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![Australasian Metals Limited](https://investingnews.com/media-library/australasian-metals-limited.png?id=52327540&width=1200&height=800)
Option to Acquire High Pure Quartz Project in the Northern Territory
Australasian Metals Limited (ASX: A8G, Australasian or the Company) is pleased to advise that the Company has entered into an Option Agreement with Verdant Minerals Limited regarding the Dingo Hole High Pure Quartz Project (EL31078) (Dingo Hole HPQ Project). The acquisition of the highly prospective project will provide Australasian with exposure to the rapidly growing High Pure Quartz (HPQ) sector.
Highlights
- Australasian has signed an option to acquire the Dingo Hole High-Purity Quartz project in the Northern Territory
- High Pure Quartz (HPQ) is defined relative to the IOTA® standard and is a key strategic raw material for global semiconductor and electronics industries
- HPQ resources that can be processed to meet the IOTA® standard are rare globally and growth in AI technologies is resulting in surging demand
Dingo Hole High Pure Quartz Project Highlights:
- Significant outcropping silica mineralisation across the project area with good road access
- Historical geochemical data indicate over 30 surface samples contain greater than 99.94% SiO2 with only minimal sample preparation prior to assay1
- 9 historical samples potentially meet IOTA standard with deleterious elements such as aluminium (Al) below 10 ppm and titanium (Ti) and lithium (Li) below 1 ppm
Dingo Hole High Pure Quartz Project
The Dingo Hole HPQ Project (EL31078) is located in the Georgina Basin, approximately 300km southeast of Tennant Creek (Figure 1). The project covers 35.16km2 and was subject to limited exploration by Rum Jungle Resources Limited (Rum Jungle, renamed to Verdant Minerals Limited) from 2012 to 2016.
Figure 1 Dingo Hole High Pure Quartz (HPQ) project location in Central Northern Territory
In 2015, Rum Jungle conducted a mapping and rock chip sampling program across the Dingo Hole project. 30 of the Dingo Hole samples tested were found to contain greater than 99.94% SiO2 with only minimal sample preparation prior to assay (the samples were pre-leached with 20% Hydrofluoric acid at 60˚ for 4 hours and subsequently washed in Milli-Q water). While this is highly encouraging, it is the low levels of deleterious elements such as aluminium, titanium and lithium contaminants that highlight the project’s world-class potential (Figure 2). Nine of 30 ICP-SMS samples from Rum Jungle’s program contained less than the IOTA® standard for deleterious elements aluminium (Al) at 16.2ppm (16,200ppb), nearly all were better than the 200ppb (0.2ppm) IOTA® level for lithium (Li) and all were well below the 1.2ppm (1,200ppb) level for titanium (Ti).
Click here for the full ASX Release
This article includes content from Australasian 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.
Expressions of Interest Submitted
Highlights:
- The Company's subsidiaries, Atacama Salt Lakes SpA, CLS Chile SpA and CleanTech Antofagasta SpA, have submitted RFIs to the Chilean Government in-line with the updated CEOL application procedure, part of the National Lithium Strategy.
- It is expected that the Chilean Government will release an update on the RFIs process on or around 9th July 2024, where the Government will elaborate on how projects are expected to move forward with the process leading to the award of a CEOL, a key contract required to becoming a new lithium producer in Chile subject to environmental impact assessments and possibly further consultation with local communities.
- RFIs have been submitted for CTL's two most advanced projects; Laguna Verde and Viento Andino (previously known as Francisco Basin) and three additional RFIs have been submitted for projects in partnership with other parties which are subject to confidentiality.
- The RFIs highlight the advanced progress CTL has made developing its projects based on using Direct Lithium Extraction, early and groundbreaking community engagement, and full alignment with Chile´s National Lithium Strategy.
- The name of the Company´s Francisco Basin project has been changed to Viento Andino, in line with the RFI submission, to highlight the project area is outside the area of a national park of similar name located in the basin.
- The award in due course of CEOLs will help CTL secure investment for the construction of the Projects thus contributing to the future supply of sustainable lithium from Chile.
Expressions of Interest Submitted
CleanTech Lithium submitted the Laguna Verde and Viento Andino Expressions of Interest ahead of the deadline of 17th June 2024 set by the Chilean government. The RFI process is for the Government to collate interest from all companies and review the suitability of developing a lithium project on all the salars in Chile that were identified as open for development. The Government will consider if consultation with local communities is needed before proceeding with the process to award a CEOL. CTL has maintained open dialogue with local communities since inception of its projects and signed a collaboration agreement with key local communities in December 2023, receiving their strong support for the development of CTL's sustainable lithium projects.
