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Belararox Limited (ASX:BRX) (“Belararox” or “the Company”) is pleased to announce that the significant mineralisation observed in the drill core as part of the due diligence process at the TMT project in Argentina (Belararox Limited, 2023.b) is supported by significant assay results that are now considered ‘Exploration Results’ to be reported under the JORC (2012) Code.
Key Highlights
- Key mineralised sections of historical drill core stored in trays were inspected and reviewed in Argentina as part of the Company’s due diligence process in acquiring the project. Mineralisation was observed in diamond core holes ARRLSDD0001, ARRLSDD0002, ARRLSDD0003, & ARRLSDD0004, drilled in 2013 at the project’s Toro target, strongly supporting the potential of the project to contain a significant system rich in base and precious metals (Belararox Limited, 2023.b).
- Significant intercepts from diamond drilling completed in 2013 by Votorantim at the Toro target include:
- ARRLSDD0001 - 266m @ 0.76% Zn, 14.6ppm Ag, 0.05ppm Au, 0.04% Cu & 0.09% Pb from 56m* including:
- 72m @ 1.00% Zn, 12.3ppm Ag, 0.07ppm Au, 0.02% Cu & 0.13% Pb from 56m including:
- 6m @ 3.94% Zn, 52.3ppm Ag, 0.35ppm Au, 0.12% Cu & 0.27% Pb from 56m*;
- 2m @ 8.59% Zn, 112.0ppm Ag, 0.63ppm Au, 0.25% Cu & 0.63% Pb from 58m*;
- 2m @ 3.27% Zn, 34.8ppm Ag, 0.15ppm Au, 0.08% Cu & 0.08% Pb from 126m*.
- 140m @ 0.86% Zn, 20.4ppm Ag, 0.05ppm Au, 0.06% Cu & 0.08% Pb from 182m* including:
- 52m @ 1.02% Zn, 7.0ppm Ag, 0.04ppm Au, 0.01% Cu & 0.09% Pb from 184m*;
- 2m @ 4.41% Zn, 41.0ppm Ag, 0.34ppm Au, 0.05% Cu & 0.12% Pb from 186m*;
- 2m @ 3.33% Zn, 9.1ppm Ag, 0.07ppm Au, 0.03% Cu & 0.08% Pb from 220m*;
- 16m @ 1.29% Zn, 11.2ppm Ag, 0.07ppm Au, 0.03% Cu & 0.08% Pb from 268m*.
- 10m @ 1.19% Zn, 53.7ppm Ag, 0.17ppm Au, 0.40% Cu & 0.03% Pb from 318m*.
- 2m @ 1.16% Zn, 7.7ppm Ag, 0.04ppm Au, 0.04% Cu & 0.22% Pb from 56m*.
- 72m @ 1.00% Zn, 12.3ppm Ag, 0.07ppm Au, 0.02% Cu & 0.13% Pb from 56m including:
- o ARRLSDD0003 – 22m @ 1.25% Zn, 41.2ppm Ag, 0.31ppm Au, 0.24% Cu & 0.27% Pb from 10m* including:
- 6m @ 1.72% Zn, 135.9ppm Ag, 1.00ppm Au, 0.80% Cu & 0.78% Pb from 10m*.
- ARRLSDD0001 - 266m @ 0.76% Zn, 14.6ppm Ag, 0.05ppm Au, 0.04% Cu & 0.09% Pb from 56m* including:
*Intersection calculated using Below Detection Limit(s) (BDL) of 0.50 ppm Ag & 0.005 ppm. Note: all Cu, Pb & Zn values exceed BDL
- Significant rock chip assays from 133 samples collected by Votorantim across multiple locations at the Toro target, produced an average grade of: 0.84% Zn, 81ppm Ag, 0.11ppm Au, 0.10% Cu, & 0.58% Pb. Note: Any samples that resulted in a BDL were excluded from the averaging calculation. With peak assay values of: 13.30% Zn, 1,980ppm Ag, 2.56ppm Au, 1.90% Cu, & 12.1% Pb
- Significant intercepts from the Sonoma drill holes completed in 1996/1997 at the Toro target include:
- T1-D – which included:
- 24m @ 2.4% Zn, 38.8ppm Ag, 0.18ppm Au & 0.07% Cu from 24m;
- 60m @ 2.4% Zn, 118ppm Ag, 0.32ppm Au & 0.28% Cu from 114m.
