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Manuka Resources Limited (“Manuka” or the “Company”) is pleased to provide a progress update on the restart of gold doré production from its 100% owned Mt Boppy gold mine (“Mt Boppy”) located in the Cobar Basin, NSW (Figure 1).
Highlights
- Manuka is executing a strategy to construct a fit-for-purpose processing and gold doré production facility at its 100% owned Mt Boppy gold mine.
- Previously, ore from Mt Boppy had been hauled to and processed at the Company’s CIL plant located at the Wonawinta Silver Mine (“Wonawinta”) 150km south of Mt Boppy.
- Mt Boppy is forecast to be a low capex (A$11.6M), high margin (~A$19M EBITDA per annum) operation1.
- Relocation of the existing 400kW ball mill located at Wonawinta to Mt Boppy has commenced. The ball mill is surplus to requirements at Wonawinta where a 1800kW ball mill has been previously installed.
- Acquisition of a second-hand Inline Pressure Jig (IPJ) and Intensive Leach Reactor (ILR) has resulted in approximately A$850k savings versus that originally budgeted. The purchased equipment is currently undergoing refurbishment at Gekko Systems, the original equipment manufacturer.
- The Company is currently investigating opportunities to increase milling capacity and accelerate gold production at Mt Boppy.
- The Company is targeting first gold production from Mt Boppy in Q4 2024.
Dennis Karp, Manuka’s Executive Chairman, commented:
“The execution of our plan to restart gold operations at Mt Boppy is well underway.
The opportunistic purchasing of selected second-hand processing equipment is consistent with our low capex strategy that includes the leveraging and repurposing of existing assets including the Wonawinta 400kW ball mill, diesel generators, 48-man accommodation camp and mobile screening plant.
We look forward to providing regular updates to the markets as we progress towards first gold production at Mt Boppy.
Figure 1: Location of Manuka’s Mt Boppy and Wonawinta Project within the Cobar basin.
Background
The Mt Boppy gold mine is an existing gold operation comprising a brownfields open pit and associated historic ROM stockpiles, rock dumps and tailings.
In April 2024, Manuka announced a strategy whereby a fit-for-purpose processing and gold production facility would be established at Mt Boppy for a capital cost A$11.6M to generate an average EBITDA of ~A$19M per annum over an initial 5-year period2.
A sonic drilling program over the Main Rock Dump and Tailings Storage Facility 3 (“TSF3”) was completed in late 2023 which improved confidence in Resource3 grade and ore type distribution and underpins the updated production strategy.
Previously, ore mined by Manuka at Mt Boppy had been hauled 150km to the CIL process plant located at Wonawinta at a cost of ~A$27/t. The updated strategy of on- site processing is expected to save in the order of A$7M per annum.
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This article includes content from Manuka 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.
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Manuka Resources Limited
Overview
Manuka Resources Limited (ASX:MKR) is an ASX-listed mining company focused on gold and silver-gold projects in the Cobar Basin, one of Australia’s most prolific producers of base and precious metals. The company has 100 percent ownership of two fully permitted precious metals projects in the Cobar Basin - the Mt Boppy gold mine and Wonawinta silver project. In addition, MKR owns the Taranaki VTM iron sands project in New Zealand.
The company revealed a phased strategy focused on delivering maximum value to its shareholders. The first phase focuses on bringing back the Mt Boppy gold mine into production. The second phase will involve restarting mining and production at the Wonawinta silver mine, while the third phase will see the development of the Taranaki vanadium titano-magnetite (VTM) project.
The Mt Boppy gold mine was historically one of the richest in NSW, Australia and produced ~500,000oz gold at an average grade of 15 grams per ton (g/t) gold. Accordingly, the company is very excited about its exploration potential.
The current focus is on establishing a processing plant at Mt Boppy and recommence on-site gold production from Q4 2024. The ore from the Mt Boppy mine was previously being processed at the 850,000 to 1 million tpa processing plant at Wonawinta, located nearly 150 kilometres south-west of Mt Boppy. This is about to change as MKR has determined that it could save significantly on transportation costs as well as production efficiencies by building an on-site processing plant at Mt Boppy, which will materially enhance the project economics.
MKR estimates the total cost of building the processing plant to be between AU$10 million and AU$15 million. Compared to this, the annual cost of hauling ore from Mt Boppy to Wonawinta is AU$6 million to AU$7 million (nearly 50 percent of the total capex). MKR anticipates Mt Boppy to deliver total EBITDA of >AU$90 million and cash flow of >AU$80 million over a five-year mine life. It is important to note that the current market capitalization of MKR is just AU$55.1 million, much lower than the anticipated five-year EBITDA and cash flow.
