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Tartana Drilling to Verify Upgrading of 45,000 Tonne Copper Resource
Tartana Minerals Limited (ASX: TAT) (the Company), is pleased to advise that it has commissioned AED drilling to complete a 300m diamond core PQ hole to provide bulk samples for both Tomra ore sorting and for standard copper flotation testwork. Drilling is scheduled to commence this week and will take approximately two weeks to complete.
Highlights:
- AED commissioned to drill a PQ diamond hole for metallurgical sampling
- Drill path is sited below TRC098 which previously intersected 77 m @ 0.62% Cu with the hole also improving geological interpretation and resource integrity
- Metallurical testwork will focus on ore sorting testwork where initial samples returned a 100% increase in grade and retained 76% of the metal content
- Copper flotation testwork will also be conducted to verify earlier reports which indicated high recoveries to a copper concentrate
- Positive results from the testwork will support the development of the Tartana open pit copper resource which currently stands at 45,000 t of contained copper and remains open at depth
“It is great news that we have been able to secure a rig to complete this important hole in a time when there is a high demand for drilling across the industry.
“The results of the testwork will contribute to the mine plan for the Tartana open pit and the Company is investigating options for treating the primary ore. Oxide and transition ore can be treated by the existing heap leach – solvent extraction crystallisaion plant which is current producing copper sulphate pentahydrate and which is sold through our offtake partner, Kanins International.’”
Tartana Primary Copper Project Background
The Company submitted copper mineralised samples in 2022 to Tomra for ore sorting testwork given that the primary copper mineralisation in the Tartana open pit appears restricted to stockwork and bedding plane veins in a host rock of benign arkosic sandstone. As expected, the preliminary testwork was positive and indicated a potential 100% increase in copper grade using the Tomra X-ray transmission sorter and adding back the finer material after crushing to 30 mm. The contained copper recovery was 76% of the overall samples.
Click here for the full ASX Release
This article includes content from Tartana 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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Tartana Minerals
Investor Insight
Tartana Minerals is a new copper producer generating strong cash flow, with a substantial exploration footprint in a tier 1 mining jurisdiction. Tartana Minerals is creating shareholder value through investment in increasing its existing copper, zinc and gold resources and accelerating exploration of key projects within its highly prospective exploration portfolio. Tartana Minerals presents a compelling investment against the backdrop of a strong macroeconomic environment for copper.
Overview
Tartana Minerals (ASX:TAT) is a copper, gold, silver and zinc, producer, explorer and developer in Far North Queensland. Its flagship project is the 100 percent owned Tartana copper and zinc project which comprises four mining leases located north of Chillagoe. The company’s business model has involved refurbishing an existing heap leach - solvent extraction – crystallisation plant which is located on the Tartana mining leases. The refurbishment and commissioning of this plant is now completed and the company is producing copper sulphate pentahydrate which is sold to offtaker, Kanins International. Copper sulphate is priced on a premium plus percentage of the LME copper price and provides investors with leverage to anticipate increasing copper prices.
The company, formerly known as R3D Resources, changed its name to Tartana Minerals in April 2024. Tartana Minerals is based in Sydney, Australia.
Tartana Minerals has reported the following resources:
- 45,000 contained copper at 0.45 percent copper in combined inferred and indicated resources in the Tartana open pit and northern oxide zone
- 39,000 tonnes of contained zinc at 5.29 percent zinc in inferred resources in the Queen Grade project, also located on the Tartana mining leases, and
- 415 koz contained gold at 0.34 g/t in inferred resources at Mountain Maid – subject to a mining lease application.
These copper, zinc and gold resources remain open at depth and along strike and the company has designed drilling programs to expand these resources. In particular, the copper mineralisation and potentially the gold mineralisation have scope to be upgraded through ore sorting.
However, the refurbished heap leach – solvent extraction – crystallisation plant utilises existing copper in the ponds and the heaps and these copper sources will be replenished when we commence mining from the open pit.
