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Investing Guides
Significant Copper-Gold Mineralisation Confirmed At Mongoose
February 20, 2023
Renegade Exploration Limited (ASX:RNX) is planning a reverse circulation (RC) drilling campaign up to 3,000m at its Mongoose Project near Cloncurry for later this month after recent rock sampling confirmed the presence of significant copper-gold mineralisation within multiple gossanous zones.
Highlights
- Multiple copper-gold gossanous zones identified at Mongoose.
- Main gossan zone extends for over 500m with maiden rock sampling returning:
- 15.6 % Cu & 0.52 g/t Au
- 8.81 % Cu & 4.12 g/t Au
- 1.81 % Cu & 0.21 g/t Au
- 1.87 % Cu & 1.98 g/t Au
- 1.04 % Cu & 1.95 g/t Au
- 2.88 % Cu & 0.1 g/t Au
- Reverse circulation drilling at Mongoose planned for late February.
Renegade Director, Mr Robert Kirtlan, said Mongoose was a primary focus for the company given the significant historical copper-gold drill intercepts and its location along strike from the neighbouring Great Australia Mine operations and, in particular, the Taipan deposit and Paddock Lode mine.
“Mongoose has considerable appeal as a prospect given its prime geological location, strong historical exploration data, great access to infrastructure, and our most recent positive rock sampling results,” Mr Kirtlan said.
“We’ve identified significant high-grade copper-gold mineralisation over a large gossan zone which runs for over 500m.
“We’re looking forward to testing this discovery with drilling commencing later in the month together with developing a number of immediate other prospects already identified across the permit,” he said.
Mongoose was first discovered in 2013 and was subject to approximately 4,000m of drilling at that time which confirmed it as an extension to the neighbouring Paddock Lode mine and Taipan deposit owned by True North Copper and part of the Great Australia mining lease.
Figure 1. Mongoose project, showing rock samples, historic drill holes and nearby open pit mines and resources.
Mongoose is part of the Carpentaria Joint Venture (CJV) between Glencore plc and Renegade, whose stake is currently 23.03%. In January 20231, Renegade recently reached agreement with Glencore to excise the Mongoose Project (EPM8588) from the CJV and sole risk future expenditure. Renegade’s interest in EPM8588 will increase with expenditure.
Mongoose Project Background
Mongoose is hosted by dolerite-gabbro-porphyritic basalts of the Toole Creek Formation. The mineralised zone is dominated by magnetite-actinolite-albite-chlorite altered, sheared and brecciated dolerites. The mineralisation is both primary and supergene in nature. The supergene zone is defined by the presence of malachite, chrysocolla, chalcocite, and cuprite. The fresh, primary (hypogene) copper mineralisation is defined by chalcopyrite with accessory pyrite.
Click here for the full ASX Release
This article includes content from Renegade Exploration 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.
13h
Substantial Low-Cost Financial Support for Battery Grade Manganese Sulphate Plant
Firebird Metals Limited (ASX: FRB, “Firebird” or “the Company”) is pleased to announce an update on the financing of its Stage 1 Battery Grade Manganese Sulphate Plant in China, which will utilise third party manganese ore to produce high-purity manganese sulphate.
