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True North Advanced Grade Control Drilling Hits up to 14.05% Copper, 25.70g/t Gold, Exceeding Resource Modelling at Wallace North, Cloncurry
True North Copper Limited (ASX:TNC) (True North, TNC or the Company) is pleased to announce its advanced grade control drilling program at its copper-gold Wallace North project identified high grade zones of copper and gold mineralisation, which exceed the current updated resource model. Results are anticipated to have a positive impact on future resource estimates and open-pit designs.
HIGHLIGHTS
- Completed in September 2023, TNC’s Wallace North advanced grade control drilling program included 142 Reverse Circulation (RC) drillholes across 7,594m. The Wallace North Resource (Indicated and Inferred of 1.59Mt @ 1.29% Cu and 0.93 g/t Au)1 is on a fully permitted Mining Lease and is part of TNC’s Cloncurry Project. It is a target for near-term production.
- Results are still in the process of being interpreted. Initial assessment highlights multiple zones of higher grade than predicted. The results are anticipated to have a positive impact on future resource estimation and open-pit designs.
- Assays are pending for intercepts that remain open up or downhole and for those requiring QAQC checks. Final assay results of the program will feed into optimisation studies and early mine planning.
- Copper-gold (Cu-Au) shoots remain open at depth and will be a target for future drilling.
True North Copper’s Managing Director, Marty Costello said:
Results from the advanced grade control program further confirm our position Wallace North has the potential to deliver significant near-term value to the company, in an early production scenario.
These initial results confirm and, in some cases, exceed expected grades from comparisons to the current resource model. Not only do they indicate the potential to increase grade within the existing block model but also the potential to increase the overall resource.
With the return of all assays by the end of November 2023, mine optimisation and metallurgical studies will commence. These studies will assess the possibility of producing a copper-gold concentrate and will be finalised Q1 2024.
Wallace North is on a fully permitted Mining Lease, which allows near term development options to be assessed during the optimisation study phase. The Wallace North resource is an important part of our Cloncurry Project mining plans, with its near-term value reinforced through recent infill drilling and resource upgrade work completed across the resource.
Figure 1. WNR0017; 7.0m (5.6m*) @ 3.58% Cu and 3.96 g/t Au from 29.0m including 2.0m (1.6m*) @ 10.23% Cu and13.62g/t Au from 34.0m.
Figure 2. Location of the Wallace North Project (Wallace Complex) in relation to TNC’s and other projects in the area.Resource References: TNC GAM and Mt Norma: True North Copper. ASX (TNC): Release 16 June 2023, Prospectus; True North Copper. ASX (TNC): Release 28 February 2023, Acquisition of the True North Copper Assets. Rocklands: CuDECO. ASX: (CDU) Release 3 March 2016, Rocklands Feasibility Study. Greenmount: Moly Mines Ltd. ASX: (MOL) Release 28 May 2018, Annual General Meeting Presentation. Jericho: AIC Mines Ltd. ASX: (AIC) Release 06 February 2023, Jericho Mineral Resource. Eloise: AIC Mines Ltd. ASX: (AIC) Release 30 March 2023, Significant Increase in Mineral Resources and Ore Reserves at Eloise Copper Mine. Monakoff and E1: Glencore PLC. LON: (GLEN) Resources & Reserves Report 31 January 2023, Last retrieved 27 September 2023. Ernest Henry: Evolution Mining Ltd. ASX: (EVN) Release 16 February 2023, Annual Mineral Resources and Ore Reserves Statement. Copper String Project: Queensland Government. EIS document: Release September 2022, Copper String Project, Coordinator General’s evaluation report on the environmental Impact statement.
Wallace North - Advanced Grade Control Drilling
The Wallace North Advanced Grade control drilling was completed September 2023 and consisted of 142 RC holes for 7,594m drilled (Figure 3, Figure 4). These holes were drilled on a regular grid pattern on 15m centres at a nominal 60 degrees dip, orientated strike perpendicular and targeted the top ~55m of the Wallace North Au-Cu resource Resource (Ind. Inf. 1.59Mt @ 1.29% Cu and 0.93 g/t Au)1. All meters were pulverised, with 4,577 samples selected for assay at the lab based on PXRF analysis of RC chips returning >500ppm Cu. Assays results have all been received and are reported in this release.