The initial five-year mine plan is largely focused on the screening and processing of gold-bearing waste material above ground on the Mt Boppy mine site. The company has been processing these wastes from June 2023 to December 2023 at its Wonawinta plant and now wants to optimize the process.
The cash flows from the Mt Boppy mine will be used to fund the restart of the Wonawinta silver mine, which is currently under care and maintenance. Wonawinta contains total resources of 38.8 million tons (Mt) at 42 g/t silver for 52.4 million ounces (Moz). Within this, there is a higher-grade component of 4.5 Mt at 97 g/t silver for 14 Moz. Manuka Resources is targeting a mineral resource update for Wonawinta in Q2 2024. The Wonawinta silver project will be the largest primary silver producer in Australia and expected to be back in silver production within 12 months.
The gold and silver market appears to be in an upward trend, with prices for both precious metals hitting their all-time high in 2024, which bodes very positively for MKR.
Company Highlights
- Manuka Resources is an ASX-listed mining company focused on exploring and developing gold and silver assets in the Cobar Basin in New South Wales, Australia.
- The company’s two principal assets – the Mt Boppy Gold Mine and the Wonawinta Silver Mine – are both located in the prolific Cobar Basin. In addition, MKR holds a 100 percent interest in the Taranaki VTM iron sands project, located in New Zealand.
- The primary focus is on bringing the fully permitted Mt Boppy mine back into production by Q4 2024. The company aims to establish an on-site processing plant at Mt Boppy and in turn free up the Wonawinta processing plant for silver production from the Wonawinta silver mine, which was being used to process Mt Boppy ore.
- The results of the recently completed sonic drill program coupled with an updated mineral resources estimate at Mt Boppy (100 percent increase in indicated gold ounces) improve confidence in the recommencement of gold dore production at Mt Boppy.
- A dedicated processing facility at Mt Boppy will improve the project economics and also allow for an additional revenue stream by freeing up the Wonawinta processing plant to process ore from the Wonawinta silver mine (placed on care and maintenance in February 2024, and targeting release of its maiden silver reserve under Manuka ownership before the end of June 2024).
- The cash flows from the Mt Boppy mine will be used to fund the restart of the Wonawinta silver mine, which is also expected to become operational by late Q1 or early Q2 2025.
- Elevated gold and silver prices should substantially benefit Manuka Resources, resulting in improved profitability and cash flows as it brings both its gold and silver projects into production.
Key Projects
Mt Boppy Gold Project
The Mt Boppy gold project comprises three mining leases, four gold leases and one exploration license, spanning an area of more than 210 sq. km. in the prolific Cobar Basin in New South Wales, Australia. The project was acquired by Manuka in 2019, and has a current mineral resource of 4.3 Mt at 1.19 g/t gold. This includes a combination of oxidized and transitional/fresh mineralization in the ground, as well as mineralized rock dumps and tailings.
Historically, Manuka Resources has processed its stockpiles and gold mineralized waste products through its Wonawinta processing plant. However, inefficiencies associated with trucking and processing ore at the distant Wonawinta plant has led the company to revise its strategy. It is now looking to construct a processing plant at Mt Boppy so that ore from the mine can be processed on-site. Mt Boppy has excellent infrastructure including a 48-person mine camp and is fully permitted for the proposed processing plant and on-site production.
As a precursor to the commencement of on-site production, Manuka Resources undertook a sonic drilling program at Mt Boppy to improve confidence in the mineral resource base. A 26-borehole, 506-meter sonic drilling evaluation program over the Mt Boppy rock dumps and dry tailings was completed in December 2023. The program led to a 100 percent increase in indicated resources compared to the previous estimate.
The updated mineral resource comprises 4.28 Mt at 1.19 g/t gold for 163 koz of contained gold, of which 82 percent is in the measured and indicated categories. A further high-grade subset of the resource (including open pit, rock dumps and tailings) comprising 1.8 Mt at 1.74 g/t containing 102 koz gold has been identified as a basis for future mine planning.
Following the results of the sonic drill program, MKR determined to establish a 200,000 tpa processing plant at Mt Boppy. The company estimates a five-year mine life and a total gold dore production of >48,000 oz over the initial mine life. The mine plan is fairly low in capex requirements with a total planned capital cost of AU$10 million to AU$15 million. Notably, the annual cost of ore haulage from Mt Boppy to Wonawinta plant is AU$6 million to AU$7 million. Thus, the on-site plant will offer significant cost savings and improve the project economics.
