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Termination of Avondale Project Earn-in Agreement
Rimfire Pacific Mining Limited (Rimfire or the Company) (ASX: RIM) provides the following updates in respect of the Avondale Project.
As previously disclosed to ASX, Rimfire terminated the Fifield Earn-in Agreement and stated it was considering its rights in relation to the Avondale Earn-in Agreement in light of the judgement of the of the Victorian Supreme Court in: Resource Capital Ltd v Giovinazzo [2024] VSC 548 (Judgment) (See Rimfire ASX Announcement dated 3 October 2024).
The Avondale Project has been funded by Golden Plains Resources Pty Ltd (GPR) under the earn-in agreement, which has the potential to see GPR earn a joint venture interest of up to 70%.
Despite requests, GPR has failed to provide any information in relation to whether there has been a change of control as to GPR since the Avondale Earn-in Agreement was executed.
Having considered the matter further, Rimfire has now issued a notice of termination to GPR in respect of the Avondale Earn-in Agreement, with the termination stated to take immediate effect.
Given the Avondale Earn-in Agreement was terminated prior to GPR satisfying the earn-in requirements, GPR will have no interest in the Avondale Project going forward. The express terms of the Avondale Earn-in Agreement do not require the Company to repay to GPR any funding provided by it prior to termination in these circumstances.
The Avondale Project contains the Melrose Scandium Prospect where Rimfire has recently reported an Indicated and Inferred Mineral Resource estimate of 3Mt @ 240 ppm Sc (1,120t Sc Oxide) (See Rimfire ASX Announcement dated 9 September 2024)*.
Rimfire expects that GPR will dispute the termination and seek to resolve the dispute through arbitration. Similar to the Fifield Project (See Rimfire ASX Announcement dated 17 October 2024), Rimfire has offered to provide to GPR a revocable undertaking that it will not dispose of, create any encumbrance over or dissipate the Avondale Project or any mined product. The undertaking is an interim measure until it is revoked by Rimfire.
Rimfire has also offered to have the disputes in relation to the termination of the Fifield Earn-in Agreement and the Avondale Earn-in Agreement resolved in the same arbitration.
The undertaking does not preclude Rimfire from carrying on exploration activities to advance the Avondale Project.
The Rimfire Board recognises the risks associated with its decision to terminate the Avondale Project Earn-in Agreement (including the prospect of Mr Giovinazzo successfully appealing the Judgement, the prospect of a dispute with GPR and the costs and distraction associated with that, and the requirement for funding to advance the Avondale Project) but believes the decision is in the best interests of the Company and its shareholders.
The Company will continue to update the market in accordance with its continuous disclosure obligations in the event of material developments in relation to this matter.
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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Rimfire Pacific Mining
Company Overview
Rimfire Pacific Mining (ASX:RIM) has its roots in NSW with a long history of exploration activity within some of the world's most prolific mining jurisdictions in Central Western NSW and the Broken Hill districts. With a highly capable and accomplished technical team, the company is committed to employing best-in-class geoscience to discovery Australia's next critical minerals mines.
With a combination of 100% owned assets and JV projects, Rimfire's Lachlan Orogen Projects are on the doorstep of some of Australia's truly great gold-copper porphyry mines such as Northparkes, Cadia and Cowal within a region dominated by major international mining businesses.
In the iconic Broken Hill region which has been a major production centre for base metals, Rimfire is primarily focused on chasing up historical occurrences of cobalt mineralisation and has projects proximate to ASX listed Cobalt Blue Ltd's Broken Hill Cobalt Project.
As a company committed to the discovery of critical minerals orebodies of scale, Rimfire aims to deliver enduring value to shareholders.
Lundin Mining Announces Updated Share Capital and Voting Rights
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Ero Copper Publishes 2023 Sustainability Report
Ero Copper Corp. (TSX: ERO, NYSE: ERO) ("Ero" or the "Company") is pleased to announce the publication of its 2023 Sustainability Report (the "Report"), titled Born in Brazil, Built for Tomorrow . This Report provides an update on the Company's strategy, practices, performance and management approach to key environmental, social and governance ("ESG") topics. The Report is available on the Sustainability section of Ero's website ( www.erocopper.com) .
