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Shareholders Approve Firetail Resources’ Acquisition of Peruvian Assets
Firetail received strong shareholder approval with 88 percent of votes in favor of the transaction
Firetail Resources (ASX:FTL) shareholders have approved the acquisition of up to 80 percent interest in Valor Resources’ (ASX:VAL) Picha and Charaque projects in Peru, according to an article published by The West Australian.
About 88 percent of Firetail’s shareholders voted in favour of the transaction, which is set to be completed in the first week of September 2023. The deal involves Firetail issuing an upfront payment of $550,000, 15 million shares and 20 million performance rights. In return, Valor will transfer 80 percent of the issued share capital of Kiwanda S.A.C, Valor’s wholly owned subsidiary which holds the mining concessions for the Peruvian assets.
The article also noted that Valor shall maintain a 20.58 percent stake in Firetail and a 20 percent interest in the acquired assets.
Firetail is advancing its drill planning for the Picha copper project in Peru with regulatory approvals already in place allowing up to 120 drill holes comprising up to 40 drill platforms with three holes per platform.
To read the full article, click here.
Click here to connect with Firetail Resources (ASX:FTL) for an Investor Presentation.
Infill Scandium Drilling Underway at Murga Exploration Target
Rimfire Pacific Mining (ASX: RIM, “Rimfire” or “the Company”) is pleased to advise that it has commenced a scandium aircore drilling program at the Murga Exploration Target which is located on the Company’s Fifield Project approximately 70 km NW of Parkes in central NSW (Figures 1 and 2).
Highlights
- Initial phase of infill drilling underway at the Murga Exploration Target
- Current 50-hole (1,500m) aircore program to infill strong scandium anomalism previously obtained from wide spaced (400m x 400m) drilling throughout the area, i.e.;
- 13m @ 188ppm Sc from 3 metres in FI2514 including 4m @ 248ppm Sc
- 6m @ 111ppm Sc from 6 metres in FI2513
- 21m @ 106ppm Sc from 3 metres in FI2547
- 3m @ 127ppm Sc from 13 metres in FI2549
- 18m @ 174ppm Sc from 1 metre in FI2561 including 3m @ 226ppm Sc
- 27m @ 188ppm Sc from 0 metres in FI2434 including 12m @ 224ppm Sc
- Drilling is sole funded by Rimfire with results expected late November 2024
- If successful, the drill results will be used to convert the Murga Exploration Target to a Mineral Resource estimate.
Commenting on the announcement, Rimfire’s Managing Director Mr David Hutton said: “the commencement of infill aircore drilling at Murga is the critical next step in converting the Murga Exploration Target into a Mineral Resource.
In conjunction with the Melrose and Murga North Mineral Resources, Rimfire is well on the way to achieving its primary objective of building a globally significant scandium resource inventory at Fifield.
With results expected late November we look forward to updating shareholders when new information becomes available”.
Murga Drilling details
At Murga scandium occurs within a strongly weathered horizon overlying magnetic ultramafic (pyroxenite) intrusive rocks of the Ordovician-age Murga Intrusive Complex interpreted to be part of a large scale arcuate shaped mafic – ultramafic intrusive complex that has a surface area of approximately 20km² (Figure 2).
Rimfire has previously announced a Mineral Resource estimate of 21Mt @ 125ppm Sc (4,050t Scandium Oxide) for Murga North and an Exploration Target for the broader Murga area (excluding the Murga North Mineral Resource) of 100 to 200Mt at 100 to 200ppm Sc (15Kt – 46Kt Scandium Oxide)*. (Rimfire ASX Announcement dated 5 September 2024).
