fault. The results revealed a maximum of 11 ppb for gold (Au), 221 ppm for copper (Cu) and 35 ppm for arsenic (As). Gridding and plotting of both gold and arsenic results revealed linear anomalies that are coincident with the interpreted main structures (splays) considered as potential conduits for the mineralizing fluids in the Roger River epithermal system (Figure 1).
Click here for the full ASX Release
This article includes content from Norfolk Metals, 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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Norfolk Metals
Overview
Norfolk Metals (ASX:NFL) is an ASX-listed exploration company focused on its uranium in South Australia and Argentina. The company’s flagship property is the Orroroo uranium project in South Australia. It also holds a gold-copper project, the Roger River Property in Tasmania. Norfolk Metals is currently focused on advancing its uranium project and evaluating uranium assets for acquisition. In April 2024, the company announced it is acquiring the Las Altares uranium project in Argentina, through an exclusivity agreement with Green Shift Commodities.
Uranium prices have been on an upward trajectory since 2023, with prices rising from less than $50/lb to over $100/lb in 2024. The prices are currently hovering around $90/lb and could increase further, driven by a supply deficit. Kazatomprom, the world's largest uranium miner, announced in February 2024 that it is reducing uranium production. The company said production levels at its operations in Kazakhstan are anticipated to remain 20 percent lower, chiefly attributed to the sulfuric acid shortage prevailing in the country. Cameco, the world’s largest publicly traded uranium supplier, has provided a 2024 production guidance which is also not very bullish.
While the supply remains challenging, the demand continues to ramp up. The surge in uranium demand has been predominantly fueled by heightened utility contracting, a trend that offers robust support and sustainability to elevated price levels. The World Nuclear Association’s Nuclear Fuel Report indicates that global nuclear reactor demands are projected to almost double by 2040, rising from 65,650 tU in 2023 to 130,000 tU in 2040. According to Sprott, utilities have nearly 1.5 billion pounds of uncovered uranium requirements through 2040, compared to current annual production of around 150 Mlbs. Further, substantial underinvestment in new mining projects has exacerbated an already constrained supply side, leading to prolonged strain in the years ahead.
The uranium market appears to remain firmly in an uptrend driven by rising demand and constrained supply. Elevated prices also enhance the prospects for junior miners to progress their projects and potentially secure future supply agreements with utilities.
Norfolk Metals boasts uranium assets in a tier-1 mining jurisdiction of South Australia. The recent maiden drill program at the Orroroo project intersected a uranium-bearing floodplain, boosting confidence in the potential of the project.
Norfolk continues to review complementary projects with plans to expand its uranium project suite. In 2024, the company signed an exclusivity agreement with Green Shift Commodities (TSXV:GCOM) to acquire Las Alteras uranium project in Argentina. Las Alteras is surrounded by non-JORC foreign estimates at URAmerica’s Meseta Central deposit (19.1 Mlbs U308), CNEA’s Cerro Solo deposit (11.49 Mlbs U308), ISO Energy’s Laguna Salada deposit (10.1 Mlbs U308), along with the Cerro Condor and Los Adobes historical uranium mines.
Company Highlights
- Norfolk Metals is an ASX-listed uranium-focused explorer with assets located in South Australia (Orroroo uranium project), Argentina (Las Alteras uranium project) and Tasmania (Roger River gold/copper project).
- The primary focus is on advancing the Orroroo uranium project located in the Walloway Basin in South Australia. Orroroo comprises three granted exploration licenses, which together cover 723 square kilometres. of contiguous tenements. The land holding is divided into three project areas named Orroroo, Johnburgh and Black Rock.
- Orroroo has geological similarities to well-endowed South Australian uranium producers such as Boss Energy’s Honeymoon Uranium project and Heathgate Resources’ Four Mile mine.
- Norfolk completed a maiden drill program at Orroroo which delineated uranium in 10 of the 17 holes with grades reaching as high as 796 ppm. The maiden drill program also identified a uranium-bearing floodplain 50 meters south of the Wongway Creek Target.
