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Reach Resources Limited (ASX: RR1 & RR1O) (“Reach” or “the Company”) is pleased to advise that over 5,000m of the Phase 2 drill program has now been completed and again, multiple stacked pegmatites1 over substantial widths have been intersected across a number of targets within the Company’s 100% owned Morrissey Hill Lithium Project, Yinnetharra WA.
HIGHLIGHTS
- Phase 2 Drilling has significantly elevated the scale of lithium potential at Morrissey Hill with drilling confirming the presence of multiple, thick, stacked pegmatites1 within a previously unrecognised package of the Leake Springs Metamorphics, at Morrissey Hill South.
- The Leake Springs Metamorphics sequence are the same rock units which host Delta Lithium’s (ASX: DLI), Malinda and Jamieson Lithium Projects, located immediately east and west respectively of Morrissey Hill.
- Locating this sequence at Morrissey Hill South, is significant for the project as the Leak Spring Metamorphics had previously been interpreted to exist only within the northern third of the Morrissey Hill project area.
- A total of 57 holes for 5,282m of RC drilling has been completed to date during Phase 2 drilling.
- The majority of all holes drilled across Phase 2, have reported multiple thick, stacked pegmatites1 within favourable metasedimentary and lesser mafic volcanic rock types.
- Phase 2 drilling to date has been restricted to areas where heritage surveys have been previously completed, and with a focus on testing depth continuity of outcropping pegmatites at the Morrissey Hill and Peggy Sue targets, including limited infill and extensional drilling at the Bonzer prospect.
- Importantly, the Company has identified a pipeline of some 33 priority targets which will be methodically evaluated in 2024 once all regulatory approvals have been received, including additional aboriginal heritage surveys.
- Results from this part of the Phase 2 Drilling campaign are expected to be received in early 2024, with all samples already sent to the laboratory for analysis.
Consistent with Delta Lithium’s Malinda Lithium Project located immediately to the east of Morrissey Hill, drilling has confirmed the presence of multiple stacked pegmatites hosted within a mixed package of older country rocks including metasediments (quartz-feldspar-biotite schists) and lesser mafic volcanics and gneisses.
This part of the Phase 2 program has been restricted to areas where heritage surveys have been previously completed with the initial focus being on testing depth continuity of outcropping pegmatites at the Morrissey Hill and Peggy Sue targets, and some infill and extensional drilling at the Bonzer prospect.
1 Cautionary Note: The identification of pegmatites in the drilling completed to date does not imply the presence of lithium mineralisation. The presence of any lithium mineralisation will be determined by laboratory analyses.
Figure 1: Peggy Sue pegmatite outcrop at the Morrissey Hill Lithium Project, with Strike Drilling RC drill rig at work testing its subsurface continuity.
Jeremy Bower CEO commented:
“We are excited that our Phase 2 campaign which has been designed to test new targets to the south of Bonzer has confirmed the presence of multiple, thick, stacked pegmatites within a previously unrecognised package of the Leake Springs Metamorphics.
These are the same rock types that host Delta’s Malinda Lithium Project to our east and the Jamieson Lithium Prospect to our west. Detailed geological mapping by our geological team identified the area as a potential Malinda “look alike” with a large number of wide, strike extensive pegmatites occurring within a mixed package of older country rocks, including metasediments and mafic volcanics which we interpret as a previously unrecognised corridor of the Leake Springs Metamorphics.
The area is clearly not dominated by granite which is what’s shown on existing GSWA maps. Confirming an extension to the Leake Springs package is a major breakthrough in advancing the potential and scale of the opportunity at Morrissey Hill. This sequence of rocks is known to be far more favourable for pegmatite fractionation and the development of significant lithium mineralisation.
The conditions the team are working in are extreme and yet they have not only completed another technically brilliant drill campaign, but also continued to identify and map new pegmatite targets to add to the huge potential at Morrissey Hill. We will pull up for a well-earned Christmas break and look forward to another huge year in 2024.”
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This article includes content from Reach 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.