"Our 2023 Sustainability Report showcases our commitment to responsibly producing the metals essential for global decarbonization," said David Strang, Ero's Chief Executive Officer. "With our operations rooted in Brazil, we benefit from access to electricity generated from approximately 85% renewable energy sources. This allows us to produce lower carbon- intensity copper that contributes to a cleaner, more sustainable future.
"Driven by our responsibility to operate sustainably, we are also deeply invested in the well- being of our workforce and the communities in which we operate. Key initiatives, such as the renovation of the Curaçá Valley Polyclinic and educational programs like Project Hope, underscore our commitment to local development, health, and safety.
"Sustainability is at the heart of our business strategy, and we remain dedicated to creating value for all stakeholders as we Build for Tomorrow."
2023 SUSTAINABILITY HIGHLIGHTS
- Advanced implementation of the Towards Sustainable Mining program with a self- assessment completed at the Caraíba Operations and a gap assessment completed at the Xavantina Operations
- Completed a $4.5 million multi-year renovation and expansion of the Curaçá Valley Polyclinic near the Caraíba Operations, supporting the health and well-being of more than 70,000 people across the broader region
- Expanded learning opportunities for local children through Project Hope at the Xavantina Operations, with support from Royal Gold Inc.
- Reclaimed 13 hectares of land using native plant species, bringing total land revegetated since 2016 to 445 hectares
- Progressed the construction of a dry-stack tailings facility and advanced safe project development at the Tucumã Project
- Achieved a consolidated process water recycling rate of 89%
ABOUT ERO COPPER CORP
Ero Copper is a high-margin, high-growth copper producer with operations in Brazil and corporate headquarters in Vancouver, B.C. The Company's primary asset is a 99.6% interest in the Brazilian copper mining company, Mineração Caraíba S.A. ("MCSA"), 100% owner of the Company's Caraíba Operations (formerly known as the MCSA Mining Complex), which are located in the Curaçá Valley, Bahia State, Brazil and include the Pilar and Vermelhos underground mines and the Surubim open pit mine, and the Tucumã Operation (formerly known as Boa Esperança), an open pit copper mine located in Pará, Brazil. The Company also owns 97.6% of NX Gold S.A. ("NX Gold") which owns the Xavantina Operations (formerly known as the NX Gold Mine), comprised of an operating gold and silver mine located in Mato Grosso, Brazil. Additional information on the Company and its operations, including technical reports on the Caraíba Operations, Xavantina Operations and Tucumã Operation, can be found on SEDAR+ ( www.sedarplus.ca/landingpage/) and on EDGAR ( www.sec.gov). The Company's shares are publicly traded on the Toronto Stock Exchange and the New York Stock Exchange under the symbol "ERO".
FOR MORE INFORMATION, PLEASE CONTACT
Courtney Lynn, SVP, Corporate Development, Investor Relations & Sustainability
(604) 335-7504
info@erocopper.com
News Provided by GlobeNewswire via QuoteMedia
Rimfire Expands Scandium Exposure in Central NSW
Rimfire Pacific Mining (ASX: RIM, “Rimfire” or “the Company”) is pleased to advise that it has expanded its scandium exposure in central NSW following the execution of an Option to Purchase Agreement with Javelin Minerals Limited (JAV: ASX) for their Exploration Licence 8666 located approximately 50km north of Fifield (see figure 1). If Rimfire elects to exercise the Option to Purchase, then the exploration licence will become 100% owned by Rimfire and will add to Rimfire’s 100% owned project portfolio.
Highlights
- Rimfire expands its exposure to scandium, with a Buy Option Agreement to purchase 100% of Exploration Licence 8666 from Javelin Minerals Limited (JAV:ASX)
- The licence – located some 50km from (Fifield hamlet) Rimfire’s 100% owned Fifield & Avondale Scandium Projects – has seen historical reconnaissance drilling intersect anomalous scandium in single 3-metre composite aircore drill samples of up to 373 ppm Sc from 34m depth
- Initial mapping and reconnaissance aircore drill program planned by end of CY 2024
Commenting on the announcement, Rimfire’s Managing Director Mr David Hutton said: “Expanding our exposure to scandium opportunities within central NSW is a priority for Rimfire as we work towards building a globally significant scandium resource inventory.