The first and second shipments of copper sulphate were sold during the June 2024 quarter with further shipments are currently being prepared. The copper sulphate contains 25 percent copper metal and payment is based on the LME copper price for the preceding month plus a premium. It is one of the few forms of saleable copper where the copper content receives the full LME price.
Exploration
Chillagoe region of Far North Queensland is highly prospective with the discovery and development of a number of key projects over the last few decades including Red Dome (2.5 Moz gold), Mungana (1.2 Moz gold), and King Vol (250 kt zinc). These deposits occur along the Palmerville Fault in a similar location to the Tartana Mining leases.
The mining leases at Tartana contain copper, zinc and gold mineralisation but the company also has significant projects which are both east and west of the Palmerville Fault. In the west it has the Cardross and Mountain Maid copper-gold projects and further north it has the Beefwood project. Mountain Maid has gold resources mentioned above and which are open to the south and at depth while the company is finalising a maiden copper resource for the Cardross project. The Beefwood project comprises a buried geophysical target and surface sampling has recovered samples grading up to 180 g/t Au with no apparent source. Drilling is planned to test this target in the current dry season.
In the east of the Palmerville Fault, the company has the Bellevue/Dry River project, the OK South project and the Dimbulah Porphyry project, all copper projects with historic copper mines and prospects. Like many parts of Far North Queensland, historical exploration has not been systematic and thorough despite many promising expressions of surface mineralisation.
Tartana’s exploration team comprises of experienced exploration geologists with supporting cash flow from their copper production, they expect to be able drill the most promising targets in the short term.
Strong Macroeconomic Environment for Copper
Overall, the macroeconomic environment for copper remains strong. The LME three-month copper price hit US$5.24/lb on May 17, the highest since March 7, 2022, driven by a weaker US dollar, Chinese property stimulus measures, and a short squeeze on the Chicago Mercantile Exchange futures market.
In the near-to-mid term China’s demand for refined copper is expected to grow, due to better-than-expected performances from key consumer segments, including the power grid, solar installations and electric vehicle and air conditioning appliance sales. On the supply side the copper concentrate market is expected to remain in a significant deficit due to the estimated delay in the Cobre Panama mine restart but will be partially offset by the higher projected production from smelters in China. As a result, we see further demand growth and supply tightening for the copper market as positive for base metal equities who maintain significant leverage to increasing prices.
Company Highlights
- Tartana Minerals is producing copper sulphate pentahydrate from its heap leach – solvent extraction – crystallisation plant in Chillagoe with a 100 percent offtake agreement with Kanins International.
- Copper sulphate is priced at a premium plus percentage of the LME copper price, providing exposure to the booming copper market
- With copper, zinc and gold resources in separate projects and all within granted or soon to be granted mining leases, the company is investigating processing options which can potentially utilise available infrastructure.
- Near-term catalysts include targetted drilling programs to increase the JORC resource and expand on metallurgical test work, increasing the resource grade and estimate
- With the copper sulphate plant fully commissioned and in production, the company is now accelerating its exploration activities. The company has a range of prospects from advanced brownfields projects near existing historical mines to many prospects containing ‘ore grade’ surface mineralisation which have not been tested at depth.
- The company’s exploration portfolio includes the Beefwood/Bulimba, Bellevue, Dimbulah, Cardross and Maid projects. The exploration team is focused on target generation, particularly with the addition of critical minerals within its existing tenure and elsewhere.
Management Team
Jihad Malaeb – Non-executive Chairman
Jihad Malaeb is an experienced entrepreneur across a number of industries, including hospitality and construction, as well as having significant experience in mineral exploration and mining operations – both as an active investor and company director. He currently owns and operates a portfolio of hospitality businesses and real estate across Australia, which have been established over the past 30 years. Malaeb was previously a non-executive director of Critical Resources (ASX:CRR), where he helped steer CRR through the past few years as one of its largest shareholders and as a board member.