RR1:AU
Outcropping Copper Gossan Delivers 33% Cu Assays At Morrissey Hill Project, Yinnetharra
HIGHLIGHTS
- High grade copper‐oxide mineralisation (malachite) confirmed at the Company’s Morrissey Hill Project, Yinnetharra with rock chip samples reporting highly encouraging assays of up to 33.2% Cu; 0.2 g/t Au and 141.8g/t Ag. (Figure 1).
- Results follow Morrissey Hill assays of up to 2.3% Li2O (ASX Announcement 15 May 2023).
- Mineralisation at the Swallowtail Copper Prospect was mapped over a strike length of at least 150m and remains open in all directions.
- Significant results include:
- 33.2% Cu, 0.2g/t Au and 141.8g/t Ag (23RRRK0039).
- 14.7% Cu, 0.02g/t Au and 55.6g/t Ag (23RRRK0042).
- 4.2% Cu, 0.3g/t Au and 5.7g/t Ag (23RRRK0041).
- 2.3% Cu, 0. 2g/t Au and 5.0g/t Ag (23RRRK0043).
- Historical sampling 3.0km’s west of Swallowtail could potentially extend the strike with historical results returned:
- 18.5% Cu, 1.1g/t Au and 6.8g/t Ag
- 18.5% Cu, 1.1g/t Au and 6.8g/t Ag
- The rock chip results confirm the Company’s targeting methodology and the potential of the area to host significant mineralisation.
- Morrissey has never been drilled & geochemical surveys planned to commence next week.
Commenting on the results CEO Jeremy Bower said:
“The Morrissey Hill tenement at our Yinnetharra Project continues to deliver. These are outstanding copper results and in conjunction with the 2.3% Li20 announced earlier this week, it is clear how prospective the ground is. We’re focused on sourcing the critical and battery minerals of the future and copper is an important part of our strategy. Despite several world class copper‐gold and polymetallic base metal deposits in the East Capricorn Orogen, the West Capricorn and Gascoyne has been massively under‐ explored. We see this as a huge opportunity.
Importantly, we are fully funded to complete our field programs and drilling campaigns earmarked for this year. Our focus remains on thorough geochemical assessment of each target and getting drill rigs out to Morrissey Hill as soon as possible. This will mean consistent news flow for our shareholders over the coming months.”
FIGURE 3: Morrissey Hill showing location of the Swallowtail Prospect along Stringer Fault line
FIGURE 4: Regional location of Reach Yinnetharra projects
The rock chip results confirm the Company’s targeting methodology and the potential of the area to host significant mineralisation. Systematic surface geochemical surveys including soils, stream sediment and rock chip sampling are planned to commence immediately. Results from this work will guide follow up programs which if warranted may include electromagnetic geophysical surveys and drill testing of priority targets.
The results were reported from an outcropping quartz‐veined gossan, the Swallowtail Prospect, showing visible malachite (copper‐oxide) over a strike length of approximately 150m. The gossan strikes east‐ west, appears to dip steeply towards the south and remains open in both directions. A single historical sample located some 3.0km’s west of Swallowtail, and within the same structural corridor, also reported high grade copper, gold and silver assays indicating a potential strike length of the target zone in excess of 3km’s (Refer to Figure 3).
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This article includes content from Reach 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.
Multiple New Lithium (LCT) Pegmatite Targets Confirmed
HIGHLIGHTS
- Independent geological experts RSC consultants have identified four priority target areas for Lithium-Caesium-Tantalum (“LCT”) Pegmatites within the Company’s Critical Elements Projects, located in the centre of the rapidly developing Gascoyne “Battery Metals” Province, WA
- Each of the target areas are associated with confirmed fertile parental granites of the Thirty Three and Durlacher Supersuites and contain the same metasedimentary sequences which host Red Dirt Metals (ASX: RDT) Yinnetharra Lithium Project, less than 10 km’s to the NE of Reach Resources’ tenure
- All of the targets are defined by favourable geology, multi-element pathfinder geochemistry and the presence of mapped Geological Society of Western Australia (GSWA) Tin, Tantalum and Lithium pegmatites
- A helicopter supported field reconnaissance program has been initiated to assess the priority areas in more detail
- Drilling of priority targets is scheduled to commence in CY Q3/4 2023 once all regulatory approvals are received
CEO Jeremy Bower commented:
“RSC’s independent expert analysis confirms our belief that our landholding in the Gascoyne has the potential to host significant battery metal deposits.
