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Asian Battery Metals PLC (ABM or the Company, ASX: AZ9) is pleased to announce interim results and modifications of its ongoing 2024 regional reconnaissance and exploration program. The program is designed to systematically evaluate the project’s potential for Cu-Ni mineralisation in an area outside the original and main Oval Prospect through the application of a suite of exploration techniques as well as an initial investigation of the newly discovered Copper Ridge mineralisation.
HIGHLIGHTS
While the Oval Cu-Ni Prospect exploration program continues, the Company has recently received results from geophysical exploration programs, ground mapping and sampling. The exploration has identified four additional exploration targets in the Yambat (Oval Cu-Ni) Project.
The Oval Prospect drilling program totals 2,500m with approximately 1,320m of this program now completed. Results for this programme will be announced when assays come to hand.
The Geophysical Studies and subsequent groundproofing have confirmed:
Indication of a broader magmatic copper-nickel system beyond the Oval Cu-Ni Prospect with:
- A new outcrop of mineralised gabbro containing sulphide blebs being identified at the South Zone, 1.7km Southeast of Oval mineralised gabbro.
- An expansion of the previously reported Ni-Cu mineralised gabbro outcrop at the North Oval area. This expansion indicates a significant NW extension of the main Oval Ni-Cu mineralisation.
A discovery of copper-gold mineralisation in the northern part of the tenement following detailed mapping of an area 7km to the north of the Oval Prospect. The newly named Copper Ridge is a different style of mineralisation characterised by:
- A 30m wide by 400m long zone of silicified, magnetite- altered andesite with significant disseminated chalcopyrite mineralisation has been delineated before dipping under alluvial cover to the east. Assay results from rock chip sampling yielded maximum values of 0.29 ppm Au, 0.4% Cu, and greater than 15% Fe.
Detailed geophysical studies and scout drilling are now planned for these new regional targets in this field season.
Gan-Ochir Zunduisuren, Managing Director, commented: “The 2024 regional reconnaissance program has resulted in a major advancement of the geological knowledge in what we consider to be one of the emerging copper and nickel exploration districts in Mongolia. The program is comprised of mapping, surface geophysical study, and soil and rock sampling programs across our tenement. Interim results indicate a larger exploration area fertile for magmatic copper and nickel sulphide system beyond the Oval prospect. In addition, the ABM team has made a new exciting discovery at the Copper Ridge target during the early phase of the program. Currently, the company is continuing its regional exploration program and a scout drilling program in parallel with the Oval Prospect drilling program.”
Figure-1. “YAMBAT” Cu-Ni PGE project, and its prospective areas
The 2024 reconnaissance and exploration program has the following key components:
- Outcrop mapping: A detailed geological mapping program will be undertaken to delineate exposed rock formations, identify associated structural controls and mineralisation indicators, and possibly extend the known mineralised zone/gabbro/ at the surface level.
- Completion of the geophysical survey program: employing Pole-Dipole Induced Polarization (PDIP), Controlled Source Audio Frequency Magnetotelluric (CSAMT), and Audio-Frequency Magnetotelluric methods at the Oval and MS1 prospects within the Yambat project.
- Field Reconnaisence: Verify geophysical anomalies on site and collect geochemical samples from areas exhibiting interesting alteration or mineralisation.
Detailed Geological Outcrop Mapping
Detailed outcrop mapping was conducted across a 5.77km2 area within the western sector of the 106.06km2 project area at a scale of 1:2000. The Project is located in the Yesonbulag soum, Gobi-Altai province, Mongolia. The mapping concentrated on delineating Ni-Cu bearing mafic units, establishing lithological contacts, characterising alteration mineralogy, and identifying structural trends to guide subsequent exploration of mineralised zones.
The primary mineralisation is associated with the “Oval” gabbro intrusive body, with subordinate later-stage hydrothermal vein-type mineralisation observed within gabbroic dykes in the mapping area. In the initial discovery area, the Oval gabbro is entirely overlain by overburden, although strongly mineralised gabbro is exposed in the North Oval region and to the southeast at the South Target area.
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This article includes content from Asian Battery 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.