A third RFI submitted relates to the exploration licences CTL holds in the basin of the Salar de Atacama, which are significantly outside the salar margin, and the area designated as strategic under the National Lithium Strategy. This has been designated as the ´Arenas Blancas´ project. The Company has submitted a joint venture RFI with a private Chilean company with the combined licence area of the two companies having good prospectivity. The submission provides a compelling alternative for a sustainable lithium project in the region with a DLE based extraction-reinjection model that protects the hydrogeological balance of the subsurface aquifer and provides for innovative ways to work with the local community.
Two further RFIs have been submitted in joint venture with another party over salars that have been declared by the Government as open for lithium development. Details of these submissions remain, at this stage, confidential but if CEOLs are awarded for these an appropriate announcement will be made.
Project Name Change; Francisco Basin to Viento Andino
Francisco Basin has been CTL´s second priority project after the more advanced Laguna Verde project. The project is located in the vicinity of the Nevada Tres Cruces national park, which extends from the southern part of the Maricunga basin to the northern part of the Laguna del Negro Francisco basin, otherwise referred to as Francisco Basin. In March 2024, as part of the National Lithium Strategy, the Chilean Government further clarified that national parks would be protected from lithium development.
The Company has made the decision to change the name of the Francisco Basin Project to Viento Andino to remove any doubt as to which area the project covers and underlining that all previous exploration programmes and planned works are undertaken outside of the protected area and additionally applying a buffer zone.
For further information contact:
CleanTech Lithium PLC | |
Steve Kesler/Gordon Stein/Nick Baxter | Jersey office: +44 (0) 1534 668 321 Chile office: +562-32239222 |
Or via Celicourt | |
Celicourt Communications Felicity Winkles/Philip Dennis/Ali AlQahtani | +44 (0) 20 7770 6424 cleantech@celicourt.uk |
Beaumont Cornish Limited (Nominated Adviser) Roland Cornish/Asia Szusciak | +44 (0) 20 7628 3396 |
Canaccord Genuity (Joint Broker) James Asensio | +44 (0) 20 7523 4680 |
Fox-Davies Capital Limited (Joint Broker) | +44 (0) 20 3884 8450 |
Daniel Fox-Davies |
Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.
Notes
CleanTech Lithium (AIM:CTL, Frankfurt:T2N, OTCQX:CTLHF) is an exploration and development company advancing sustainable lithium projects in Chile for the clean energy transition. Committed to net-zero, CleanTech Lithium's mission is to produce material quantities of sustainable battery grade lithium products using Direct Lithium Extraction technology powered by renewable energy. The Company plans to be a leading supplier of 'green' lithium to the EV and battery manufacturing market.
CleanTech Lithium has two key lithium projects in Chile, Laguna Verde and Viento Andino, and hold licences in Llamara and Salar de Atacama, located in the lithium triangle, a leading centre for battery grade lithium production. The two major projects: Laguna Verde and Viento Andino are situated within basins controlled by the Company, which affords significant potential development and operational advantages. All four projects have direct access to existing infrastructure and renewable power.
CleanTech Lithium is committed to using renewable power for processing and reducing the environmental impact of its lithium production by utilising Direct Lithium Extraction with reinjection of spent brine. Direct Lithium Extraction is a transformative technology which removes lithium from brine, with higher recoveries than conventional extraction processes. The method offers short development lead times with no extensive site construction or evaporation pond development so there is minimal water depletion from the aquifer. www.ctlithium.com
High Grade Gold Trenching Program and Reassessment of Shuttered Gold Mines – Central Queensland
QX Resources Limited (ASX: QXR, ‘QXR’) announces a new program of trenching to extend known high grade gold mineralisation at Big Red Project, where prior trenching including mineralised widths of 9m @ 5.9g/t Au. The trenching is an initial phase, prior to drilling, as part of a plan of reassessment around potentially reopening closed open pit gold mines and further drill targets with the aim of future gold production scenarios.
- A follow-up trenching program has been planned at the Big Red Gold Project, Queensland.
- Previous trenching at Big Red returned high grade gold results including 9m @ 5.9g/t Au, with gold mineralisation remaining open along strike.
- Interpreted strike length over Big Red currently exceeds 450m with probable further concealed extensions beneath sandy loam surficial cover.
- The Company’s Gold projects are located in the Drummond Basin in central Queensland – an under- developed region with a long history of ongoing gold mining region with an endowment of over 8.5 million ounces.
- A reassessment of two shuttered open pit gold mines within QXRs ground has commenced as these mines were last operated when the gold price was less than A$500/oz.
- QXR has numerous gold and copper-gold targets which will be developed towards further drilling leading to potential production scenarios with updated permitting guidelines.