- T1-R – 29m @ 1.7% Zn, 24.0ppm Ag, & 0.11ppm Au from 17m.
- T3-D – 18m @ 0.9% Zn, 74.5ppm Ag, 0.13ppm Au & 0.08% Cu from 125m.
- T5-R – 32m @ 1.4% Zn, 30.3ppm Ag & 0.11ppm Au from 19m including:
- C6m @ 6% Zn, 136.5ppm Ag, 0.2ppm Au & 0.2% Cu from 34m.
- T5-R – 75m @ 0.7% Zn, & 11.4ppm Ag from 69m.
- T5-R – 45m @ 1.0% Zn, & 15.0ppm Ag & from 237m.
- T1-D – which included:
Cautionary Statement: The intercepts from the 1996-1997 Sonoma Resource Development Argentina S.A. Diamond Drilling (“DD”) and Reverse Circulation (“RC”) drilling campaign are suitable for the reporting of ‘Exploration Results’ for mineral prospectivity, further exploration work would be needed to produce a ‘Mineral Resource’.
Managing Director, Arvind Misra, commented:
“Prior to acquiring the Toro-Mambo-Tambo project our due diligence identified historic core drill results undertaken at the southern end of the property. We believed these finds added credence to our belief that the property is highly prospective for zinc, an in-demand base metals used in a wide range of clean energy processes.
With the historic drilling results brought up to JORC 2012 code compliance, we are able to confidently disclose these ‘Exploration Results’ to the market. While we still have work to do before we can produce a ‘Mineral Resource Estimate’ at the TMT Project, these strong ‘Exploration Results’ add to the mounting evidence that the TMT Project is a game-changing acquisition for Belararox.”
Toro – Malambo – Tambo (“TMT”) Project
Figure 1: Location of the TMT Project which has potential for Base Metals and Cu-Au Porphyry in Argentina’s San Juan Province
Toro Target – Exploration Results reported to the JORC (2012) Code
The Toro target in the south of the TMT project had been the focus of historical exploration activities completed by Sonoma Resource Development Argentina SA (“Sonoma”) during 1995-1999 and Votorantim Metais Argentina S.A. (“Votorantim”) during 2012-2014.
Drill core from historical diamond drill holes ARRLSDD0001, ARRLSDD0002, ARRLSDD0003, and ARRLSDD0004, was inspected in Argentina by the Belararox Team, with logistical and onsite support provided by the Condor Prospecting SA Exploration Team. Mineralisation observed in the due diligence process strongly supports the potential of the project to contain a significant system rich in base and precious metals (Belararox Limited, 2023.b).
The Toro target has been divided into a North Zone where intense hydrothermal argillic alteration is observed and Central and South Zones – also exhibiting intense hydrothermal alteration – where the bulk of historical exploration was focused. This announcement focuses on the verified drill core information for ARRLSDD0001, ARRLSDD0002, ARRLSDD0003, & ARRLSDD0004 with the Due Diligence site visit providing the opportunity to physically verify additional results of historical drilling and exploration activities at the Toro target (Belararox Limited, 2023.b).
Post completion of the due diligence process, the Toro target ‘Exploration Results’ have been verified in order to be reported to the JORC (2012) Code by a team of Professionals led by Jason Ward. The current ASX Release displays these Exploration Results as having been reported to the JORC (2012) Code.
Toro Target - Historical Geochemistry
Through the Company’s data validation process, records of historical surface samples over the Toro Target’s Central and Southern Zones were examined. A total of 133 rock chip samples supported the delineation of distinct zones of significant mineralisation. The samples were collected by Votorantim during 2013/2014 and subsequently submitted to ALS Laboratories Mendoza for assay preparation and then to ALS Laboratories Lima in Peru for assay.