Manuka Resources anticipates Mt Boppy to deliver total EBITDA of >AU$90 million and cash flow of >AU$80 million over a five-year mine life.
Wonawinta Silver Mine Project
The Wonawinta silver mine project comprises one mining lease and seven exploration licenses spanning a total area of 920 sq. km. The Wonawinta project hosts a resource of 38.8 Mt @ 42.0 g/t silver, equating to 52.4 Moz contained silver. Within this there is a higher-grade component of 4.5 Mt at 97 g/t silver for 14 Moz silver.
The Wonawinta plant
The Wonawinta project is fully permitted with all the necessary infrastructure, including an 850,000 to 1 million tpa processing plant. The plant has been used for processing ore from Mt Boppy. The Wonawinta silver mine is currently under care and maintenance. The company is considering the possibility of resuming operations at Wonawinta, leveraging the improved silver price environment. Manuka is targeting a mineral resource update for Wonawinta in May 2024 and production by Q1 or Q2 2025.
Taranaki VTM Project
The Taranaki VTM project is located within New Zealand's exclusive economic zone, approximately 22 to 36 kilometres offshore, outside the 12 nautical mile boundary from the coastline. The project boasts a JORC resource of 3.2 billion tons at 10.17 percent iron oxide, 1.03 percent titanium dioxide and 0.05 percent vanadium oxide. It holds a mining license allowing initial extraction of 50 million tons annually, resulting in 5 million tons of VTM concentrate per year for 20 years (concentrate grade of 56 to 57 percent iron, 8.5 percent titanium dioxide and 0.5 percent vanadium pentoxide). At this extraction rate, the JORC resource provides approximately 60 years of potential mining inventory.
The project is anticipated to sit in the lowest quartile of the iron ore production cost curve. The next step for Manuka is to complete a bankable feasibility study on the project.
Management Team
Dennis Karp – Executive Chairman
Dennis Karp is a former commodities trader with nearly four decades of corporate experience. He started his career in 1983 and worked in HSBC until 1997 before moving to Tennant, one of Australia’s largest physical commodities trading companies with operations in Asia and Europe. He was a principal shareholder of Tennant Metals until 2010 and a managing director until December 2014. He founded ResCap in December 2014. Since then, he has participated in diverse resource projects and investment opportunities across base metals and bulk commodities. He holds a Bachelor of Commerce from the University of Cape Town.
Alan Eggers – Executive Director
Alan Eggers has over 40 years of experience in the mining sector. He is a geologist and was the founder of Summit Resources, which became an ASX top 200 company and was acquired by Paladin Energy in 2007 for AU$1.2 billion. Throughout his career, he has held director positions at numerous companies. He holds a Bachelor of Science, Honours, and Master of Science degrees from Victoria University of Wellington. He is recognized as a fellow of the Society of Economic Geologists and holds memberships in AusIMM and the Australian Institute of Geoscientists.
Anthony McPaul – Non-executive Director
Anthony McPaul possesses over 40 years of expertise in mining and mineral processing. He has overseen a diverse array of operational projects, spanning from base to precious metals, in both surface and underground mining operations. He has directly managed all facets of production and scheduling. He served in senior leadership roles at various companies, including CRA, Denehurst, MIM and, more recently, Newcrest. McPaul is currently the chairman of the NSW Minerals Council Board and Executive Committee, and he is also a member of the newly established Mineral Industry Advisory Council.
John Seton – Non-executive Director
John Seton is a lawyer with extensive experience in the mineral resources sector. He has served as director in several ASX and NZX listed companies. He holds a Bachelor of Laws from Victoria University, Wellington, and a Master of Law (Honours) from the University of Auckland and is a chartered fellow of the New Zealand Institute of Directors.
Haydn Lynch – Chief Operating Officer
Haydn Lynch has over 25 years of experience in M&A, capital markets and private equity. He has been involved in executing several domestic and cross-border transactions in various sectors including metals and mining, and industrials. He has held leadership roles in global investment banks, including Bankers Trust Australia, Investec Bank, RBC Capital Markets and Southern Cross Equities. He has undergraduate degrees in mechanical engineering and economics from the University of Queensland and a Master in Commerce from the University of New South Wales.
Rod Griffith – Mining and Technical Consultant
Rod Griffith has over 30 years of experience in the mining industry, both in Australia and internationally, working in senior management roles, including as chief operating officer and general manager. He has significant Central Western NSW experience with KBL Mining, Silver City Minerals, Girilambone Copper and Cobalt Blue, across a number of commodity groups and mining styles. He earned a Bachelor of Civil Engineering and Surveying from the University of Newcastle, along with a postgraduate diploma in mining engineering from the University of Ballarat.
