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Trigg Acquires Globally Significant High Grades High Tonnage Antimony Project
Trigg Minerals Limited (ASX: TMG) ("Trigg" or the "Company") is pleased to announce it has signed a binding purchase agreement (Sale Agreement) with private company Anchor Resources Pty Limited (Anchor Resources), to acquire the Achilles Antimony Project (Achilles) in northern New South Wales (Figure 1).
HIGHLIGHTS
- Trigg signs purchase agreement to acquire the 100% of the Achilles project which contains the globally significant high-grade and high-tonnage Wild Cattle Creek (WCC) Antimony Deposit.
- The WCC deposit is Australia highest grade undeveloped Antimony deposit and ranks among the highest-grade antimony deposits globally1.
- Significant intersections recorded by historical owners of the project include (refer to Table 2 for full results):
- 10.7m at 14.24% Sb
- 18.7m at 4.5% Sb from including 5.2m at G.8% Sb
- 10.8m at G.28% Sb
- 51.2m at 1.7% Sb including 5.5m at 4.8% Sb
- 22.5m at 3.G% Sb
- 12m at 4.3% Sb
- 10m at 5.1% Sb
- The WCC deposit is the second-largest antimony deposit1 in New South Wales, after Hillgrove, with a resource of 610 kt at 2.56% Sb, containing 15,600 tonnes of antimony. This estimate is based on a high cut-off grade of 1%, reported in accordance with JORC 2012 standards.
- Numerous ultra-high-grade drill intersections grading up to 14.45% Sb have been confirmed beyond the existing JORC resource indicating significant resource upgrades.
- The deposit is enriched from surface and open down plunge hosted by an 6km long largely untested structure.
- Historical metallurgy showed ultra-high antimony recoveries of over 95% are achievable from the WCC deposit through a low-cost conventional milling and flotation technique.
- Trigg post completion will progress further exploration for resource expansion at the WCC deposit while simultaneously advancing it’s 100% owned Taylors Arm antimony project which contains Australia’s highest ever recorded antimony grade at 63% Sb.
- 100% non-cash transaction allows Trigg to preserve its healthy cash balance for value adding exploration.
The Achilles Project hosts the globally significant high grade and high tonnage Wild Cattle Creek antimony deposit, with a JORC 2012-compliant Mineral Resource Estimate (MRE) of 610,000 tonnes at 2.56% Sb, containing 15,600 tonnes of antimony (Indicated and Inferred categories). In addition to antimony, the deposit is enriched with tungsten and gold.
Discovered in the 1890s, the project has historically produced antimony ore during several periods of operation since then, with grades up to 46% Sb reported. Anchor Resources completed the most recent work on the project from 2005 to 2016 when it completed 23 drill holes, two resource estimation studies, orientation soil geochemistry, water and noise monitoring surveys, and sponsored university research into the genesis of the Wild Cattle Creek deposit.
Trigg Minerals Executive Chair Timothy Morrison said, "Acquiring the Achilles Project, including the Wild Cattle Creek antimony deposit, is a significant bolstering of our existing portfolio and provides Trigg Minerals with an advanced project with a JORC resource and plenty of exploration upside in and around the resource. Adding to our recent acquisitions of the Taylors Arms and Spartan antimony projects, we expect Achilles to be our flagship, given its advanced state. This acquisition positions Trigg as a globally significant player in the rush to secure Antinomy supply"
Figure 1: Achilles Antimony Project (EL 6388) - location and tenement with respect to NSW and other recent acquisitions (Taylors Arm and Spartan Antimony Projects) by Trigg.
PROJECT OVERVIEW
The Achilles exploration licence (EL 6388) is 40km west of Coffs Harbour, northeast New South Wales and ~11km north of Dorrigo. The Project contains the Wild Cattle Creek antimony deposit, Australia's second-largest antimony deposit after Hillgrove2 in New South Wales, with the potential for further significant expansion through ongoing exploration.
