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OVERSUBSCRIBED $6M CAPITAL RAISING COMPLETED
Nickel, lithium and gold focused explorer, TG Metals Limited (TG Metals or the Company) (ASX:TG6), is pleased to announce the successful completion of its initial public offer to raise $6,000,000 via the issue of 30,000,000 ordinary shares at A$0.20 per share (Public Offer).
- TG Metals Limited shares commence trading on the ASX at 11:00am AWST, 26 May 2022 under the code TG6
- The Company successfully raised $6M under its IPO, at an indicative market cap of $11.4M
- The Company’s main focus is the 100% owned Lake Johnston Project in Western Australia
- The Lake Johnston Project covers approximately 50km strike of greenstone with an historical nickel focus and growing lithium prospectivity
Proceeds from the Public Offer will primarily be used to fund exploration activities on the Company’s wholly owned Lake Johnston Project located approximately 120km west of Norseman in Western Australia, encompassing 50km of prospective Lake Johnston greenstone belt. The exploration activities are aimed at defining nickel, lithium and gold mineralisation along known ultramafic, mafic and felsic host rocks.
The Company will commence trading today on the Australian Securities Exchange (ASX) at 11:00am AWST under the ASX code TG6. TG Metals wishes to thank its Lead Manager to the Offer, Barclay Wells, together with Trident Capital as Corporate Advisors and AGH Law as Legal Counsel.
TG Metals’ Chairperson, Richard Bevan, said:
“On behalf of the Board and Management of TG Metals, we welcome all shareholders to the Company at what is an exciting time of growth for the forward facing metals market. TG Metals has a strong board and experienced management and is ready to execute our exploration strategy at the 100% owned Lake Johnston Nickel Project in Western Australia.
"The Project is located within a highly prospective area of greenstone belt with recent past nickel production. It is prospective for both nickel and lithium discoveries, and our aggressive exploration strategy bodes well for near term discovery potential and optionality into multiple commodities.
We look forward to undertaking our planned exploration programs and keeping our shareholders updated with our progress.”
Authorised for release by TG Metals Board of Directors.
About TG Metals
TG Metals is an ASX listed company focused on exploring for nickel, lithium and gold at its wholly owned Lake Johnston Project in the stable jurisdiction of Western Australia. The Lake Johnston Project boasts proximity to current and past producing nickel mines and processing plants, and geochemical and geophysical targets for immediate exploration.
Contact Mr David Selfe Chief Executive Officer 0439 030 921 | Investor Relations Evy Litopoulos ResolveIR Email: evy@resolveir.com |
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This article includes content from TG 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.
TG6:AU
Lake Johnston South Lithium Project Review Confirms High Prospectivity
A review of the Lake Johnston South project (“Lake Johnston” or “the Project”), a license area of >1,870 square km (km2) west of Norseman in Western Australia, confirms the licenses cover a large portion of the Lake Johnston greenstone belt in the new shallow high-grade Lithium province. The project is adjacent to TG Metals recent spodumene discoveries and is approximately 20km from the Charger Metals and Rio Tinto Exploration joint venture project.
Highlights
- Lake Johnston review indicates the Project is highly prospective for spodumene bearing pegmatites.
- The licenses cover the southern half of the Lake Johnston structural corridor, where the Company has a dominant landholding.
- White Cliff Lake Johnston Project is immediately adjacent to pegged ground to be explored by Rio Tinto Exploration and Charger Metals JV and significant lithium discoveries by TG Metals.
- Government open file coarse magnetic data indicates the continuation of the Lake Johnston greenstone belt within White Cliff’s licenses.
- Further sampling and mapping will be conducted in the new high-grade Lithium province.
- The tenements were recently granted, and a Program of Work (PoW) for drilling will be submitted.
Commenting on the exploration results, White Cliff Chairman Roderick McIllree (FAusIMM) said:
“The Company has been working through a top-to-bottom strategic review of the existing portfolio while we deliver on our acquisition of large-scale high-grade copper projects in Canada.