Phil Bentley – Chief Geologist
Phil Bentley has over 40 years of experience in the mining industry across New Zealand, South Africa, and Australia, holding senior geological roles as well as senior management and director positions. He has worked as a Chief Geologist at Randgold Resources and Randgold & Exploration, Global Head of Exploration at Trafigura Mining Services, and Principal Geologist Africa at CSA Global South Africa. He is a Qualified person under NI 43-101 (Canadia) and JORC (Australia) and is a Fellow of the South African Geological Society. He holds a Bachelor of Science (Honours) in Geology at Victoria University of Wellington. He also has a Masters of Science in Economic Geology at Victoria University of Wellington and a Master’s of Science in Mineral Exploration from Rhodes University, Grahamstown South Africa.
Bold Ventures
Investor Insight
A Canadian exploration company poised for discovery, Bold Ventures is focused on the exploration and development of high-potential battery minerals projects in tier 1 jurisdictions in Canada.
Overview
Bold Ventures (TSXV:BOL) is a Canadian mineral exploration company focusing on battery, critical and precious metals located in Northern Ontario. The company’s asset portfolio demonstrates its focus on these commodities to create consistent value with gold and meet the growing demand for battery and critical metals. Bold Ventures’ projects are located within three active regions throughout Ontario: Thunder Bay West, Wawa West and the Ring of Fire camp located in the James Bay Lowlands. The Thunder Bay properties host gold, copper and nickel mineralization, while the Wawa and the Ring of Fire properties have copper, nickel, zinc, silver and PGE mineralization.
The Traxxin gold project, west of Thunder Bay, has hosted numerous high-grade gold intersections in drilling. The project is a joint venture between Bold Ventures, as the operator, and Lac des Milles First Nation, where the joint venture can earn up to 100 percent of the property.
An experienced team of explorers leads the company toward fully realizing the potential of its portfolio. The company’s leadership team has participated in three significant world-class discoveries, including:
- Eagle River Mine: Discovered in 1987 and has produced over 1 million ounces (Moz) of gold.
- Windfall Lake: Discovered in 2006 it contains current resources of 4.1M oz gold (measured and indicated) at 11.4 g/t gold and 5.5M oz gold at just over 8 g/t (Osisko Mining Website) in the probable and inferred categories.
- Ring of Fire Deposits: Discovered in 2017 and contain multiple significant deposits of nickel, copper, gold, silver, platinum group elements, chromite and vanadium. The Eagles Nest nickel-copper massive sulphide deposit is in the permit stage.
This wealth of experience allows Bold Ventures to strategically acquire undervalued assets and apply sophisticated exploration techniques to identify significant mineral deposits.
Company Highlights
- Bold Ventures is a Canadian mineral exploration company focused on exploring and developing its precious and critical mineral projects in Northern Ontario.
- The company owns and operates several projects throughout three key regions of Ontario: Thunder Bay, Wawa and the James Bay Lowlands-Ring of Fire.
- The company has been advancing its copper and gold projects to the drill stage.
- The Traxxin gold project is a notable joint venture partnership between Lac des Milles First Nation and Bold Ventures, with the partners earning up to 100 percent ownership of the property. Bold Ventures is the operator of the agreement.
- The Koper Lake project is located within 300 meters of Wyloo Metals’ (formerly Noront) flagship Eagle’s Nest nickel-copper deposit. It hosts a large chromite resource and attractive nickel potential.
- Bold Ventures’ management team has decades of experience within the mining sector. The management and technical teams have participated in three world-class discoveries and have the right experience to guide the company toward its goals.
Key Projects
Traxxin Gold Project
The Traxxin gold project is 130 kilometers west of Thunder Bay and has 154 claims covering 2,417 hectares. The project has excellent existing infrastructure and is road-accessible, cutting down on future development costs.
Project Highlights:
- Close Proximity to Significant Gold Deposit: The project is 20 kilometers east of Agnico Eagle’s Hammond Reef deposit, which contains 5.6 Moz of gold at 0.71 g/t, including reserves, measured and indicated.
- Promising New and Historical Exploration Results: Bold Ventures’ 2021 drill hole campaign results indicated 3.6 g/t gold over 12.3 meters. Additional historical results include:
- Grab samples 1281, 152, 116, 21.1 and 3.73 g/t gold
- Five historical drill holes with greater than 5 g/t gold over various intervals
- One historical drill hole greater than 37 g/t gold over 1 meter
- Additional Exploration Campaigns Planned: The company has received a new exploration permit and plans to follow up on its previous drill campaign as the gold bearing shear zone remains open in all directions.