The Exploration Target is based on an outline of the scandium-bearing pyroxenite interpreted from aeromagnetic data and results of Rimfire’s 2024 reconnaissance aircore drilling (on nominal 400m x 400m centres) throughout the Murga area which successfully intersected strong scandium anomalism (see Rimfire ASX Announcement dated 6 May 2024), i.e.;
- 13m @ 188ppm Sc from 3 metres in FI2514 including 4m @ 248ppm Sc,
- 6m @ 111ppm Sc from 6 metres in FI2513,
- 21m @ 106ppm Sc from 3 metres in FI2547,
- 3m @ 127ppm Sc from 13 metres in FI2549,
- 18m @ 174ppm Sc from 1 metre in FI2561 including 3m @ 226ppm Sc, and
- 27m @ 188ppm Sc from 0 metres in FI2434 including 12m @ 224ppm Sc
To better understand the significance of the wide spaced drilling results, an initial phase of infill aircore holes (50 holes / 1,500 metres) is currently being drilled on 100m x 100m spacings (as recommended by Rimfire’s external resource consultant) to better define internal grade zones and mineralisation thickness variation. As shown in Figure 3 the initial phase of holes will be drilled in the southern portion of the Murga Exploration Target and will also test several magnetic anomalies that are interpreted to represent underlying scandium source rocks (i.e.; pyroxenite).
The drilling is sole funded by Rimfire and is part of a planned larger drilling program that will resume next month when the current drill rig becomes available again. If successful, the results of the infill drilling will be used to convert the Murga Exploration Target to a Mineral Resource estimate.
Next Steps
The Murga aircore drilling will take approximately 2 weeks to complete with analytical results expected 4 weeks after drilling completion and Rimfire looks forward to providing further market updates as new information comes to hand.
Click here for the full ASX Release
This article includes content from Rimfire Pacific Mining 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.
Copper Investing in Chile's Coastal Cordillera Belt
The Coastal Cordillera belt in Chile has gained considerable interest among explorers because of its diverse geological profile, providing a distinct style of mineralisation compared to its parallel counterpart in the Chilean Andes.
Situated in one of the most copper-rich regions in the world, the belt contains vast deposits of copper, gold, silver, iron and other minerals. As a result, this region has become an excellent target for mining investment, with a favorable climate, terrain and regulatory environment. Recent promising discoveries in the region have further added to this interest, offering new opportunities for high-grade, near-surface copper exploration.
Unique geological profile
Chile's unique geological landscape is dominated by two prominent mountain ranges: the Coastal Cordillera belt and the Chilean Andes. These parallel formations offer a fascinating study in contrasts and similarities, each with its own distinct geological features and mineral compositions.
The Chilean Andes represents the most copper-rich province on Earth, with earlier reports showing estimated total resources of roughly 490 million metric tons, including mined material, across more than 63 porphyry copper deposits and multiple prospects. A 2022 data compilation on copper porphyry deposits in the Andes mountain found deposits in Chile's portion held an estimated 1.28 billion metric tons of contained copper, showing that the region's resource potential continues to be unearthed.
Formed between the early to late Cretaceous and Pliocene eras, copper porphyry deposits in this region occur in seven distinct metallogenic belts that span Chile, Peru and northwest Argentina. Six of these belts are situated within Chile.
This arrangement is not extraordinary in and of itself — mineral belts often occur in close proximity to one another. What makes the Chilean Cordillera belt distinct is how it was formed. The geological history of the Andes is incredibly complex, defined simultaneously by sedimentation, tectonic deformation and magmatism.
There is no evidence of terrane collision in this region, with most of the formations in the area tied to subduction. This resulted in the creation of a back-arc basin which eventually evolved into a continental arc. The initial formation of the Coastal Cordillera was subject to these same geologic forces.
However, the Coastal Cordillera also underwent several accretionary processes that caused the formation of a very different mineral profile. This likely played a significant role in the formation of the Cordillera's unusually rich gold and copper porphyry deposits, the presence of which has fascinated geologists for decades. Said deposits are much closer to the surface than those in the nearby Andes mountains, where many of the deposits are buried deep underground and require extensive mineral processing and removal methods.
“When the mining industry flooded up to the Andes to find these giant porphyry deposits, what they abandoned was the copper mining belt that started the Chilean mining industry — the Coastal Cordillera,” said Caitlin Jeffs, president and CEO of Ontario-based Red Metal Resources (CSE:RMES), and a professional geologist of more than 20 years.
Red Metal’s Carrizal property, which comprises the Farellon and Perth projects, is located in the Coastal Cordillera and runs adjacent to the historic Carrizal Alto mining complex.
Ideal mining landscape
The Coastal Cordillera belt has several distinct advantages over other mining regions within these mountains, which together make it an incredibly promising target for mining, exploration and investment.