Phase 1 of the assessment focused on the lithium potential at our Critical Elements Projects and has not only cemented Morrissey Hill as our primary lithium target but importantly has identified three new lithium target areas. Each of the areas are defined by the presence of a highly fertile parent granite and supported by key multi-element geochemistry including lithium, caesium, tantalum, tin and rubidium which are all well documented associations of lithium bearing “rare metal” LCT pegmatite mineral systems.
This is an exciting time for the Company and our shareholders, and we look forward to delivering updates to the market over the coming months. The Future is within Reach”.
Phase 1 of the assessment focused on the lithium potential of the Company’s Critical Elements Projects which includes the newly acquired Morrissey Hill and Camel Hill projects as well as the Wabli Creek project (Figure 1).
Figure 1: Critical Elements Projects
The assessment included a review of relevant deposit models and mineralisation styles of interest, regional and local geology, local mineral systems, academic papers, open file company and government reports and all available geochemical, geophysical and remote-sensed data sets.
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This article includes content from Reach 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.
Heavy REEs Terbium and Dysprosium from Korsnäs
- Further impressive assay results received from 307 samples, 25 historical drill holes
- Assays include heavy REEs (Terbium (Tb) and Dysprosium (Dy)) results up to 86 ppm and 313.4 ppm respectively
- Numerous high grade and broad REE intersections are reported, such as:
- KR-272: 11.4m @ 13,383 ppm TREO1 from 102.7 (NdPrO2 3,982 ppm)
Including4.0m @ 32,831 ppm TREO from 106.7m
(40.9 ppm Tb4O7; 227.4 ppm Dy2O3; 9,943 ppm NdPrO) - SO-187: 17.4m @ 9,798 ppm TREO from 0.0m (NdPrO 3,087 ppm)
Including3.0m @ 48,465 ppm TREO from 11.4m
(86.0 ppm Tb4O7; 313.4 ppm Dy2O3; 15,557 ppm NdPrO)
- KR-272: 11.4m @ 13,383 ppm TREO1 from 102.7 (NdPrO2 3,982 ppm)
- The tables of REE Mineralised Zones >1,000 ppm TREO (in the announcement below) detail many more results worthy of attention
Prospech Managing Director, Jason Beckon, commented:
"Korsnäs keeps delivering standout results, with recent recognition of high grade zones rich in critical Heavy Rare Earth Elements (HREEs) like dysprosium (Dy) and terbium (Tb).
While Korsnäs is primarily a carbonatite-associated deposit known for valuable magnet REEs such as neodymium (Nd) and praseodymium (Pr), the presence of significant Dy and Tb mineralisation is a major advantage. These heavy REEs are crucial for producing high strength magnets which hold up under high temperatures and perform reliably in demanding applications like electric vehicles, wind turbines and high-efficiency motors.
With current supply disruptions in China, securing a stable source of these materials is more important than ever. Prospech is looking to meet this need, positioning itself as a dependable future supplier of magnet critical HREEs. Our commitment to thoroughly assessing these enriched zones at Korsnäs reflects our confidence in the project’s potential and our determination to support the growing global demand for sustainable energy technologies. By developing Korsnäs as a secure supply source, we are not just meeting immediate industry needs; we’re playing a key role in strengthening the resilience of global rare earth supply chains for the long term."
Initially developed as a lead mine, the Korsnäs project also hosts extensive rare earth element (REE) zones, which remain open both along strike and at depth. The site features a series of layered carbonatite zones, each up to 20 metres thick and separated by 50 to 100 metres along the strike. These REE enriched zones correlate with gravity anomalies, represented as orange ellipses on the included plan. So far, five such anomalies have been identified, extending over a strike length of more than 5 kilometres.
Focusing on REE mineralisation, the Company has conducted a comprehensive REE sampling program on the historic Korsnäs core stored by GTK at their data facility. Assay results have been reported in ASX announcements on 11 May 2023, 14 June 2023, 5 September 2023, 24 October 2023, 21 November 2023, 12 December 2023, 16 January 2024, 5 February 2024, 26 March 2024, 4 July 2024 and 4 November 2024.