Our geological team has identified Javelin’s exploration licence as an early- stage scandium target that compliments our existing scandium projects in the area.
The new licence contains a number of anomalous scandium drill intercepts and untested magnetic anomalies which need to be followed up and we look forward to getting on the ground as soon as possible to determine their significance.”
Historical reconnaissance drilling by Javelin Resources has intersected anomalous scandium along with anomalous cobalt and nickel in several holes with a single 3-metre composite drill sample yielding373 ppm Sc (see JAV ASX Announcements dated 26 July 2023 and 31 July 2023).
Acquisition Terms
Rimfire has executed a Buy Option Agreement with Cobalt Prospecting Pty Ltd, - a wholly owned subsidiary of Javelin Minerals Limited (JAV:ASX), for a cost of $30K (cash). The Buy Option Agreement gives Rimfire an exclusive option to acquire 100% of Exploration Licence 8666 (“Javelin Tenement”), which is located approximately 50kms north of Rimfire’s tenements in central NSW and appear to contain similar host rocks as those found at Rimfire’s Melrose and Murga North scandium deposits at Fifield, NSW (Figure 1).
Rimfire has an exclusive Option Period of 18 months from the date of execution of the Buy Option Agreement to exercise purchase (at Rimfire’s sole discretion) of the Javelin Tenement for $125K (in cash or shares). There is a further milestone payment of $300K (payable in shares) within 4 years of purchase, if Rimfire announces a maiden Indicated Mineral Resource estimate of greater than 5,000t of Scandium Oxide (or equivalent) on the Javelin Tenement. During the Buy Option period Rimfire will be responsible for meeting the pro-rata minimum expenditure requirements on the Javelin Tenement. Any shares issued under this agreement will be subject to 6-month escrow.
At the time of writing, Rimfire and Javelin were completing all necessary ancillary legal documentation, and the transaction will still be subject to standard regulatory conditions such as Ministerial consent for the transfer of the tenements.
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.
Brixton Metals Releases Additional High-Grade Gold Assays From its Exciting Trapper Gold Target on its Wholly Owned Thorn Project
Brixton Metals Corporation (TSX-V: BBB, OTCQB: BBBXF) (the “Company” or “Brixton”) is pleased to announce additional 2024 drill results from the Trapper Gold Target at its wholly owned Thorn Project. The project is located in Northwest British Columbia, 90km east of Juneau, Alaska.
Highlights
- Hole THN24-308 yielded 61.95m of 1.02 g/t Au from 184.75m depth within 77.25m of 0.9 g/t Au
- Including 9.25m of 4.79 g/t Au
- Including 2.25m of 18.50 g/t Au
- Hole THN24-309 yielded 28.00m of 0.70 g/t Au
- Including 6.00m of 1.24 g/t Au
- Gold occurs as native gold and is associated with base metal veins as galena, sphalerite, chalcopyrite, quartz-carbonate and pyrite
“We’re pleased with the recent drill results which reveal encouraging gold grades and align well with our exploration model,” stated Vice President of Exploration, Christina Anstey. “These results strengthen our understanding of the mineralization in the area and support our strategy to unlock further potential through continued drilling.”
Figure 1. Gold Geochemistry and Trapper Target Location Map.
Table 1. Select Mineralized Intervals for the Trapper Target Drilling.
All assay values are uncut weighted averages and intervals reflect drilled lengths as further drilling is required to determine the true widths of the mineralization.
Discussion
The 2024 drill campaign at the Trapper Gold Target totaled 2,745.60m of drilling across 11 HQ-sized diamond drill holes of which 762.00m are covered in this release. The program was designed to test the extents and continuity of the main mineralized corridor along the Lawless Fault zone through a combination of infill and step-out drilling. Additional step-out drilling was completed north of the main zone, following-up on undercover mineralized zones that were identified during the 2023 drill program. Drilling was planned through a combination of mapping, oriented core data analysis, geophysics, and soil geochemistry. Additional assays from the 2024 drill campaign will be released as they become available.
Figure 2. Planview Map with Collar Locations and Gold Drill Traces at the Trapper Target.