- In Argentina, Norfolk has signed an exclusivity agreement with Green Shift Commodities to acquire Las Alteres uranium project, a project surrounded by multiple uranium deposits and historical mines in every direction including the Cerro Solo government owned deposit
- The Roger River Project comprises two granted exploration licenses, which together cover 261 square kilometers, located in Tasmania. The project is prospective for gold and copper.
- Norfolk is evaluating other projects for acquisition, which includes complementary projects to the South Australian uranium project suite.
- Uranium prices are likely to remain firm on the back of supply deficit. Kazakhstan, the world’s largest uranium supplier, has warned of lower production in 2024, while demand continues to remain high as governments around the world embrace nuclear power to reduce reliance on fossil fuels.
Key Projects
Orroroo Uranium Project
The Orroroo uranium project consists of three exploration licenses - EL6552, EL6814, and EL6948 - spanning a total of 723 square kilometers, situated roughly 274 kilometers northwest of Adelaide, South Australia. The large land holding is divided into three project areas named Orroroo, Johnburgh and Black Rock.
Orroroo lies within the Walloway Basin, an underexplored uranium region characterized by sediments of similar age to those found in the nearby Frome Embayment, where Boss Energy’s Honeymoon project is located.
Norfolk Metals completed a two-phase drilling program at Orroroo Project (EL6552), identifying uranium in 10 of 17 holes with grades reaching as high as 796 parts per million (ppm). Phase 2 of the drill program also identified a uranium-bearing floodplain 50 meters south of the Wongway Creek Target. The confirmation of uranium-bearing floodplain deposits upstream of Wongway Creek has strengthened confidence in the paleochannel model. Crucial drill holes, including ORMR015A and ORMR017, have offered valuable insights into floodplain features and the identification of kaolinitic clay marker beds, crucial for unraveling the basin’s geological evolution.
Drill samples from ORMR015A showing the kaolonitic clay marker unit from 121-130 metres and floodplain silt from 130-137 metres.
ORMR015A intersected what seems to be a floodplain dominated by silt, with minor gravel and two elevated gamma anomalies indicating uranium at both the top and bottom of this unit. In ORMR017, there was a heightened gamma response at approximately 132 meters depth, aligning with the top of the floodplain identified in ORMR015A. This suggests that the paleochannel may be situated just meters away from the target. Additionally, the detection of a mustard-colored limonite-rich fluid in certain drilling locations suggests potential uranium sources.
The identification of paleochannels offers geologists precise targets for uranium exploration. By mapping geological characteristics and comprehending past river systems, exploration endeavors can be concentrated on regions with an increased probability of harboring uranium deposits.
The maiden drill program has further substantiated Orroroo as a potential emerging uranium district within the renowned Walloway Basin in South Australia. Norfolk is moving forward on the future planning and approvals for Orroroo with a focus on the uranium-bearing floodplains intersected near the Wongway Creek target.
In 2024, Norfolk will begin operations on exploration permit EL6814, which is adjacent to the north and south of EL6552. The initial activities on EL6814 will be planned based on the findings and analysis from the inaugural drilling program at EL6552.
The company remains optimistic about the potential of the Walloway Basin beyond EL6552 (Orroroo project), particularly in areas such as the northern region (Johnburgh Project) and the southern region (Black Rock Project), where significant portions have yet to undergo geophysical surveys or drilling operations.
Las Alteras Uranium Project
Through an exclusivity agreement with Green Shift Commodities (GCOM) Norfolk has rights to 22 claims totaling 60,396 hectares comprising the Las Alteras uranium project to the west and east of the 11.49M lbs (Reasonably Assured Resource) Cerro Solo uranium deposit.
