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ENRG Elements Limited (ASX: EEL) (“ENRG Elements” the “Company”) is pleased to provide an update on the rock chip sampling program completed in Q3 CY2022 at the Company’s Agadez Uranium Project (“Agadez”, “Project”), which has delivered outstanding assay results and confirmed mineralisation throughout the tenement package.
Highlights:
- Assay results from rock chip sampling program at Agadez returns outstanding results, including 34.3% U3O8 and 26.1% U3O8.
- Significant assay results include:o TKD066 – 343,008ppm U3O8 (34.3%)
- TKD086 – 261,066 ppm U3O8 (26.1%)
- TKD015 – 27,255 ppm U3O8 (2.7%)
- TKD090 – 18,357 ppm U3O8 (1.8%)
- TKD017 – 11,772 ppm U3O8 (1.2%)
- TKD086 – 261,066 ppm U3O8 (26.1%)
- Successful program, with 74 of 83 (89%) samples collected returning values over 500ppm U3O8.
- Results will be used in conjunction with existing airborne radiometrics to define priority regional exploration targets.
The rock chip sampling program focused on several areas identified by airborne radiometric geophysical surveys and historic sampling undertaken on the tenements, as follows:
1. Terzemasour 1 (“TER 1”):
- Takardeit Centre, being the location of the current Inferred Mineral Resource Estimate (“MRE”) (“Takardeit Deposit”); and
- Takardeit East, Takardeit North and Takardeit North-West (the “Takardeit Prospects”);
3. Tagait 4 (“TAGT 4”) at the Idekel prospect.
Figure 1 below shows the location of the rock chip samples within the various prospects at TER 1, TOU 1 and TAGT 4, with a regional geology underlay.
Figure 1 – Rock Chip sampling locations on regional geology
ENRG Elements Managing Director, Caroline Keats, commented: “These outstanding results from the rock chip sampling program at Agadez further confirms the regional prospectivity of our Niger assets by identifying significant mineralisation throughout the entire Agadez Project. These results will further assist with defining our regional program, including a near surface drilling program, by identifying high priority targets based on coincident geochemical and geophysical data. We look forward to further expanding our overall project potential and further developing our Mineral Resource at Takardeit.”
As announced in May 2022, the Takardeit Deposit was updated from JORC 2004 to JORC 2012 guidelines, to contain an Inferred MRE of 16.5Mt at a grade of 295ppm eU3O8 for 10.7Mlbs (at 150ppm cut-off)(ASX Release – 30 May 2022). Agadez hosts similar geology to Orano SA’s Cominak/Somair and Imouraren mines and the deposits held by Global Atomic Corporation (TSE:GLO) and GoviEx Uranium (CVE:GXU).
The 83-rock chip sample program, commenced in June 2022, shortly after the Company’s acquisition of the Agadez Project. Assaying of samples was undertaken by Intertek, in Perth Western Australia. To validate Intertek’s assay results, samples returning values over 1.0% U3O8 were independently re-assayed by ALS, in Brisbane Queensland, using an alternate assay technique. Comparison between the two sets of laboratory results have indicated a strong correlation confirming Intertek’s original assay values.
The rock chip sampling program was intended to provide geochemical assay results within areas identified from previous airborne radiometric surveys within the tenement package and confirm historical sampling undertaken by NGM Resources Ltd in 2009.
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This article includes content from ENRG Elements 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.
Jeffreys Find Gold Mine Toll Milling of 150,000 Tonnes Commenced, Second 2024 Campaign
HIGHLIGHTS
- Processing of 150,000 tonnes commenced at Greenfields Mill.
- 75,600 tonnes on ROM Pad at Greenfields as of 23 July 2024.
- Second campaign expected to finish early September 2024.
- On target to process 300,000 tonnes at Greenfields Mill in 2024/2025.
- BML expects to mine well in excess of 300,000 tonnes in 2024/2025.
- First cash distributions to Auric this quarter.
MANAGEMENT COMMENT
Managing Director, Mark English, said: “We have the good fortune of pouring gold just as the price firms. It happened last year when the price went to $3,000 an ounce, this year it’s around $3,600 an ounce.
“The ever increasing gold price will result in Auric and our joint venture partner generating cash surpluses well in excess of what we had budgeted and anticipated.