This article includes content from True North Copper, 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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True North Copper
Overview
True North Copper (ASX:TNC) is entering a transformative phase on our path to become Australia’s next copper producer. Mining activities have commenced at our Cloncurry Copper Project – a low-cost, low-risk, fully funded and permitted project.
The company’s next mine development is the high-grade Vero resource at the Mt Oxide Project. True North Copper is committed to developing and strengthening our understanding of this phenomenally mineralised project, which boasts an updated copper-silver mineral resource estimate of 15.03 Mt at 1.46 percent copper and 10.59 g/t silver for a contained 220 kt copper and 5.13 Moz silver.
Copper demand is rising in a global market of diminishing supply. The global surge in artificial intelligence, electric vehicles, decarbonisation initiatives, and broader macro trends is intensifying the demand for copper.Company Highlights
True North Copper is preparing to become Australia’s next copper producer.
True North Copper's two principal assets are located in northwest Queensland, Australia – a Tier 1 mining jurisdiction:
- Cloncurry Copper Project (CCP) - IOCG and ISCG copper-gold deposits proposed for open pit mining operations, with extensive surrounding exploration tenure. Mining activities have commenced at the Wallace North deposit, part of CCP.
- Mt Oxide Project (Mt Oxide) – IOCG high-grade, globally significant, copper-cobalt-silver deposit subject to re-optimisation studies, and exploration in surrounding tenure.
Cloncurry Copper Project (CCP)
- Mining restart study confirms positive CCP project economics - AU$367 million with free cash flow of AU$111 million, and a pre-tax NPV10 of AU$88 million over a 4.6 year mine life, at US$8,500 per ton copper price and US$1,850 per ounce gold price (0.7 AU$:USD exchange rate).
- Wallace North Mine preparation and mobilisation. Wallace North is scheduled as the first open pit (one of four – Wallace North, Great Australia Mine [GAM], Taipan and Orphan Shear) to be mined as part of the mining restart at the CCP.
- Mining ramp-up will initially build ore stockpiles, with mining expected to start Q4 FY24 (AUS). Oxide copper-gold ore will be transported by road train to the Cloncurry Operations heap leach. Sulphide ore will be transported to a nearby concentrator for toll treatment under TNC's toll-milling agreement with Glencore.
- CCP’s total reserves increased. TNC’s Cloncurry Copper Project (CCP) total reserves currently include 4.7Mt probable ore reserves grading 0.80 percent copper and 0.13g/t gold, containing 37.5 kiloton of copper and 20.0koz of gold.
Figure: Cloncurry copper project and Cloncurry operations hub
Mt Oxide Project
- Highly prospective and underexplored. Phenomenally mineralised system.
- Exploration results from True North Copper's maiden diamond drill program across Mt Oxide’s Vero Resource not only returned globally significant grades, but also showcased the expanding nature of the Vero high-grade ore body including:
- 66.50 metres @ 4.95 percent copper, 32.7g/t silver and 685 ppm cobalt from 234.00 metres
- [inc.] 20.60 metres @ 10.51 percent copper, 63 g/t silver and 1,149 ppm cobalt from
234.60 metres and - [inc.] 8.55 metres @ 6.03 percent copper, 51.6 g/t silver and 98 ppm cobalt from
290.15 metres
- [inc.] 20.60 metres @ 10.51 percent copper, 63 g/t silver and 1,149 ppm cobalt from
- 66.50 metres @ 4.95 percent copper, 32.7g/t silver and 685 ppm cobalt from 234.00 metres
- Updated Copper-Silver Mineral Resource Estimate. The updated MRE for the Vero deposit contains 15.03 Mt at 1.46 percent copper and 10.59 g/t silver for a contained 220 kt copper and 5.13 Moz silver. Vero’s updated resource delivers a 20 percent increase in silver ounces, demonstrating the potential to produce a significant silver co-product in addition to copper.
- Multiple exciting future exploration programs and high-priority potential targets along the 10 kilometre-long mineralised trend that hosts Vero.
- Strongly Anomalous Copper and Pathfinder Elements. A systematic rock chip sampling campaign at the Aquila and Ivena North prospects at the Mt Oxide project identified broad zones of copper mineralisation with samples from Aquila showing multiple gossanous breccia structures up to 30 metres wide. Sampling from Ivena North has identified copper, cobalt and arsenic trends within two geochemically anomalous zones from multiple gossanous breccia structures that are up to 25 metres wide.