HIGHLIGHTS
- Strong progress and ongoing support received from the Jinshi Government, China Construction Bank (Jinshi division) and leading chemical engineering contractor, China National Chemistry Southern Construction and Investment Co Ltd (“China Chemical”), for the development and construction of the Company’s Battery-Grade Manganese Sulphate Plant (“Plant”), to be located in the Jinshi High-Tech Industrial Park, Hunan Province
- Combined indicative and non-binding agreements (all at advanced stages) up to US$56M account for approximately 60% of the estimated financing requirements for Firebird to construct and commission its Plant:
- Non-binding indicative offer from China Construction Bank (Jinshi Division) to provide to a maximum of 50% of estimated plant CAPEX requirements of US$83.5 million (subject to conditions precedents), at very attractive terms, plus 70% of required estimated working capital of US$10.6 million;
- Non-binding agreement with China Chemical to provide up to 20% of construction and installation costs (approximately US$35 million) on a deferred payment basis, interest-free and repayable 12 months after the commencement of commercial production; and
- Binding Agreement with Jinshi local Government to receive a 62.5% rebate (totalling ~US$4.2 million) on the ~US$6.8 million land purchase. Rebate has been accounted within total CAPEX requirements
- Feasibility Study1 outlined a very low CAPEX of US$83.5 million and highly competitive OPEX of approximately US$609/metric tonne (mt) for battery grade manganese sulphate, underpinned by major competitive advantage of strategic location within the Chinese industrial ecosystem, which provides major cost-saving and operational synergies
- Firebird on track to make a Final Investment Decision in H2 2024, with a 12–15 month construction timeline, ahead of first production
- Once in production, Firebird is well placed to become one of the lowest cost manganese sulphate producers, at a time when the Lithium Manganese Iron Phosphate (“LMFP”) battery market is forecast to experience significant growth in coming years
- True underlying value and importance of Flagship Oakover Project (Western Australia), as a key future operation is clearly demonstrated by recent significant manganese supply disruptions. Oakover continues to be an integral part of Firebird’s long-term manganese battery materials strategy
Cautionary Statement
The Feasibility Study referred to in this announcement is a Technical Feasibility of the establishment of the Battery Grade Manganese Sulphate Project Stage 1 Processing Plant in China (the Plant). Please refer to ASX announcement dated 7/5/24 for full Feasibility Study details.
The Feasibility Study is based on the material assumptions contained in the Feasibility Study document which accompanied the announcement. This announcement and the Feasibility Study include assumptions about the availability of funding. While the Company considers all the material assumptions to be based on reasonable grounds, there is no certainty that they will prove to be correct or that the range of outcomes indicated will be achieved.
Notwithstanding the developments set out in this announcement, investors should note that there is no certainty that the Company will be able to raise the amount of funding to develop the Plant when needed. It is also possible that such funding may only be available on terms that may be dilutive to or otherwise affect the value of Company’s existing shares.
It is also possible that the Company could pursue other ‘value realisation’ strategies such as a sale, partial sale or joint venture of the Plant. If it does, this could materially reduce the Company’s proportionate ownership of the Plant. Given the uncertainties involved, investors should not make any investment decisions based solely on the results of the Feasibility Study.
Firebird Managing Director Mr Peter Allen commented: “We are extremely proud to announce these critical financing and construction agreements with the Jinshi Government, China Construction Bank (Jinshi division) and leading chemical engineering contractor China Chemical. Since announcing our plans to establish operations in China to produce high-purity manganese sulphate, we have been overwhelmed by the ongoing support and engagement from key stakeholders in China, led by the Jinshi Government, to ensure the Company has the resources required to deliver on our LMFP battery strategy. This strong in-country support has been a key contributor to the rapid growth we have delivered on the ground in China.
“I believe that Firebird is in a unique and extremely competitive position, as highlighted by our Feasibility Study, which showed a very low-capex pathway to establish operations in China in the next 18 months. Importantly, the study highlighted the significant cost, development and operational advantages of building a plant in China and the exciting opportunity to transition Firebird into producer status. The Company is well positioned to deliver on its strategy to become one of the lowest cost high-purity manganese sulphate producers when compared to existing Chinese producers and western peers.
“With approximately 60% of our financing requirements now at an advanced stage, we are steadily gaining strong momentum towards securing the necessary funds to build our plant. The value proposition and expedited market entry potential we anticipate in China are truly remarkable. Our progress underscores our commitment to swift and effective execution of our unique growth strategy.
“We are now planning a second investor site visit for mid-to-late June, following the success and feedback from the first visit in April. We are looking forward to demonstrating our key in-country advantages, Chinese Government support, speed to market opportunity and Chinese industrial ecosystem within the Jinshi High-Tech Industrial Park.