Terrain and climate
The Coastal Cordillera belt's low altitude means minerals in the region are generally far easier to access than those in the Andes Mountains. Altitude sickness is far less of a concern at mining sites along the coast, and it's far less logistically complex to deploy and operate heavy machinery. Workers in the region also do not require high-altitude training or equipment modifications.
“Being in low elevation means projects don’t have to deal with the complexities of having to set up a camp. Having people work at high elevations of 5,000 meters, for example, can be very expensive,” Jeffs said.
The Coastal Cordillera region's terrain also contributes to its milder climate. While the mountains are known for their extreme temperatures and harsh weather conditions, the coastal region is generally mild and dry, with lesser snow and rainfall levels. This minimizes the need for winterised equipment while also reducing both operating and energy costs. The Coastal Cordillera is also ideal for year round exploration, as opposed to the high Andes where the exploration window is limited to just a few months of the summer season every year.
Factoring in the fact that the minerals in the Coastal Cordillera all tend to be close to the surface, provides a clearer picture of why the region's geology is regarded so favorably.
Existing infrastructure
The presence of vital infrastructure in the region also means reduced capital costs when establishing new mining projects. Moreover, because the area contains multiple major ports, cities and roads, it's far easier to hire staff, locate equipment, source raw materials and export produced minerals. In comparison, the Andes mountains are significantly more remote and require more complex logistics and higher transportation costs.
Regulatory environment
Chile's mining industry has a long history and plays a crucial role in the country's economy. The Chilean government has created an environment that ensures an attractive mining regime, from both a sociopolitical and economic perspective, with policies and regulations that promote mining and resource extraction.
In addition, Chile's labor force in the resource sector is highly qualified, with access to some of the latest and most sophisticated mining technologies in the world.
Notable projects
It’s no surprise that the Coastal Cordillera has emerged as one of the most prolific regions in Chile for copper exploration.
Red Metal Resources’ Farellon and Perth projects are highly prospective for both copper and gold, with silver and cobalt credits. “These deposits obviously aren't as big — we know that — but the benefit is they're higher grades, traditionally. So we are getting anywhere from 1 percent to 2 percent copper,” said Jeffs. This also means that the deposits can be outlined in a much shorter time frame, at a lower cost, and then developed to take advantage of today’s copper market.
The company also stands to benefit from its small footprint, as Chile’s mining regime has provided unique benefits and support for artisanal, small-scale mining operations.
There have been several significant copper activities within the belt in recent years, all of which further contribute to the region's investment attractiveness.
Culpeo Minerals( ASX:CPO,OTCQB:CPORF), for instance, maintains a portfolio of several high-grade copper assets in the region, including the Lana Corina project. Situated near Chile's Coquimbo region, the project is defined by near-surface breccia with high-grade copper mineralisation and walk-up drilling targets.
Canadian exploration company Torq Resources (TSXV:TORQ,OTCQB:TRBMF) has also established a significant presence in Chile's Coastal Cordillera region, focusing on copper and gold exploration. Their work in the region is spearheaded by its Margarita project, known for its potential to host substantial copper and gold resources.
Takeaway
The Coastal Cordillera belt in Chile continues to be a focal point for copper exploration, contributing to the ongoing narrative of Chile's rich mining heritage, while potentially uncovering new resources crucial for the global copper supply. Investors and industry watchers should keep a close eye on developments in this region, as successful exploration could lead to significant opportunities in the copper sector.
This INNSpired article is sponsored by Red Metal Resources (CSE:RMES). This INNSpired article provides information which was sourced by the Investing News Network (INN) and approved by Red Metal Resourcesin order to help investors learn more about the company. Red Metal Resourcesis a client of INN. The company’s campaign fees pay for INN to create and update this INNSpired article.
This INNSpired article was written according to INN editorial standards to educate investors.
INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.
The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with Red Metal Resources and seek advice from a qualified investment advisor.
Impact Minerals Limited
Investor Insight
With a mining lease application underway and a scoping study that shows excellent economics, Impact Minerals’ game-changing, advanced Lake Hope high-purity alumina project makes for a compelling investment case.
Overview
Impact Minerals (ASX:IPT) is an exploration and development mining company focused on discovering and developing new resource projects within Australia. Lake Hope, a transformational acquisition by the company and its current flagship asset, is a high-purity alumina (HPA) project in Impact’s home territory of Western Australia, a tier-one jurisdiction.