Figure: Cross-section of MOXD217 (10 metres clipping window) showing the location of geological and grade composites as well as the updated interpretation of copper grade domains based on the results from MOXD217
Funding and Strategic Partnerships
- AU$42 million (US$28 million) USD-denominated senior secured loan facility (loan facility) with Nebari Natural Resources Credit Fund II LP (Nebari)1. The Loan Facility is provided in two tranches. Drawdown of Tranche 1 – US$18 million (approximately AU$25.5 million) on 9 February 2024.
- Binding offtake and toll-milling agreements with Glencore International AG (Glencore) for 100 percent of copper concentrate from TNC’s CCP and toll-milling services of up to 1Mt of ore per year for the CCP’s Life of Mine (LoM).
Figure: Visual representation of Vero Resource within surrounding Mt Isa Inlier.
TNC Exploration Program
- Exploration strategy targeting transformative discoveries across TNC’s more than 850 sq km of tenure package within the Mt Isa Inlier.
- Significant potential for transformative discoveries of copper-gold cobalt-silver in three districts.
- Numerous high-quality copper-gold-cobalt-silver targets located with mineralised structural corridors within the eastern & western fold belts such as:
- Cloncurry Fault Corridor 🡪 Host to the GAM and Mt Norma Resources
- Ernest Henry Corridor 🡪 Ernest Henry, E1 Camp and Monakoff
- Mt Gordon Corridor 🡪 Capricorn Copper and Vero
- Mt Roseby Corridor 🡪 Little Eva and Blackard.
- 12.55 Mt @ 0.82 percent copper (indicated and inferred resources) and multiple prospects located within a 30-kilometre radius of the company's CCP represent near-term production opportunities.
- Recent JV over highly prospective tenements with CMG deal increases TNC’s land position at the core of its CCP.
- TNC awarded the Queensland Government Collaborative Exploration Initiative (CEI) Grant. The CEI grant has been used towards delivery of leading edge MIMDAS induced polarisation, resistivity and magnetotellurics geophysical surveys at the Mt Oxide. The exploration has targeted massive and disseminated sulphide mineralisation and delivered an improved understanding of the large-scale structural architecture that controls mineralisation throughout the Mt Oxide exploration leases.
Figure: Summary of exploration and development pipeline across all TNC projects.
Projects
Cloncurry Copper Project
Our Cloncurry copper project (CCP) hosts iron oxide copper-gold (IOCG) and iron-sulphide-copper-gold (ISCG) deposits with extensive surrounding exploration tenure. It is built on a strong economic basis and low-risk cost structure.
The CCP currently incorporates two reserves where mining will commence including – the Wallace North maiden resource and the Great Australia mine reserve (GAM):
- GAM includes GAM, Orphan Shear and Taipan deposits) totalling 4.7Mt grading 0.80 percent copper and 0.13g/t gold containing 37.5kt of copper and 20 koz of gold – upgrade to be announced mid-2024.
- Wallace North ore reserve totals 0.7Mt (probable) grading 1.01 percent copper and 0.46g/t gold for 6.8kt copper and 10 koz gold.
TNC’s CCP expansion is ongoing with exploration progressing and advanced projects in strategic locations surrounding the existing CCP operation, promising long-term growth prospects.
Our strategic partnerships, including a binding offtake and toll-milling agreements with Glencore International AG, supported by debt funding secured with Nebari, underscore our operational readiness and position TNC to capitalise on an extremely favourable copper market.
Mining operations will kick off at the Wallace North open cut pit, targeting higher-grade ores (~1 percent copper) from surface mining. Ore will undergo primary crushing at the Cloncurry operations hub and the toll treatment facility, located within a 40-kilometre radius, with a predominant focus on sulphide ores.
All necessary permits for mining are secured across the CCP, bolstered by an established environmental monitoring network with a robust historical database.
TNC's operational strategy involves a phased approach to mine development, with mining activities commencing in 2024 and a planned ramp-up of production throughout 2025.
Cloncurry Operations Hub
The Cloncurry operations hub is strategically located to the CCP’s four open pit deposits including: Great Australia, Orphan Shear, Taipan and Wallace North.
The COH is 2 kilometres 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.