I am delighted to inform existing and incoming shareholders that while we continue to deliver on our stated copper objectives in Canada, we have uncovered a stunning lithium prospect in our portfolio in what is now proven as a new shallow high grade lithium province. Given the several large discoveries by the adjacent TG Metals (TG6.ASX), and Rio Tinto Exploration and Charger Metals (CHR.ASX) commercially significant transactions, we have enormous confidence in the potential value of the Project.
We look forward to getting our exploration underway during December, intending to drill subsequent targets in early 2024.”
Figure 1: Location Map showing White Cliff licences and recent lithium discoveries
ABOUT THE PROJECT
The Lake Johnston Project (refer ASX News Release dated 24 October 2022) consists of 13 exploration licenses totalling 1,874.2km2. It is immediately adjacent to and along strike from recent large-scale discoveries of spodumene bearing pegmatites by Charger Metals and TG Metals. Based on high- resolution magnetics, these greenstone and magnetic trends continue for more than 30 linear kilometres into the project area. The broader region is located within the Phillips River Goldfield in the Southern Cross Domain of the Youanmi Terrane in the southern Yilgarn Craton.
The area is underlain by granites, gneisses and migmatite and hosts greenstone belts that daylight through the quaternary transported cover, all of which can be found at the Project.
Whilst numerous old, cleared grid exploration tracks exist in the project area, the only reported exploration within the area has been by Magnetic Resources NL and Uranex NL.
In 2006-2008, Magnetic Resources NL completed a shallow vertical air core drilling program of 34 holes for 1217m on several magnetic anomalies within the region. Samples were analysed for Au, Pt, As, Co, Cu, Ni, Cr, Zn, Mn and U in 4 metre downhole composites. A selected suite of 7 bottom hole samples was also analysed for Ba, Ca, Ce, Co, Cr, Cu, Dy, Er, Fe, K, La, Mg, Mn, Nb, Ni, P, Rb, Sr, Ti, Y and Zn. The targets were discrete magnetic anomalies within the basement.
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High grade Assay Results Continue at Youanmi
- The latest batch of assays have been received from the 11,000m drilling program (both diamond core and reverse circulation) at the high gold-grade Youanmi Gold Project, located centrally in Western Australia’s prolific gold fields
- The recently-completed infill/exploration program aimed to improve resource confidence and open up corridors for resource growth; to underpin the Definitive Feasibility Study (DFS), and, additionally, provide sample material for ongoing metallurgical optimisation test-work for the DFS program
- Latest highlights from the program include:
- RXDD131: 4.38m @ 19.07 g/t Au from 387.98m,
- incl. 1.73m @ 41.43 g/t Au from 389.96m
- RXDD119: 4.56m @ 14.60 g/t Au from 220.64m
- RXDD115: 2.99m @ 21.11 g/t Au from 249.88m
- RXDD119: 4.0m @ 7.37 g/t Au from 162.0m
- RXDD132: 7.19m @ 3.90 g/t Au from 263.61m
- RXDD133: 2.83m @ 6.53 g/t Au from 431.00m
- RXDD128: 3.82m @ 4.51 g/t Au from 364.59m,
- incl. 1.73m @ 8.22 g/t Au from 364.59m
- incl. 1.73m @ 8.22 g/t Au from 364.59m
- RXDD122: 0.95m @ 13.50 g/t Au from 204.44m
- §These results further demonstrate the continuity of high- grade gold mineralisation along the Youanmi greenstone belt belt, and the potential for resource growth both at depth and along-strike, with discovery potential to the south
- 35,000m Step-up drill campaign well underway with the plan to bring forward ounces and increase the mine plan
The program focused on converting Inferred stopes at Pollard, United North and Youanmi Main to higher confidence Indicated classification and providing material for metallurgical testing for the upcoming Definitive Feasibility Study (DFS) – on track for H2 CY25.
This final consignment of diamond assay results are the fourth batch of assays results returned from the drill program and have been entirely drilled from the Pollard, Youanmi and United North areas (Figure 1).
Rox Resources’ Chief Executive Officer, Phillip Wilding, commented:
“It’s pleasing to round out the 11,000m RD and DD drilling program with another batch of excellent intercepts.
“More importantly, the program has significantly improved our knowledge of the high grade and underexplored Youanmi ore system, and shown that mineralisation remains open at depth.