This advanced-stage project allows the company to fast-track the asset toward development, firmly establishing the company on the road to production and increasing shareholder value.
HPA is a high-value product with various uses in several industries that are key to the transition to a low-carbon world. It is mainly used in LED lighting, micro-LED screens, and ceramic-coated separators in lithium-ion batteries. Both these markets are forecast to grow dramatically over the next decade, and a looming supply shortage is predicted for 2026.
HPA is also necessary for producing synthetic sapphire and scratch-resistant glass. With these ever-widening applications for HPA, demand for this resource is expected to grow from US$3.18 billion to US$12.21 billion by 2030 with a compounded annual growth rate of about 20 percent.
Lake Hope is the company’s current focus as it moves towards production, and where a very shallow, high-grade resource of HPA precursor material has been identified in the top two meters of a dry salt lake. The deposit has unique physical and chemical properties that will allow for inexpensive digging and mining, with transportation to a processing facility off-site in an established industrial area. This will accelerate the approvals processes required to get into production.
With a mining lease application pending, Impact aims to bring Lake Hope, which contains almost 1 million tons of potential HPA, into production when the forecast average price for 4N HPA (99.99 percent Al2O3) and related products is about US$20,000 per ton. The ‘4N’ designation indicates the purity grade, making it suitable for high-tech end uses.
Outstanding economics from the latest scoping study released by the company shows Lake Hope’s potential to be the lowest-cost producer of HPA globally by up to 50 percent.
Lake Hope has a maiden mineral resource estimate (MRE) of 3.5 million tons at 25.1 percent alumina (Al2O3) for a contained 880,000 tons of alumina. The company also received heritage clearances for the entire Lake Hope deposit further de-risking the project and providing another critical component in the company’s application for a mining lease.
Impact completed a bulk sampling and test pits program at the Lake Hope project in December 2023, and later reached a key milestone by producing HPA greater than 99.99 percent (4N) purity from the metallurgical processing of lake clays acquired from Lake Hope.
In February 2024, a new proprietary metallurgical process for producing HPA from the lake clays was identified. Impact produced 99.99 percent (4N) Al2O3 from a low-temperature leach (LTL) process. The LTL process may lower the capital and operating costs to produce HPA compared to the sulphate process which underpinned the recent scoping study. The LTL process will be included in the ongoing pre-feasibility study in parallel with the sulphate process at marginal extra cost to determine the best processing route to HPA. The PFS is due to be completed in late 2024.
A comparison of the LTL process and the sulphate process
The company is well funded to finance the pre-feasibility study at the Lake Hope High Purity Alumina project and exploration activities at the Arkun battery minerals project.
Impact Minerals has been awarded a $2.87 million grant for the commercialisation of its innovative process to produce High Purity Alumina (HPA) from the Lake Hope deposit. The grant is under the Federal Government’s Cooperative Research Centres Projects (CRC-P) program which fosters short-term, industry-led research collaborations. The grant is part of an estimated $6.4 million research and development project to be completed within three years and designed to provide Impact with the relevant information required to complete a definitive feasibility. A key component of the grant funding will be to construct a pilot plant, which is a key goal for 2025, and this will provide consistent material for off-take and qualification trials.
Impact Minerals was also one of the inaugural cohort of seven companies selected to be part of the prestigious BHP Xplor program. BHP Xplor, an accelerator program introduced by BHP in August 2022, is designed to help provide participants with the opportunity to accelerate their growth and the potential to establish a long-term partnership with BHP and its global network of partners.
The BHP Xplor funding was used to identify new target areas for copper and other energy metals around the Broken Hill area in New South Wales, eastern Australia, where Impact has been quietly adding to its ground position for several years.
Additionally, the company is exploring its large Arkun battery metals project, also in Western Australia which covers nearly 2,900 square kilometres. Three new exploration licence applications were submitted recently immediately north of the Arkun project along trend from the recently discovered REE soil geochemistry anomalies at Hyperion, Swordfish and Horseshoe, and the Caligula copper anomaly. These anomalies require drill testing which will occur in 2024 and is an exciting development in the emerging mineral province of southwest WA.