Geology
The Wild Cattle Creek deposit is in the Coffs Harbour Block of the New England Orogen, within a Late Carboniferous turbidite sequence dominated by siltstone (the Brooklana Beds). These sediments have undergone multiple deformations, regional metamorphism (up to biotite grade), and granitoid intrusions. The block is interpreted as an accretionary prism with subduction-related metamorphism dated at 318 ± 8 Ma. Mineralisation at Wild Cattle Creek is like the nearby Hillgrove antimony-gold deposit, located 80 km to the west-southwest and currently held by Larvotto Resources (ASX: LRV). Wild Cattle Creek is one of approximately 235 antimony occurrences in the New England region of New South Wales.
Click here for the full ASX Release
This article includes content from Trigg 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.
Woomera to Commence Drilling at Bronze Fox Copper / Gold Project in World-Class Mongolian Copper Belt
Woomera Mining Limited (ASX: WML) (“Woomera”, “the Company”) is pleased to announce that it has obtained all required administrative permits to commence a proposed two-pronged diamond core programme to both:
- confirm the potential of a higher-grade structural zone, in proximity of the historic hole F62, which returned 929m @ 0.37% CuEq1. This targeted zone was determined as the confluence of an IP anomaly and a structural fault zone, as potentially contributing factors for higher grade mineralization, which has the potential to increase volume and grade of the existing resource; and
- increase resource tonnage, by infill and extension drilling, and at the same time allow for the conversion of the existing EL to an ML.
Permits for the drilling were obtained from both the Manlai and Mandakh soums (Districts) located within the Southern Gobi copper / gold belt.
Woomera has completed the signing of the final Earn-In Agreement with Kincora Copper Limited (ASX: KCC) and can now commence drilling in early October. A Diamond Core programme of between 2250 and 3250m is planned, with Litho LLC, a leading Mongolian Drill operator, appointed as Diamond Drill contractor for the programme.
- Drilling programme of a minimum 2000m commencing in October aims to extend the high- grade zone in proximity of hole F62 at the confluence of an IP anomaly and structural corridor
- Drilling will also focus on shallow infill and extension drilling, to increase resource base and to convert the project EL to an ML
- Final Earn-In Agreement with Kincora Copper Limited has now been executed.
- Woomera is in the process of earning an 80% interest in the Project (in two phases) by spending US$4m (with an election to acquire 100%)
BRONZE FOX PROJECT
The Bronze Fox Project covers 175km2 and is located in the Southern Gobi porphyry belt of southern Mongolia, approximately 450km south of the capital Ulaanbaatar. It represents an opportunity to secure an 80% interest (with the ability to move to 100% at Woomera’s election) in an underexplored world-class porphyry copper project with genuine Tier-1 potential. Drilling by Kincora totalling approximately 46,625 metres of Reverse Circulation and Diamond Core drilling has defined three shallow, large porphyry complexes, providing genuine new discovery potential, resource delineation and early-stage exploration plays.
Key project components include:
- Bronze Fox Licences: located in the rapidly developing Southern Gobi copper belt.
- two adjacent licences covering 175km2
- 3 underexplored, large and near surface porphyry systems
- plus other early-stage copper and gold targets.
- JORC Compliant Resource and Exploration Target
- 194Mt at 0.26% copper equivalent (CuEq) at a 0.2% CuEq cutoff within a notional pit shell to a depth of approximately 325m below surface².
- additional Exploration Target for the West Kasulu prospect of between 100Mt and 300Mt at 0.25% to 0.35% CuEq². The Exploration Target comprises potential mineralisation below the current Mineral Resource from approximately 325m to 1,200m below surface.
- Existing mining licence with plans for second covering the full project.
- Team: Established in-country team of internationality experienced geologists with supporting infrastructure and Ulaanbaatar office.
- White Pearl Field Camp: Year-round facility supporting operational needs.
- Country Wide Database: Provides opportunities for new acquisitions in Mongolia.
The Mineral Resource and Exploration Target were first reported by Kincora Copper (ASX:KCC) under its ASX announcement dated 26th July 2022 entitled ‘Mineral resource and updated exploration target for Bronze Fox.’
Woomera Managing Director, Ralf Kriege, said:
“The commencement of the drill programme marks the start of an exciting transformative period for Woomera progressing the Bronze Fox Copper – Gold Project in one of the world’s most prospective copper belts. Drill rigs are to be mobilised this coming week and we look forward to reporting the results in the next months.”