Dr Stephen Bartrop - Managing Director
Steve Bartrop’s professional experience spans more than 30 years covering periods in both the mining industry and financial sector. With a geology background, Bartrop has worked in exploration, feasibility and evaluation studies and mining in a range of commodities and in different parts of the world. In the financial sector, he has been involved in research, corporate transactions and IPOs spanning more than 20 years, including senior roles at JPMorgan, Bankers Trust and Macquarie Equities.
Bartrop is also a director of Southwest Pacific Bauxite (HK), a company developing a bauxite project in the Solomon Islands and chairman of Breakaway Research.
Bruce Hills – Executive Director
Bruce Hills is an accountant and is currently an executive director of Breakaway Investment Group, which operates the Breakaway Private Equity Emerging Resources Fund. Hills is a director of a number of unlisted companies in the mining and financial services sectors including The Risk Board and Stibium Australia. Hills has 35 years’ experience in the financial sector including 20 years in the banking industry primarily in the areas of strategy, finance and risk.
Dr Alistair Lewis – Non-executive Director
Dr Alistair Lewis is a successful entrepreneur and highly experienced medical doctor with over 40 years’ experience. For the past 10 years Lewis has been involved in the management of mining and exploration companies. In 2017, Lewis established Oosen Lewis Mining in North Queensland. He financed the aggregation of a substantial portfolio of gold, tin, tungsten and antimony assets and instigated subsequent extensive exploration programs. These assets now form part of the QSM portfolio.
Michael Thirnbeck – Independent Non-executive Director
Michael Thirnbeck is an experienced geologist with over 25 years in managing numerous mineral development projects in Papua New Guinea, Indonesia and Australia. He has been a member of the Australasian Institute of Mining and Metallurgy since 1989 and holds B.Sc (Hons.) degree from University of Queensland.
Nova Announces Closing of US$3.3m NASDAQ IPO
Nova Minerals Limited (Nova or the Company) (ASX: NVA, NASDAQ: NVA, NVAWW OTC: NVAAF, FSE: QM3) is pleased to announce the closing of its underwritten US NASDAQ public offering today of 475,000 units, with each unit consisting of one American Depositary Share representing ordinary shares (“ADS”) and one warrant, with an ADS-to-ordinary-share ratio of 1 to 60, at a price to the public of US$6.92 per unit, for gross proceeds of approximately US$3.3m (AUD$4.9m) before deducting underwriting discounts and offering expenses.
Each whole warrant is exercisable for one ADS at an exercise price of US$7.266 per ADS, and will be immediately exercisable upon issuance for a period of five years following the date of issuance. In addition, Nova has granted the underwriters an option to purchase up to an additional 47,500 ADSs and/or an additional 47,500 warrants to cover over-allotments, if any until August 29, 2024.
The offering also included the purchase by the underwriters of 47,500 warrants in connection with the partial exercise by the underwriters of their over-allotment option.
The Company has issued a total of 28,500,000 ordinary fully paid shares to the depositary agent which will underlie the ADS.
The ADSs and warrants began trading on the Nasdaq Capital Market on July 24, 2024 under the symbols “NVA” and “NVAWW”, respectively.
Nova will also issue options (warrants) to the underwriters of the offer, as approved by shareholders at the general meeting held on 31 May 2024.
The Company intends to use the proceeds for resource and exploration field programs, feasibility studies, and general working capital.ThinkEquity is acting as sole book-running manager for the offering.
A registration statement on Form F-1 (File No. 333-278695) relating to the public offering was filed with the Securities and Exchange Commission (“SEC”) and became effective on July 23, 2024. This offering is being made only by means of a prospectus. Copies of the final prospectus may be obtained from ThinkEquity, 17 State Street, 41st Floor, New York, New York 10004.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Nova CEO, Mr Christopher Gerteisen commented: “This marks a major milestone for the company and highlights the quality of our team who made it happen through countless hours of dedication and hard work. A US listing has been our goal for a long time as the logical next step with our flagship Estelle Gold Project being a North American asset and an increasing US investor base. Now it’s a reality, and we believe this can be a catalyst to create further shareholder value through increased exposure and liquidity available in the US market. The company is preparing a targeted drill program to commence shortly and continues with the critical technical studies required for the completion of a robust PFS as we progress along the path to production.”