A strong management team with over 50 years of combined industry experience leads the company. With a mining and exploration geology degree, Dr. Mike Jones, managing director, launched a long career consulting and leading mining organizations. Peter Unsworth, the non-executive chairman, has more than 35 years of experience in multiple financial sectors, such as securities industries and wealth management. Paul Ingram, a non-executive director, has led several mining companies since 2003. Impact Minerals has the experience and expertise to lead the company to success.
Company Highlights
- Impact Minerals is an exploration and development mining company focused on rapidly moving its flagship Lake Hope high-purity alumina (HPA) project toward production.
- The Lake Hope project has a high-grade maiden mineral resource estimate (MRE) of 3.5 million tonnes at 25.1 percent alumina (Al2O3), for a contained 880,000 tonnes of alumina that can be converted to HPA.
- HPA is used throughout multiple industries, and the overall HPA market is projected to grow by a CAGR of 18.4 percent by 2030.
- A pre-feasibility study is currently in progress and scheduled to be completed by Q4 2024. A mining lease application for the Lake Hope High Purity Alumina (HPA) was recently lodged with the aim of being granted by 2026.
- The company’s project portfolio also includes assets with high-grade mineral deposits of a range of base, critical and precious metals.
- Impact Mineral’s 2,000-square-mile Arkun nickel-copper-PGE project in Western Australia has produced encouraging assays that motivate further exploration. Maiden drill programmes are planned for early 2025.
- The company is also exploring its Broken Hill copper project in New South Wales following a major grant under the auspices of the BHP Xplor program in 2023..
- A strong management team leads the company with experience in geology, mining and corporate finance.
Key Projects
Lake Hope HPA Project
Impact Minerals’ Lake Hope HPA project is in Western Australia, a tier-one mining jurisdiction. HPA is a crucial component in many new and emerging technologies, creating ongoing demand for high-grade sources. The Lake Hope project is the company’s flagship as it moves toward production.
Project Highlights:
- Maiden Mineral Resource Estimate: A maiden mineral resource of 3.5 million tonnes at 25.1 percent alumina (Al2O3) for a contained 880,000 tonnes of alumina has been defined at the Lake Hope HPA Project. About 88 percent of the resource, or 775,000 tonnes of alumina, is in the higher confidence indicated resource category.
- Amenable to Open-pit Mining: The Lake Hope project is a unique HPA asset amenable to shallow, open-pit mining. The deposit is soft and shallow, allowing for cheap digging and minimal infrastructure requirements. This type of deposit also lowers the environmental footprint of the operation.
- Fast-tracked to Production: A mining lease application is currently underway. Once granted, the company will begin working towards a pre-feasibility study and mini pilot plant. Impact Minerals plans to reach a complete pilot plant by 2026.
- Impressive Results of the 2023 Scoping Study: Outstanding economics show Lake Hope to potentially be the lowest-cost producer of High Purity Alumina (HPA) globally by up to 50 percent. Key outcomes from the scoping study include:
- Annual production of 10,000 tpa of 4N HPA with an initial 25-year mine life
- Annual EBITDA of A$174 million.
- 2 years construction period with 5,000 tonnes of production during the first year, 8,000 tonnes in the second year and 10,000 tonnes of production thereafter.
- US$934 million post-tax NPV8 at an IRR of 55 percent.
- Mining Lease Application: Amining lease application was lodged in mid-2024 over the West Lake resource while a miscellaneous licence application (L63/99) was lodged to cover mine infrastructure and haulage road.
The scoping study was underpinned by a sulphuric acid process allowing the company to achieve a new milestone by producing HPA with purity of more than than 99.99 percent (4N) from the metallurgical processing of lake clays acquired from Lake Hope. The company further identified a new proprietary metallurgical process for producing HPA from the lake clays. Known as the low-temperature leach (LTL) process, this also produced 99.99 percent (4N) Al2O3 and has the potential to lower even further the capital and operating costs to produce HPA compared to the sulphate process. The LTL process will be included in the ongoing pre-feasibility study along with the sulphate process to determine the best processing route to HPA. The PFS is due to be completed in late 2024.
Broken Hill Copper Project
The Broken Hill project has a significant land position of 815 square kilometers and hosts multiple targets with the potential for high-grade copper. Broken Hill is located in New South Wales, Australia, an area known for its prolific silver-lead-zinc mining operations and the giant Broken Hill deposit.