Las Alteras is surrounded by UrAmerica’s Meseta Central deposit (19.1 Mlbs eU308), CNEA’s Cerre Solo deposit (11.49M lbs U308), and ISO Energy’s Laguna Salada deposit (10.1 Mlbs U308). The project is also close to two historical mines, Cerro Condor and Los Adobes.
Norfolk plans to complete a due diligence on the project and pursue completion of the acquisition of the property from Green Shift Commodities.
Roger River Project
The Roger River Project comprises two granted exploration licenses encompassing a total area of 261 square kilometres. Positioned 410 kilometres northwest of Hobart, Tasmania, the project is deemed prospective for gold and copper.
During 2023, Norfolk continued its exploration program to obtain a better understanding of the copper and gold mineralization to guide the next exploration phase and potential drilling. The exploration work included a soil sampling program. The soil program entailed the collection of new surface samples and the re-analyses of selected historical soil samples over the White Water and A2 prospects which were submitted for Cu analysis.
Fresh surface samples were gathered on a grid measuring 200 by 100 meters around A2, totaling 98 samples. This sampling covered an area of roughly 1.2 kilometers by 1.5 kilometers along the interpreted splay from the Roger River Fault. The findings reveal a persistent copper anomaly surrounding the A4 and A5 prospects, situated along the interpreted fault splay originating from the Roger River Fault.
The historical samples re-analyzed revealed a continuous copper anomaly around the A4 and A5 prospects located along the interpreted fault splay from the Roger River Fault.
Management Team
Ben Phillips – Executive Chairman
Ben Phillips brings over 15 years of experience in commercial negotiations across diverse industries, including oil and gas, resources, medical technology, software-as-a-service and defense. He guides departments spanning from R&D and exploration to production, commercialization, and sales. Previously, Phillips served as a non-executive director at Bronson Group (ASX:BGR) and later at Mandrake Resources (ASX:MAN). In his current role as a corporate executive at Ironside, he focuses on sourcing, structuring, funding and managing requirements for small-cap companies, both private and public. Phillips has been with Ironside Capital since its inception, previously serving at Merchant Corporate Finance.
Leo Pilapil – Non-Executive Technical Director
Leo Pilapil has over 30 years of experience as a geoscientist. Throughout his career, he has held director positions at numerous junior companies across Australia, Africa and Turkey. In these roles, he has been primarily responsible for technical project evaluations, project acquisitions, project management and business development. Pilapil's notable achievements include the discovery of the Harlequin Gold Deposit (1 Moz) under salt lake conditions in Norseman, Western Australia. Additionally, he has played a key role in the extension and discovery of several ore deposits in Australia, Africa and Turkey. Pilapil has served as a geological consultant for numerous companies across the globe, including Aditya Birla in Australia, Alacer Gold Corporation in Turkey, African Uranium in Namibia, and NIKKI Lao in Lao PDR.
Patrick Holywell – Non-Executive Director
Patrick Holywell possesses over 15 years of expertise in accounting, finance and corporate governance, having worked at Deloitte and Patersons (now Canaccord Genuity). He is a chartered accountant and a fellow of the Governance Institute of Australia. Over the past decade, Holywell has primarily focused on director and company secretarial roles within the resources and technology sectors. His recent engagements include positions at De Grey Mining, Si6 Metals, and Pentanet.Aurum Resources: Game-changing Gold Exploration at Prolific Côte d’Ivoire, West Africa
Aurum Resources (ASX:AUE) offers a compelling value proposition by primarily focusing on gold through its flagship Boundiali gold project located in Côte d’Ivoire, West Africa. Côte d'Ivoire's gold mining sector is experiencing significant growth and development as its political, legal, tax and operational risk metricsout performs most developing countries in the world.
The Boundiali gold project in Cote d’Ivoire is located within the Boundiali Greenstone Belt, which hosts Resolute’s Syama gold operation (11.5 Moz) and the Tabakoroni deposit (1 Moz) in Mali. Neighbouring assets also include Barrick’s Tongon mine (5 Moz) and Montage Gold’s Kone project (4.5 Moz).
