Altair Minerals Limited

Significant Conductive & Phase Anomalies Identified West of BHP’s Oak Dam Deposit

Processing of Audio Magneto-Telluric Data reveals substantial IOCG potential

Altair Minerals Limited (ASX: ALR) (‘Altair or ‘the Company’) is pleased to report results from reprocessing AMT Data at its Olympic Domain IOCG project, immediately west of BHP’s Oak Dam IOCG project, which has been 3D forward modelled for the first time.


  • Acquisition, compilation and reprocessing of Audio Magneto-Telluric (AMT) Data has unveiled a new conductive target body with IOCG discovery potential.
  • Major untested conductive and phase anomaly have both been identified proximal to each other within Altair’s Olympic Domain Project which is highly prospective for IOCG style mineralisation.
  • The newly uncovered conductive and phase anomaly body located ~5km Northwest of BHP Oak Dam Deposit (1.34Bt @ 0.66% Cu & 0.33g/t Au)1
  • Previous drilling appears to have narrowly missed the newly identified phase anomaly with impressive results from the mineralised halo surrounding the target anomaly4,5,6:
    • HWDD08: 115m @ 0.32% CuEqi from 1040m (Drilled ~2km North of main phase anomaly)
    • HWD1: 61m @ 0.33% CuEq from 901m
    • HWDD05: 115m @ 0.62% CuEq from 1095m (Drilled ~700m North of conductive high)
    • HWDD05W1: 70m @ 0.67% CuEq from 962m
  • Reprocessing for Horse-Well geophysics and interpretation has been led by Jim Hanneson and Chris Anderson, who’s geophysics work has led to world-class discoveries, most notably Carrapateena (BHP acquired asset via AU $9.6 Billion takeover of Oz Minerals)2 and Havieron (AU ~$1Billion takeover valuation from Greatland Gold buying Newmont’s stake in Havieron & Tefler)3
  • Ovoid conductive anomalous body shares parallels to those of Khamsin and Carrapateena deposits, with a follow up with TEM survey that can precisely identify the depth of the body for drill targeting

Dr. Hanneson has applied proprietary code to forward-model the AMT data readings from the original data files as previous efforts to model the data have been incomplete and smoothened out.

The forward modelling of AMT data has identified two distinct conductive and phase anomalies within Altair’s Olympic Domain Project which adjoins BHP’s Oak Dam Project. The anomalous bodies which have been identified are located just ~5km Northwest of BHP Oak Dam Deposit (1.34Bt @ 0.66% Cu & 0.33g/t Au)1 and provides a clear target for future drilling with an aim to make a second major IOCG discovery within the prolific region.

Olympic Domain Geophysics – 100% Owned, South Australia

Altair has finalised compilation and reprocessing AMT data for its Olympic Domain Project which for the first time within Olympic Domain has formed a 3D forward geophysics model. The 3D forward geophysics model has defined major conductive and phase anomalous bodies which has shown significant scale to host a potential large IOCG deposit which is analogous to the genesis of the Oak Dam Deposit.

The AMT data model includes 220 different sounding stations covering an area of 146km2, with conductivity and phase readings across a spectrum of 90 frequencies at each sounding station with additional repeat soundings for both Conductivity and Phase, leading to a model formed from analysing ~40,000 data points.

Conductive Anomaly

AMT surveys read multi-frequency EM fields within the subsurface, whereby a conductive zone beneath the surface, such as an IOCG mineralised body induces a current which alter the ratio of electric (E) and magnetic (H) fields, which is detected by the AMT device, and measures of the overall strength of the electric field.

Within the Horse-Well prospect at Olympic Domain, a discrete untested conductive anomaly has been defined by Altair through a 3D forward model of the AMT data occurring at cross section L6574000N.

The larger conductive anomaly spans 4.2km strike along SW-NE. A second higher priority and more distinct ovoid conductive body that spans 1.7km strike SW-NE, which is suspected to be related to IOCG mineralisation and presents a clear drill target. The conductive ovoid body defined by AMT readings in the context of IOCG mineralisation is generally a response from the accumulation of Copper & Iron Sulphides (Chalcopyrite, Pyrite), Iron Oxides (Magnetite) and/or alteration zones which consists of Chlorites, Sericite and hydrothermal alteration.

Figure 1: 3D Forward AMT Model for Conductivity, cross section L6574000N (looking north). Historic holes shown4,6, HWDD08 superimposed onto cross section to show spatial distance from distinct conductive zone. Vertical scale is arbitrarily modelled. Model generated by Adelaide Mining Geophysics Pty Ltd (Jim Hanneson).

The conductive response measured by the AMT survey indicate potential for a large chargeable sulphide bearing IOCG unit located beneath sedimentary cover. The distinctive ovoid conductive anomaly presents a clear untested and high-priority drill target.


Click here for the full ASX Release

This article includes content from Altair 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.

