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Marquee Resources Limited (“Marquee” or “the Company”) (ASX:MQR) is pleased to provide an update of ongoing exploration and targeting activities at the West Spargoville Project (“WSP” or “The Project”). Recently, Company geologists completed further mapping and sampling to better define targets for the planned upcoming drilling programmes. Leveraging off previously acquired geochemical, geophysical and drilling data, the Company has identified a pegmatite swarm with over 40 fertile pegmatites identified with mapping, sampling and portable-XRF (p-XRF) analysis confirming the presence of spodumene in 10 of the individual pegmatites (Figure 2). The recent sampling returned a best rock chip assay of 3.01% Li2O (24WS0010) with numerous results >1% Li2O (Table 1). The Company continues to collaborate closely with Joint Venture Partner Mineral Resources Limited (ASX:MIN) regarding all facets of the WSP Project and the ongoing 2024 exploration campaign.
HIGHLIGHTS:
- Ongoing mapping and sampling has delineated 10 individual spodumene bearing pegmatites at the West Spargoville Project.
- Recent High-Grade rock chip assay results with numerous results >1% Li2O which include:
- 3.01% Li2O (24WS0010)
- 2.76% Li2O (24WS0017)
- 2.60% Li2O (23SW0039)
- 2.36% Li2O (24WS0004) &
- 2.02% Li2O (23WS0047)
- Detailed ground gravity data acquisition complete and data processing underway to target mineralised pegmatite bodies at depth.
- Drilling approvals partially complete with remaining items progressing to allow drilling to commence as soon as possible.
- The Company continues to collaborate closely with Joint Venture Partner Mineral Resources Limited (ASX:MIN) regarding all facets of the WSP Project and the ongoing 2024 exploration campaign.
Exploration Update & Forward Work Plan
The Company has received assay results from 51 whole-rock samples taken during a recent mapping program of the Company’s focus area (Figure 2 & Table 1). An additional 156 p-XRF sample points were also collected from pegmatites to assist in delineating the prospectivity and strike extents of the mapped pegmatites (Table 3). Over ten pegmatites have been identified in the focus area with the tenor of mineralisation varying between the various pegmatites, but also within individual pegmatites. A peak assay from the recent rock chip sampling returned 3.01% Li2O (24WS0010) while historical rock chip sampling previously returned a peak assay of 3.12% Li2O (10686). Multiple assays from rock chip sampling have returned high-grade assays >1.0% Li2O. The controls on the zonation of mineralisation are currently not fully understood with further work required to determine the controls on the location of high-grade mineralisation.
In conjunction with the recent mapping and sampling, p-XRF mapping program was undertaken to increase data density and assist in further delineation of fertile pegmatites. The use of a handheld p-XRF, while no substitute for whole-rock geochemical analysis, is standard industry practice and an effective and dynamic targeting tool used in LCT-pegmatite exploration. p-XRF data can be used to identify and assess granitic parent rock fertility with respect to the hosting potential of LCT pegmatites and can differentiate potential rare metal-bearing pegmatites from barren, more typical pegmatites with granitic composition. When used in conjunction with whole-rock analysis, the p-XRF can assist in mapping fertile vs barren pegmatites at a fraction of the price and in a fraction of the time. When assessing granitic parent rock fertility, fertile granites exhibit elevated Rb, Cs, Sn, and Ta, as well as lower K/Rb ratios than typical granites. From analysis of whole-rock assay data Company geologists note:
- Where the sampled pegmatite contains economic mineralisation (>1.0% Li2O), the K/Rb ratio is <10.
- However a K/Rb <10 in whole-rock assay data does not always correlate directly with economic lithium mineralisation.
Although the whole-rock assay data highlights the limitations of using the K/Rb in LCT-pegmatite exploration, correct application of both the p-XRF and K/Rb ratio can be an effective targeting tool to delineate more- prospective vs less-prospective pegmatites.
Figure 1: Spodumene (orange) bearing pegmatite 24SW0010 fluorescing under UV light.