The Boundiali gold project comprises four contiguous granted licenses: PR0808 (80 percent interest), PR0893 (80 to 88 percent interest), PR414 (100 percent interest), and PR283 (70 percent interest).
Company Highlights
- Aurum Resources is a precious metals company with exploration prospects in the same greenstone belt as the Syama (11.5 Moz), Sissingué (1.0 Moz), Tongon (5.0 Moz) and Kone Gold (4.5 Moz) deposits of West Africa.
- Upcoming catalysts include a maiden mineral resource estimate expected to be completed by the end of 2024. The company believes mineralization is open at depth and along strike and highlights the existence of numerous gold mineralization targets within the large land holding of Aurum’s Boundiali Gold Project.
- Aurum operates its own drill rigs, allowing the company to significantly reduce its exploration costs relative to peers.
- Management has a track record of creating value for shareholders from exploration through to project development, mine construction and gold production.
- Strong leverage to increasing gold prices that will benefit from a declining interest rate environment and rising global geopolitical risk factors.
- Well funded for greater than 12 months and over 100,000 metres diamond drilling programs and metallurgical study
This Aurum Resources profile is part of a paid investor education campaign.*
Click here to connect with Aurum Resources (ASX:AUE) to receive an Investor Presentation
Quarterly Activities Report for the Period Ended 30 June 2024
Summary:
Exploration / Growth
- High-grade assays from the 952koz Never Never Gold Deposit including the deepest-ever result from the Dalgaranga Project:
- 12.54m @ 14.32g/t gold from 570.91m, incl. 2.52m @ 67.49g/t (DGRC1430- DT)
- 13.75m @ 10.08g/t gold from 667.00m, incl. 3.00m @ 38.10g/t (DGRC1429- DT)
- 12.80m @ 8.13g/t gold from 603.00m, incl. 1.00m @ 96.47g/t (DGDH055)
- 10.50m @ 7.95g/t gold from 1,042.50m (DGDH064) – deepest “project” assay
- 11.60m @ 15.10g/t gold from 861.40m (DGDH068)
- 19.67m @ 19.43g/t gold from 765.33m, incl. 3.74m @ 62.98g/t (DGDH066)
- 10.14m @ 11.26g/t gold from 966.6m, incl. 0.77m @ 126.45g/t (DGDH064- W1)
- Assays from significant new high-grade gold discovery at the Pepper Prospect, immediately south of Never Never, including:
- 17.52m @ 15.86g/t gold from 522.0m, incl. 9.22m @ 27.89g/t (DGRC1432- DT)
- 11.28m @ 5.94g/t gold from 585.72m (DGDH069)
- 14.73m @ 11.42g/t gold from 553.73m, incl. 4.37m @ 36.80g/t (DGDH070)
- 17.67m @ 6.58g/t gold from 561.85m, incl. 7.53m @ 11.93g/t (DGDH069- W1)
- 25.24m @ 16.66g/t gold (uncut) from 616.41m (DGRC1431-DT-W1), incl:
- 5.21m @ 18.74g/t, 4.65m @ 52.46g/t and 5.44m @ 12.39g/t gold in three separate high grade sub-intervals within the overall high-grade drill intercept.
- 30.79m @ 12.12g/t gold from 647.67m, incl. 3.47m @ 92.19g/t (DGRC1431- DT)
- Further positive assays from West Winds and Sly Fox:
- 28.65m @ 4.25g/t gold from 458.00m, incl. 4.60m @ 18.30g/t (DGRC1446- DT)
- 23.60m @ 2.45g/t gold from 457.40m, incl. 7.00m @ 4.07g/t (DGRC1408-DT)
- 24.00m @ 1.58g/t gold from 250.00m, incl. 7.00m @ 3.24g/t (DGRC1436)
- Updated Mineral Resource Estimates for Never Never and Sly Fox, as well as maiden standalone MRE’s for the Four Pillars, West Winds and Pepper Gold Prospects due for imminent release.