Map showing the locations of drilling at Korsnäs. Newly reported holes are marked with red circles, previously reported holes with additional new assays are represented by blue triangles. Gravity-low anomalies are indicated by orange ellipses.
Presented below are two tables of assay intersections from the latest batch. The first table lists intersections from newly assayed holes that have not been reported before. The second table (in two parts) includes intersections from previously reported holes, now updated with additional assays from the margins of mineralised zones.
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Ultra-High Grade Naturally Occurring Antimony at Alturas Project with Assays up to 69.98% Sb
Highlights
- Rock chip samples from the Alturas Antimony project in British Columbia, Canada, have returned outstanding ultra-high grade Antimony assays, including:
- 69.98% Sb – sample ALT24-PS-R003
- 67.96% Sb – sample ALT24-JL-R004
- 49.98% Sb – sample ALT24-JL-R005
- 47.97% Sb – sample ALT24-JL-R002
- 45.55% Sb – sample ALT24-JL-R003
- 44.45% Sb – sample ALT24-PS-R002
- 37.39% Sb – sample ALT24-PS-R004
- 28.81% Sb – sample ALT24-PS-R005
- 20.89% Sb – sample ALT24-JL-R009
- 20.17% Sb – sample ALT24-PS-R001
- 18.01% Sb – sample ALT24-JL-R007
- 16.77% Sb – sample ALT24-JL-R010
- 14.75% Sb – sample ALT24-JL-R001
- 12.42% Sb – sample ALT24-PS-R006
Pure Stibnite, Antimony Ore contains 71.4% Sb
- Additional ground totaling 3.3 km2 has been strategically staked to the east and west of the property, offering further potential to expand the mineralised footprint.
- 105 tonnes of Antimony ore, averaging 57.20% Sb has been historically sold from the Alps- Alturas Antimony Mine on this property.
- Since the execution of the option agreement for the Alturas project, the price for Antimony has reached US$36,000 per metric ton as of October 25, 2024, from approximately US$24,000 per metric ton at the time of acquisition. This significant price increase has been driven by supply constraints arising from new export controls on antimony announced by China in September 2024.
- Malachite stained rock chip from copper-bearing boulder field returned up to 0.96% Cu, offering potential for copper mineralisation beneath the surface.
- Drilling underway at Brazilian REE projects with assay results pending.
Equinox Resources Managing Director, Zac Komur commented:
We are thrilled to announce our latest exceptional exploration results, revealing extraordinary antimony assays that highlight the immense potential of the Alturas Project. Rock chip samples have returned grades as high as 69.98% antimony (Sb), establishing some of the world's highest reported natural stibnite (Sb2S3) grades. Considering that pure stibnite contains 71.4% antimony, these findings confirm Alturas as a truly unique and valuable asset.
By strategically expanding our footprint with additional claims to the east and west, we are positioned to explore beyond the known mineralisation. The discovered copper zone, with rock chips grading at 0.96% Cu, along with an extensive shear system, further solidifies Alturas as an outstanding opportunity. This project offers us a rare chance to unlock substantial value by systematically exploring an underexplored, ultra-high-grade asset in a mining-friendly jurisdiction.
We’re also continuing drilling at our Mata da Corda Titanium and Campo Grande Rare Earth Projects in Brazil, with assays pending.”
Reconnaissance Sampling
In September 2024, Equinox Resources conducted a maiden reconnaissance sampling campaign at the Alturas Antimony Project to evaluate the potential for high-grade antimony and associated polymetallic mineralisation along the extensive shear zone. The objectives of the reconnaissance campaign were to map and sample key structures by focusing on the 1.5 km shear zone, identified as the main mineralising structure, and to assess antimony concentrations in rock chip samples across newly identified dilation zones and extensions.