Project Highlights:
- Participant in the BHP Xplor Program: Impact was selected for the BHP Xplor program in 2023 based on its Broken Hill project. The program is designed to allow participants to accelerate growth and establish a long-term partnership with BHP.
- Potential for Additional Minerals and Deposits: As well as copper, the project has significant exploration potential for magmatic nickel-copper-PGE sulphides, and at the time the host rocks were formed, Broken Hill was located close to the world-class nickel-copper-PGE deposit of Jinchuan and the significant Lengquisheng deposit. The project area also has the potential to contain zinc-lead-silver deposits, providing even more value.
Arkun Nickel-Copper-Gold-Lithium-REE Project
The Arkun project is a 2,900-square-kilometer nickel, copper and gold project located in the emerging Ni-Cu-PGE province near the world-class Julimar Ni-Cu-PGE deposit and surrounded by Anglo American Corporation, which secured its ground holding shortly after Impact secured its asset. Anglo-American is one of the world’s top ten mining companies, and their presence in the region brings confidence in the project’s potential.
Project Highlights:
- Additional Exploration Underway: Impact plans follow-up work programs, including drilling, at its priority targets.
- Significant Targets Identified: Recent soil sampling identified two new prospects:
- Hyperion prospect - Located in the northwestern part of the project area returned with rare earth element anomalism of up to 5,880 ppm (0.59 percent) total rare earth oxide (TREO+Y) and neodymium and praseodymium (Nd+Pr) of up to 21 percent.
- Caligula prospect - Initially identified on the roadside, the Caligula prospect is a large and significant target for porphyry copper mineralisation.
- Three New Exploration Licences: Impact applied for three new exploration licences expanding Arkun project along trend from the recently discovered REE soil geochemistry anomalies at Hyperion, Swordfish and Horseshoe as well as the Caligula copper anomaly.
Management Team
Peter Unsworth - Non-executive Chairman
Peter Unsworth, formerly a chartered accountant, has over 35 years of experience in the corporate finance, investment and securities industries and a wealth of management experience with public and private companies. A former executive director with a leading Western Australian stockbroking company, Unsworth has been a director of several public exploration and mining companies. He recently completed a long time serving as chairman of the Western Australian Government-owned Gold Corporation (operator of The Perth Mint). Unsworth is the founding chairman of Impact Minerals.
Dr. Mike Jones - Managing Director
Dr. Mike Jones is the founding managing director of Impact Minerals Limited, which was listed on the Australian Stock Exchange in November 2006. Reporting to the board of directors, he is responsible for the company's performance as it moves towards production at its Lake Hope High Purity Alumina Project and also for implementing strategies to explore and maximize the value of the company's other extensive tenement holdings.
Since listing, he has helped raise more than $60 million to help fund the exploration of Impact’s projects and managed the company through significant adverse events, including the global financial crisis and the Fukushima nuclear disaster, which affected Impact’s considerable investment in the uranium sector, a five-year global downturn in the mining sector and more recently, the COVID-19 pandemic.
Paul Ingram - Non-executive Director
Paul Ingram is a geologist with extensive experience managing major mineral exploration programs for several publicly listed companies and has been involved in the mining sector for over thirty years. He has designed and implemented innovative techniques for exploration in remote areas and has managed projects in countries throughout Australia and East Asia. Ingram has been a director of the following listed companies in the past three years: Polo Resources from January 2008 to January 2011; A-Cap Resources since June 2009; Consolidated Global Investments since September 2006; Caledon Resources from February 2003 to March 2008; and Australian Pacific Coal since March 2011.
Dr Frank Bierlein - Non-executive Director
Dr. Frank Bierlein is a geologist with 30 years of experience as a consultant, researcher, lecturer and industry professional. Bierlein has held exploration and generative geology management positions with QMSD Mining, Qatar Mining, Afmeco Australia and Areva NC, and consulted for, among others, Newmont Gold, Resolute Mining, Goldfields International, Freeport McMoRan, and the International Atomic Energy Agency. He is currently a non-executive director of PNX Metals. He was previously a non-executive director of Gold Australia NL and chaired the advisory board of a Luxembourg-based private equity fund between 2014 and 2021.