- Development of the underground exploration drill drive awarded to Barminco with commencement in Q3 2024. Finalisation of approvals and support activities well in train. The decline will provide underground drill platforms to more effectively define existing deeper resources, explore for further high-grade targets and shoots, and provide critical underground infrastructure as Spartan develops its future mine plan.
Care and Maintenance (Dalgaranga)
- Mining and processing operations remained on care and maintenance, with scheduling of ongoing care and maintenance activities underway to maintain the process plant and associated site infrastructure.
Corporate
- Successful $80.0 million capital raising completed, comprising a $69.0 million Placement and Accelerated Institutional Entitlement Offer and an $11.0 million Retail Entitlement Offer.
- Mr Hansjoerg Plaggemars resigned as a Non-Executive Director, effective 30 June 2024.
- Mr David Coyne was re-appointed as an Executive Director and Joint Company Secretary, effective 1 August 2024.
- Total cash and listed company investments at 30 June 2024 of $93.8 million.
Spartan Managing Director and CEO, Mr Simon Lawson, commented:
“It’s been another huge quarter for Spartan, with a new high-grade gold discovery at the Pepper Prospect, further outstanding intercepts from across our existing deposits – including our deepest project assay to date from Never Never, which graded almost eight grams per tonne more than 1km down-hole – and a landmark $80 million capital raising that will enable us to substantially ramp-up exploration and development activities.
“Our drilling throughout the Quarter has continued to reinforce our ability to deliver high-grade ounces in front of Dalgaranga’s existing infrastructure.
“The new Pepper discovery has provided plenty of excitement for our geology team, delivering a new zone of high-grade Never Never-style mineralisation in between the existing Never Never and Four Pillars deposits, with the discovery hole returning an intercept of 17.52m grading 15.86g/t gold, including 9.22m grading 27.89g/t.
“Since first announcing the discovery in mid-April, we have had a drill rig continuously turning at Pepper, with the Company on-track to deliver a maiden Mineral Resource Estimate for the deposit as part of our scheduled mid-year Resource update for Dalgaranga. This Resource update will also include inaugural estimates for the Four Pillars and West Winds deposits, as well as updates for both Never Never and Sly Fox.
“All of the drill results reported during the Quarter were returned from steeply-dipping deposits along a single, 800m-long stratigraphic horizon, with planning now complete for the development of an exploration drill drive to provide underground drill platforms to better target this zone. We expect to be in a position to commence construction of this drill drive during the September Quarter, positioning the Company for plenty of exciting drilling in the second half of the year.
“Development of this drill drive, as well as our ongoing exploration and development programs, will be underpinned by the highly successful $80 million capital raising completed during the Quarter. This raising was well supported both by institutional and retail investors and I would like to sincerely thank all shareholders who participated.”
Click here for the full ASX Release
This article includes content from Spartan 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.
Rich Checkan: Gold Still "Dirt Cheap" at All-time Highs, Buy Now if You Haven't
The gold price remains historically high, but for Rich Checkan, president and CEO of Asset Strategies International, the yellow metal is still "dirt cheap."
He urged those who haven't made allocations to gold and silver yet to consider buying now.
"We're heading into the doldrums, we're kind of consolidating here. China's off the market ... so the prices are low here — at all time-highs, the prices are low. And because western investors aren't buying coins and bars, the premiums are low," Checkan explained. "You've got the perfect storm here of low prices, low premiums — take advantage of it."
Watch the interview above for more from Checkan on gold and silver.
You can also click here to view the Investing News Network's Rule Symposium playlist on YouTube. Recorded presentations from the Rule Symposium are available here.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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Dana Samuelson: Never More Bullish on Gold, Silver Can Easily Break Higher
Dana Samuelson of American Gold Exchange discussed his outlook for gold and silver prices in both the short and long term, and mentioned which physical products he recommends investors look into.