Figure 1: Location diagram of rock chip and soil samples taken with mapped shear zone identified
Figure 2: Assay results concentrated across the shear zone (Sb grades greater than 1%)
Project Overview
The Alturas Antimony Project is located in the Slocan Mining Division of British Columbia, Canada, approximately 15 kilometers northeast of New Denver. The project area is situated within a favorable geological setting, featuring a 1.5 km shear zone with polymetallic potential, including antimony, copper, and silver. The tenements cover the historic Alps-Alturas mine, an Antimony mine which operated between 1916 and 1926 selling ultra-high grade Antimony, averaging 57.2% Sb and up to 59.50% Sb. On 10 September 2024, Equinox Resources entered into a 12-month option to acquire 100% interest in all three tenements.
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Woomera Completes Maiden Drilling Program at Bronze Fox Copper-Gold Porphyry Project
- Woomera’s first drill programme at the Bronze Fox Project in Mongolia has been completed.
- 16 Diamond drill holes were completed for a total of 2516m.
- Drilling largely focussed on shallow infill and extension drilling with a single deeper hole (F109/916.4m) testing a coincident geophysical/structural target.
- The target porphyry was intersected in all holes with assays due late December/early January.
- Woomera can earn an 80% interest in the Bronze Fox Project by spending US$4m on exploration (with an election to acquire 100%).
Assays for the program are expected to be available in late December 2024 or early January 2025. Woomera can earn an 80% interest in the Bronze Fox Project from Kincora Copper Limited (ASX: KCC) by expenditure of US$4m and has to the right to acquire a 100% interest.
Figure 1: Drilling at Bronze Fox
Figure 2: Field work at Bronze Fox
BRONZE FOX PROJECT
The Bronze Fox Project covers 175km2 and is located in the Southern Gobi porphyry belt of southern Mongolia, approximately 450km south of the capital Ulaanbaatar. It represents an opportunity to secure a 100% interest in an underexplored world-class porphyry copper project with genuine Tier-1 potential. Drilling by Kincora totalling 46,625 metres of Reverse Circulation and Diamond Core drilling has defined three shallow, large porphyry complexes, providing genuine new discovery potential, resource delineation and early-stage exploration plays.
The Bronze Fox Project contains the West Kasulu Inferred Mineral Resource of 194.1Mt at 0.26% Copper Equivalent (CuEq), at a 0.2% CuEq cut-off to a depth of approximately 325m below surface and an Exploration Target of between 100Mt and 300Mt at 0.25 to 0.35% CuEq.20221
The Bronze Fox Project is located proximal to several world class mineral deposits including Oyu Tolgoi, Kharmagtai, Tsagaan Suvarga and Tavan Tolgoi (see Figure 3).
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Kurundi Main Assay Results Tennant Creek
- TTRC098: 9m @ 1.62g/t Au from 49m including 1m @ 12.75g/t Au from 53m.
Other high-grade results include:
- TTRC103: 3m @ 8.3g/t Au from 35m including 1m @ 16.25/t Au from 36m at the central main zone.
- TTRC092: 5m @ 2.14g/t Au from 38m including 1m @ 6.39g/t Au from 40m at the central main zone.
- TTRC110: 2m @ 5.11g/t Au from 44m including 1m @ 6.33g/t Au from 45m at the northern workings
Also, a possible new style of mineralisation on a porphyry-basalt contact, footwall to the central main mineralized zone has been identified (requires further investigation - see Central Target Area section below) with an intersection of:
- TTRC103: 2m @ 10.93g/t Au from 51m including 1m @ 20.75g/t Au from 51m.
All intersections are stated as down hole widths which are close to true width for the Kurundi Main structure. A second phase of drilling has commenced to test the new southern high-grade zone and continue exploring the other Kurundi Main targets.
Figure 1: Kurundi Main Prospect 2024 drilling (blue dots) with best new results (yellow labels). 2022 drilling shown as black dots.
A total of 28 RC holes for 1,986m have been completed (results listed in Table 2) testing 3 main targets: (1) northern and southern extensions of the Kurundi structure up to 1km from the central main workings, (2) testing the plunge of the central high-grade shoot intersected in 2022 drilling, (3) testing mineralisation deeper under the central main workings.