Cloncurry Copper Project – Project Economics
- Mining 4.8Mt of ore over an initial 4.6-year mine life, at a low strip ratio of 4.2, delivering 35kt copper and 29 koz gold contained metal (based on existing JORC reserves)
- Anticipated mine revenue of AU$367 million with free cash flow of AU$111 million, and a pre-tax NPV10 of AU$88 million, demonstrating strong operating economics at US$8,500/t copper price and US$1,850/oz gold price (0.7 AU$:USD exchange rate).
- Payback expected within six months post mining restart, driven by favourable commodity prices and low all-in sustaining cost (AISC) of US$2.65/lb copper.
- Low up front capex of AU$1.5 million leverages existing infrastructure, while peak operating expenditure is estimated at AU$2.2 million.
- Sulphide and oxide ore production – two copper products. copper sulphide (LoM approx. 90 percent) + copper sulphate (LoM approx. 10 percent).
- Mineral concentrate grade 22-26 percent copper (with gold/silver credits).
- Sulphide Ores more than88 percent expected recovery.
- Transitional Ores more than 77 percent expected recovery.
- Very low deleterious elements in mineral concentrate.
Cloncurry Copper Project – Exploration
- CCP expansion and exploration focused on rapid copper-gold-ore source growth.
- With more than 80 prospects located within a 30-kilometre radius of the CCP, TNC is focused on expansion and the exploration potential for additional copper-gold-cobalt-silver mineralisation to be brought into the production fold, including large-scale transformative discoveries.
- Our successful 2023 Exploration Program identified the following targets:
- Cloncurry Copper Project - eight new drill targets at Greater Australian and Copperhead.
- Salebury and Rocklands South - Compelling untested geophysical anomalies in historic data.
- Mt Norma - untested surface anomalies and down plunge resource extension targets on mining lease within 30 kilometres of the Cloncurry operations hub.
- Wynberg, Notlor, Marimo Trend and Tanbah limited historic exploration significant copper-gold in surface sampling and drilling, limited testing.
Figure: High priority exploration targets at the CCP
Figures above: Anomalies generated from TNCs 2023 induced polarisation program and structural analysis of the GAM Project.
Mt Oxide Project
The Mt Oxide project hosts the Vero resource of 15.98 Mt @ 1.43 percent copper (measured, indicated and inferred) a Mt Isa style sediment-hosted copper-silver-cobalt system. Analogues include Capricorn copper and Mt Isa copper.
The Vero resource at our Mt Oxide project is our next mine. We are focused on understanding this phenomenally mineralised system.
Mt Oxide’s Vero Resource 2023 exploration program returned outstanding and globally significant grades. The results of our 2023 maiden drilling program at the Vero resource showcased the expanding nature of the Vero high-grade ore body.
Vero Resource maiden drilling program
2023 Vero resource drilling highlights included (* = Estimated True Width):
MOXD217 returned phenomenal results that placed the drill hole in the top globally ranked copper drill holes of 2023 including :
- 66.50 metres (48.00 metres*) @ 4.95 percent copper, 32.7 g/t silver and 685 ppm cobaltfrom 234 metres.
- 11 metres (8.19 metres*) @ 3.06 percent copper, 34.2 g/t silver and 682 ppm cobalt from 357.50 metres.
- 8.55 metres (8.55 metres*) @ 6.16 percent copper, 45.9 g/t silver and 140 ppm cobalt from 172.50 metres.
MOXD221 intercepted a wide interval of high-grade shallow dipping mineralisation as well as a second deeper intercept, providing indications of rapidly increasing grade and widths of mineralisation to the south including:
- 42.10 metres (41 metres*) @ 1.66 percent copper, 13.5 g/t silver and 1,083 ppm cobalt from 154.90 metres.
- [including] 4 metres (2.24 metres*) @ 7.65 percent copper, 57.3 g/t silver and 1,164 ppm cobalt from 191.20 metres.
MOXD226A returned three key zones of strong mineralisation including a broad interval of 69.95 metres and further intervals of up to 11.19 percent copper.
Highlights include:
- 69.95 metres (42.85 metres*) @ 1.91percent copper, 17.7g/t silver and 675 ppm cobalt from 224.55 metres
- [including] 9.65 metres (5.89 metres*) @ 2.74 percent copper, 24.1g/t silver and 993 ppm cobalt from 239.50 metres
- [including] 18.15 metres (11.07 metres*) @ 3.23 percent copper, 26.8g/t silver and 585 ppm cobalt from 276.35 metres
- 16.75 metres (16.75 metres*) @ 5.30 percent copper, 44- g/t silver and 120 ppm cobalt from 165.25 metres
- [including] 4.65 metres (4.65 metres*) @ 11.19 percent copper, 93.9g/t silver and 136 ppm cobalt from 172.55 metres
Figure: Location of geological and grade composites as well as the updated interpretation of copper grade domains based on the results from MOXD226A
Mt Oxide Discovery Strategy
TNC is committed to unlocking Mt Oxide’s underexplored targets.