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QUIMBAYA GOLD CLOSES PRIVATE PLACEMENT

QUIMBAYA GOLD CLOSES PRIVATE PLACEMENT

/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

Quimbaya Gold Inc. (CSE: QIM) (" Quimbaya " or the " Company ") is pleased to announce that the Company has completed non-brokered private placement (the " Placement ") of 2,171,665 units of the Company (each, a " Unit ") at a price of $0.30 per Unit for aggregate gross proceeds of $651,500 . Each Unit is comprised of one common share (a " Common Share ") of the Company and one Common Share purchase warrant (a " Warrant "), each such Warrant entitling the holder to acquire one additional Common Share for a period of two years from the date of issuance at an exercise price of $0.40 per Common Share. The net proceeds of the Offering will be used by the ‎Company for exploration and working capital.

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AGNICO EAGLE ANNOUNCES ACQUISITION OF COMMON SHARES OF ONGOLD RESOURCES LTD.

Stock Symbol:  AEM (NYSE and TSX)

(CNW Group/Agnico Eagle Mines Limited)

Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) ("Agnico Eagle") announced today that it has completed a transaction with ONGold Resources Ltd. (TSXV: ONAU) ("ONGold") which resulted in Agnico Eagle acquiring 8,700,000 common shares ("Common Shares") of ONGold.

On November 25, 2024 , Yamana Gold Ontario Inc. ("Yamana"), a wholly-owned subsidiary of Agnico Eagle, and 10215825 Manitoba Ltd. (the "Buyer"), a wholly-owned subsidiary of ONGold, entered into an asset purchase agreement, pursuant to which the Buyer agreed to purchase certain assets from Yamana in exchange for, among other things, the issuance of Common Shares to Agnico Eagle (the "Transaction"). On December 20, 2024 , the Transaction was completed, which resulted in Agnico Eagle acquiring 8,700,000 Common Shares.

Agnico Eagle currently owns 8,700,000 Common Shares, representing approximately 15.0% of the issued and outstanding Common Shares on a non-diluted basis. Prior to the closing of the Transaction, Agnico Eagle did not own any Common Shares.

In connection with closing of the Transaction, Agnico Eagle and ONGold entered into an investor rights agreement pursuant to which ONGold granted Agnico Eagle certain rights, provided that Agnico Eagle maintains certain ownership thresholds in ONGold, including: (a) the right to participate in equity financings and top-up its holdings in relation to dilutive issuances in order to maintain its pro rata ownership interest in ONGold at the time of such financing or acquire up to a 19.99% ownership interest in ONGold; and (b) the right (which Agnico Eagle has no present intention of exercising) to nominate one person (and in the case of an increase in the size of the board of directors of ONGold to eight or more directors, two persons) to the board of directors of ONGold.

Agnico Eagle acquired the Common Shares as consideration for the sale of certain assets in connection with the Transaction. Agnico Eagle may, from time to time, acquire additional Common Shares or other securities of ONGold or dispose of some or all of the Common Shares or other securities of ONGold that it owns at such time.

An early warning report will be filed by Agnico Eagle in accordance with applicable securities laws. To obtain a copy of the early warning report, please contact:

Agnico Eagle Mines Limited
c/o Investor Relations
145 King Street East , Suite 400
Toronto, Ontario M5C 2Y7
Telephone: 416-947-1212
Email: investor.relations@agnicoeagle.com

Agnico Eagle's head office is located at 145 King Street East, Suite 400, Toronto, Ontario M5C 2Y7. ONGold's head office is located at 120 Adelaide Street West, Suite 1410, Toronto, Ontario M5H 1T1.

About Agnico Eagle

Agnico Eagle is a Canadian based and led senior gold mining company and the third largest gold producer in the world, producing precious metals from operations in Canada , Australia , Finland and Mexico . It has a pipeline of high-quality exploration and development projects in these countries as well as in the United States . Agnico Eagle is a partner of choice within the mining industry, recognized globally for its leading environmental, social and governance practices. Agnico Eagle was founded in 1957 and has consistently created value for its shareholders, declaring a cash dividend every year since 1983.

Forward-Looking Statements

The information in this news release has been prepared as at December 23, 2024 . Certain statements in this news release, referred to herein as "forward-looking statements", constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" under the provisions of Canadian provincial securities laws. These statements can be identified by the use of words such as "may", "will" or similar terms.

Forward-looking statements in this news release include, without limitation, Agnico Eagle's acquisition or disposition of securities of ONGold in the future.

Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by Agnico Eagle as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Many factors, known and unknown, could cause actual results to be materially different from those expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Other than as required by law, Agnico Eagle does not intend, and does not assume any obligation, to update these forward-looking statements.

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/agnico-eagle-announces-acquisition-of-common-shares-of-ongold-resources-ltd-302338329.html

SOURCE Agnico Eagle Mines Limited

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/December2024/23/c6181.html

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