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Anax Metals Limited(ASX: ANX) (Anax or the Company) and Artemis Resources Ltd (ASX:ARV, Artemis) are pleased to announce that they have signed a non-binding and non-exclusive Memorandum of Understanding (MoU) which sets out the terms on which Anax and Artemis agree to jointly assess the potential for processing the copper content of Artemis’open-pittable Greater Carlow resource at the fully-permitted Whim Creek Processing hub (Whim Creek). In addition, the parties also agree to jointly assess the potential for Artemis to explore for gold mineralisation on the Anax Project tenure.
- Artemis Resources Ltd (ARV) and Anax Metals Ltd (ANX) sign Memorandum of Understanding (MoU) to assess potential to treat Carlow Castle (64,000 T Cu Inferred Mineral Resource Estimate) and other suitable ARV copper assets at Whim Creek processing hub.
- The Parties also agree to jointly assess the potential for Artemis to explore for gold mineralisation on the Anax Project tenure.
- The Pilbara Alliance and Processing Hub continue to gather momentum with Carlow Castle to be assessed in addition to Develop Global’s (DVP), Sulphur Springs Oxide and GreenTech Metals (GRE), Whundo project as potential satellite ore sources.
- Fully-permitted Whim Creek processing assets could provide near-term processing option for Artemis’ open pittable Carlow Castle deposit.
Anax’s Managing Director, Geoff Laing, commented:“We are extremely pleased to be working with Artemis on potential copper/gold production via the planned Whim Creek hub and to advance gold exploration opportunities at the project. Our region is prolific with copper and gold potential, and we look forward to applying the key strengths of our respective teams to delivering positive outcomes via the production hub and an expanded gold exploration initiative at Whim Creek.”
Artemis Executive Director, George Ventouras, commented:"We are thrilled to collaborate with Anax Metals on the Pilbara copper alliance via this MoU and expand our own potential for gold exploration. The West Pilbara region of Western Australia is an exciting jurisdiction to be operating in and this initiative allows each company to focus on its strengths and to deliver results for all stakeholders.”
The proposed Whim Creek Project (80% owned by Anax and 20% owned by Develop Global Ltd) will consist of a new 400,000 tonnes per annum concentrator, and a refurbished heap leach facility capable of treating oxide, transitional and supergene ore that is supported by robust project economics. 1, 2 & 3 By fully utilising its processing capacity, the Whim Creek hub could become a substantial Australian copper producer.
Whim Creek is located 115km southwest of Port Hedland in the West Pilbara region of Western Australia, and 80km east of the Artemis Carlow Castle deposit which is located 25 km east of Karratha (Figure 1).
Figure 1: Location of the Whim Creek and Carlow Castle Projects (Refer Appendix A)
Under the agreement, each party will contribute resources and information to the joint assessment that will focus on technical studies and regulatory approvals at Carlow Castle. The joint assessment will assist the Parties in developing terms for a legally binding agreement that allows for Artemis copper assets to be processed at Whim Creek. Transaction options being considered include (without limitation) an outright asset sale/purchase agreement, joint venture or joint mining and funding agreements.
The parties also agree to jointly assess the potential for Artemis to explore for gold mineralisation on the Whim Creek Project tenure. Artemis will continue to progress gold and lithium exploration at its 100%-owned and JV Pilbara tenements.
The MoU is for a term of 12-months and either party is permitted to terminate the MoU by providing 30-days’ written notice.
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This article includes content from Anax 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.
ANX:AU
TNC Identifies Broad Zones of Surface Copper Mineralisation at Mt Oxide Project, QLD
HIGHLIGHTS
- Assay results received from a successful rock chip sampling program at the Aquila and Ivena North prospects, part of TNC’s 100% owned Mt Oxide Project in Queensland.
- Aquila and Ivena North are both part of the larger Dorman Fault Mineral System, a +10km long trend that hosts the Vero Cu-Ag-Co Resource and the Camp Gossans Prospect.
- At Aquila, sampling has highlighted six zones of anomalous Cu, Co & As associated with multiple gossanous breccia structures up to 30m wide.