The Bronze Fox Project is located proximal to several world class mineral deposits including Oyu Tolgoi, Kharmagtai, Tsagaan Suvarga and Tavan Tolgoi (see Figure 1).
Figure 1: Bronze Fox project with major resource projects in Southern Gobi 1
A priority target for the Company will be following up on hole F62 (see Figure 2) drilled by Kincora which intersected:
- 929m @ 0.37% CuEq (from 343m) including:
- 318m @ 0.53% CuEq (from 515m) and
- 37m @ 1.01% CuEq, from 573m.
(See Kincora Copper ASX Announcement: Mineral resource and updated exploration target for Bronze Fox, 26th July 2022).
Click here for the full ASX Release
This article includes content from Woomera 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.
High Grade Manganese Discovered at Wandanya
Australian manganese explorer and developer, Black Canyon Limited (Black Canyon or the Company) (ASX: BCA) is pleased to announce the completion of the W2 and KR2 RC drill program. The maiden drill program completed at W2 has identified potential hydrothermal related stratabound mineralisation with pXRF results confirming high-grade manganese.
- Drilling has intersected high grade manganese at the W2 prospect1, Wandanya located 80 km south of the Woodie Woodie Mine
- Portable XRF (pXRF) analysis indicate grade ranges of between 15% to 55% Mn.
- The mineralisation is interpreted as fault related hydrothermal, stratabound manganese enrichment representing a significant new exploration model on the eastern margin of the Oakover Basin.
- This style of mineralisation expands the scope to explore for additional high-grade mineralisation along strike where the Company has mapped 1.75km of intermittent high grade outcropping manganese, down dip within the sedimentary sequence and potentially along associated feeder faults.
- Expedited laboratory-based manganese assay results for selected representative holes from W2 are expected in the coming weeks to confirm the pXRF results.
- Samples have been collected for density-based beneficiation test work to potentially produce a high-grade manganese product
Black Canyon’s Managing Director Brendan Cummins said:
“It was exciting to be back on the rig and drilling the first holes into the W2 prospect. With each hole drilled we began to build a picture of the distribution, thickness and internal structure of the mineralisation. What was of particular interest was the consistency of the horizon over 240m strike and how we intersected mineralisation on the eastern most holes on every line so the mineralisation remains open to the north, south and east.”
“Iron alteration and brecciation often associated from manganese mineralisation atWoodieWoodie wasalsoobserved.SignificantlytheageoftherockswehavedrilledatW2areyoungerthantherocks thathostWoodieWoodiehoweversimilarprocessesmayhaveoccurredprovidingmanganeserich ffuidsaccesstoreceptiveunitstoformthisstrataboundmineralisation. Themainadvantageofthis style of mineralisation is the benefit of hydrothermal high grades with the predictability of a mineralisedlayerwhichmayextendoverhundredsofmetresandvaryinthickness”
“ItisveryearlydaysbutIamveryimpressedwiththegeology,initialpXRFresultsandthefuture exploration potential using this newmineralisation model.”
Click here for the full ASX Release
This article includes content from Black Canyon, 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.
Rumble Welcomes New Strategic Investor
Rumble Resources Limited (ASX: RTR) (“Rumble” or the “Company”) is delighted to announce that in line with its stated corporate objective to bring strategic investors into the Company, Rumble has entered into a Subscription Agreement with Bain Resources Holdings Ltd (BRH), an associated company of the large Indian contractor, BGR Mining & Infra Limited (BGR).
- Bain Resources Holdings, a company associated with the large Indian mining contractor, BGR Mining and Infra Limited, to become a strategic shareholder in Rumble
- Bain Resources Holdings has subscribed for 25 million shares in Rumble at 4 cents per share for a total investment of $1 million
Peter Harold, Managing Director and CEO commented “We are privileged to have one of the largest mining contractors in India, through an associate company, become a significant shareholder in Rumble.
BGR Mining & Infra Limited (BGR) have been keen to expand their activities outside of India and we are delighted they have chosen to make a direct investment in Rumble.