Figure 2: Results from surface mapping of pegmatites at the West Spargoville Project
The Company also wishes to advise the market that it has completed a ~3,900 station, highly detailed ground gravity survey over the priority focus area. The detailed gravity survey is designed to aid in targeting the mineralised pegmatites at depth. The hypothesis is that the mapped pegmatites may converge and blow-out at depth and the gravity survey will assist in identifying the controlling structures to mineralisation. Data processing is now underway, with the results of this to be released once completed.
The Company is currently working through the approvals process to complete drilling over the main focus area. The Program of Work (PoW) has been approved by DMIRS, whilst liaison with the Native Title party to complete a Heritage Survey is still ongoing. The Company will update the market once all approvals have been received.
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This article includes content from Marquee 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.
MQR:AU
Wadi Al Junah VMS-Style Copper-Zinc-Gold-Silver Project in Saudi Arabia
Highlights
- As announced on 6 November, MBK’s Saudi Arabian JV company, has been awarded the Wadi Al Junah Project as part of the Saudi Government’s Exploration Licensing Round 6
- Wadi Al Junah is prospective for volcanogenic massive sulphide (VMS) copper-zinc- gold-silver mineralisation and for shear zone gold-silver, with several untested priority targets
- The Project is 35km east of the Al Hajar Au-Ag-(Cu-Zn) deposit previously mined by Ma’aden and is proximal to the regional centre of Bisha, and close to major access routes, local towns and workforce
- Saudi exploration strategy is supported by a well capitalised in-country JV Company in CMC and significant Saudi government incentives to de-risk and fast-track exploration
- Metal Bank continues to assess new potential project areas in Saudi Arabia prospective for copper, gold and other critical minerals – several tenement applications in progress
CMC is a Saudi Arabian limited liability company owned by MBK (60%) and Central Mining Holding Company (‘CMH’, 40%). CMH is a member of the Al Qahtani Holdings group, and was the JV partner of Citadel Resources which, under the leadership of Inés Scotland as Managing Director, was responsible for the exploration and development of the Jabal Sayid copper project in Saudi Arabia (prior to its acquisition by Equinox). CMC will be responsible for managing and implementing the work program for the Wadi Al Junah project utilising the technical expertise of MBK, as the exploration JV partner, in combination with the KSA expertise of the Al Qahtani Group. CMC has a current capitalisation of SAR5m (~AUD2.1m).
Wadi al Junah with an area of 427km2 was the largest of the projects offered in Round 6 and is proximal to the major regional centre and airport of Bisha, with major access routes passing through the license area and local towns and workforce close by. The Project is located in the prospective Wadi Shwas Gold Belt, a region under-explored for shear zone gold, VMS copper-zinc-gold-silver and intrusion-related gold and base metal deposits. It is supported by several mineral occurrences with encouraging geological observations, and gold, silver and copper grades in historic regional- scale reconnaissance mapping, which have not been followed up by modern work.
MBK’s technical team has prepared a comprehensive two-year work program, with an initial focus on following up the previous limited and surface based exploration for mineral occurrences of copper, gold and silver. MBK is aiming to be drill-ready within the next six months.
Commenting on this acquisition, Metal Bank’s Chair, Inés Scotland said:
“The successful tender for the Wadi al Junah project in Saudi Arabia by our JV company CMC via a tightly contested and highly competitive exploration round speaks to our commitment, capability and technical expertise in achieving our strategy of acquiring prospective tenure within Saudi Arabia, which we believe remains underexplored and highly prospective.
Wadi al Junah represents our first project back in Saudi Arabia, a region in which MBK’s management team has extensive experience and a proven track record of success, having previously developed the Jabal Sayid project. We are well-supported by both our JV partner and the significant government incentives provided by the Kingdom of Saudi Arabia in search for the next Jabal Sayid. The Arabian Shield has so much underexplored potential, and we are ready to get our initial phase of exploration underway as quickly as possible.”