“We will continue to deliver on a busy pipeline of news at a time when the supply and demand fundamentals for manganese have never been stronger, particularly following the suspension of operations at Groote Eylandt. Timing is always critical, and we will be turning our Plant on at a time when the LMFP battery market is forecast to experience substantial and rapid growth, with the potential to become a >US$20 billion market by 2030.”
Click here for the full ASX Release
This article includes content from Firebird Metals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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13 May
Melrose Leaching Test Work Generates up to 90% Scandium Recoveries
Rimfire Pacific Mining (ASX: RIM, “Rimfire” or “the Company”) is pleased to advise that 2 further leaching tests conducted on scandium - mineralised laterite material from the Melrose prospect have significantly improved the recovery of scandium into solution compared to previous leaching tests.
Highlights
- Two further sighter leach tests focused on maximising scandium recovery at atmospheric pressures from Melrose laterite-hosted mineralisation returns recoveries of 62.6% and 90.1% scandium respectively
- Latest results represent significant improvement on previous best scandium recovery of 40%
- Improvement in scandium recovery attributed to increased acidity (sulphuric acid) and addition of reagents (NaCl)
- Rimfire has engaged highly experienced hydrometallugist Mr Boyd Willis as Process Consultant to guide future metallurgical studies
- All activities fully funded by Rimfire’s exploration partner - GPR
Commenting on the announcement, Rimfire’s Managing Director Mr David Hutton said: “The results of the further sighter leach tests are highly encouraging and build on the previous test results.
Having demonstrated that we can recover up to 90.1% of the scandium into a “pregnant” solution by leaching Melrose mineralised material at atmospheric pressures, our attention is now turning to maximising the extraction of scandium from solution.
Rimfire is conducting a review of existing publicly available extraction technologies and has engaged highly experienced hydrometallugist Mr Boyd Willis as Process Consultant to guide this work.
Mr Willis’ engagement provides Rimfire with invaluable metallurgy capability to complement our highly experienced geological team. We feel that the latest metallurgical results together with recent drilling results from the Murga and Melrose Scandium Prospects, as well as the calibre of our technical team, reinforce Rimfire’s position as unique ASX exposure to scandium”.
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.
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13 May
Fiery Creek Copper Expansion Georgetown Amended with Link
Emu NL hereby submits an amended ASX Release made earlier this morning in its entirety which now includes the following link to be able to view a video from CEO Doug Grewar on this announcement.
https://investorhub.emunl.com.au/link/0PǪDOr
EMU NL (ASX: EMU) (“EMU” or “the Company”) is pleased to provide an exploration update on the Fiery Creek Copper prospect located within the Georgetown Project in North Queensland. The Company’s mobilised and highly experienced exploration team is undertaking extended geochemistry and geophysics programmes at Fiery Creek to further investigate and build upon this potentially significant copper porphyry discovery.