Farwell Copper-Gold Project
The Farwell project covers 15,901 acres comprising 113 cells, 18 multi-cells and six boundary claims. The property is located in the Lake Superior east region of Northeastern Ontario, approximately 55 kilometers northwest of Wawa, and in a proven gold camp.
Project Highlights:
- Promising Geological Formations: The claim group hosts gold-bearing quartz veins located within an iron formation that stretches along the western extensions of a major deformation zone. Additionally, there is base metal volcanogenic massive sulphide (VMS) style mineralization of copper, zinc, lead and silver.
- Exploration Highlights and Future Drill Targets: A versatile time domain electromagnetic (VTEM) survey has identified multiple anomalous areas. Additional results and interpretation were incorporated into the existing database for future exploration and, ultimately, for drill testing. The company completed geophysical modelling of six high priority electromagnetic conductors identified by a helicopter-borne, versatile time domain electromagnetic (VTEM Plus) and magnetic survey carried out in 2022.
- Road-accessible: The claim group is accessible via the Eagle River gold mines haulage road and is located approximately 6 km from the Eagle River Mill complex that also connects to major highways suitable for future material transportation.
Burchell Gold and Battery Metals Project
The Burchell claim group includes approximately 216 cells and 49 boundary cells covering 5,070 hectares and is located 105 kilometers west of the port city of Thunder Bay in the south-central portion of Northwestern Ontario. The project is road-accessible through Trans-Canada Highway 11.
Project Highlights:
- Located in the Western Shebandowan Greenstone Belt: The Burchell project is located on the prominent greenstone belt and contains copper, gold, silver and molybdenum mineralization.
- Significant Known Deposit: One of the prospects within the claim group is the Hermia-Lake copper showing that trends northeast over a distance of 2.8 km. Diamond drilling by several companies from 1964 to 2008 within the mineralized copper trend at the Hermia Lake Prospect returned assay values ranging from 0.31 percent copper to 1.1 percent copper over 1.30 meter to 6.7 meter core lengths. Drilling by Mengold Resources east of Hermia Lake in 2008 returned 7.19 g/t gold over 0.40 meters in Hole BU08-7 (Osmani 2017) All sampling to date has been near surface and the deposit remains open at depth and along strike.
- Close Proximity to Prolific Gold Property: The Burchell property is contiguous with Goldshore Resources’ Moss Gold project with an inferred mineral resource 5,198 koz grading 1.11 g/t gold, contained within 146.24 Mt..
- Recent work includes prospecting, sampling and airborne geophysical surveys that indicate the possibility of a magmatic nickel-copper-PGM mineralized system in the vicinity. Results from eight grab samples ranged from 1.9 parts per million (ppm) copper up to 1,130 ppm copper (0.11 percent copper) and 2.1 ppm nickel up to 1,480 ppm nickel (0.15 percent nickel).
- The eastern half and southwestern portions of the property are highly under-explored despite having a geological and structural setting similar to the western areas of the property. Numerous VTEM anomalies generated by Mengold Resources’ 2006 geotech survey in these areas remain untested.
Wilcorp Gold Project
The Wilcorp gold project covers 266 hectares and consists of two contiguous properties in McCaul township, including four patent claims and one mineral claim. The asset is 14 kilometers east of the town of Atikokan, Ontario, and within the Thunder Bay Mining Division. New drill targets have been identified for follow-up exploration.
Project Highlights:
- Near the Traxxin Project: The Wilcorp asset is close to the company’s Traxxin project, which means it is also near Agnico Eagle’s promising Hammond Reef asset.
- Induced Polarization (IP) Surveys and Prospecting: An IP survey outlined a total of 14 anomalies. Additionally, 62 grab samples were taken throughout the property with values ranging from less than 5 parts per billion (ppb) gold up to 14,403 parts per billion (ppb) gold, which is approximately 14.4 g/t gold. Overall, 16 samples returned values over 100 ppb gold, with six samples returning over 1,000 ppb gold.
- Significant Historical Work: The asset has pre-existing historical work, including stripping, trenching and diamond drilling.
Koper Lake Project (Ring of Fire)
Project Highlights:
- Multiple Commodity Streams: The Koper Lake project has significant potential for critical minerals. The property has the potential to develop battery metals, chromite and precious metals for multiple revenue streams.
