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Star Minerals Limited (ASX: SMS, “the Company” or “Star Minerals”) is pleased to provide its Quarterly Activities Report for the period ended 31 December 2023.
HIGHLIGHTS
Tumblegum South Gold Project Scoping Study Completed
- The Scoping Study presented a range of outcomes for open-pit mining and third-party toll treatment of the Tumblegum South gold deposit (“Tumblegum South” or “the Project”) which is located approximately 40km south of Meekatharra in the Murchison district of Western Australia.
- The positive results of this Scoping Study provide a basis to refine material inputs and enhance project economics for the Tumblegum South gold resource.
West Bryah Copper Gold Project
- Comprehensive data review underway incorporating additional tenements.
Corporate
- Placement; $600,000 private placement completed.
- $583k cash at bank as at 31 December 2023.
Corporate
A placement of ordinary shares to new and existing sophisticated investors was completed, raising $600,000 at 4 cents per share.1 Shares were issued following shareholder approval obtained at the general meeting of shareholders, held on 18 October 2023.
Participants in the placement received one free attaching option for every one ordinary share subscribed for. The unlisted options are exercisable at 6 cents and expire on 31 October 2026.
Funds raised from the placement allow the Company to advance scoping and environmental studies at the Company’s Tumblegum South gold Project, exploration activities at the West Bryah copper gold Project and provide additional working capital.
At the end of the quarter, the Company had $583k cash at bank. Included in the Appendix 5B – Section 6 are amounts paid to the Directors of the Company during the December quarter totalling $19,050 comprising director remuneration, including superannuation.
The Company has two projects, a gold Mineral Resource at Tumblegum South, 40km south of Meekatharra and the West Bryah copper-gold exploration project, 120km northwest of Meekatharra.
Figure 1: Star Minerals Limited Project Locations
Tumblegum South Gold Project – Scoping Study2
Various options utilising third-party processing plants operating under a toll treatment agreement were considered. There are currently two active processing plants within a radius of 50km to 150km from Tumblegum South. A range of outcomes were defined based on gold price, and processing cost including trucking costs.
- At gold prices from AUD$2,250 to AUD$3,000/oz, the Production Target for the Project ranges from approximately:
- 116kt at 2.25g/t producing 7.6koz gold, to
- 286kt at 2.00g/t producing 16.6koz gold.
- The Production Target generates an undiscounted accumulated cash surplus after payment of all working capital costs, but excluding pre-mining capital requirements, of approximately $7.2M to $16.3M.
- Mining is contemplated as a single campaign over approximately 18-months.
- Pre-mining capital and start-up costs are estimated to be approximately $0.7M to $1.5M.
- Sensitivity of the Base Case scenario to gold price was assessed. Results suggest that project economics are robust for a broad range of gold prices.
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SMS:AU
Unconformity Uranium Drill Targets Identified from 2024 Geophysical Data
Key Highlights
- Final data received and interpretation completed for the ground electromagnetic geophysical surveys from the winter 2024 program at the Marshall and North Millennium projects.
- Several conductive anomalies identified at Marshall, located above and below the unconformity, consistent with regional exploration model.
- Stacked anomalies concurrently with multigenerational geophysical data provides a base to assess the exploration targets and refine drillhole targets.
- The projects are located 15 kilometres from the majority Cameco owned Millennium deposit, and just 40km from the world class McArthur River mine.
- Basin remains funded for the next round of field exploration.
The ground electromagnetic successfully identified 3 main targets which confirms the geological and exploration model. Of note is Target 1 (Figure 1), where modelled EM plates below the unconformity align with a sandstone ZTEM anomaly, which is interpreted to be alteration within sandstone. The identification of these targets is encouraging and consistent with regional trends in the southeastern Athabasca and provides increased confidence in drill hole targeting. Basin is currently reviewing options and priorities of how to progress exploration of these confirmed targets.