Gold trenching is planned to extend current high grade gold results in trenches at the Disney-Big Red Project (ASX announcement 1 Nov 2021). Two elongate gold anomalous zones were defined over 650m and may extend up to 1200m long. Best historic trench results from hard rock at the base of trenches at Big Red were:
- Trench 1 - 9m @ 5.9 g/t Au within a mineralised zone 35m wide. Large zone 80m @1.2 g/t Au
- Trench 2- 3m @ 2.2 g/t Au within a mineralised zone 13m wide. Large zone 28m @ 1.8 g/t Au
- Trench 4 - 2m @ 23 g/t Au with a mineralised zone 7m wide. Large zone 32m @ 1.7 g/t Au
These results produced a drill ready target, but that drill program was delayed twice due to weather and soft ground (ASX announcement 13 July 2021, 31 April 2022). Further trenching is planned to extend the current zone of high-grade gold mineralisation prior to a drilling program over a number of shallow targets. The Company believes the potential of Big Red may be similar to nearby Twin Hills deposit with 1.0Moz (23.1Mt@1.5g/t Au) incl 49m @5.2g/tAu and Lone Sister 0.48Moz (12.5Mt@1.2g/t Au) incl. 28m @45.2g/t Au (c.f. ASX:GBZ announcement 5 Dec 2022, 28 Apr 2023, 9 Jun 2023)
Reassessment of Open Pit Gold Mines
A reassessment of the potential of past open pit gold mines is underway. The two open cut mines, Belyando and Lucky Break, were closed when gold was less than A$500/oz. Drilling data by QXR and previous explorers shows potential exists for down dip extensions to known gold mineralised zones and parallel features, as well as extensions along strike.
QXR Managing Director, Stephen Promnitz, said: “QXR has excellent potential for a gold discovery at Big Red in Queensland, which will be followed-up in the planned trenching program and followed later by a drill program, previously delayed due to inclement weather. Nearby closed open pit gold mines were operating at much lower gold prices and show potential for future production as part of a reassessment of their potential.”
Next Steps
Trenching
A new program of trenching at Big Red Project (Disney) is an initial phase to extend two north-east trending elongate zones previously encountered in QXR trenches with high grade gold results occurring over a strike length of 650 metres. The zones may potentially be up to 1200m long based on past soil sampling and geophysics (magnetic low zones within magnetic highs). Mineralised widths included 9m @ 5.9 g/t Au in trenches (ASX announcement 1 Nov 2021, 16 Feb 2022). Quartz breccias show textures similar to gold producing zones elsewhere in the region.
Figure 1: Big Red (Red Dog) Project –Past trenches; quartz breccias; area of past trenches (yellow rectangle) and planned extensions (orange rectangle)
Drill targets
Revised drill targets will be generated from the trenching results, merged with geophysical data. These results produced a drill ready target, but that drill program was delayed twice due to weather and soft ground (ASX announcement 13 July 2021, 31 April 2022).
Resource models
Updated resource modelling for Belyando and Lucky Break have been commissioned. Both mines show potential exists for down dip extensions to known gold mineralised zones and parallel features, as well as extensions along strike.
Background
QXR holds nearly 100,000 hectares of leases in the Drummond Basin of central Queensland – an under- developed region with a long history of ongoing gold mining region with an endowment of over 8.5 million ounces (1). Gold mineralisation is largely related to intrusives into the region with the largest producer – Pajingo (ex-Newmont) having produced 3.4 Moz since 1986 and was instrumental in the creation of gold miner Evolution when they purchased the mine from Newmont (Newcrest).
The QXR leases show potential for epithermal gold and porphyry related copper gold deposits and include two historical open pit gold mines, Belyando and Lucky Break, that were last producing when the gold price was under A$500/oz. QXR holds 85,800 Ha of exploration leases on a 100% basis and 11,500 Ha (70%QXR) in a JV with private company, Zamia Resources.
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This article includes content from QX 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.
Balkan Mining and Minerals Limited (ASX: BMM) – Trading Halt
Description
The securities of Balkan Mining and Minerals Limited (‘BMM’) will be placed in trading halt at the request of BMM, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Thursday, 27 June 2024 or when the announcement is released to the market.
Issued by
ASX Compliance
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This article includes content from Balkan 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.
Further MOU Extension with Aleees and NT Government
Parties have now agreed a revised project development timeline below:
The MOU builds on the ongoing project development workstreams undertaken by Avenira, Aleees and the NT government. The extension is valid until 30 June 2025.
Avenira continues to pursue the LFP battery manufacturing project following the completion of a positive Scoping Study3, which demonstrated the strong economic and technical viability of the project.
Under the September 2022 announcement, a tripartite non-binding MOU was signed whereby Avenira, Aleees and the NT Government would work towards the development of a LFP battery cathode manufacturing facility, with the NT Government assisting and advising where appropriate in relation to necessary infrastructure including water, energy, power, telecommunications, road, port and rail access and service requirements.
This agreement has been extended to 30 June 2025 to allow the NT Government to continue to provide Aleees and Avenira with support through to the completion of the next stage studies.