Click here for the full ASX Release
This article includes content from Nova 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.
Kirgella Gift and Providence: First Inferred Mineral Resource Estimate of 76,400 oz Au from only 3m depth
WA-focused gold explorer, Kalgoorlie Gold Mining (ASX: KAL) (‘KalGold’ or ‘the Company’), is pleased to announce its first Inferred Mineral Resource Estimate (MRE, reported in accordance with the JORC Code (2012)) for the Kirgella Gift and Providence gold deposits (Figure 1 and Figure 2) at the Company’s Pinjin project, 140 km to the northeast of Kalgoorlie-Boulder.
Highlights
- First Inferred Mineral Resource Estimate for Kirgella Gift and Providence of: 2.34 Mt @ 1.0 g/t Au for 76,400 oz at a 0.5 g/t gold cut-off from only 3m depth.
- Gold mineralisation remains open at depth and along strike between Kirgella Gift and Providence:
- Potential for significant resource growth and upgrade following additional drilling to expand on unclassified blocks outside current model limits.
- Highly economic discovery with KalGold’s direct exploration expenditure cost (drilling and assay) of only ~A$4.20 per gold ounce.
- KalGold’s Total Mineral Resource base, comprising this new resource from the Pinjin Project, and the La Mascotte deposit at Bulong Taurus (see ASX: KAL 7th March 2023), now stands at 214,300 oz.
- Elevated gold price of over A$3,600/oz continues to drive interest in mineable gold projects.
“KalGold is proud to report the first Mineral Resource Estimate at the Kirgella Gift and Providence gold deposits. It totals ~76,000 oz defined at over 1.0 g/t Au from only 3m depth, remains open in several directions, and is considered the first step in defining the full potential of the Kirgella Gift and Providence gold deposits. Pleasingly, we have defined a shallow gold resource at a very low cost to the Company of around A$4.20 per gold ounce.
The Kirgella and Providence mineral resource estimate is comparable to other deposits within the Laverton Tectonic Zone and is considered typical of the region. This is particularly true of some of the constituent deposits at Ramelius Resources’ (ASX:RMS) Rebecca Gold Project, around 20 km to the south along strike.
KalGold now has defined a total resource base of 214,300 oz of gold. The increased resource base enables KalGold to commence high level mining optimisation studies to assess pathways to production. KalGold looks forward to continuing to progress its work in the Pinjin area with the aim of significantly growing this initial JORC Code (2012) resource and defining a suite of additional shallow resources.”
First Gold MRE at KalGold’s Pinjin Project
The Inferred MRE of 2.34 Mt @ 1.0 g/t Au for 76,400 oz Au has been defined at a 0.5 g/t gold cut-off from the Company’s recent drill focus on the shallow portion of the Kirgella Gift and adjacent Providence gold deposits (see Table 1), combined with thoroughly validated historic datasets. Work continues on both deposits, with gold mineralisation open at depth and along strike between the two. This MRE is expected to form the basis of future updates as drilling and exploration continues.
Click here for the full ASX Release
This article includes content from Kalgoorlie Gold 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.
Gold Explorer Ordell Minerals Debuts on ASX after Raising $6M
The founding team behind gold miner Genesis Minerals returns, bringing an advanced WA gold and lithium exploration portfolio to market.
Ordell Minerals Limited (ASX Code: “ORD”) (“Ordell” or “the Company”) is pleased to advise that Ordell has listed on the ASX today, bringing to market a high-quality portfolio of exploration assets in Western Australia.
Highlights:
- New gold explorer lists on ASX raising $6 million (30m shares at $0.20) (before costs).
- Ordell’s key asset is an 80% interest in the Barimaia Gold Project, located in the Murchison region of Western Australia, which is an advanced gold exploration asset with significant historical drilling results.