Basin’s Managing Director, Pete Moorhouse, commented:
“Conducting ground geophysical surveys on Marshall and North Millennium was a milestone in advancing these underexplored projects in Basin’s uranium portfolio. The form of these anomalies is highly encouraging given the proximity to some of the world’s largest uranium deposits.”
Key results
Following the encouraging conductive anomalism highlighted by the 2023 3D inversion of two historic airborne Electromagnetics (Z‐Tipper Axis) (“ZTEM”) datasets partially covering the current North Millennium and Marshall projects3,4, Basin contracted Discovery International Geophysics5 to carry out ground Stepwise Moving Loop Transient Electromagnetic (‘Ground EM’) surveys on areas of immediate interest within the Projects.
Figure 1 Three main anomalies shown from 2024 ground EM, in plan view (top diagrams) and cross- section looking northeast (bottom diagram). The ground EM anomalies are displayed with the modelled plates against the historical ZTEM data.
The 2024 Ground EM survey data returned six conductive anomaly picks producing three main target areas (Figure 1). The anomalies correlate strongly with the southern edge of the circular ZTEM conductive anomaly at Marshall and the interpreted northern edge of the circular anomaly identified in the historic data. A weaker EM pick was also interpreted centred between the two prominent ZTEM conductivity anomalies.
Three-dimensional modelling using Maxwell produced six electromagnetic conductive plates within the basement stratigraphy, all below the unconformity (Figure 1). The two southeastern plates are clearly aligning with a conductive sandstone ZTEM anomaly identified from the historic data, which is above the interpreted unconformity. This is interpreted as potential basal sandstone alteration proximal to the EM anomalies and constitutes a high-priority drill target area, refer figure 2.
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Airborne EM over Multiple Targets on Ti-Tree Project
- Augustus Minerals has contracted UTS Geophysics to conduct a VTEM Max survey over several Copper, Cu-Ni-PGE, Zn-Pb-Ag and Uranium targets along the money Intrusion and within proximity of the prospective 85k long Ti-Tree Shear.
- The surveys will cover:
- The Money Intrusion, prospective for Cu-Ni-PGE mineralisation.
- Copper Ridge and Nics Bore over anomalous Copper Drilling results
- The Coo Creek prospect where drilling by Augustus in 2023 identified strongly anomalous Zn-Pb-Ag mineralisation.
- The Munaballya Well North area which shows potential for economic Uranium mineralisation.
- The surveys will help to advance the untapped potential of the Ti-Tree project to host economic mineralisation of multiple commodities.
Andrew Ford, GM Exploration
“The VTEM survey will provide key targeting data over three highly prospective and different prospects with potential for multiple commodities. Whilst the high prospectivity for copper mineralisation has been well documented, the addition of uranium and Broken Hill base metal style mineralisation highlights the quality of the underexplored Ti-Tree project”.
VTEM
UTS Geophysics has been engaged to conduct a helicopter borne VTEM Max survey comprising 646-line km over three separate survey areas. The system is excellent for locating discrete conductive anomalies as well as mapping lateral and vertical variations in resistivity which helps map structure, alteration and rock type. The system also collects magnetic data through a caesium magnetometer. The transmitter/receiver loop is suspended on a cable approximately 40m below the helicopter (Figure 1).
Figure 1 VTEM Max helicopter deployed electromagnetic survey arrangement.
Figure 2 Prospects and VTEM Survey areas.
Money Intrusion
The Money Intrusion, which has proven potential to host Ni-Cu-Co-PGE (platinum group elements), is part of the regional Mundine Well Dolerite Suite, a regionally extensive dolerite (strike length >80km). This extensive mafic intrusion, which is comprised of a variety of lithologies, including gabbro in the core, olivine dolerite on the chilled lower contact or keel and fine-grained dolerite on the outer edges. Mapping, aeromagnetics and multi-spectral imagery show that the Money Intrusion within the Ti-Tree Project covers a strike length greater than 16km, reaching widths >600m in the north of E09/23241.
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This article includes content from Augustus Minerals, 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.
