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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.
Click here for the full ASX Release
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.
Red Cloud Announces Fall Mining Showcase 2024 Agenda
Red Cloud is excited to announce its annual Fall Mining Showcase, scheduled for October 16-17, 2024, at the Sheraton Centre Toronto Hotel. This flagship event will feature over 90 resource companies, including CEOs, high-net-worth and institutional investors, highlighted by an engaging keynote agenda.
The mining industry is experiencing renewed optimism, particularly with producers posting record profits on the back of rising commodity prices. This momentum along with growing support of clean energy initiatives lead by nuclear power should bode well for sentiment at this year's showcase.
Founded by capital markets professionals with extensive experience in the junior mining sector, Red Cloud offers a unique platform that helps companies navigate growth opportunities through expert guidance and innovative financial solutions.
"Our event provides an exceptional opportunity for investors to engage with industry experts, explore a diverse range of commodities, and gain valuable insights into the macro themes shaping the industry," said Bruce Tatters, CEO of Red Cloud Securities. "We are committed to fostering these connections while highlighting junior mining companies."
Keynote presentations from industry leaders listed below:
Wednesday, October 16, 2024
- Joe Mazumdar, Editor, Analyst & Publisher, Exploration Insights
- Pierre Lassonde, Chairman Emeritus & Co-Founder, Franco-Nevada Corp.
- Rob McEwen, Executive Chairman & CEO, McEwen Mining
Thursday, October 17, 2024
- Ron Bernbaum, Founder and CEO, PearTree Securities Canada
- Kendra Johnston, P.Geo, MBA, Managing Director, PearTree Securities Canada
- Abigail Hunter, Executive Director, SAFE's Ambassador Alfred Hoffman Jr. Center for Critical Minerals Strategy
- Uranium Investor Session - Presented by TMX Group
Visit our website to register to attend, request 1x1 meetings and learn more about the conference: https://redcloudsecurities.com/fallminingshowcase2024/
Red Cloud would like to thank our partner, PearTree Securities, and all additional sponsors.
For additional information and inquiries, please contact our events team: marketing@redcloudsecurities.com
About Red Cloud Securities Inc.
Red Cloud Securities Inc. is a CIRO-regulated investment dealer focused on providing a full range of brokerage services to all investor types focused in the junior resource sector. Our services include Investment Banking, Research, Institutional and Retail Trading, Institutional Sales, Retail Investment Advisory services, and Corporate Access.
About Red Cloud Financial Services Inc.
Red Cloud Financial Services Inc. is a globally focused capital markets advisory firm that provides a full range of executive strategy and execution in the digital media, production, and distribution. Our breadth of services combines our significant knowledge of the junior mining industry with a unique product offering. The company was founded by capital markets professionals with extensive experience in the junior mining industry.
For additional information, visit:
www.redcloudfs.com
https://x.com/RedCloudFS
www.linkedin.com/company/red-cloud-financial-services-inc
https://www.youtube.com/@RedCloudTV
www.instagram.com/redcloudfs
www.redcloudsecurities.com
https://x.com/RedCloudSec
https://www.linkedin.com/company/red-cloud-securities/
Assays Confirm High-Grade Manganese Discovery at Wandanya
HIGHLIGHTS
- Significant high-grade manganese assays received for the W2 prospect1, Wandanya located 80 km south of the Woodie Woodie Manganese Mine including:
- 5m @ 33.2% Mn from 4m including 2m @ 48.7% Mn (WDRC032)
- 5m @ 33.2% Mn from 1m including 2m @ 44.1% Mn (WDRC031)
- 5m @ 32.4% Mn from 4m including 2m @ 3G.6% Mn (WDRC027
- 6m @ 27.7% Mn from 3m including 2m @ 42.G% Mn (WDRC013)
- The stratabound mineralisation shows remarkable thickness and grade consistency over 240m of drilled strike and remains open to the east and north where the Company has mapped 1.75km of intermittent high grade outcropping manganese
- W2 is interpreted as stratabound, fault related hydrothermal manganese enrichment representing a significant new exploration model on the eastern margin of the Oakover Basin.