THN24-308 and THN24-309 were drilled from the same pad location and planned as infill to assess grade continuity between previously released holes THN22-251 and THN22-239 from the 2022 drill campaign. Both holes were successful in intercepting broad intervals of near surface gold mineralization. Hole 308 was drilled at an azimuth of 025 degrees and dip of -46 degrees to a final depth of 353.00m returning 313.00m of 0.44 g/t Au including 61.95m of 1.02 g/t Au and including 9.25m of 4.79 g/t Au. Hole 309 was drilled at a steepened angle below hole 309 at an azimuth of 025 degrees and a dip of -65 degrees to a final depth of 255.00m. Hole 309 returned 156.00m of 0.24 g/t Au including 28.00m of 0.70 g/t Au and including 6.00m of 1.24 g/t Au.
THN24-306 was drilled at an azimuth of 000 degrees and dip of -65 degrees to a final depth of 154.00m and was drilled from the same pad location as previously released hole THN24-304 testing a steeper inclination. The holes were planned as southeastern step-outs along the Lawless Fault to determine the extents of mineralization. Although THN24-304 returned 227.50m of 0.50 g/t Au including 27.00m of 3.49 g/t Au, no significant assays were intercepted in hole 306 which drilled into the footwall of the Lawless Fault at 65m depth. However, based on the broad gold intervals intercepted in hole 304 the potential for future extension to the east remains open along the hanging wall of the main mineralizing structure.
Gold mineralization at Trapper is structurally controlled along the Lawless Fault, trending northwest-southeast and dipping moderately to the north in the main drilling area. There are multiple CVG features (see news release dated October 10th, 2024) that could reflect similar parallel structures to the Lawless Fault which remain open to test for new gold potential. Mineralization appears to favour the contact between the Cretaceous (85.2 +/- 1.2Ma) quartz diorite and the Triassic lapilli tuffs with broad gold intervals largely hosted along the faulted contact. The gold is associated with silver and base metal veins containing pyrite-galena-sphalerite +/- chalcopyrite +/- bornite, which occur conjugate to the Lawless Fault. Through a combination of oriented core drilling, surface mapping, geochemistry and geophysics, the aim is to achieve predictability of the gold-bearing zones. The current drilling at the Trapper Target is located 7km southeast from the Camp Creek Copper Porphyry Target. At surface, the Trapper Target is expressed as a 4km northwest trending gold and zinc soil geochemical anomaly which is part of the larger 11km gold geochemical anomaly trending from Camp Creek to the Trapper Target. Future drilling at the Trapper Target will focus on identifying new zones of gold-bearing mineralization undercover within the footprint of this larger gold geochemical anomaly.
Figure 3. Visible Gold Photographs of THN24-308.
Drilling Information
Table 2. Drill Collar and Hole Information of Current News Release.
About the Trapper Gold Target
The geochemical footprint for the Trapper Gold Target was expanded in 2021 to 4km by 1.5km with a gold-in-soil geochemical signature that has a strong positive correlation to zinc and lead. The Trapper Target represents an intermediate-sulphidation epithermal system hosted in volcanic and intrusive rocks. The volcanics are Triassic Stuhini lapilli tuff, while the intrusive phase is a Cretaceous quartz diorite dated at 85.2Ma +- 1.2Ma. Visible gold has been identified in both drill core and surface outcrops across the Trapper Target area and rock grab samples have returned up to 152 g/t Au. Visible gold is recognized in several environments: within base metal veins (sphalerite-galena-pyrite-chalcopyrite), quartz-stockwork, sulphosalt-pyrite veinlets, and rarely disseminated gold in the diorite. In 2021, 2022 and 2023, Brixton drilled 3,107m, 9,119m and 6,625m, respectively. In 2011, forty-two drill holes were completed by a previous operator. The Trapper Target is royalty free.