Wadi al Junah Copper-Zinc-Gold-Silver Summary
The Wadi al Junah project area covers an area of 427sq km within the Asir province of the Arabian Shield, southwest Saudi Arabia (Figures 1 and 2). It is approximately 375km south-east of Jeddah, 150km east-northeast of the port of Al Quinfidhad and around 35km east of the Al Hajar Au-Ag-(Cu- Zn) deposit previously mined by Ma’aden. It is proximal to the major regional centre and airport of Bisha, with major access routes passing through the license area and local towns and workforce close by. The majority of the project area is accessed by local tracks and wadi valleys in moderate topography.
Figure 1: MBK MENA projects showing Wadi al Junah (Saudi Arabia) and Malaqa, Area 47 and Area 65 (Jordan).
Figure 2: Wadi al Junah location map within the Arabian Shield showing major geological provinces and major Au and Cu mines (modified from KSA Ministry of Industry and Minerals publication after Nehlig et al, 2002)
Geology
Wadi al Junah is situated within the central Asir terrane of the Archaean Arabian Shield (Figure 2) within the ~80km long north-trending Wadi Shwas Gold Belt. The Shwas VMS belt on the western margin of the Wadi Shwas Gold Belt is host to the Al Hajar Au-Ag-Cu-Zn deposit, and numerous other VMS base metal and Au mineral occurrences of Proterozoic age are present in the region (Figure 3).
Three known mineral occurrences occur in the tenement area – Haniyat (Ag-Cu-+/-Au+/-Zn), Wadi al Maytha (Ag-Cu) and Wadi Umm Rahka (Ag-Cu). Very limited rock chip sampling as part of regional scale mapping work in the 1960’s and 1970’s includes results up to 1.53% Cu, 0.44g/t Au and 160g/t Ag from these prospects, which were never followed up1.
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This article includes content from Metal Bank 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.
Octava to Commence Drilling at Yallalong High-Grade Antimony Project
Highlights
- Drill rig relocating to site with drilling to commence this weekend.
- The 3000m reverse circulation (RC) drill program is targeting further high-grade antimony at the Discovery prospect.
- Historic drilling at Discovery recorded high-grade antimony intercepts over a strike length of ~300m and remains open. Results include:
- YRC16: 7m @ 3.27% Sb from 12m including 1m @ 11.5% from 18m
- YRC06: 3m @ 6.83% Sb from 21m including 1m @ 13.6% Sb from 22m
- After drilling at Discovery, the drill rig will relocate to the Central antimony target, 2km north along strike. There has been no previous drilling at Central.
- A detailed geophysical survey over the antimony corridor at Yallalong is now complete, with the data being processed. This is expected to generate further targets within the antimony corridor.
Octava’s Managing Director Bevan Wakelam stated, "It’s great to have the rig heading to site and earlier than we had planned. The drilling will start on Discovery, then move to the Central target and should take about 2 weeks to complete. High-grade antimony has already been intersected at Discovery over a significant strike length and this drilling will further test the size. We will also twin some of the previously drilled holes."
Figure 1. Planned drill hole locations at the Discovery antimony target - Yallalong Antimony Project.
The antimony (Sb) mineralisation identified at Yallalong appears within a 10km north-south striking mineralised corridor that is interpreted to be related to a structural belt between the regional scale Darling and Woodrarung faults. Previous exploration identified four principal antimony targets where antimony mineralisation was exposed at surface. Only the Discovery Prospect has any drilling and remains open. Antimony ingot prices at that time were ~$8000/tonne compared to over $30,000/tonne now1.
Figure 2. Antimony targets at Yallalong antimony project with underlying geology.
Drilling at Discovery target recorded some of the highest-grade antimony drill intersections in Australia, at shallow depth, over a strike of ~300m including:
- YRC16: 7m @ 3.27% Sb from 12m including 1m @ 11.5% from 18m
- YRC06: 3m @ 6.83% Sb from 21m including 1m @ 13.6% Sb from 22m
- YRC27: 6m @ 1.35% Sb from 13m
After drilling at the Discovery target is complete, the rig will then move to the Central target, which is located 2 kilometres north along strike. There has been no previous drilling at the Central target.