Highlights
- EMU’s exploration team identifies significant extensions to the high-grade copper veining at Fiery Creek prospect
- High grade surface copper veining extends 2.5km along strike within a major structural NNW setting interleaved with NNW striking mineralised shear zones between 60-120m wide located between non mineralised granodiorite
- Interpretation of aeromagnetic data suggests that this zone of structural geologic disruption with potential mineralisation and hydrothermal alteration extends approximately 6km to the SSW within the Yataga Igneous Complex
- The shear zones have been invaded by prevalent stockwork veining of quartz and copper oxides with substantial hydrothermal fluidisation observed in several impulse phases
- Growing evidence (mineralogy and geochemistry) strongly points to the mineralisation being developed directly above and in contact with the potassic copper shell of an interpreted porphyry copper system
- EMU’s field teams conducting soil, rock and termite sampling over the newly identified extension
- pXRF sampling programme to commence this week will provide immediate feedback on mineralisation
- LIDAR and photogrammetry drone survey underway to provide high resolution topographical and photographic definition of structural settings will also improve access route and drill planning
- A geophysics survey (including pole dipole, IP, resistivity and MT) scheduled and on target to commence August 2024
- EMU expediting accesses for a drill programme at Fiery Creek following interpretation and vectoring from geophysics results
EMU Non-Executive Chairman Peter Thomas commented,
“In field progress and updates are extremely pleasing and thus incredibly exciting. The identified extent of the high-grade copper system at Fiery Creek is growing. What was already thought to have the makings of a massive multimillion tonne copper porphyry system, just keeps getting bigger.All indications are consistent with the fact that the Fiery Creek Copper prospect lies at the magmatic – hydrothermal transition zone. Hence, the postulated subjacent porphyry copper shell, which is interpreted to be the source of high-grade copper mineralisation, appears to lie at a very modest depth below surface.Results from our geochemistry and geophysics surveys are directed at delivering optimised vectors for our maiden drilling programme.”
Fiery Creek Copper Prospect
The Fiery Creek Copper prospect is hosted within a major NNW striking shear zone developed in the core of the Yataga Igneous Complex. The complex is a medium grained, equigranular, ovoid, granodiorite body, which at 29km2 is the largest such igneous body known in the Georgetown Inlier.
Field work has highlighted that this major shear structural zone appears to extend over a geologic strike length of approximately 2.5km and up to 2.0km in width. This zone of mineralisation identifies as a substantial drill target with outcropping veining, copper enriched stockwork and dissemination. It is posited from aeromagnetic data the shear zone is likely to continue along strike for a further 3.5-4.0km. Initial copper mineralisation, within these shear zones, has been traced and identified from just 1.3m of exposed veining from EMU’s previous reconnaissance field trips1. Follow up geological reconnaissance, currently being conducted at Fiery Creek, has identified that the main zones of shearing and cataclastic brecciation of the host Yataga Igneous Complex has developed over coherent widths of between 60 to 120m. To date, four of these cataclastic shear zones have been identified with the potential for further extensions to be identified as the programme continues and the system is further investigated.
Click here for the full ASX Release
This article includes content from EMU NL, 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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12 May
Fiery Creek Copper Expansion Georgetown Project, QLD
EMU NL (ASX: EMU) (“EMU” or “the Company”) is pleased to provide an exploration update on the Fiery Creek Copper prospect located within the Georgetown Project in North Queensland. The Company’s mobilised and highly experienced exploration team is undertaking extended geochemistry and geophysics programmes at Fiery Creek to further investigate and build upon this potentially significant copper porphyry discovery.
Highlights
- EMU’s exploration team identifies significant extensions to the high-grade copper veining at Fiery Creek prospect
- High grade surface copper veining extends 2.5km along strike within a major structural NNW setting interleaved with NNW striking mineralised shear zones between 60-120m wide located between non mineralised granodiorite
- Interpretation of aeromagnetic data suggests that this zone of structural geologic disruption with potential mineralisation and hydrothermal alteration extends approximately 6km to the SSW within the Yataga Igneous Complex
- The shear zones have been invaded by prevalent stockwork veining of quartz and copper oxides with substantial hydrothermal fluidisation observed in several impulse phases
- Growing evidence (mineralogy and geochemistry) strongly points to the mineralisation being developed directly above and in contact with the potassic copper shell of an interpreted porphyry copper system
- EMU’s field teams conducting soil, rock and termite sampling over the newly identified extension
- pXRF sampling programme to commence this week will provide immediate feedback on mineralisation
- LIDAR and photogrammetry drone survey underway to provide high resolution topographical and photographic definition of structural settings will also improve access route and drill planning
- A geophysics survey (including pole dipole, IP, resistivity and MT) scheduled and on target to commence August 2024
- EMU expediting accesses for a drill programme at Fiery Creek following interpretation and vectoring from geophysics results
EMU Non-Executive Chairman Peter Thomas commented,
“In field progress and updates are extremely pleasing and thus incredibly exciting. The identified extent of the high-grade copper system at Fiery Creek is growing. What was already thought to have the makings of a massive multimillion tonne copper porphyry system, just keeps getting bigger.All indications are consistent with the fact that the Fiery Creek Copper prospect lies at the magmatic – hydrothermal transition zone. Hence, the postulated subjacent porphyry copper shell, which is interpreted to be the source of high-grade copper mineralisation, appears to lie at a very modest depth below surface.Results from our geochemistry and geophysics surveys are directed at delivering optimised vectors for our maiden drilling programme.”