Quality Assurance & Quality Control
Quality assurance and quality control protocols for drill core sampling were developed by Brixton. Core samples were mostly taken at 1.0m intervals. Blank, duplicate (lab pulp) and certified reference materials were inserted into the sample stream for at least every 20 drill core samples. Core samples were cut in half, bagged, zip-tied and sent directly to ALS Minerals preparation facility in Langley, British Columbia. ALS Minerals Laboratories is registered to ISO 9001:2008 and ISO 17025 accreditations for laboratory procedures. Samples were analyzed at ALS Laboratory Facilities in North Vancouver, British Columbia for gold by fire assay with an atomic absorption finish, whereas Ag, Pb, Cu and Zn and 48 additional elements were analyzed using four acid digestion with an ICP-MS finish. Over limits for gold were analyzed using fire assay and gravimetric finish. The standards, certified reference materials, were acquired from CDN Resource Laboratories Ltd., of Langley, British Columbia and the standards inserted varied depending on the type and abundance of mineralization visually observed in the primary sample. Blank material used consisted of non-mineralized siliceous landscaping rock. A copy of the QAQC protocols can be viewed at the Company’s website.
About the Thorn Project
The wholly-owned 2,945 square kilometer Thorn Project is located in British Columbia, Canada, approximately 90 km east of Juneau, AK. The southern limit of the Thorn claim boundary is roughly 50 km from tide water. The Thorn Project hosts a district-scale 80km megatrend of Triassic to Eocene, volcano-plutonic complex with several styles of mineralization related to porphyry and epithermal environments. Many large-scale copper-gold targets have been identified for further exploration work. Information on each of the targets may be found at the following link: https://brixtonmetals.com/thorn-gold-copper-silver-project/
Qualified Person
Mr. Corey A. James, P.Geo., is a Senior Project Geologist for the company and a qualified person as defined by National Instrument 43-101. Mr. James has verified the data disclosed in this press release, including the sampling, analytical and test data underlying the technical information and has approved this press release.
About Brixton Metals Corporation
Brixton Metals is a Canadian exploration company focused on the advancement of its mining projects. Brixton wholly owns four exploration projects: Brixton’s flagship Thorn copper-gold-silver-molybdenum Project, the Hog Heaven copper-silver-gold Project in NW Montana, USA, which is optioned to Ivanhoe Electric Inc., the Langis-HudBay silver-cobalt-nickel Project in Ontario and the Atlin Goldfields Project located in northwest BC which is optioned to Eldorado Gold Corporation. Brixton Metals Corporation shares trade on the TSX-V under the ticker symbol BBB, and on the OTCQB under the ticker symbol BBBXF. For more information about Brixton, please visit our website at www.brixtonmetals.com.
On Behalf of the Board of Directors
Mr. Gary R. Thompson, Chairman and CEO
For Investor Relations inquiries please contact: Mr. Michael Rapsch, Senior Manager, Investor Relations. email: michael.rapsch@brixtonmetals.com or call Tel: 604-630-9707
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, and “intend”, statements that an action or event “may”, “might”, “could”, “should”, or “will” be taken or occur, including statements that address potential quantity and/or grade of minerals, potential size and expansion of a mineralized zone, proposed timing of exploration and development plans, or other similar expressions. All statements, other than statements of historical fact included herein including, without limitation, statements regarding the use of proceeds. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: the need for additional financing; operational risks associated with mineral exploration; fluctuations in commodity prices; title matters; and the additional risks identified in the annual information form of the Company or other reports and filings with the TSXV and applicable Canadian securities regulators. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.
September 2024 Quarterly Report
Impact Minerals Limited (ASX:IPT) is pleased to present its Quarterly Report.
HIGHLIGHTS
1. Lake Hope High Purity Alumina (HPA) Project, WA (IPT earning 80%)
- The Mine at Lake Hope:
- A negotiation protocol for Land Access and Cultural Heritage agreements with the Ngadju peoples reviewed and signed.
- Applications for a Mining Lease and associated Miscellaneous licence lodged.
- Infill drilling to define a maiden Measured Resource and Proven Reserve completed with resource calculations and economic studies in progress.
- Mining studies underway to provide mining schedules, proposed equipment, site logistics and costs of mining and transport of ore to Kwinana.
- Further flora fauna and heritage surveys are being planned for the mine haul road.
- The Process Plant:
- Kwinana selected as the location for process plant to produce a benchmark 10,000 tonnes per annum of HPA due to access to providers of the required input chemical reagents, buyers of the fertiliser and acid by-products and access to suitable land. Combined, these provide substantial strategic advantages for the project with savings on capex and opex.