- Within the Koper Lake Project, the Black Horse Chromite Deposit contains an NI 43-101 inferred resource of 85.9 MT at a grade of 34.5 percent chromium (III) oxide (Cr2O3) using a cutoff grade of 20 percent Cr2O3.
- Black Horse Chromite Ownership Interests:
- Bold 10 percent carried interest, KWG 90 percent working interest
- Option to earn up to: Bold 20 percent carried interest and KWG 80 percent working interest.
- Black Horse Chromite Ownership Interests:
Bold owns a 40-percent working interest in all metals other than chromite and has the option to acquire up to an 80-percent working interest in all other metals found within the claims. The asset comprises 1,024 hectares and is within 300 meters of Wyloo Metal’s (formerly Noront Resources) Eagle’s Nest nickel-copper massive sulphide deposit.
Ring of Fire Polymetallic Project
The Ring of Fire asset is a future key project that will be given further attention as the Ring of Fire regional infrastructure and First Nation agreements are developed.
Project Highlights:
- The Ring of Fire Claims project is a grassroots exploration project that has significant potential targeting the battery metals nickel, copper and platinum group elements.
- Bold carried out a VTEM airborne survey in 2013 that located numerous geophysical anomalies that are prospective for battery metals.
- Further exploration is pending the development of access, infrastructure and First Nation agreements.
In June 2024, Bold Ventures signed an agreement to option a 100 percent interest in two claim groups out of the 14 claim groups within the Ring of Fire region to an arm’s-length party. The two claim groups total 1,050 hectares and comprise approximately 90 claim units. The option agreement includes aggregate cash payments totaling C$135,000 and aggregate exploration expenditures of C$250,000 over a four-year period. The deal also includes a 3 percent net smelter royalty for Bold, after the optionee earns a 100 percent interest by fulfilling the terms of the agreement.
Management Team
David Graham - Chief Executive Officer
David Graham has been active in the mineral exploration industry for over 40 years. Between 1997 and 2004 he was co-founder, president and CEO of Normiska Corporation, an industrial minerals and materials company with four production facilities in Canada and the United States.
Between 2006 and 2010 he was a director and vice-president of Noront Resources. During this time the company made major discoveries at Windfall Lake in Urban Twp., Quebec and the Ring of Fire in the James Bay Lowlands of Ontario. From 2010 until 2017 he was executive vice-president of Bold Ventures Inc. at which time, he was appointed president and CEO. Since 1986, Graham has been president of R. Bruce Graham and Associates, a mineral exploration and natural resource consulting firm founded in 1956.
Graham has worked extensively in Canada as well as in the United States, Scandinavia and Africa. His experience has frequently included working with First Nations and regulatory agencies on projects that ranged from a grassroots stage to advanced development.
Bruce MacLachlan - Director, President and Chief Operating Officer
With over 40 years of experience in the exploration industry, Bruce MacLachlan is a proven exploration manager and has been a key member of a number of mineral discovery teams. He has managed a wide range of exploration projects from grassroots through to the post discovery stage. MacLachlan has been responsible for project presentation, marketing and coordination within the investment space. He has worked with multiple exploration companies, including Noranda Exploration, Battle Mountain Gold and Canalaska Uranium. He was the exploration manager at Noront Resources and Rare Earth Metals. He is a co-founder and president of Emerald Geological Services (EGS), a consulting company created in 2001.
Coleman Robertson - Vice-president of Exploration
Coleman Robertson graduated from McGill University's geology program in 2014. Since that time, Robertson has worked exploring for gold, base metals and rare earth elements. His experience includes a wide range of exploration activities from grassroots to discovery stage projects. Employed by EGS since 2017, Coleman is vice-president of exploration for EGS and has experience with multiple projects in multiple jurisdictions, including Bold's gold and copper projects in Northwestern Ontario.
Robert Suttie - CFO
Robert Suttie has more than 25 years of experience, 10 of which were in public accounting prior to his tenure with the financial reporting group, Marrelli Support Services Inc., where he currently serves as president. Suttie specializes in management advisory services, accounting and the financial disclosure needs of the group’s publicly traded client base. He is regularly involved in initial public offerings, business combinations and asset carve-out and spin-out transactions. Suttie also serves as chief financial officer to several junior mining companies listed on the TSX, TSX Venture exchanges, CSE, as well as non-listed companies. Suttie leverages his skills and experience to become integral to the reporting issuers.
William Johnstone - Corporate Secretary
William R. Johnstone is the company’s corporate counsel and is the company’s corporate secretary. Johnstone has been a partner at Gardiner Roberts LLP since February 2005, practicing in the areas of corporate and securities law. Johnstone is the practice leader of the firm’s securities law group. Prior to that, Johnstone was the proprietor of Johnstone & Company, a boutique corporate and securities law firm, for 12 years. Johnstone has been practicing law for over 28 years. He is also a director and/or officer of six other TSX Venture Exchange listed companies.