- Barimaia hosts an extensive and underexplored gold system, with historical RC drilling returning significant results including:1
- 15m @ 11.4g/t Au from 74m
- 17m @ 3.4g/t Au from 49m
- 19m @ 1.5g/t Au from 18m
- 5m @ 4.0g/t Au from 43m
- 70m @ 0.7g/t Au from 59m
- Ordell’s experienced board of directors includes former Genesis Minerals Limited (ASX:GMD) Chair Tommy McKeith and former Managing Director Michael Fowler.
- Highly leveraged to exploration success, with a market capitalisation of ~$10m at listing.
The Company’s flagship asset is the Barimaia JV Gold Project (“Barimaia”), located in the Murchison region of WA, which represents an advanced exploration project with significant historical drilling results.
Ordell acquired its 80.2% interest in Barimaia from Genesis Minerals Limited (ASX: GMD) (“Genesis”), which is now a major shareholder of Ordell with an 8% shareholding upon listing. Barimaia was never systematically explored due to Genesis’ strategic focus on its assets in the Leonora region.
Ordell has reunited key members of the team that oversaw the significant growth of Genesis between 2016 and 2021, including former Genesis Chair Tommy McKeith and former Managing Director Michael Fowler, who will be working to progress the exploration of Barimaia.
Barimaia is located in a Tier-1 mining jurisdiction in close proximity to several gold processing plants, lying adjacent to Ramelius Resources’ Mt Magnet mill, 70km from Spartan Resources’ Dalgaranga mill and 80km from Westgold Resources’ Tuckabianna mill (see Figure 1).
Previous exploration by Genesis identified an extensive gold system at Barimaia, with historical RC drilling highlighting shallow open pit potential.
In addition to the Barimaia Project, Ordell also holds the Goodia Lithium Project, located in WA’s Kalgoorlie-Norseman lithium district about 50km south of Develop’s (ASX: DVP) Dome North lithium deposit, and the Fisher South Gold Project in the Laverton gold district.
Ordell Managing Director, Michael Fowler, said: “Having previously been closely involved in the exploration of the Barimaia Project in my past role as Managing Director of Genesis Minerals, I am looking forward to getting back on the ground at Barimaia.”
“Located in the heart of one of Western Australia’s most exciting gold districts, Barimaia lies within trucking distance of several gold processing plants, with past exploration confirming strong potential for a shallow Resource.”
“Given its location right on the doorstep of Ramelius’ Mount Magnet gold project, and with strong geological similarities to Eridanus which is currently being mined by Ramelius, our plan is to systematically drill the known 2.5km strike extent at Barimaia to target Eridanus type discoveries.”
“In addition to Barimaia, we also hold the earlier-stage Goodia Lithium Project and Fisher South Gold Projects, both of which offer exciting greenfields discovery opportunities.”
“I would like to thank everyone involved in Ordell’s Initial Public Offer process. In what is still a tough IPO market but with strong support from our shareholders, Lead Manager Argonaut and Legal Advisor Steinepreis Paganin, we were able to successfully complete the offer.”
Click here for the full ASX Release
This article includes content from Ordell 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.
Acquisition of Mubende Gold Project, Uganda
The Directors of eMetals Limited (ASX:EMT)(eMetals)(Company) are pleased advise it has entered into a binding terms sheet (Agreement) with Sifang Mineral Resources Limited (Sifang), a Ugandan incorporated company, and its shareholders (Sifang Shareholders) to acquire an interest in a granted exploration licence (EL00379) located in central Uganda (the Mubende Gold Project) through the purchase 80% of the ordinary shares in Sifang. Sifang is the 100% legal and beneficial owner of the Mubende Gold Project and four exploration license applications located in central Uganda (the Applications).
HIGHLIGHTS
- The granted exploration license EL00379 covers 202 square kilometres in the Mubende region west of Kampala and includes the highly prospective Bukuya prospect.
- The Bukuya prospect is currently being mined by 60-80 artisanal workers over 600 metres of prospective strike and remains open along strike and at depth.
- Rock chip samples taken from a recent site visit to the Bukuya prospect by consultant geologists returned numerous specimens containing visible gold in both ferro-manganese and quartz veins.