Loyal to Acquire the High-Grade Highway Reward Copper Gold Mine
Key Highlights
- Loyal secures binding option to acquire the Highway Reward Copper Gold Mine in Queensland, Australia - one of the world’s highest-grade copper mines, with past production totalling 3.65Mt at 5.7% Cu and 260kt at 4.5 g/t Au.
- The acquisition is the first step in Loyal’s 2025 Strategic Plan to broaden its critical minerals portfolio into copper.
- No exploration has been conducted on the granted mining leases since operations ceased in July 2005 despite a ~680% increase in copper prices and a ~1,256% increase in gold prices since the 1997 feasibility study.
- Significant increase in copper and gold prices, combined with the previous exclusion of gold in sulphides from the mine plan, highlights the enhanced remnant copper-gold potential.
- Exploration potential for new discoveries both along strike and at depth, as previous mining only reached depths of 220 metres for open pit and 390 metres for underground operations, with limited exploration beyond mined zones.
- With $4.4 million in funding, Loyal is well-positioned to revisit the high-grade Highway Reward Copper Gold Mine by deploying modern exploration techniques. With global initiatives to enhance energy grids and no USA tariffs on Australian copper, the outlook for copper is strong and unencumbered.
Loyal‘s Managing Director, Mr. Adam Ritchie, commented:
"We are thrilled to secure this incredibly rare opportunity for our current and future Loyal investors. The Highway Reward Copper Gold Mine, considered one of the highest-grade copper mines in the world, is now primed for a revisit after 20 years of dormancy.
The granted mining leases of the Highway Reward mine provide an amazing speed to market opportunity - especially when both copper and gold are near all-time highs. The short-term and long-term opportunities at Highway Reward are exciting, considering the significant growth in commodity prices since the 1997 feasibility study. Copper is driving our electric future and gold continues to play an important role in our global economy.
Whilst a lot has changed in the past 28 years, the unwavering demand for copper and gold has only intensified. This is truly an amazing opportunity to unlock and showcase the immense potential of this forgotten mine. With modern technology and innovative mining techniques, we believe the Highway Reward Copper Gold Mine will provide exceptional value and returns to our Loyal shareholders."
Figure 1 Highway Reward Copper Gold Mine: Located 37 km south of Charters Towers within the Mount Windsor Volcanic Belt. Accessible via an all-weather highway, 172 km from the Port of Townsville, Queensland, Australia.
The Highway Reward Copper Gold Mine is located only 37 km from the active mining town of Charters Towers in Queensland, Australia, within the Mount Windsor Volcanic Belt. This area is renowned for its rich history in copper and gold mining, with strong social license support for mining activities. It features large-scale mining operations such as, Newmont’s 3.2 Moz Mt Leyshon gold mine and Yuxin Holding’s 3.4 Moz Pajingo gold mine. The region is close to the polymetallic, Thalanga Processing Plant and the Mount Carlton Processing Plant, with road and rail to Glencore’s Mount Isa copper hub, Townsville copper refinery and the Port of Townsville.
With the growth in commodity prices and advancements in exploration and mining technologies, the potential for remnant copper-gold mining has significantly improved. Previous mining operations targeted copper within chalcopyrite, while gold associated with both chalcopyrite and pyrite was excluded from the mine plan. With lower copper equivalent cut-off grades (copper & gold), higher continuity of copper-gold can be drill tested to demonstrate the reasonable prospects for eventual economic extraction and mineral resource potential.
Graph 1: Highway Reward Copper Gold Mine - mining ceased in July 2005: 28 Years of Commodity Growth
Significant potential will be assessed and areas tested for copper-gold extensions to subvertical trends, that may exist below current mining levels at the Highway Reward Copper-Gold Mine. The previously mined, copper-gold rich pipes will also be assessed for drill testing along strike (Figure 2). Previous mining and surface mapping geological observations illustrate that high- grade copper-gold pipes have been identified in dacite, rhyolite, and volcaniclastic host rocks, therefore strong prospectivity exists for discovering additional pipes beyond the historically mined zones in all rock types on the property, except recent overlying sediments that conceal the basement host rocks (Figure 2). No modern advanced geophysical techniques or data processing methods have yet been applied to assess this potential.
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This article includes content from Loyal 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.