"I wouldn't be surprised to see silver make a US$5 or US$10 move from here very quickly, especially if gold can break a little above its all-time high," he explained on the sidelines of the the Rule Symposium.
He was speaking a week before gold did exactly that. Samuelson added, "If gold makes a run at a new high and gets into the US$2,500 (per ounce) range, I think silver could be US$45, US$50 (per ounce) very quickly."
Watch the interview above for more from Samuelson on gold and silver, as well as platinum and palladium
You can also click here to view the Investing News Network's Rule Symposium playlist on YouTube. Recorded presentations from the Rule Symposium are available here.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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Quarterly Activities Report for the Period Ended 30 June 2024
Warriedar Resources Limited (ASX: WA8) (Warriedar or the Company) is pleased to report on its activities for the quarter ended 30 June 2024.
HIGHLIGHTS
Golden Range and Fields Find Projects, Western Australia
- Remaining nine (9) assay results from Phase 1 2024 RC drilling at Ricciardo returned significant intervals of high-grade gold mineralisation, including:
- 8m @ 11.40 g/t Au from 166m (RDRC041), including
- 3m @ 22.38 g/t Au from 167m
- 8m @ 2.63 g/t Au from 160m (RDRC034)
- 4m @ 14.49 g/t Au from 188m (RDRC039), ending in mineralisation
- 12m @ 1.91 g/t Au from 74m (RDRC040), ending in mineralisation
- 8m @ 11.40 g/t Au from 166m (RDRC041), including
- Diamond drilling program, for 29 holes and approximately 2,500m, commenced at Ricciardo and M1. Results returned after the June quarter end for the first twelve (12) diamond tails (for 770m) intersected significant gold mineralisation, including:
- 19m @ 4.94 g/t Au from 188m (RDRC039 DD) (includes contiguous final RC result of 4m @ 14.49 g/t from 188m)
- 8.9m @ 8.93 g/t Au from 156m (M1RC191 DD), including
- 2m @ 23.83 g/t from 158m
- 12m @ 6.98 g/t Au from 110m (RDRC040 DD), including
- 3m @ 22.12 g/t Au from 112m
- 16m @ 2.30 g/t Au from 243m (RDRC055 DD), including
- 6m @ 3.13 g/t Au from 252m
- 17m @ 2.38 g/t Au from 264m (RDRC055 DD) including
- m @ 4.03 g/t Au from 273m
- Results to date at Ricciardo substantially increased the known extent of the high-grade shoots beneath the historic Silverstone and Ardmore pits; confirm the presence of a (new) high-grade shoot below the Eastern Creek pit; and expand the mineralised deposit area below the Silverstone and Silverstone South area.
- Results for the first Resource infill diamond hole at M1 returned significantly higher grade than expected, confirming the high-grade extension potential at this deposit.
- Phase 2 2024 RC drilling program at Ricciardo and M1, for 25 holes and approximately 5,024m is complete. A large proportion of these RC meters are ‘pre-collars’ for the diamond tails.
- The diamond drilling program, the first at Ricciardo and M1 in over 10 years, is still ongoing and expected to be completed by mid-August.
Big Springs Project, Nevada
- Proposed Plan of Operation (PoO) application continues to progress.
Corporate
- Asset Sale Agreement pertaining to the acquisition of non-core tenements E59/1324-I, M59/386-I, M59/387-I and M59/425-I (Deferred Assets) terminated, with the date for satisfaction of required conditions precedent passing.
- Cash of A$3.6 million as at 30 June 2024 and zero debt (excluding typical trade creditor balances).
Western Australian Projects
The Golden Range and Fields Find Projects (the Projects) are located approximately 350 km northeast of Perth and 260 km east-southeast of Geraldton (refer Figure 1). The total consolidated land package of the Projects is 788 km2, extending for over 70 km of strike from north to south and covering much of the central Yalgoo-Singleton and Warriedar Archean greenstone belts.