Commenting on the extension of the MOU, Avenira’s Charman and Chief Executive Officer, Brett Clark, said:
“The MOU extension demonstrates the continuing support of the Northern Territory Government and Aleees with this significant LFP cathode project in Darwin.”
Click here for the full ASX Release
This article includes content from Avenira 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.
Substantial High-Grade Lithium Achieved Following Completion of Drill Hole 1 at Rio Grande Sur
Pursuit Minerals Ltd (ASX: PUR) (“PUR”, “Pursuit” or the “Company”) is pleased to provide the following update on its maiden Stage 1 Drilling Program with the first results and assay samples from drill hole 1 (“DDH- 1”) on the Maria Magdelena tenement.
HIGHLIGHTS
- Drillhole 1 (DDH-1) at the Maria Magdelena tenement of the Rio Grande Sur Project, has completed with substantial high grade intercepts of lithium brine discovered at depths as low as 557m.
- High-grade assays include the following intervals:
- 629mg/L (“milligrams per liter of Lithium”) from an interval of 512.75m to 518m
- 620mg/L from an interval of 115.5m to 117.5m
- 611mg/L from an interval of 258.25m to 260.25m
- 608mg/L from an interval of 495.25m to 497.25m
- 607mg/L from an interval of 369.25m to 371.25m
- Importantly, these grades over 600mg/L which were all discovered at depth are beneath the currently calculated mineral resource estimate and are expected to add to its size and grade.
- With completion of DDH-1, the crew is in the process of relocating to Sal Rio II to commence Drillhole 2 (DDH-2).
- The Stage 1 Drill Program is targeting resource growth to the existing inferred JORC resource of 251.3kt LCE @ 351mg/L1.
In relation to the progress of DDH-1 at the RGS Project, Pursuit Managing Director & CEO, Aaron Revelle, said:
“The results from DDH-1 are substantial as we demonstrate the world class potential of the Rio Grande Sur Project. With completion of DDH-1, we are continuing the important advancements we have made in our understanding of the RGS Project mineralisation, with the results continuing to demonstrate the potential large scale of the project. With outstanding high grade brine intercepts of ~600mg/L at depths of 115.5m and those grades continuing to ~520m, the project is exceeding our expectations.
“We continue to progress with permitting for the drilling program in the north of the Rio Grande Sur Project, which we intend to include in our Stage 1 program works as we target a substantial mineral resource upgrade. This is in addition to works at our Lithium Carbonate Pilot Plant which remains on track to produce our first Lithium Carbonate in the coming months, with Pursuit advancing off-take discussions with multiple requests for product samples from potential off-take partners.”
High-Grade, Deep Depth Lithium Brine Assay Results
DDH-1 of the Stage 1 drilling program completed on site at the Rio Grande Sur Project in mid-June 2024 having reached a depth of 560m.
Throughout the drilling of hole 1, the on-site geologists and drilling team have been extremely encouraged by the geological units encountered across the depths of the hole. Of particular interest, at a depth of approximately 100-130m, a highly porous sandy unit was encountered with Lithium brine grades substantially above expectation, based on historical drilling results. This zone has been earmarked as the potential location of a pumping well due to its heightened porosity and average grade of 620mg/L. As drilling continued to depth, DDH-1 continued to deliver exceptional grades averaging above 600mg/L and the presence of good quality, porous and permeable sands.
Table 1 – Lithium Assays, Interval Data and Drillhole Collar
Intercepts from DDH-1 have shown highly favourable geology in line with, and exceeding expectations from historical drilling (to depths of 50m) carried out on the Rio Grande Salar. Lithium brine sample grades from the sampling of the hole are averaging above 600mg/L against the average grade of 351mg/L used to develop the current Mineral Resource Estimate (“MRE”). Additionally, the mineralisation extended to a depth of ~560m also well below the depth used to develop the MRE1.
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This article includes content from Pursuit Minerals, 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.
Prospectus
For offers of:
(a) up to 91,108,333 New Options to Placement Participants on the basis of one New Option for every two Shares subscribed for and issued under the Placement (Placement Options Offer);
(b) up to 11,587,500 New Options to SPP Participants on the basis of one New Option for every two Shares subscribed for and issued under the SPP (SPP Options Offer); and
(c) 1,000 Shares at an issue price of $0.02 per Share to raise $20 (before expenses) (Cleansing Offer), (together, the Offers).
This Prospectus has been prepared partly for the purpose of section 708A (11) of the Corporations Act to remove any trading restrictions on the sale of Shares issued by the Company prior to the Closing Date.
IMPORTANT NOTICE
This document is important and should be read in its entirety. If after reading this Prospectus you have any questions about the Securities being offered under this Prospectus or any other matter, then you should consult your professional advisers without delay.
The Securities offered by this Prospectus should be considered as highly speculative.
Click here for the full ASX Release
This article includes content from Lithium Universe 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.
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