Fiery Creek Copper Prospect
The Fiery Creek Copper prospect is hosted within a major NNW striking shear zone developed in the core of the Yataga Igneous Complex. The complex is a medium grained, equigranular, ovoid, granodiorite body, which at 29km2 is the largest such igneous body known in the Georgetown Inlier.
Field work has highlighted that this major shear structural zone appears to extend over a geologic strike length of approximately 2.5km and up to 2.0km in width. This zone of mineralisation identifies as a substantial drill target with outcropping veining, copper enriched stockwork and dissemination. It is posited from aeromagnetic data the shear zone is likely to continue along strike for a further 3.5-4.0km. Initial copper mineralisation, within these shear zones, has been traced and identified from just 1.3m of exposed veining from EMU’s previous reconnaissance field trips1. Follow up geological reconnaissance, currently being conducted at Fiery Creek, has identified that the main zones of shearing and cataclastic brecciation of the host Yataga Igneous Complex has developed over coherent widths of between 60 to 120m. To date, four of these cataclastic shear zones have been identified with the potential for further extensions to be identified as the programme continues and the system is further investigated.
Click here for the full ASX Release
This article includes content from EMU NL, 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.
Keep reading...Show less
12 May
Firebird Metals Limited (ASX: FRB) – Trading Halt
Description
The securities of Firebird Metals Limited (‘FRB’) will be placed in trading halt at the request of FRB, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Wednesday, 15 May 2024 or when the announcement is released to the market.
Issued by
ASX Compliance
Click here for the full ASX Release
This article includes content from Firebird Metals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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09 May
Auric Mining Set to Double Gold Production at Jeffreys Find Amid High Gold Price, CEO Says
Auric Mining (ASX:AWJ) has commenced Phase 2 of gold production at Jeffreys Find, with nearly 20,000 tonnes of ore delivered to the Coolgardie mill. The company’s managing director, Mark English, said the company is poised make a “substantial amount of money” in 2024 as it intends to double its production amid high gold prices.
“We'll make sure to generate around $7 million worth of gross revenue out of this parcel. So throughout 2024, (with) 300,000 tonnes (of gold ore) going through that mill, we will certainly double our production on what we did compared to 2023 … This year, we'll do a minimum of 20,000 ounces (of gold),” said English.
“Even if we look at what we did in 2023, just a difference in the gold price, we would have netted an extra $9 (million) to $10 million in the joint venture. So you know, the price is king at the moment.”
Ore processing at the mill commenced on April 16 of this year, with the first parcel expected at 40,000 dry tonnes. Auric Mining expects to receive its first cashflow from Phase 2 in May.
Watch the full interview with Auric Mining Managing Director Mark English above.
Disclaimer: This interview is sponsored by Auric Mining (ASX:AWJ). This interview provides information which was sourced by the Investing News Network (INN) and approved by Auric Mining in order to help investors learn more about the company. Auric Mining is a client of INN. The company’s campaign fees pay for INN to create and update this interview.
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 Auric Mining and seek advice from a qualified investment advisor.
This interview may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, receipt of property titles, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The issuer relies upon litigation protection for forward-looking statements. Investing in companies comes with uncertainties as market values can fluctuate.
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