- The Low-Temperature Leach process selected as the most straightforward processing method to produce HPA at scale.
- CPC Engineering selected to provide a design and engineering study for the full-scale plant that is underway.
- Product development, offtake and marketing
- Further test work on HPA and fertiliser by-products continues.
- Experimental work has produced a hydrated alumina product that may have major applications in the catalyst and flame retardant industries.
- Early-stage discussions are underway for potential synergies with existing alumina businesses in Europe and the USA.
- A marketing and product development team is being assembled.
2. Arkun-Beau, WA (IPT 100%)
- No major no activity occurred this quarter, though efforts remain on track to resume exploration after the cropping season ends in the wheatbelt in December.
- 413 soil samples were re-assayed to refine drill targets at Beau and Caligula prospects
- Land access agreements and statutory approvals are being finalised ahead of planned drill programme in Q1 2025
- Previous geochemical and MME survey data at Caligula support the project potential, with $180,000
- co funding awarded under the WA Government’ EIS scheme for drilling.
3. Corporate/Finance
- A FY23 Research and Development Rebate of $395,000 was received during the Quarter.
PROJECT REPORTS
1. LAKE HOPE HIGH PURITY ALUMINA PROJECT, WA (IPT earning 80%)
Figure 1. Location of the Lake Hope Project and proposed haul route to Kwinana.
During the Quarter Impact Minerals announced that it had lodged a Mining Lease Application (MLA63/684) and associated Miscellaneous Licence (L63/99) for the Lake Hope High Purity Alumina (HPA) Project located 500 km east of Perth in Western Australia, (Figures 1 and 2). This is a crucial step in advancing the project towards production as it defines the work required to obtain the statutory approvals needed for the grant of the Mining Lease.
The approvals process, together with the logistics and estimated costs of mining and transporting the Lake Hope mud to the process plant, form one of the four key parts of a Pre-Feasibility Study (PFS) on Lake Hope, which is in progress (Figure 3 and ASX Release July 10th, 2024). Impact can take an 80% interest in Playa One Pty Limited, which owns the Lake Hope Project and associated intellectual property, by completing the PFS (ASX Releases March 21st 2023 and July 10th 2024).
The PFS followed on from a positive Scoping Study, which showed that for a benchmark production of 10,000 tonnes per annum of HPA, the Project has an estimated post-tax Net Present Value (NPV8) of about A$1.3 billion and would potentially be one of the lowest-cost producers of HPA globally (ASX Release November 9th 2023).
Click here for the Quarterly Cashflow Report
Click here for the full ASX Release
This article includes content from Impact 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.
True North Copper September 2024 Quarterly Report
True North Copper Limited (Administrators Appointed) (True North Copper, TNC or the Company) provides the following quarterly update and Appendix 5B for Q1 FY25.
Voluntary Administration
On 21 October 2024, the Directors of True North Copper Ltd appointed Richard Tucker and Tony Miskiewicz of KordaMentha as Voluntary Administrators of the below entities:
- True North Copper Limited (ACN 119 421 868)
- TNC Mining Pty Ltd (ACN 652 408 378)
- CopperCorp Pty Ltd (ACN 649 946 305)
- North West Copper Pty Ltd (ACN 661 786 956)
- TNC Asset Holding Pty Ltd (ACN 652 599 687) (all Administrators Appointed) (together ‘the Group’).
The decision came after a period of extensive negotiations with the Company's debt provider, largest shareholder and other potential equity providers. The decision is regrettable especially as the ramp up of mining activities at Wallace North, part of the Cloncurry Copper Project, was on schedule with the first oxide ore placed onto the heap leach pads at Cloncurry earlier this month. In addition, recent exploration at Mt Oxide partly funded by a CEI grant from the Queensland Government has identified a number of highly prospective targets for drilling with a high probability of making more discoveries like the Vero deposit.
The Directors wish to thank all of the Company's employees and consultants as they have worked tirelessly to accomplish the above. The local community is also highly supportive of the Company and its operations in the region.
With cash resources running down and no prospects of being able to draw on existing facilities or raise additional equity or debt before the scheduled AGM, the Directors appointed the Administrators. The Administrators are undertaking an urgent assessment of the Group’s operations and will shortly be commencing a dual track recapitalisation and sale process for the Group. In this regard, the Administrators are seeking urgent expressions of interest to acquire the Group as a whole or individual projects/assets.