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This article includes content from Octava 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.
Targeted Exploration Focus Delivers an Additional 471koz or 99% Increase in Ounces, and a Higher Grade for Ricciardo
HIGHLIGHTS:
- Updated Mineral Resource Estimate (MRE) for the Ricciardo Deposit (part of the broader Golden Range Project) of 16.44 Mt @ 1.8 g/t Au for 947.5 koz gold.
- Represents a 99% increase in Ricciardo MRE contained gold ounces.
- Proven high-returning exploration with the increased Ricciardo MRE ounces delivered at an attractive all-in discovery cost of only approx. A$16/oz.
- High-quality resource additions given drilling focus on high-grade growth ounces with strong commercial potential.
- The updated Ricciardo MRE comprises:
- 467.5 koz @ 1.6 g/t Au open-pit gold Resource (75% M&I) (optimised pit shell constrained at A$3,300/oz)
- 480.0 koz @ 2.0 g/t Au underground gold Resource
- Critically, the Ricciardo system remains wide open at depth and along strike.
- Total Golden Range Project Mineral Resources now stand at over 1.28 Moz gold, a 58% increase from the previous level.
- This initial outcome validates the excellent potential for further growth within the broader 25km ‘Golden Corridor’ via the ongoing, simple strategy of targeting fresh rock extensions under shallow existing pits.
- RC drilling at the southern end of the ‘Golden Corridor’ targeting high-grade Resource growth is progressing well; 9 holes completed for 1,472 metres to date, assays pending.
Warriedar Managing Director and CEO, Amanda Buckingham, commented:
“This is the result we have been working towards all year. With less than 15,000m of targeted, efficient drilling we have added over 470 koz to the Ricciardo deposit, doubling the Resource.
We are excited by both the outcome itself, and the outlook that it delivers us for the wider corridor of gold deposits. The simple strategy of drilling below shallow open pits to find mineable ounces worked exceptionally well for our producing neighbours. The validity of this strategy is now beyond doubt, for us.
Not only is the Ricciardo system still wide open down-plunge, but the entire 25km long ‘Golden Corridor’ offers similar potential upside from such a relatively simple drilling focus.
In the middle of the infrastructure-rich southern Murchison, and located on existing Mining Leases, the opportunity in front of us is utterly irresistible.”
The Ricciardo Deposit
The Ricciardo Gold Deposit is located on existing mining leases 100% owned by WA8, in the Murchison Region, approximately 300 km east of Geraldton, and 420 km by road north-northeast of Perth. Sitting approximately 8km South of the Golden Range Mill on M59/421, and M59/458, within the Golden Range group of historic open pit mines and deposits.
Discovered in the 1990’s, open pit mining of the oxide resources commenced in 2001, and the plant entered Care & Maintenance twice (between July 2004 and 2009, and May 2010 to mid- 2013). Production was over 300 Koz before finally going into ongoing Care and Maintenance in August 2019.
The Ricciardo deposit is located 90km north of Capricorn Metals’ Mt Gibson Gold Project, 8kms south of the Company’s plant, 26km from the neighbouring Golden Grove processing facility and 40 km northeast of Vault Minerals’ high grade Rothsay gold mine (Figure 1).
Figure 1: The location of the Ricciardo gold deposit within the Golden Range Project; within the broader Southern Murchison region.
The Ricciardo gold system spans a strike length of approximately 2.3km, with very limited drilling having been undertaken below 100m depth prior to Warriedar drilling. Historical mining operations at Ricciardo were primarily focused on oxide material, with the transition and primary sulphides mineralisation not systematically explored.
Warriedar’s drilling of Ricciardo during CY2024 achieved excellent results, demonstrating high- grade extensions to the resource. The results demonstrated that the previously quantified resource is part of a much larger system.