- Aquila B Trend: +180m long and +30m wide Cu +/- Co-As-Ag within a 440m long fault breccia with visible copper oxide mineralisation. The trend includes rock chip channels returning 3.6m @ 0.49% Cu with a peak assay of 0.94% Cu.
- Aquila A Trend: +20m long and up to 12m wide Cu-As-Sb anomalous zone within +210m strike of hematite altered hydrothermal breccias, returning up to 0.05% Cu and 12.7g/t Ag and anomalous pathfinders.
- Aquila D Trend: +100m long and up to 4m wide Cu-Co trend associated with a historical prospecting pit with strong copper oxide mineralisation, and a peak assay of 0.87% Cu.
- At Ivena North, sampling has identified Cu, Co & As trends within two geochemically anomalous zones from multiple gossanous breccia structures that are up to 25m wide.
- Ivena North A Trend – +130m long and up to 15m wide Cu-Co-As trend within a +580m strike of hydrothermal breccia and gossans that returned assays up to 1.38% Cu and anomalous As +/- Ag-Sb-Bi-Mo.
- A combined 680m strike length of mapped hematite silica gossans remains under-sampled between the Aquila and Mt Gordon Prospects.
- Rock chip results will be integrated with ongoing mapping and results from the Queensland Government-funded MIMDAS IP and MT survey, which is currently underway along the Dorman Fault Mineral System.
The rock chip sampling program has successfully identified new broad zones of strongly anomalous copper and pathfinder elements. The copper grades and pathfinder anomalism returned in the samples are at levels consistent with other outcropping leached gossans associated with historic drill discoveries in the region.
The Ivena North and Aquila prospects are located along strike northwest of the high-grade Vero Cu-Ag-Co resource (Vero). Both prospects are high priority exploration targets for TNC, with a MIMDAS Induced Polarisation (IP) and Magnetotellurics (MT) geophysical survey continuing at Mt Oxide to test for geophysical anomalies coincident with outcropping geochemically anomalous gossans1, 3.
COMMENT
True North Copper’s Managing Director, Bevan Jones said:
“Our exploration team has been working hard to systematically map and sample the +10km Dorman fault trend at Mt Oxide. Multiple gossans have been identified, and rock chip results from the gossans are revealing large areas of wider and stronger mineralisation on which to focus our future exploration work, including the ongoing MIMDAS geophysical survey.
We are also remobilising the on-ground team to systematically collect additional rock chip samples over the newly discovered Black Marlin and Rhea structures. Further geophysical results are filtering through, and updates will be released soon. We are potentially building a significant district at Mt Oxide with multiple high priority targets which have never been drilled. Our next steps include prioritisation of these targets, designing and planning upcoming drill programs, and securing the necessary permits for on-ground access.”
Figure 1. Mt Oxide Project with priority prospects identified within the Dorman Fault corridor.
Summary of Results
During Q4 CY23, TNC’s Discovery Team initiated a prospectivity analysis of the Dorman Fault Mineral System, host to the Vero Cu-Ag-Co Resource (Vero) (15.03Mt @ 1.46% Cu and 10.59g/t Ag M, I & I, refer Table 1)4. Geological and structural mapping delineated a +10km highly prospective corridor of intermittently outcropping gossanous and silica breccias with no drilling, surface sampling or effective geophysics. Since completion of this work, TNC has collected 388 rock chip samples, including 243.5m of rock chip channel samples at the Ivena North and Aquila Prospects where TNC is currently acquiring MIMDAS IP and MT as part of its Queensland Government Collaborative Exploration Initiative (CEI) grant3.
Analysis of the assay results has highlighted eight high priority geochemically anomalous zones within the larger, structurally complex footprint at both prospects with two of these zones remaining open to the north. These anomalies have similar pathfinder geochemical signatures and are within the order of magnitude of the results from Camp Gossans4 south of Vero, which are considered analogous to the leached gossan outcrops at the Esperanza South deposit4.
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This article includes content from True North Copper, 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.