“150,000 tonnes is a sizeable parcel of ore for this campaign. While it will take six weeks or so to mill, we expect it to generate well in excess of $25 million through gold sales for the joint venture.
“The mill contract is to process 300,000 tonnes in 2024. This 150,000 tonnes parcel will be the largest for Stage 2 of mining of Jeffreys Find. That leaves an additional 120,000 tonnes for milling at Greenfields towards the end of 2024.
“Jeffreys Find will be a substantial cash producer for Auric in 2024. We are on target to receive our first distribution within about a month.” said Mr English.
The Jeffreys Find Pit as of 16 July 2024
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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.
Viani - Low Sulphidation Epithermal Gold Project License Renewed
Highlights
- MRD notified Alice Queen on Friday 19 July 2024 via email that its Viani license (SPL1513) has been renewed for a further three years with effect from Wednesday 3 July 2024.
- Viani, located on the Pacific Rim of Fire on Vanua Levu in Fiji, covers an area greater than 200km2 and is largely under explored (see Figures 1 and 2).
- The Dakuniba prospect within Viani has been previously sampled where epithermal gold mineralisation has been recorded in outcrop samples over a >3km strike length.
- Multiple epithermal veins within the Dakuniba prospect area, 5km by 1.5km surface gold-in- soil geochemical anomaly - the footprint of the epithermal mineralisation is comparable to other economically productive gold epithermal deposits globally.
- Previous drilling by Japanese International Cooperation Agency (JICA) in 1997 focused on a small, shallow part of the overall system and intersected high grade epithermal gold mineralisation.
- (Hole MJFV-5 (see Figure 3) over 6 vein zones at 50 to 100m below surface with best results, 0.6m @ 27.6 g/t Au & 900 g/t Ag and 0.4m @ 11.7 g/t Au1 and remains open in all directions.
- The JICA drilling was limited to only 600m of strike-length of the 5km long gold-in-soil anomaly (>10ppb Au) supported by epithermal geochemistry i.e., Ag and As.
- Based on discovery knowledge from epithermal systems worldwide, it is apparent the historical drilling was an inadequate test of the Viani gold system.
Alice Queen’s Managing Director, Andrew Buxton said,
We are delighted the SPL1513 license has been renewed for a further three years and look forward to continuing to work alongside the Fiji Mineral Resources Department as we commence our next phase of exploration activities. The Viani Gold Project is a tremendous prospect which has demonstrated it has the potential to become a significant epithermal system. With the license now renewed and the Company fully funded for its Fiji exploration plans, Alice Queen will continue the systematic exploration of the Viani Gold Project with the Company having commenced planning for its upcoming exploration programs.
Viani
Figure 1. Fiji Project locations.
Figure 2. Location of the Dakuniba Prospect in relation with SPL1513.
The Viani project (SPL1513) covers an area greater than 200km2 on the Caukadrove Peninsula on the Pacific Rim of Fire, Vanua Levu, Fiji. It is well serviced from Savu Savu on Vanua Levu and is highly prospective for a high-grade LSE gold system (see ASX releases 2 December 2022, “VIANI UPDATE” and 6 March 2023, “ALICE QUEEN UPGRADES VIANI EPITHERMAL PROJECT”.
Following a renewal process for Viani (SPL1513) which the Company commenced earlier this year (including as announced in the Quarterly Activities Report released to ASX on 23 April 2024), MRD notified Alice Queen on Friday 19 July 2024 that the license had been renewed with effect from Wednesday 3 July 2024 for a further three years. The renewed license includes typical terms for a license of this nature, including minimum work program and expenditure requirements.
Whilst the greater project area remains under explored, extensive sampling, trenching and (historic) limited drilling of the Dakuniba prospect area has been previously completed.
Previous drilling by JICA in 1997 returned multiple epithermal gold intersections in shallow drilling. Hole MJFV-5 (see Figure 2) intersected 6 vein zones at 50 to 100m below surface (best results include 0.6m @ 27.6ppm Au & 900ppm Ag, 0.4m @ 11.7ppm Au & 4.3ppm Ag)1. The JICA drilling was limited to only 600m of strike-length of the 5km long gold-in-soil anomaly (>10ppb Au) supported by epithermal geochemistry i.e., Ag and As.
Further details in relation to upcoming exploration plans at Viani will be announced in due course.
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This article includes content from Alice Queen 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.