Central Target Area:
Drilling has confirmed a southerly plunge to the central main high grade gold mineralisation identified in 2022 drilling with TTRC0103 and TTRC092 intersecting high grade gold mineralisation (Figure 2). Also, TTRC103 intersected an unexpected high grade gold zone of mineralisation footwall to the central main zone, on the contact between the basalt host rock and a porphyry intrusive unit (cross section in Figure 3). Due to the lack of structure and alteration being visible in the drill chips the result was initially perceived as a sampling error (2 composite samples from this interval returned anomalous results). However, re-assaying of the pulps followed by resampling at 1m intervals confirmed the presence of gold mineralization and eliminated possible sampling and laboratory errors. This possible new style of mineralisation will be investigated thoroughly with reinterpretation, drill hole relogging, multi element analysis, petrography and drilling to understand possible orientations, further targeting and to eliminate the possibility of down hole contamination of samples during the drilling of TTRC103.
In the Central Target Area KRR’s previous 2022 drilling only tested to a vertical depth of 40m. Four new holes have now been drilled to test a vertical depth of 65m. All holes intersected strong structure, alteration and veining confirming the continuation of the central target zone at depth. TTRC105 intersected a broad zone of veining and alteration and returned 10m @ 0.32g/t Au including 1m @ 0.98g/t Au from 68m with mineralisation open at depth and to the south, shown in the long projection below (Figure 2). The presence of strong veining and shearing at depth across the strike of the central zone is very encouraging for further, deeper drilling.
Figure 2: Long projection of the Central Main Kurundi mineralized zone beneath the central workings area. View is perpendicular to the main vein which dips approximately 35o towards 215o. New results shown in yellow boxes, 2022 results shown in grey boxes, light purple box is for the footwall intersection.
TTRC112 was drilled to test a resistivity anomaly identified by 2023 DDIP survey (KRR ASX: 28 June 2024) however no cause for the resistivity anomaly was identified.
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Exploration Program Commences at Virka
Key Highlights
- Historic data review identifies three areas for immediate field investigation
- Initial mapping and reconnaissance sampling underway
- Historic drill core located for relogging, and where possible, sampling:
- Evidence for both significant width and grade mineralisation at the Virka project from drilling which included 1,2
- 9 m at 1,087 ppm U3O8 from 24.5 m in drill hole 81-003
- within 17 m at 707ppm U3O8 from 23 metres depth
- Evidence for both significant width and grade mineralisation at the Virka project from drilling which included 1,2
- No modern systematic exploration undertaken with last significant exploration in 1980’s highlighting district scale potential
Initial work will focus on the assessment of three areas identified through reviewing historic reports. Limited exploration work was documented, but recorded anomalous base metals, silver and uranium. Exploration work at Virka focussed on North-NorthEast orientated structural features, which were interpreted to be a suitable structural conduit for potential mineralisation.
Basin’s Managing Director, Pete Moorhouse, commented:
“The team at Basin are extremely excited to commence work on the recently announced Scandinavian uranium and green energy metals portfolio. Initial review of the available historical data on the Virka project has provided areas for immediate groundwork. We know that the system is prospective for a variety of metals, with the historical drilling indicating favourable thickness of uranium mineralisation.
The team has commenced work immediately at Virka, conscious of the upcoming winter season. Initial work will focus on getting boots on the ground to assess rock outcrops and trace boulder trains. We will move to historic drill core review and additional literature compilation once the weather prohibits further ground activities.”
Virka Project Background 3
The Virka project is strategically positioned in the heart of the Arjeplog-Arvidsjaur shear-hosted uranium district in Sweden, and approximately 37 km southeast of Boliden’s (STO:BOL) Laisvall Pb-Zn-Ag former mine.
Figure 1: Virka initial work locations
Previous drilling activities conducted in the 1980’s across all licenses targeted uranium mineralisation, with diamond drillholes gamma probed and in rare occasions sampled for geochemical analysis3. Additionally, historical regional geological mapping and boulder tracing records unveiled several surface anomalisms in lead, zinc, silver and gold associated with fault structures. Research indicates that these anomalies have not been adequately followed up with results not verified to JORC Code (2012), however using this data and Basin’s interpretations, three areas have been prioritised for immediate field reconnaissance (Figure 1). This program has commenced with the review of these anomalous features that were historically reported in the project area.
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