From the rock chip sample data available it appears the surface sampling assay results were significant and encouraging. Across the group of rock chip samples, individual samples produced assay grades that ranged up to 13.3% zinc, 12.1% lead, 2.56 ppm gold, 1.9% copper and 1,980ppm silver. When excluding samples that assayed below the detection limit the 133 samples averaged grades of 0.84% zinc, 0.58% lead, 0.11ppm gold, 0.10% copper and 81ppm silver.
Rock chip sampling at the Toro target strongly indicates the presence of potentially economic zinc mineralisation, appearing most prevalent in the Central Zone. Geological maps with the assay values for zinc, copper and gold at the Toro Target are presented in Figure 2, respectively. Mapped assay values for silver, arsenic, molybdenum, lead and tin are presented within Appendix E in Figure 11, Figure 13, Figure 14, Figure 16, Figure 15, Figure 18 and Figure 17, respectively.
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This article includes content from Belararox 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.
BRX:AU
Wadi Al Junah VMS-Style Copper-Zinc-Gold-Silver Project in Saudi Arabia
Highlights
- As announced on 6 November, MBK’s Saudi Arabian JV company, has been awarded the Wadi Al Junah Project as part of the Saudi Government’s Exploration Licensing Round 6
- Wadi Al Junah is prospective for volcanogenic massive sulphide (VMS) copper-zinc- gold-silver mineralisation and for shear zone gold-silver, with several untested priority targets
- The Project is 35km east of the Al Hajar Au-Ag-(Cu-Zn) deposit previously mined by Ma’aden and is proximal to the regional centre of Bisha, and close to major access routes, local towns and workforce
- Saudi exploration strategy is supported by a well capitalised in-country JV Company in CMC and significant Saudi government incentives to de-risk and fast-track exploration
- Metal Bank continues to assess new potential project areas in Saudi Arabia prospective for copper, gold and other critical minerals – several tenement applications in progress
CMC is a Saudi Arabian limited liability company owned by MBK (60%) and Central Mining Holding Company (‘CMH’, 40%). CMH is a member of the Al Qahtani Holdings group, and was the JV partner of Citadel Resources which, under the leadership of Inés Scotland as Managing Director, was responsible for the exploration and development of the Jabal Sayid copper project in Saudi Arabia (prior to its acquisition by Equinox). CMC will be responsible for managing and implementing the work program for the Wadi Al Junah project utilising the technical expertise of MBK, as the exploration JV partner, in combination with the KSA expertise of the Al Qahtani Group. CMC has a current capitalisation of SAR5m (~AUD2.1m).
Wadi al Junah with an area of 427km2 was the largest of the projects offered in Round 6 and is proximal to the major regional centre and airport of Bisha, with major access routes passing through the license area and local towns and workforce close by. The Project is located in the prospective Wadi Shwas Gold Belt, a region under-explored for shear zone gold, VMS copper-zinc-gold-silver and intrusion-related gold and base metal deposits. It is supported by several mineral occurrences with encouraging geological observations, and gold, silver and copper grades in historic regional- scale reconnaissance mapping, which have not been followed up by modern work.
MBK’s technical team has prepared a comprehensive two-year work program, with an initial focus on following up the previous limited and surface based exploration for mineral occurrences of copper, gold and silver. MBK is aiming to be drill-ready within the next six months.
Commenting on this acquisition, Metal Bank’s Chair, Inés Scotland said:
“The successful tender for the Wadi al Junah project in Saudi Arabia by our JV company CMC via a tightly contested and highly competitive exploration round speaks to our commitment, capability and technical expertise in achieving our strategy of acquiring prospective tenure within Saudi Arabia, which we believe remains underexplored and highly prospective.
Wadi al Junah represents our first project back in Saudi Arabia, a region in which MBK’s management team has extensive experience and a proven track record of success, having previously developed the Jabal Sayid project. We are well-supported by both our JV partner and the significant government incentives provided by the Kingdom of Saudi Arabia in search for the next Jabal Sayid. The Arabian Shield has so much underexplored potential, and we are ready to get our initial phase of exploration underway as quickly as possible.”