BGR are particularly interested in our Western Queen gold project for its near-term cash flow and resource growth potential. Western Queen sits on a mining lease, has existing resources of 163,000ozs averaging 2.4g/t1 and has historical production of 880kt at 7.6g/t for 215,000ozs. BGR are also interested in our Earaheedy zinc-lead- silver project, given the size of the inferred resource, 2.2 million tonnes zinc, 700,000 tonnes lead and 12.6 million ozs silver2 and the potential for it to be a large scale, open pit mining and processing operation in the future.
We look forward to a long and mutually beneficial relationship with BGR.’’
Details
Under the terms of the Subscription Agreement BRH will subscribe for 25 million shares in Rumble at 4 cents per share for a total investment of $1 million. These new shares will be issued under the Company’s existing placement capacity under ASX Listing Rule
7.1 and will rank equally with existing securities on issue. Rumble will seek quotation of the new shares issued to BRH on the ASX. No broker or advisor was involved in this placement.
About BGR Mining and Infra Limited
BGR Mining & Infra Limited is headquartered in Hyderabad, India, and was founded in 1988 as an engineering contractor (seehttps://www.bgrmining.com). Today, BGR is a major player in the Indian mining industry. It has executed more than 50 projects and currently has an order book of close to US$11 billion.
Click here for the full ASX Release
This article includes content from Rumble Resources, 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.
Moho Resources Company Update
Moho Resources Limited (ASX:MOH) (“Moho”) (“the Company”) is pleased to provide an update on its exploration and strategic review.
- Moho has completed a soil sample over the entire Weld Range project to determine the nature of the previously identified gravity and magnetic features that could represent a mafic – ultramafic intrusion prospective for copper-nickel sulphide and gold mineralization. Assays are expected in Q4 2024.
- Moho is evaluating the mineral potential at is Black Swan South project (E27/063).
- Moho is undertaking a comprehensive review of its existing projects and evaluating potential new acquisition opportunities which is expected to have the potential to enhance returns for shareholders.
Weld Range North Project (E20/1012)
The Company is pleased to advise that the full-scale tenement soils sample survey over the Weld Range North project has been completed with assays pending (Fig 1).
This work follows the orientation soil sample survey that was completed in 2023 (MOH ASX 23rd Aug 2023; Anomalous Soils Enhance Ni Prospectivity at Weld Range North), which identified elevated Ni assays over a coincidental Magnetic anomaly (Fig2) and a Gravity Bullseye anomaly (Fig 3).
The follow up 298 soil sample survey was completed to further delineate the extend of the mafic – ultra mafic geochemistry signature over the magnetic and gravity anomalies and the remainder of the tenement. This survey has also outlined the different soil types at the tenement.
Click here for the full ASX Release
This article includes content from Moho Resources, 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.
Completion of Penny South Gold Project Acquisition
Strata Minerals Limited (ASX: SMX or “the Company”) is pleased to advise that it has completed the 100%acquisition of the Penny South Gold Project (E57/1045).
- Strata Minerals Ltd (previously NickelX Ltd) has completed the 100% acquisition of the Penny South Gold Project (E57/1045) which significantly bolsters West Australian Gold exploration portfolio
- The Penny South Gold Project (“Penny South Project”) located in a world class gold district and ~550m south of one of Australia’s highest grade producing gold mines1 (“Penny”), owned and operated by Ramelius Resources Limited (ASX:RMS) (“Ramelius”):
- Penny Mine Project (Penny West/Penny North) is estimated to contain 440,000t of ore at a grade of 22g/t Au (320,000oz Au)2
- The Penny West mine produced 154,000t at 18g/t Au (89,000 Au) in the early 1990’s3
- The Penny North deposit of 569,000t at 16.8g/t (306,000oz) was discovered by Spectrum Metals Limited and subsequently subject to takeover by Ramelius for >$200M during 20204 , with the deposit now being mined and extended
- The Penny West Shear continues south into the Penny South Project with ~2.5km of strike contained within the Project
- Average historical drill hole depth across the Penny South Project is ~42m, with only 18 holes deeper than 100m and 7 holes deeper than 200m56 , with no diamond drilling
- Historic drilling within Penny South Project has encountered various significantly anomalous intersections of gold mineralisation
- Review of all available Penny South Project data ongoing and the company looks forward to updating shareholders in the coming weeks
Commenting on the acquisition Managing Director Peter Woods said:
“We are extremely pleased to have completed this strategic acquisition of the highly prospective Penny South Gold Project following shareholder approval. Securing this asset which is next door and along strike 550m south to one of the highest-grade producing gold mines in Western Australia is very exciting.