“Next steps are to convert Inferred areas of the Resource to the higher confidence Indicated classification, and finalise key intercepts of sample material for metallurgical test work to feed into the Youanmi DFS.
“We are excited to have commenced the 35,000m Step-up program to potentially bring forward ounces in the mine plan and significantly increase the size of the Pollard ore zone.”
Youanmi Major Growth Drill program
Resource drilling has focused on converting selected Inferred stopes in the current Mineral Resource of 16.2Mt at 4.4g/t Au for 2.3Moz (Indicated: 10.7Mt at 4.5g/t Au for 1.6 Moz : Inferred 5.5Mt at 4.2g/t Au for 0.7 Moz) 1 to higher confidence Indicated classification at Pollard, United North and Youanmi Main as shown in plan on Figure 1. The drilling has also provided both sample material for metallurgical testing and valuable geological data for the pending Definitive Feasibility Study (“DFS”) planned for second half of 2025.
Figure 1: Plan view of the Youanmi Gold Project featuring drill hole collar locations and 2024 Resource outline overprinted on aerial photography
Outside of the immediate resource area, drilling was also conducted on near-mine exploration and focused on the Youanmi South prospect area, or Paddy’s Lode, first reporting high-grade intercepts in 20232. The drilling at Paddy’s has complimented the Company’s exploration strategy moving south along the Main Lode Shear Zone (MLSZ) and adding additional gold ounces to the Resource. Youanmi South has the potential to grow the Resource above the 103kozpa Production Target outlined in the recently completed Pre-Feasibility Study (“PFS”)3.
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This article includes content from Rox 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 Commenced at Viani in Fiji
HIGHLIGHTS
- The Phase 1, three-hole diamond drilling program has commenced at the Viani Project, Fiji and will test for extensions to the quartz vein gold mineralisation at depth.
- Phase 1 is expected to be completed in early 2025, with plans for additional drilling under the same program dependent on the initial results
- The Viani Project (SPL1513) covers an area of approximately 200km2 and is largely underexplored.
- At the Dakuniba prospect within Viani, low sulphidation epithermal high-grade gold mineralisation has been mapped over >3km strike length.
- Diamond drilling completed by Japan International Cooperation Agency (JICA) in 1995 to 1997 intersected high-grade gold in low sulphidation epithermal quartz veins, including 0.6m @ 27.6 g/t Au.
Alice Queen’s Managing Director, Andrew Buxton said,
With drilling underway, Alice Queen is positioned to test the epithermal gold-style mineralisation identified in historic drilling at the Viani Project. Weather permitting, we anticipate completing the Phase 1, three-hole diamond drilling program in early 2025. Following this, our exploration team will mobilise the drill rig to the Sabeto Project in Fiji to maintain the momentum of this campaign. To deliver timely results to shareholders, we intend to accelerate the analysis of the drill core at ALS Brisbane.”
Image 1 – Diamond drilling at Viani
Details
Geology
The geology of the Viani Project (SPL 1513) comprises olivine basalts and volcaniclastics of the Natewa Volcanic Group which are intruded by andesite sills and dykes. In the 1940s, gold mineralisation was found by local prospectors near the village of Dakuniba. At Dakuniba, low sulphidation style epithermal gold occurs in quartz veins, and silicified rocks along a 3km long NE trending zone.
In 1995-1997, Japan International Cooperation Agency (JICA) drilled six diamond holes at Dakuniba and intersected high-grade gold in chalcedonic, crustiform, colloform banded quartz veins at depths of 50m to 100m below surface (i.e. MJVFV-5 intersected 2.2m @ 11.3 g/t Au, incl 0.6m @ 27.6 g/t Au at 121m downhole). This high-grade gold mineralisation is open in all directions.
Proposed Drill program
The initial Phase 1 drill program at Viani (see Table 1) will comprise three diamond drillholes designed to test continuity to the epithermal gold mineralisation previously intersected in JICA drillhole MJVFV- 5 (2.2m @ 11.3 g/t Au) (see Figure 2). The drilling will test for extensions to the gold mineralisation at depth and along strike.
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