- Experienced in-country technical team appointed including Mr Dylan le Roux and Mr Allan Agumya to manage exploration activities.
- Field activities scheduled to commence 05 August 2024.
Commenting on the acquisition Managing Director Mr Mathew Walker stated, “We are delighted to have secured a significant land holding that has prospectivity confirmed by a strong presence of artisanal mining activity. Uganda has a well established gold mining industry and regulatory protocols that add to the appeal of the acquisition. We look forward to the commencement of field activities in the immediate term.”
MUBENDE GOLD PROJECT
The Mubende Gold Project is an extensive landholding of 202 square kilometers that covers a series of metasediments, predominantly characterized by meta-wacke’s and phyllitic slates, with occasional interbedded quartzite units and mafic volcanics. Late-stage granites have intruded the metasediments, mainly in the southern part of the license.
Figure 1: Regional Map with locations of Sifang licenses.
At the Bukuya prospect, wall rock consists of metapelitic units with vertical foliation trending NW in most shafts, turning EW in the northern artisanal shafts. Mineralization appears confined to a deformation zone within the metapelites and hosts three subsets of veins exploited by artisanal workers. The first subset includes quartz veins with hematite mineralization, iron-oxide staining, and goethite/limonite-filled vugs, seen in southern shafts with NW trending foliation. The second subset comprises metallic veins of blueish-grey and black ferro-manganese mineralisation with botryoidal textures and specular hematite, found in northern shafts with EW trending foliation. The third set comprises massive milky white quartz veins.
These veins are described in more detail below.
Type 1 (Iron-rich quartz veins): These are quartz veins that show varying degrees of ferro(-manganese) mineralisation. Mineralisation occurs as hematite (red), specular hematite (dark silver/black), and a lesser degree of manganese (botryoidal, blue-grey to black). Vugs filled with limonitic material is often seen in these veins and is interpreted to represent leached out sulphides. These veins are seen in the SE of the Bukuya site. They are typically decimetre to metre scale and are foliation concordant (vertical to subvertical with dominantly NW trend).
Click here for the full ASX Release
This article includes content from eMetals 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.
Outstanding High-Grade Copper and Gold Assays from Mountain Home Project, NT
Assays of up to 45% Cu and 11.75g/t Au from rock chips along with stronglyanomalous soil sampling highlight the Project’s significant exploration potential
West Australian-based explorer E79 Gold Mines Limited (ASX: E79) (‘E79 Gold’ or ‘the Company’) is pleased to provide an update on exploration activities at the recently optioned Mountain Home Copper-Gold Project1, located in the Northern Territory.
- Initial reconnaissance sampling mission highly successful in providing exceptional copper and gold values in selective rock chips and extending the known mineralised structure to 1km in strike extent.
- Exceptionally high-grade copper assays, including 45.5% Cu, 39.8% Cu and 38.4% Cu, returned from selective rock chip sampling, with seven of the 15 rock chips returning values in excess of 22% Cu.
- High-grade gold values of up to 11.75 g/t Au in selective rock chips.
- The mineralised outcrop has been extended by this recent sampling to 1,000m while remaining open along strike to the north and south.
- Soil samples taken perpendicular to the mineralised outcrop show anomalous copper values, over widths across-strike of up to 80m, with coincident anomalous gold.
- Further field work planned for the current Quarter.
E79 Gold CEO, Ned Summerhayes, said: “These outstanding rock chip copper and gold results highlight the very exciting discovery potential of the Mountain Home Project. Encouragingly, we have now encountered high grades in both copper and gold along the entire length of the known mineralised outcrop, now extended to in excess of 1km strike extent and remains open to the north and south.
“The soil sampling results suggest there may be parallel structures given the across- strike width of anomalism in both copper and gold. These results give us confidence to both follow-up with programmes to extend the Mountain Home copper system and also to follow up historic positive stream and soil samples elsewhere on the project. We are aiming to undertake these exploration programs within the current September Quarter.”