Wadi al Junah Copper-Zinc-Gold-Silver Summary
The Wadi al Junah project area covers an area of 427sq km within the Asir province of the Arabian Shield, southwest Saudi Arabia (Figures 1 and 2). It is approximately 375km south-east of Jeddah, 150km east-northeast of the port of Al Quinfidhad and around 35km east of the Al Hajar Au-Ag-(Cu- Zn) deposit previously mined by Ma’aden. It is proximal to the major regional centre and airport of Bisha, with major access routes passing through the license area and local towns and workforce close by. The majority of the project area is accessed by local tracks and wadi valleys in moderate topography.
Figure 1: MBK MENA projects showing Wadi al Junah (Saudi Arabia) and Malaqa, Area 47 and Area 65 (Jordan).
Figure 2: Wadi al Junah location map within the Arabian Shield showing major geological provinces and major Au and Cu mines (modified from KSA Ministry of Industry and Minerals publication after Nehlig et al, 2002)
Geology
Wadi al Junah is situated within the central Asir terrane of the Archaean Arabian Shield (Figure 2) within the ~80km long north-trending Wadi Shwas Gold Belt. The Shwas VMS belt on the western margin of the Wadi Shwas Gold Belt is host to the Al Hajar Au-Ag-Cu-Zn deposit, and numerous other VMS base metal and Au mineral occurrences of Proterozoic age are present in the region (Figure 3).
Three known mineral occurrences occur in the tenement area – Haniyat (Ag-Cu-+/-Au+/-Zn), Wadi al Maytha (Ag-Cu) and Wadi Umm Rahka (Ag-Cu). Very limited rock chip sampling as part of regional scale mapping work in the 1960’s and 1970’s includes results up to 1.53% Cu, 0.44g/t Au and 160g/t Ag from these prospects, which were never followed up1.
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This article includes content from Metal Bank Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Octava to Commence Drilling at Yallalong High-Grade Antimony Project
Highlights
- Drill rig relocating to site with drilling to commence this weekend.
- The 3000m reverse circulation (RC) drill program is targeting further high-grade antimony at the Discovery prospect.
- Historic drilling at Discovery recorded high-grade antimony intercepts over a strike length of ~300m and remains open. Results include:
- YRC16: 7m @ 3.27% Sb from 12m including 1m @ 11.5% from 18m
- YRC06: 3m @ 6.83% Sb from 21m including 1m @ 13.6% Sb from 22m
- After drilling at Discovery, the drill rig will relocate to the Central antimony target, 2km north along strike. There has been no previous drilling at Central.
- A detailed geophysical survey over the antimony corridor at Yallalong is now complete, with the data being processed. This is expected to generate further targets within the antimony corridor.
Octava’s Managing Director Bevan Wakelam stated, "It’s great to have the rig heading to site and earlier than we had planned. The drilling will start on Discovery, then move to the Central target and should take about 2 weeks to complete. High-grade antimony has already been intersected at Discovery over a significant strike length and this drilling will further test the size. We will also twin some of the previously drilled holes."
Figure 1. Planned drill hole locations at the Discovery antimony target - Yallalong Antimony Project.
The antimony (Sb) mineralisation identified at Yallalong appears within a 10km north-south striking mineralised corridor that is interpreted to be related to a structural belt between the regional scale Darling and Woodrarung faults. Previous exploration identified four principal antimony targets where antimony mineralisation was exposed at surface. Only the Discovery Prospect has any drilling and remains open. Antimony ingot prices at that time were ~$8000/tonne compared to over $30,000/tonne now1.
Figure 2. Antimony targets at Yallalong antimony project with underlying geology.
Drilling at Discovery target recorded some of the highest-grade antimony drill intersections in Australia, at shallow depth, over a strike of ~300m including:
- YRC16: 7m @ 3.27% Sb from 12m including 1m @ 11.5% from 18m
- YRC06: 3m @ 6.83% Sb from 21m including 1m @ 13.6% Sb from 22m
- YRC27: 6m @ 1.35% Sb from 13m
After drilling at the Discovery target is complete, the rig will then move to the Central target, which is located 2 kilometres north along strike. There has been no previous drilling at the Central target.