Total historical gold production from Golden Range and Fields Find was 350 koz, with the existing oxide plant placed on care and maintenance in August 2019.
The current JORC (2012) Mineral Resource estimate for Golden Range is 15.2 Mt at 1.7 g/t Au for 816 koz contained gold (of which 412 koz at 1.7 g/t Au sits in the Measured and Indicated classifications). For further Mineral Resource estimate details, refer to ASX release dated 28 November 2022.
Click here for the full ASX Release
This article includes content from Warriedar 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.
Development Contract for Underground Exploration Drill Drive Awarded to Barminco
New drill drive to provide underground drill platforms to in-fill and extend existing deposits and identify new high-grade shoots
Spartan Resources Limited (“Spartan” or “Company”) (ASX: SPR) is pleased to announce that it has awarded the contract for the development of an underground exploration drill drive at its 100%-owned Dalgaranga Gold Project (“DGP”), located in the Murchison region of Western Australia, to specialist underground mining services contractor, Barminco Limited, a wholly owned subsidiary of the ASX-listed global diversified mining services company Perenti Limited (ASX: PRN).
Highlights:
- Development contract for the underground exploration drill drive at the Dalgaranga Gold Project awarded to Barminco Limited.
- The contract, which is valued at ~$18.3 million, provides for 2,350m of development to deliver twin decline access for the establishment of underground drilling platforms to in- fill and extend mineralisation within the Never Never, Pepper, Four Pillars and West Winds areas.
- The drill drive has also been designed to support future mine production activities.
- All regulatory mining approvals are now in place and all major support services have been engaged to facilitate the commencement of construction in the current quarter.
- Surface exploration drilling at Dalgaranga will shortly re-commence, with rigs arriving on site later this month.
Figure 1: Long Section of the Never Never Gold Deposit and the Pepper, Four Pillars and West Winds Gold Prospects looking east. Proposed exploration drill drive design in black.
The contract, which is valued at ~$18.3 million including an allowance for fuel and contingencies, provides for 2,350m of development to deliver twin decline access for the establishment of underground drilling platforms to in-fill and extend mineralisation across the Never Never, Pepper, Four Pillars and West Winds deposits.
All of these steeply-plunging, high-grade gold zones are located along a single 800m-long, semi- continuously mineralised north-south stratigraphic horizon (see Figure 1). The exploration drill drive has been designed to run parallel and adjacent to this horizon to provide underground drill platforms to more effectively define these existing deposits and prospects, as well as explore for further high-grade shoots and provide critical underground infrastructure as Spartan develops its future mine plan.
Construction of the drill drive is on-track to commence in the September Quarter, with all regulatory mining approvals and support services in place. In addition, the Company has established an experienced on- site project team to manage and oversee the development and construction process. Establishment of the drill drive, and an initial underground drilling programme, is fully funded from the Company’s existing cash reserves.
Management Comment
Spartan Managing Director and Chief Executive Officer, Simon Lawson, said: “We are delighted to have Barminco on board to complete the construction of this new drill drive, which represents a very exciting initiative that will enable us to drill from platforms located right alongside our high-grade deposits and targets. This will provide for cheaper, more accurate and quicker drilling to continue to accelerate our Resource growth and conversion to Ore Reserves.
“All of the high-grade deposits and prospects discovered at Dalgaranga over the past two years remain open at depth – with mineralisation at the Never Never deposit now defined to beyond 1km below surface – and we’re very excited to get the underground rigs in place to help determine just how deep this high- grade mineralisation extends.
“Importantly, the drill drive is being constructed using the same dimensions as a standard underground mine development, ensuring it can be incorporated into our infrastructure planning for the future re- commencement of mining operations.
“Construction of the drill drive is set to kick-off later this Quarter and is expected to take approximately 10 months to complete. In addition, we will also shortly re-commence surface drilling programs, targeting the Pepper, Four Pillars, West Winds and other near-surface anomalies, ensuring plenty of exciting news- flow for shareholders in the months ahead.”
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