Ian Brodie-Brown - Director and Consultant
Ian Brodie-Brown is an industry consultant and entrepreneur. Brodi-Brown is a graduate of the University of Toronto with many years of experience arranging venture capital for emerging companies, specializing in the mining industry. Brodie-Brown is the past president and chief executive officer of AurCrest Gold Inc., a TSX Venture-listed junior resource exploration company. Brodie-Brown is also a co-founder and president of Cathay Oil & Gas, a private company with foreign resource assets. He has a strong understanding of Aboriginal issues surrounding today’s mineral industry in Canada, and has successfully negotiated MOUs and exploration agreements with First Nation groups.
Steve Brunelle - Director
Steve Brunelle is a graduate of geology from Queen’s University with over 35 years’ experience in the resource industry. He is the chairman and a director of Rio Silver. Brunelle was a founder and officer/director of Corner Bay Silver, which discovered the Alamo Dorado Silver deposit in Mexico and was acquired by Pan American Silver. He was a founder and officer/director of Stingray Copper, which Mercator Minerals acquired for the El Pilar Copper deposit in Mexico. He presently sits on the board of several resource companies that are active in Canada and Peru.
Jeff Wareham - Director
Jeff Wareham has over 30 years in the financial services industry. He is a former vice-president of two major Canadian brokerage firms. In this role, he was actively involved in the IPO of the 2012 TSX Venture stock of the year, and the IPO of the largest revenue stock on the TSXV. He was directly involved in raising over $200 million for Canadian companies. He is currently CEO of Catch Capital Partners Inc., a private equity firm. He is a past director of Marquest Asset Management, an investment fund company focused on Canadian resource investments. He is also a director of Certive Solutions, a publicly listed US healthcare revenue cycle company. He hosted a weekly radio show for several years, and conducted many small cap investment interviews. Wareham graduated from Western University in 1990, with a degree in economics and English. He has earned several financial industry designations. He has been a professor of economics and a guest speaker on economics and political science at Canadian post-secondary institutions.
TEM | Yalgoo Update - Remorse Site Works Commenced
Key Points
- Access and pad construction in progress at Remorse Target
- Drilling to commence as soon as safely possible
Yalgoo Project
Remorse Target Drilling
TEM have previously announced its plans to conduct a circa 5,000m Reverse Circulation (RC) drilling program at the exciting Copper focussed Remorse Target 1 which is part of the Company’s flagship Yalgoo Project. Works have been significantly delayed due to unforeseen weather and flooding onsite 2 which have prevented safe access. Earthworks have now commenced including site access tracks and drill pad construction. Upon completion of this work, drilling is anticipated to start late August 2024.
Figure 01: Earthworks commencing at the Remorse Target
Next Steps
- Earthworks to be completed
- Drilling expected to commence late August 2024
The Board of the Company has authorised the release of this announcement to the market.
Click here for the full ASX Release
This article includes content from Tempest Minerals 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.
Further Drilling Success at Rushworth Gold Project Validates Exploration Model & Strategy
Results continue to highlight the prospectivity of the Historic Rushworth Goldfield. The ongoing success of the drilling validates our mineral systems model and supports the company’s ongoing exploration strategy across a field showing very shallow historic development and very limited previous deeper drill testing.
Highlights include:
- SWDD005 - 1.2m @ 4.5g/t Au from 19.9m downhole, including
- 0.4m @ 8.4g/t Au, and
- 0.3m @ 6.6g/t Au.
- Drilling continues at the Phoenix Reef with 2 of a planned 6 holes (1100m) completed targeting repeating thrust faults at depth.
Chairman, James Chirnside commented:
“Dart’s drilling activities at Rushworth continue to be successful. By leveraging our advanced mineral systems model and in-depth structural analysis, we have effectively pinpointed highly prospective targets. Each drill hole has consistently returned positive gold grades, reinforcing the potential of these identified structures. We remain committed to further advancing our exploration efforts and are eager to further develop the project’s apparent opportunities”
Drilling Results Discussion
The first results from the Phase 2 program returned up to 0.24m @ 8.8g/t Au, from 56.2m downhole from hole SWDD004 (Shellback Reef) from within a broad zone of sulphide mineralisation returning 7.1m @ 0.75g/t Au from 50.8m - (DTM ASX 23rd July 2024) in the Star of the West area. Results from Phase 2 continue to show high grade results within the targeted Shellback Reef structures with hole SWDD005 showing up to 0.4m @ 8.4g/t Au from 19.9m downhole.