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This article includes content from Octava Minerals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Targeted Exploration Focus Delivers an Additional 471koz or 99% Increase in Ounces, and a Higher Grade for Ricciardo
HIGHLIGHTS:
- Updated Mineral Resource Estimate (MRE) for the Ricciardo Deposit (part of the broader Golden Range Project) of 16.44 Mt @ 1.8 g/t Au for 947.5 koz gold.
- Represents a 99% increase in Ricciardo MRE contained gold ounces.
- Proven high-returning exploration with the increased Ricciardo MRE ounces delivered at an attractive all-in discovery cost of only approx. A$16/oz.
- High-quality resource additions given drilling focus on high-grade growth ounces with strong commercial potential.
- The updated Ricciardo MRE comprises:
- 467.5 koz @ 1.6 g/t Au open-pit gold Resource (75% M&I) (optimised pit shell constrained at A$3,300/oz)
- 480.0 koz @ 2.0 g/t Au underground gold Resource
- Critically, the Ricciardo system remains wide open at depth and along strike.
- Total Golden Range Project Mineral Resources now stand at over 1.28 Moz gold, a 58% increase from the previous level.
- This initial outcome validates the excellent potential for further growth within the broader 25km ‘Golden Corridor’ via the ongoing, simple strategy of targeting fresh rock extensions under shallow existing pits.
- RC drilling at the southern end of the ‘Golden Corridor’ targeting high-grade Resource growth is progressing well; 9 holes completed for 1,472 metres to date, assays pending.
Warriedar Managing Director and CEO, Amanda Buckingham, commented:
“This is the result we have been working towards all year. With less than 15,000m of targeted, efficient drilling we have added over 470 koz to the Ricciardo deposit, doubling the Resource.
We are excited by both the outcome itself, and the outlook that it delivers us for the wider corridor of gold deposits. The simple strategy of drilling below shallow open pits to find mineable ounces worked exceptionally well for our producing neighbours. The validity of this strategy is now beyond doubt, for us.
Not only is the Ricciardo system still wide open down-plunge, but the entire 25km long ‘Golden Corridor’ offers similar potential upside from such a relatively simple drilling focus.
In the middle of the infrastructure-rich southern Murchison, and located on existing Mining Leases, the opportunity in front of us is utterly irresistible.”
The Ricciardo Deposit
The Ricciardo Gold Deposit is located on existing mining leases 100% owned by WA8, in the Murchison Region, approximately 300 km east of Geraldton, and 420 km by road north-northeast of Perth. Sitting approximately 8km South of the Golden Range Mill on M59/421, and M59/458, within the Golden Range group of historic open pit mines and deposits.
Discovered in the 1990’s, open pit mining of the oxide resources commenced in 2001, and the plant entered Care & Maintenance twice (between July 2004 and 2009, and May 2010 to mid- 2013). Production was over 300 Koz before finally going into ongoing Care and Maintenance in August 2019.
The Ricciardo deposit is located 90km north of Capricorn Metals’ Mt Gibson Gold Project, 8kms south of the Company’s plant, 26km from the neighbouring Golden Grove processing facility and 40 km northeast of Vault Minerals’ high grade Rothsay gold mine (Figure 1).
Figure 1: The location of the Ricciardo gold deposit within the Golden Range Project; within the broader Southern Murchison region.
The Ricciardo gold system spans a strike length of approximately 2.3km, with very limited drilling having been undertaken below 100m depth prior to Warriedar drilling. Historical mining operations at Ricciardo were primarily focused on oxide material, with the transition and primary sulphides mineralisation not systematically explored.
Warriedar’s drilling of Ricciardo during CY2024 achieved excellent results, demonstrating high- grade extensions to the resource. The results demonstrated that the previously quantified resource is part of a much larger system.