Impact Awarded $2.87 Million in Federal Funding for Pilot Plant Work on the Lake Hope High Purity Alumina Project, WA
Impact Minerals Limited (ASX:IPT) is pleased to announce that in collaboration with CPC Engineering and the Mineral Recovery Research Centre (MRRC) at Edith Cowan University, they have been awarded a grant of $2.87 million grant towards the commercialisation of the company’s innovative process to produce High Purity Alumina (HPA) from the Lake Hope deposit located 500 km east of Perth in Western Australia. HPA is on the list of critical minerals for Australia, Europe, and North America.
The grant is provided under the Federal Government’s Cooperative Research Centres Projects (CRC-P) program which fosters short-term, industry-led research collaborations. The grant is part of an estimated $6.4 million research and development project to be completed within three years and designed to provide Impact with the relevant information required to complete a Definitive Feasibility Study in that time frame. A key component of the grant funding will be to construct a pilot plant, which is a key goal for 2025, and this will provide consistent material for off-take and qualification trials.
Impact Minerals’ Managing Director Dr Mike Jones with Eugenia Phegan of CPC Engineering andAssociate Professor Amir Razmjou of the Mineral Recovery Research Centre at ECU holding a pilot scale Membrane.
Impact Minerals’ Managing Director Dr Mike Jones, said, “We are immensely proud to drive this transformative project, which aligns with and advances Australia’s strategic interests in critical minerals. We thank Minister Husic for his personal interest in the project as this federal funding not only underscores the national importance of our work but also enhances our capability to implement world- leading technologies that set new standards in sustainability and efficiency in the mineral sector. Being able to commence work on our pilot plant and the subsequent feasibility studies with the world-leading research of Edith Cowan University and the unique skills and experience of CPC Engineering will position Impact Minerals at the forefront of the global HPA market, ready to meet increasing demands with a sustainably produced, high-quality product. The project is scheduled to advance from initial trials to a definitive study phase swiftly, ensuring timely delivery of HPA and fertilizer samples to potential customers and partners. This grant and likely contributions from the R and D rebate will ensure our next stage of work after the PFS will be well funded.”
The research project brings together three groups with the unique assets and skills to bring the Lake Hope project to fruition.
Impact has developed innovative metallurgical processes to produce HPA and fertiliser by-products from the salts in the Lake Hope deposit, which will be mined and trucked to Kwinana for processing. The mining and processing will have a minimal environmental footprint, with no on-site beneficiation required at the mine, nominal long-term rehabilitation requirements and one of the lowest Scope 1 and Scope 2 CO2 emissions of any HPA production process globally (ASX Release June 19th 2024).
The Mineral Recovery Research Centre at ECU, led by Associate Professor Amir Razmjou, is a world leader in Membrane Selective Technology (MST) in which plastic or ceramic membranes are used to remove a wide variety of contaminants from reagents and water. The technology is well-established in water treatment, and the MRRC is adapting the technology to the mining industry.
Impact believes MST to be a further game changer for producing HPA, and in particular, for cost-effective reagent regeneration and removal of contaminants in waste water. This, in turn, will lead to lower energy costs, emissions and, in particular, operating costs for the project. It adds to the overall small environmental footprint of the Lake Hope project and the research aims to design a “zero-liquid discharge” project to minimise or even eliminate waste from the process.
CPC Engineering is completing the engineering design studies and estimates of the operating and capital costs for the proposed 10,000 tonnes per annum HPA plant as part of Impact’s Pre-Feasibility Study on Lake Hope (ASX Release October 9th 2024). Eugenia Phegan of CPC, who has previous experience in building HPA pilot plants, recognised the potential of MST for Lake Hope and Impact thanks her for her insight and energy in helping design and complete the grant application as well as her on-going contribution to the Lake Hope journey.
CPC will design, build and manage the pilot plant under the research project. In addition, Impact will also work with ECU and CPC to generate new uses for HPA.
About the Grant and Future Directions
The CRC-P grant of $2.87 million aims to foster the development of competitive, sustainable, and productive Australian industries through strategic research collaborations. Impact Minerals, along with its partners, will fund the remainder of the $6.4 million project, being $3.53 million, with cash and in-kind contributions. Impacts contribution will be about $1.7 million, much of which will be potentially eligibility for the Research and Development rebate of 43%.