- Mt Oxide lies adjacent to a large crustal scale structure - the Mt Gordon Fault Zone. Splays off this structure (Dorman Fault) host Vero.
- Mt Oxide has evidence of large-scale fluid flow, big mineral system potential.
- Copper-silver-cobalt mineralisation interpreted to have been formed near surface and upper parts are preserved.
- Excellent depth potential of mineralisation in the Mt Oxide project.
- Limited systematic modern exploration outside of the Vero resource.
- Significant opportunity to apply leading-edge mineral exploration to build a larger copper inventory in a well-endowed mineral system.
- More than 10 kilometres trend along Dorman fault zone of intermittently outcropping gossanous / silica breccias, virtually no drilling, surface sampling or effective geophysics.
- Multiple untested targets with significant alteration-mineralisation footprints.
- No application of tried and tested geophysics or systematic surface rock chip geochemistry and mapping.
- Low cost highly effective exploration techniques to filter and prioritise drill targets.
Multiple exciting future exploration programs and high-priority potential targets along 10-kilometre long mineralised trend that hosts Vero including:
- Aquila & Mt Gordon
- Ivena North
- Camp Gossans
- Cave Creek
- Big Oxide
Figure: Multiple exciting future exploration programs and high-priority potential targets along the 10-kilometre long mineralised trend that hosts Vero resource’s Mt Oxide project.
A systematic rock chip sampling campaign at the Aquila and Ivena North prospects indicated strongly anomalous copper and pathfinder elements.
- Sampling at Aquila highlighted six zones of anomalous copper, cobalt and arsenic associated with multiple gossanous breccia structures up to 30 metres wide.
- Aquila B Trend: +180 metres long and +30 metres wide copper +/- cobalt-arsenic-silver within a 440 metres long fault breccia with visible copper oxide mineralisation. The trend includes rock chip channels returning 3.6 metres @ 0.49 percent copper with a peak assay of 0.94 percent copper.
- Aquila A Trend: +20 metres long and up to 12 metres wide copper-arsenic-antimony anomalous zone within +210 metres strike of hematite altered hydrothermal breccias, returning up to 0.05 percent copper and 12.7g/t silver and anomalous pathfinders.
- Aquila D Trend: +100 metres long and up to 4 metres wide copper-cobalt trend associated with a historical prospecting pit with strong copper oxide mineralisation, and a peak assay of 0.87 percent copper.
- At Ivena North, sampling has identified copper, cobalt & arsenic trends within two geochemically anomalous zones from multiple gossanous breccia structures that are up to 25 metres wide.
- Ivena North A Trend – +130 metres long and up to 15 metres wide copper-cobalt-aresenic trend within a +580 metres strike of hydrothermal breccia and gossans that returned assays up to 1.38 percent copper and anomalous arsenic +/- silver-antimony-bismuth-molybdenum.
Management Team
Bevan Jones - Managing Director
Bevan Jones is a seasoned operations officer offering nearly 30 years of experience in mine management across a diverse range of commodities and has a proven track record in directing business improvement initiatives and operational transformation. Jones’ previous roles include chief operating officer at Karora Resources (TSX:KRR), as well as general manager of Gold Fields Limited’s (JSE:GFI) St Ives Gold Mine in WA, where he executed transformative growth strategies and delivered exceptional operational results. Most recently, Jones was the managing director at Brisbane-based Extra Mining Solutions, where he played a leading role in establishing the company focusing on business transformation and operational excellence. Jones gained international operational experience as chief operating officer of BCM Group International in West Africa, general manager of the Wetar Copper Mine in Indonesia and general manager of the Hidden Valley Mine in Papua New Guinea, as well as mining manager of Barrick Gold’s Lumwana Copper Mine in Zambia.Lundin Mining Announces Updated Share Capital and Voting Rights
News Provided by Canada Newswire via QuoteMedia
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
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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
Click here for the full ASX Release
This article includes content from True North Copper, 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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