Accordingly, the below should be read in that context and it should be noted that there may be material changes to the operations of TNC as a result of the Administrators appointment.
SEPTEMBER 2024 QUARTER HIGHLIGHTS
Cloncurry Copper Project
- During the September 2024 quarter, operations at the Cloncurry Copper Project (CCP) in Queensland continued to ramp up in line with the current mine plan.
- In July, TNC announced the commencement of mining activities at the Wallace North deposit, part of CCP.
- At the end of the September Quarter, circa 200,000 bank cubic metres (BCM) of overburden was mined at Wallace North with approximately 10,000 tonnes of oxide ore mined and placed on the ROM.
- Transportation of oxide ore to the Great Australia Mine (GAM) commenced in September with approximately 8,000 tonnes crushed by the end of the quarter. Stacking onto the leach pad and irrigation commenced in early October.
- TNC has binding offtake and toll milling agreements with Glencore International AG (Glencore)1 for 100% of copper concentrate from CCP and for toll milling of up to 1Mt of ore per year. Toll milling was expected to commence in Q3 FY25.
Mt Oxide Project
- The Copper-Silver Mineral Resource Estimate (MRE) for TNC’s Vero deposit has been updated to 15.03Mt at 1.46% Cu & 10.59g/t Ag for a contained 220kt Cu & 5.13Moz Ag (JORC 2012).
- Results from rockchip sampling of gossans at Aquila and Ivena North returned multiple zones of anomalous copper silver geochemistry with very strong pathfinder signatures indicative of potential Vero style Cu-Ag-Co mineralisation.
- A MIMDAS Induced Polarisation, Resistivity and Magnetotellurics survey commenced at Mt Oxide, partially funded by a $300,000 Queensland Government Collaborative Exploration Initiative (CEI) grant.
- The 15.3 line kms over 10 lines survey was focussed on several highly prospective copper bearing leached gossans mapped along strike of Vero including Camp Gossans, Ivena North, Aquila and Mt Gordon.
- MIMDAS at Camp Gossans Vero and Ivena North, Aquila and Mt Gordon prospects resulted in new geophysical anomalies with similar signature to the Vero resource being identified coincident with highly geochemically anomalous leach gossan outcrops.
Corporate
- Former Managing Director and founder of TNC, Marty Costello, departed the Company as of 1 July 2024.
- Craig Gouws, Chief Financial Officer, resigned from the Company.
- On 21 October 2024, the Directors of True North Copper Ltd appointed Richard Tucker and Tony Miskiewicz of KordaMentha as Voluntary Administrators of the Company and its subsidiaries.
Development & Operations
TNC’s two principal assets located in northwest Queensland, a Tier 1 Jurisdiction:
- Cloncurry Copper Project (CCP) - IOCG and ISCG copper-gold deposits proposed for open pit mining operations, with extensive surrounding exploration tenure.
- Mt Oxide Project (Mt Oxide) – IOCG high-grade, globally significant, copper-cobalt-silver deposit subject to optimisation studies, and exploration in surrounding tenure.
The Cloncurry Operations Hub (COH) is strategically located to the CCP’s four open pit deposits including: Great Australia, Orphan Shear, Taipan and Wallace North. Exploration and resource definition across the surrounding CCP will also deliver growth to the CCP’s Life of Mine.
The COH is located 2km from the township of Cloncurry and provides essential infrastructure, technical systems and support to all of TNC’s project operations. An active oxide heap leach and Solvent Extraction (SX) processing plant, mine buildings, site administration facilities, workshops, open pit mine facilities, onsite explosive magazines, site storage, water management systems and existing site power supply are located at the COH.
Mining preparations continued at Wallace North during the period after commencing during the previous quarter. Wallace North is part of True North Copper’s Cloncurry Copper Project (CCP) and one of four open-pit deposits making up CCP. Wallace North has an Ore Reserve totalling 0.7Mt (Probable) grading 1.01% Cu and 0.46g/t Au for 6.8kt Cu and 10.0koz Au2.
Click here for the Appendix 5B Quarterly Cash Flow Report
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