Warriedar engaged independent mining consultants, Measured Group to update the Ricciardo MRE, previously reported 476Koz gold.1
The Ricciardo Gold Deposit consists of six semi-continuous historical open pit mines along the 2.3 km arcuate stretch of the Mougooderra Shear Zone, running north to south. These mines are named (from north to south) Silverstone North, Ardmore, Copse, Silverstone, Silverstone South, and Eastern Creek (Figure 2).
Figure 2: Drilling carried out by the Company during 2023 & 2024, which was used to update the MRE.
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This article includes content from Warriedar 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.
Drilling Preparations at Abercromby Gold Project
BMG Resources Limited (ASX: BMG) (BMG or the Company) is pleased to announce that preparations to resume drilling at its 100%-owned Abercromby Gold Project are well advanced with the start of drilling scheduled for this month.
- Diamond drill programme focused on resource growth is scheduled to commence this month at the Abercromby Gold Project
- Extensional drilling of high-grade zones is planned with potential to add significantly to BMG's maiden resource of 518,000 oz Au at 1.45 g/t Au
- Infill drilling planned to convert inferred resources to the indicated category to support development studies
- Programme of Work approval in place
- Programme of Work approval in place
John Prineas, BMG's Non-Executive Chairman, said:
"Following the support shown by investors in the recent capital raising, the team at BMG have moved quickly to finalise arrangements to resume drilling at the Abercromby Gold Project.
"The drill programme will focus on expanding high-grade gold zones beyond the existing resource shell, as well as increasing resource confidence by upgrading inferred resources to indicated status.
"The results of the drilling have potential to contribute significantly to resource growth at Abercromby, and to ..iaterially boost the potential project economics."
Drilling for growth in gold resources:
BMG delivered the large maiden Mineral Resource at Abercromby after completion of only three drill campaigns and at a discovery cost of just $8.35 per ounce. This achievement highlights the extensive gold endowment at Abercromby, as well as the efficient exploration planning by our technical team.
This excellent track record of results at Abercromby provides confidence in the potential for continued drilling success at Abercromby that could increase the size of the gold resource.
The Abercromby Gold Project is owned 100% by BMG and comprised within two granted Mining Leases. The Project is located in an established mining region with access to infrastructure (roads, power) and proximal to a number pf producing gold mines.
The favourable metallurgical properties of the Abercromby ore were confirmed by metallurgical testwork completed by Extreme Metallurgy and reviewed by GR Engineering Services. That testwork concluded that the Abercromby gold mineralisation was free milling in nature and amenable to traditional carbon-in-leach processing. High gold recoveries were achieved in the range 93% to 95%.
Maiden Resource is just the beginning:
The maiden MRE for Abercromby is comprised in the Capital Deposit and is defined as 11.12Mt @ 1.45 g/t Au for 518,000 oz Au. This resource is a subset of a global resource estimate containing about 670,000 oz Au at a Og/t Au lower cut-off.
The Capital Deposit remains open at depth and along strike — both to the north and south. A diamond drilling program is planned to commence this month to test for extensions of the mineralisation as well as to convert inferred resources to the indicated category.
The prospective stratigraphy at Abercromby extends for more than 6km with only a strike of 1.2km systematically drilled to date. This provides potential for substantial discovery opportunities with further exploration drilling.
Drilling is also planned for early next year to test regional targets to the south of the Capital Deposit.
Reconnaissance aircore drilling at the Capital South, Archer and Barrack Prospects — located along a 1km corridor of prospective stratigraphy to the south of the Capital Deposit — has confirmed the presence of a large high-grade gold system and supports the potential for a repetition of significant mineralisation like the Capital Deposit.
Table 1: JORC-compliant Mineral Resource for Abercromby.
A further announcement will be issued by BMG once drilling commences at Abercromby.
For further information on the Abercromby resource, see our ASX announcement dated 6 February 2023 'High Gold Recoveries — Abercromby Met Testwork' and 17 April 2023 '518,000oz Au Maiden Mineral Resource for Abercromby Gold Project'.
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This article includes content from BMG Resources Limited (ASX: BMG), 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.