- Metallurgical testwork planned to produce a high-grade Mn concentrate as a feedstock for alloying or high purity manganese sulphate (HPMSM)
Black Canyon’s Managing Director Brendan Cummins said:
“The laboratory-based assay results have confirmed the significant high-grade intercepts for the W2 prospect. I am impressed by the consistency of the grades and thickness of the manganese horizon we have discovered and the higher-grade intervals over 40% Mn. What is really appealing about this target from an exploration and resource delineation perspective is the benefit of a consistent mineralised horizon that is also associated with hydrothermal grades. I am excited by the upside of this new style of mineralisation as we plan our follow-up exploration programs to assess 1.75km of strike to the north and the potential of the manganese horizon to extend to the east.”
Figure 1. W2 Prospect, RC drill bags from WDRC031 in the foreground
W2 Prospect, Wandanya (BCA 100%)
The W2 prospect was drilled on an approximate 40 x 40m grid testing a 240 long x 200m wide target. This drill program comprised 35 holes for 642m of drilling. Drill collar information is presented in Appendix 2.
Expedited Assay Results
Initially, six RC holes were sampled for expedited assays, generating 38 one metre interval samples that were gathered along the eastern boundary of the stratabound mineralisation. Representative holes were sampled from every second line along the drilled strike of 240m. On each drill line, the last two eastern holes were sampled from depths between 4m and 9m, which included stratabound mineralisation and portions of the lower grade footwall and hangingwall.
The results are presented in Table 1, which show consistent zones of mineralisation with the bottom 2m for each intersection typically returning high grade mineralisation potentially suitable for direct shipping (DSO).
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This article includes content from Black Canyon, 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.
Gallium Mineralisation Discovered in Rock Chip Samples from the May Queen South Bauxite Project, Queensland
Highlights
- Significant levels of the semiconductor elements gallium (Ga) and germanium (Ge) identified within the May Queen South Bauxite resource.
- Significant elevated gallium results returned averaging 67.59 g/t Ga over 12 random samples with an assay high of 145.5 g/t Ga.
- The May Queen South Bauxite Project (EL 16260 and EPM 16261) has a JORC (2012) Inferred Mineral Resource Estimate of 54.9Mt at 37.5% total Al2O3 and 5.2% TiO2 and 7.9% Rx SiO2.
- The project is located <55km from existing rail infrastructure with connections to the Port of Bundaberg.
Market summary
Gallium prices have surged in recent years, primarily due to increased demand in the electronics and semiconductor industries (Graph 1). Uses of Ga include the manufacture of compound semiconductor wafers that are used in integrated circuits and optoelectronic devices including laser diodes, light-emitting diodes (LEDs), photodetectors, and solar cells. Gallium's unique properties, such as its low melting point and ability to form useful compounds, makes it a critical element with applications spanning various industries, particularly in advanced technology and electronics.
The global gallium market is heavily dominated by China, with other countries playing much smaller roles. Currently China produces approximately 98% of the world's supply of raw gallium1.
Recent market disruptions including the entry of price inelastic demand 2 and Chinese export controls in August 2023 has seen a doubling of prices since 2021 when gallium was priced at $422.70 per kg, the current price represents a 115.12% increase3
Graph 1. Gallium price worldwide from January 2018 to January 2024 (Source: www.statista.com)
May Queen South Bauxite project
The May Queen South Bauxite project is located in central Queensland, within a short trucking distance of a rail system leading north to the Port of Bundaberg. It is also located within close proximity of the main Queensland Rail network heading south towards the Port of Brisbane.
Figure 1. Location of EPM 16260 and EPM 16261 shown together with theCompany’s adjacent May Queen gold tenements (EPM19419 and EPM27746)
The Project has a JORC 2012 Inferred Mineral Resource estimate of 54.9Mt at 37.5% total Al2O3 and 5.2% TiO2 and 7.9% Rx SiO24 (refer to announcement dated 30 May 2023).
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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.