SWDD005 intersected a steep south dipping thrust fault structure surrounded by apparent sulphide mineralisation forming a halo of gold results (1.2m @ 4.5g/t Au from 19.9m). Mineralisation was observed in the drill core as weathered sulphide pitting with surrounding iron staining, surrounding a quartz reef structure in sandstone lithologies. In line with the results from hole SWDD004, SWDD005 also intersected at least two zones of gold mineralisation with the weak lower zone showing up to 0.5m @ 1.1g/t from 94.9m downhole (Figure 3). Lidar interpretation to the west of holes SWDD004 & SWDD005 illustrates a broad area of extensive surface pitting (Figure 2). SWDD006 results remain outstanding, however given the pleasing results from initial drilling into the Shellback Reef to date, further drill testing appears to be clearly warranted in the coming months
The presence of gold rich sulphide mineralisation surrounding thrust faulting is a consistent observation and supports the company’s interpretation that the mineralising fluid and deposition environment of the Rushworth region is similar, if not the same, as nearby Central Victorian gold regions of Fosterville and Costerfield.
Rushworth Phase 3 drilling
Drilling has commenced at the Phoenix Reef prospect with 385m of a planned 1100m drill program completed to the 7th of August 2024. The Phoenix group of historic workings is one of the more extensive for the field but still only shows historic workings to some 50m below surface. Drilling is targeting interpreted deeper repeating thrust faulting below the historic stacked Phoenix, Fletchers and Appleton’s Reefs exploited for over 1000m of strike from surface.
Figure 1: Phoenix Hill cross-section compiled from geological mapping completed by Jones & Turnbull (2014) and Boucher (2016). Figure modified from Dart Mining ASX November 2020. Planned drilling location shown in Red.
Rushworth Structural Architecture
The Rushworth goldfield is focused along a series of regional East-West orientated anticline folds which host shallow historic gold workings along a cumulative strike length of approximately 14km (Figure 2). The major limbs of the anticline also exhibit smaller scale parasitic folding and various changes in bedding strike and dip. Significant North-South orientated structures crosscut and offset East-West bedding and fold hinges along the length of the field.
The East-West orientation of the field is unusual for Victorian Goldfields, which usually trend North-South, due to the added structural complexity of the Rushworth Region being highly influenced by the Lachlan Orocline formation and induced North-South crustal shortening through subduction rollback.
Mineralisation historically exploited at Rushworth concentrated on alluvial mining before focus shifted to the hard rock source. Mineralisation is dominated by free gold located in quartz veins hosted within sandstone and shale lithologies.
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North Queensland Exploration Update
HIGHLIGHTS
All targets were intersected in line with the IP anomalies identified in June - See ASX announcement of 12 June 2024 (see Fig 2)
- Target 1 – 83 meters of disseminated arsenopyrite and pyrite and quartz veins from 45 meters (see Fig 1). Consisting of 7 m* from 45 m, and 76 m* from 186 m.
- Target 2 – 125 meters of mineralization of disseminated arsenopyrite and pyrite and sulphides from 12 meters. (see Fig 1), consisting of 16 m* from 12 m, 50 m* from 54 m, 19 m* from 119 m, 12 m* from 174 m and 28 m* from 192m.
- Target 3 – 144 meters containing quartz veins up to 90% with arsenopyrite, pyrite and sulphides from 31 meters. (see Fig 1), consisting of 71 m* from 31 m and 73 m* from 160 m.
- Target 5 – 92 meters mineralization of disseminated arsenopyrite from 10 meters. (see Fig 1), consisting of 77 m* from 10 m, 12 m* from 93 m and 3 m* from 131m.
Figure 1 Empire Mining Lease- IP intersections of targets 1,2,3,5.
Figure 2 Empire Mining Lease - Location of Empire Stock Work, Pinnacle & United Empire, with recent Drilling
The Board of Far Northern Resources Limited, said:
The fact that sulphides are present in all four anomalies and were encountered in the very first drilling program, is very encouraging. We will now reassess all IP targets for further directional drilling in the near future.
FNR would like to thank Fender Geophysics, Mitre Geophysics and Bullion Drilling, for their work.
All samples have now been submitted to Intertek Minerals in Townsville for testing. FNR looks forward to receiving the assay results and getting back on the ground at the Empire Mining Lease to follow up on recent exploration program.
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This article includes content from Far Northern 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.
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