Golden Deeps Intersects 80m Mineralised Zone with Semi-Massive Copper and Zinc Sulphides at Havilah Project, Lachlan Fold Belt, NSW
- Thick copper and zinc sulphide mineralisation has been intersected in diamond drilling of key targets at the Company’s Havilah Project in the world-class Lachlan Fold Belt Copper-Gold Province of NSW1,2 (see Hazelbrook Prospect plan - Figure 1, cross section - Figure 2 and location plans - Figures 3 and 4).
- Diamond drillhole HVD003, which tested the extensive Hazelbrook copper soil and rockchip (>1% Cu) anomaly3, intersected patches of semi-massive copper (chalcopyrite) and zinc (sphalerite) sulphides as well as vein and disseminated sulphides across an 80m zone in the targeted Sofala Volcanics (see Image 1 showing the sulphide mineralisation; Appendix 1 for drillhole details & Appendix 2 for descriptions of mineralisation).
- The mineralised intersection in HVD003 included a 28m zone (from 85.8m) of more intense sulphide mineralisation which produced high-grade portable XRF (pXRF) readings of up to 18.5% Cu and 34.8% Zn, averaging 0.5% Cu and 0.7% Zn* (see Appendix 3 for full tables of pXRF readings and Cautionary Note below).
- Diamond hole HVD001, which tested the Hazelbrook North Cu-Zn-Au anomaly3, intersected 40m of silicified breccia/veining and disseminated sulphides (py +/-cpy, sph) from surface, and HVD002, which tested a strong Induced Polarisation (IP) anomaly1, intersected a 130m zone of altered mafic volcanics with scattered veinlets and disseminations of pyrite and rare chalcopyrite (see Figure 1, location, and Appendix 2, descriptions).
- The diamond drilling program continues with HVD004 testing the Hazelbrook anomaly 200m along strike to the northeast of HVD003, again under rockchip sample values of >1% Cu3 (see Figure 1).
Image 1: HVD003, 85.8m to 86m: semi-massive sulphide patches of copper sulphide - chalcopyrite (cpy) and zinc sulphide - sphalerite (sph) in Ordovician mafic volcanics (pXRF readings up to 18.5% Cu, 34.8% Zn* – see Appendix 3)
*Cautionary Note in relation to disclosure of visual estimates and pXRF readings described in this release and detailed in Appendix 2 and 3 respectively: The Company cautions that visual estimates of sulphide mineralisation abundance and pXRF readings should never be considered a proxy or substitute for laboratory analyses. Laboratory assays (ICP MS/OES and Fire Assay for gold) are required to determine representative grades and intervals of the elements associated with the visible mineralisation reported from geological logging and pXRF readings. Core is being sampled for submission to ALS laboratories in Orange, NSW. Laboratory analytical results are expected within 3 to 6 weeks.
Golden Deeps CEO Jon Dugdale commented: “The intersection of sulphide mineralisation in all three initial holes at Havilah, including thick zones of copper and zinc sulphide mineralisation in HVD003, indicates we’re on top of a large porphyry-sulphide system with similar characteristics to other major copper-gold discoveries in the Lachlan Fold Belt such as Cadia-Ridgeway and the recent Boda-Kaiser discovery.
“We look forward to completing the remainder of our diamond drilling program and receiving the laboratory results from the holes completed, which will be released as soon as they come to hand and are compiled.”
Figure 1: Havilah Project, soil and rockchip copper anomalies on magnetics image with current drilling
The third hole of the program, HVD003, tested the Hazelbrook target where an extensive northeast-southwest trending copper-zinc soil anomaly has been defined with rockchip values of over 1% Cu3 (Figure 1).
HVD003 intersected a sulphide mineralised zone from 85m to 119m which included patches and stringers (averaging 1-2%) of the copper-sulphide - chalcopyrite and the zinc-sulphide - sphalerite. These patches occur within extensively altered (Ordovician) mafic volcanic/volcanoclastic rocks with disseminated chalcopyrite-sphalerite-pyrite mineralisation which occurs from 85m to 166m (over 80m) (see Appendix 2).
The mineralisation aligns with the surface soil and rockchip copper-zinc anomaly, striking northeast, dipping to the northwest, and the drilling intersection approximating true width (see cross section, Figure 2, below).
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This article includes content from Golden Deeps, 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.