Warriedar engaged independent mining consultants, Measured Group to update the Ricciardo MRE, previously reported 476Koz gold.1
The Ricciardo Gold Deposit consists of six semi-continuous historical open pit mines along the 2.3 km arcuate stretch of the Mougooderra Shear Zone, running north to south. These mines are named (from north to south) Silverstone North, Ardmore, Copse, Silverstone, Silverstone South, and Eastern Creek (Figure 2).
Figure 2: Drilling carried out by the Company during 2023 & 2024, which was used to update the MRE.
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This article includes content from Warriedar Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Drilling Preparations at Abercromby Gold Project
BMG Resources Limited (ASX: BMG) (BMG or the Company) is pleased to announce that preparations to resume drilling at its 100%-owned Abercromby Gold Project are well advanced with the start of drilling scheduled for this month.
- Diamond drill programme focused on resource growth is scheduled to commence this month at the Abercromby Gold Project
- Extensional drilling of high-grade zones is planned with potential to add significantly to BMG's maiden resource of 518,000 oz Au at 1.45 g/t Au
- Infill drilling planned to convert inferred resources to the indicated category to support development studies
- Programme of Work approval in place
- Programme of Work approval in place
John Prineas, BMG's Non-Executive Chairman, said:
"Following the support shown by investors in the recent capital raising, the team at BMG have moved quickly to finalise arrangements to resume drilling at the Abercromby Gold Project.
"The drill programme will focus on expanding high-grade gold zones beyond the existing resource shell, as well as increasing resource confidence by upgrading inferred resources to indicated status.
"The results of the drilling have potential to contribute significantly to resource growth at Abercromby, and to ..iaterially boost the potential project economics."
Drilling for growth in gold resources:
BMG delivered the large maiden Mineral Resource at Abercromby after completion of only three drill campaigns and at a discovery cost of just $8.35 per ounce. This achievement highlights the extensive gold endowment at Abercromby, as well as the efficient exploration planning by our technical team.
This excellent track record of results at Abercromby provides confidence in the potential for continued drilling success at Abercromby that could increase the size of the gold resource.
The Abercromby Gold Project is owned 100% by BMG and comprised within two granted Mining Leases. The Project is located in an established mining region with access to infrastructure (roads, power) and proximal to a number pf producing gold mines.
The favourable metallurgical properties of the Abercromby ore were confirmed by metallurgical testwork completed by Extreme Metallurgy and reviewed by GR Engineering Services. That testwork concluded that the Abercromby gold mineralisation was free milling in nature and amenable to traditional carbon-in-leach processing. High gold recoveries were achieved in the range 93% to 95%.
Maiden Resource is just the beginning:
The maiden MRE for Abercromby is comprised in the Capital Deposit and is defined as 11.12Mt @ 1.45 g/t Au for 518,000 oz Au. This resource is a subset of a global resource estimate containing about 670,000 oz Au at a Og/t Au lower cut-off.
The Capital Deposit remains open at depth and along strike — both to the north and south. A diamond drilling program is planned to commence this month to test for extensions of the mineralisation as well as to convert inferred resources to the indicated category.
The prospective stratigraphy at Abercromby extends for more than 6km with only a strike of 1.2km systematically drilled to date. This provides potential for substantial discovery opportunities with further exploration drilling.
Drilling is also planned for early next year to test regional targets to the south of the Capital Deposit.
Reconnaissance aircore drilling at the Capital South, Archer and Barrack Prospects — located along a 1km corridor of prospective stratigraphy to the south of the Capital Deposit — has confirmed the presence of a large high-grade gold system and supports the potential for a repetition of significant mineralisation like the Capital Deposit.
Table 1: JORC-compliant Mineral Resource for Abercromby.
A further announcement will be issued by BMG once drilling commences at Abercromby.
For further information on the Abercromby resource, see our ASX announcement dated 6 February 2023 'High Gold Recoveries — Abercromby Met Testwork' and 17 April 2023 '518,000oz Au Maiden Mineral Resource for Abercromby Gold Project'.
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This article includes content from BMG Resources Limited (ASX: BMG), licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.