We are thankful for the support shown by shareholders to approve the acquisition as we continue to transform the company and now look forward to rapidly progressing the project.
The Company is of the view that the project has not yet been fully tested at depth and we are eager to unlock any potential value.”
Penny South Gold Project, WA
The Penny South Gold Project (E57/1045) (Map 1) lies only 550m south of Ramelius’ operating Penny West/North gold mine project (Map 2), which is estimated to contain 440,000t of ore at 22g/t Au (320,000oz Au) (“Penny”) 7 . SMX’s Penny South Gold Project captures a ~2.5km strike extension of the Penny West Shear immediately south of Ramelius’ Penny deposits, southern Youanmi Greenstone Belt (Map 3).
Click here for the full ASX Release
This article includes content from Strata 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.
KPMG: Building New Mines an "Uphill Struggle," but Execs Positive on Sector Long Term
A recent KPMG report reveals that while mining leaders have a positive outlook on the industry's future, they are facing significant obstacles when it comes to bringing new mines into production.
The survey, which gathered insights from 100 mining executives worldwide, primarily in Canada, highlights challenges related to regulatory compliance, community engagement, environmental concerns and access to capital.
The report indicates that while nearly 80 percent of mining leaders are optimistic about the industry's growth prospects over the next five years, their ability to bring new projects to fruition is being hindered by various factors.
Heather Cheeseman, national mining leader at KPMG Canada, pointed out that the roadblocks are particularly daunting in areas like permitting, which continues to be a lengthy and complex process for many in the industry.
"The consensus among mining leaders is that their ability to develop new mines is becoming an almost insurmountable uphill struggle. Permitting remains as live an issue as ever, with the length of time and effort required to secure permits showing little sign of improving," Cheeseman said in a Thursday (September 26) press release.
The challenges outlined in the KPMG report come at a crucial time for the mining sector. The International Energy Agency has previously warned that without increased investment in mining projects and recycling, there could be a shortfall in the supply of critical minerals such as lithium and copper, both essential for technologies driving the energy transition.
By 2035, the International Energy Agency projects that global lithium supply will meet only 50 percent of the anticipated demand, while copper resources will cover only 70 percent.
Despite these concerns, mining leaders remain optimistic, partially due to government support for critical minerals exploration and development. Sentiment regarding the growth of the industry remains positive as compared to KPMG’s last global survey in 2022, which found only 62 percent of executives were optimistic.
However, this optimism is tempered by various operational risks. Community relations and securing social license to operate have emerged as the top risks identified by the industry leaders surveyed. Furthermore, the report highlights issues like commodity price volatility, geopolitical risks and access to financing as high-ranking concerns.
The report suggests that mining companies are increasingly turning to mergers and acquisitions (M&A) as a growth strategy, with 46 percent of leaders indicating that M&A is critical for future expansion. At the same time, strategic alliances, joint ventures and partnerships are seen as essential for accessing new technologies and skills.
Katherine Wetmore, GTA mining leader for KPMG in Canada, noted that a focus on critical minerals — particularly copper and lithium — continues to shape the resource industry's M&A activity.
According to the report, over 70 percent of critical mineral deals by volume last year involved copper and lithium.
These commodities are integral to renewable energy technologies and battery production, and securing stable sources of supply is expected to be a driving factor in continued M&A activity. “Those that embrace transformation and change are most likely to achieve a profitable business model for the future,” Wetmore stressed.
The report also notes the growing importance of collaboration between industry and government, particularly as the world’s demand for critical minerals continues to grow.
A vast majority — 90 percent — of mining leaders agree that more streamlined and aligned permitting processes will be necessary to meet future demand and ensure the timely development of new mines.
The findings of the KPMG report illustrate a mining sector that is grappling with a variety of challenges, while remaining cautiously optimistic about its long-term prospects.
The industry’s ability to overcome hurdles related to permitting, community relations and ESG compliance will be critical to its success in supporting the global transition to clean energy.
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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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