Northern Territory Project
Mountain Home (EL32470 – NT Minerals Option), EL33886 and EL33886 (both under application – 100% E79)
Assays have been returned from E79 Gold’s initial reconnaissance sampling program at Mountain Home, including high-grade copper and gold values along the length of the prospective and extended 1,000m long outcrop. Results for all recent E79 Gold samples are provided (contained below in Table 1) and standout rock-chip assay results (Figure 1) include:
- MHR0004 - 28.9% Cu, 0.16 g/t Au
- MHR0008 - 0.11% Cu, 11.75 g/t Au
- MHR0009 - 22.0% Cu, 0.45 g/t Au
- MHR0010 - 45.5% Cu, 0.08 g/t Au
- MHR0011 - 38.4% Cu, 0.23 g/t Au
- MHR0012 - 24.9% Cu, 1.33 g/t Au
- MHR0013 - 39.8% Cu, 1.72 g/t Au
- MHR0014 – 30.0% Cu, 0.29 g/t Au
It is worth noting that the samples, especially the higher-grade copper results, had abundant oxide-copper mineral malachite (green mineral in Photo 1), that can produce elevated copper results due to supergene (weathering) surficial enrichment. Pure malachite copper content is variable but typically around 57- 58% Cu. Experience has been that the sulphide-rich precursor rocks or sulphide- rich unweathered examples in drilling beneath these types of surface copper assay values will typically be lower grade. For example, 100% un-oxidised chalcopyrite has an average copper content of around 35% Cu – the remainder is iron and sulphur.
This article includes content from E79 Gold Mines 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.
Divestment of Queensland Exploration Permits
Many Peaks Minerals Limited (ASX:MPK) (Many Peaks or the Company) a gold and copper focused exploration company with flagship projects in Côte d’Ivoire, is pleased to announce the strategic divestment of its 80% ownership in two exploration permits in central Queensland (refer to ASX release dated 16 March 2022) pursuant to a sale agreement entered into with EMX Broken Hill Pty Ltd (EMXBH) (Sale Agreement). Concurrently, the Company also confirms that it will not be exercising its rights to execute an option to acquire a 100% interest in the Yarrol and Mt Steadman projects (Option Agreement) (refer to ASX release dated 2 May 2023).
Highlights
- Many Peaks executes binding agreement for sale of its 80% interest in exploration permits located in central Queensland
- Drilling campaign at Odienne Project completed with assay results pending for 1,069m of diamond core drilling and 7,741m of auger drilling
- Baga Project, in eastern Côte d’Ivoire, stream sediment sampling campaign is now completed with samples covering the 644km2 project area currently being shipped for analyses
The Company plans to focus efforts on continued exploration activity in Côte d’Ivoire where work continues at:
- the Odienne Project, where Many Peaks has recently completed an 8,810m drill campaign and awaiting results from both auger and initial diamond core drilling. Results from both drilling campaigns is anticipated to inform decisions on proposed follow-up drilling to commence as early as August this year;
- the Baga Gold Project, where within weeks of finalising an option agreement for a 2 year option period, the company has completed initial surface geochemistry programs with samples now in transit for assay; and
- at the Ferke Gold Project, where reconnaissance field work commences this week in support of drilling programmes planned for next quarter for follow-up on open gold mineralisation confirmed in drilling including diamond core intercepts assaying 47m @ 3.72g/t gold and 91.1m @ 2.02g/t gold from surface (refer to ASX release dated 26 March 2024).
Many Peaks’ Executive Chairman, Travis Schwertfeger commented:
“Our decision to divest the gold assets and terminate option agreements in Queensland allows us to reallocate resources to key projects in Côte d’Ivoire, where we see greater size and grade potential for mineralising systems and increased value creation for our shareholders.
The Birimian greenstone terranes in West Africa have demonstrated potential to host world-class gold deposits, and Cote d’Ivoire has proven to be a favourable jurisdiction for development and production.”
Click here for the full ASX Release
This article includes content from Many Peaks 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.
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