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BHP Releases Latest Quarterly Results, Olympic Dam Faces Temporary Halt
Mining giant BHP (ASX:BHP,LSE:BHP,NYSE:BHP) reported a solid start to its 2025 fiscal year.
For the quarter ended in September, BHP’s copper production rose by 4 percent year-on-year, driven by higher feed grades and recoveries at its Escondida mine in Chile, one of the world's largest copper mines.
Iron ore production at BHP’s Western Australia Iron Ore operations also increased, rising 3 percent year-on-year. BHP is maintaining its iron ore production guidance at 255 million to 265.5 million tonnes for its 2025 fiscal year.
BHP’s steelmaking coal operations posted a significant 20 percent increase in production. The company attributes this rise to improved operational stability following challenges in previous quarters.
However, it's worth noting that these numbers exclude BHP's recently divested Blackwater and Daunia mines. When they are included, coal production was down 19 percent year-on-year.
Steelmaking coal output for the year is expected to be within the 16.5 million to 19 million tonne range.
The potash sector is another area of focus for BHP, with the Jansen Stage 1 project in Canada now 58 percent complete. The company is targeting first production in approximately two years. The asset is seen as a long-term growth driver for BHP as global demand for potash, a key ingredient in fertilisers, is expected to rise over the next decade.
Nickel production faced a 3 percent decline, with BHP announcing a temporary suspension of operations at its Nickel West site. The decision was prompted by lower nickel prices and the company’s intent to reduce production costs. BHP plans to invest about US$300 million annually to maintain operational readiness should market conditions improve.
Olympic Dam faces temporary halt
A day after the release of BHP's quarterly results, news hit that operations at the company's Olympic Dam mine have been temporarily halted after transmission infrastructure was damaged by electrical storms.
According to the Australian Financial Review, surface infrastructure at the South Australian site has been switched to care-and-maintenance mode, and is running off of backup generators.
Tom Koutsantonis, the state's energy minister, said Olympic Dam would be offline for five to seven days.
"We have paused the majority of our underground mining and surface processing operations. Backup generation is providing power to Roxby Downs township, along with critical on-site infrastructure,” a BHP spokesperson said, adding that transmission lines that supply Olympic Dam were structurally damaged by the electrical storms.
Olympic Dam is a major producer of copper, gold and uranium, and the company is currently evaluating a potential expansion that could double its smelting and production capacity by 2027.
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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Cygnus Metals, Doré Copper to Merge, Bringing Together Québec Assets
Cygnus Metals (ASX:CY5) announced plans to merge with Doré Copper Mining (TSXV:DCMC,OTCQB:DRCMF), saying it will acquire 100 percent of Doré's issued and outstanding common shares via a definitive arrangement.
In an October 15 press release, Cygnus said the deal will create a Québec-focused copper and lithium company, with Doré’s Chibougamau copper-gold project and Cygnus’ James Bay lithium projects as its main assets.
The new entity sees the potential for resource growth, as well as brownfield and greenfield discoveries at the properties. Chibougamau has a resource of 10.8 million tonnes at 3.5 percent copper equivalent, while the James Bay-based Pontax project has a resource of 10.1 million tonnes at 1.04 percent lithium oxide.
The Chibougamau project has the only processing facility within a 250 kilometre radius. The plan is to implement a “hub-and-spoke” strategy where this facility will be used to process material from various nearby deposits.
“The Doré team is delighted at the thought of working with the Cygnus team to create a critical metals company and to maximise the value of what we know is an outstanding asset at Chibougamau,” said Doré President and CEO Ernest Mast.
“This merger will provide the funding, additional expertise and the strategy to hopefully generate superior shareholder returns through brownfields exploration at Chibougamau," he added.
Cygnus said it intends to raise AU$11 million through a placement with two tranches. It will use the funds for resource and production advancement at Chibougamau, and development of the lithium exploration pipeline at James Bay.
“We intend to devise and implement an aggressive exploration programme, utilising highly experienced geologists and the latest technology, with the aim of driving strong resource growth at a time when the world desperately wants more copper from tier-one locations,” explained Cygnus Executive Chair David Southam.
The transaction is expected to close at the end of December. It is subject to various conditions, including the receipt of conditional approval from the TSXV for the listing of Cygnus' shares. Once complete, Cygnus shareholders will own 55 percent of the merged group, while Doré shareholders will hold 45 percent.
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Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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