8500N Paleochannel Drilling Commences
- ~3,000m Reverse Circulation (RC) drill program at the 8500N Paleochannel (8500N) has commenced targeting shallow high-grade mineralisation where legacy and recent drill intersections include:
- 2m @ 46.7 g/t Au from 13m incl. 1m @ 92.6g/t Au from 14m (SPRB0064)
- 3m @ 10.7g/t Au from 16m incl. 1m @ 29.0g/t Au from 16m (SPAC0204)
- 2m @ 22.4g/t Au from 15m incl. 1m @ 43.5g/t from 15m (SPAC0261)
- 1m @ 51.1g/t Au from 16m (SPAC0068)
- 4m @ 8.99g/t Au from 12m incl. 1m @ 34.7 g/t Au from 13m (SPAC0279)
- 13m @ 1.59g/t Au from 11m incl. 4m @ 3.49g/t Au from 11m (PCRC003)
- Staged infill RC drill program designed to improve geological confidence of the 8500N Paleochannel while testing along strike and mineralisation extending into the underlying saprolite zones.
- 8500N is located on granted mining tenements, with significant mine infrastructure and completed environmental Flora and Fauna baseline studies, reducing the mine approval timeline.
- 8500N Paleochannel represents a low-cost, low-risk production opportunity due to its shallow high-grade gold mineralisation (average 15m below surface) and free-digging qualities of the mineralised paleo gravels and overburden material.
The first stage of the drill program consists of ~100 RC holes (~3,000m) designed to improve the geological confidence of the shallow paleochannel, while testing for potential extension of mineralisation in the saprolite zone beneath the paleochannel, as identified during the initial drill program (ASX announcement 18 September 2024). Several drill traverses will also be undertaken to test for extension along strike to the south (Figure 1). The complete drill program is designed to be completed in several stages to ensure optimal drilling effectiveness.
8500N Paleochannel
The 8500N Paleochannel is located within a granted mining tenement, between the Company’s Wattle Dam Gold Mine and the underlying 8500N gold deposit (Figure 2). Paleochannels are remnants of ancient rivers or stream channels that have been buried by younger sediments. Paleochannels can contain concentrations of high-grade alluvial gold that accumulate over millions of years and are generally shallow and flat-lying with free-digging qualities (not requiring drill and blasting) of the mineralised paleo gravels and overburden material, which can provide significant economic advantages.
Maximus’ 8500N is situated within the Lefroy Paleodrainage System, a significant ancient drainage network in the Eastern Goldfields region that contains several well-known paleochannel gold deposits such as Neptune, Africa, and Mandilla. The mined Neptune and Africa paleochannel deposits, part of Gold Fields Limited (JSE:GFI) St Ives Gold Camp, had a reported mineralised thickness of 1-3 metres recovering ~87,000 oz at 3.32 g/t Au. Similarly, Astral Resources’ NL (ASX:AAR) Mandilla paleochannel, which is situated ~2 km east of 8500N (Figure 2), was mined between 2006-2007, producing approximately 23,000 oz at 7.5 g/t Au from a ~600-metre long paleochannel with a mineralised thickness of 1-4 metres. The proximity of the 8500N Paleochannel to these established deposits, highlights the prospectivity of the region, as paleochannels within the Lefroy Paleodrainage System have consistently proven to be productive sources of gold.
The shallow 8500N mineralisation is located between 5 and 20m below the surface, gradually dipping to the south along two separate interpreted trends, with a strike length of approximately 450m. Legacy drilling across the flat- lying paleochannel has shown known mineralisation thickness ranges from 1 to 4m, with several key markers of the paleo gravels to assist in effective mining.
Currently, no JORC-compliant gold resources are defined for the 8500N paleochannel. However, recent drilling has revealed gold mineralisation extending beyond the limits of legacy drilling, indicating strong potential for significant expansion of the previously defined mineralised zone (ASX announcement 18 September 2024).
Figure 1 – Maximus’ 8500N Paleochannel mineralisation wireframes with the phase 1 (Black) and planned phase 2 (Grey) drill collars.
A third party has held the 8500N Paleochannel area under a Special Prospecting License (SPL) (Figure 2), which has restricted Maximus from assessing the potential of the 8500N gold resource and 8500N paleochannel. No exploration work, excluding a small scout drill program, has taken place in the 8500N area since 2014. On the surrender of the SPL (ASX announcement 5 September 2024), Maximus can now progress unencumbered to re- evaluate the mineral resources of both the Paleochannel and 8500N deposit.
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This article includes content from Maximus 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.