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True North Copper Commences Qld Copper Sulphate Production Under Exclusive Offtake Agreement
True North Copper Limited (ASX:TNC) (True North, TNC or the Company) is pleased to announce it has commenced copper sulphate production at its Cloncurry Project in Queensland, Australia, with its refurbished solvent extraction and copper sulphate crystallisation plant now fully operational.
TNC has an exclusive offtake agreement with Kanins International for its copper sulphate production in Queensland.
- Copper sulphate production restarts at TNC’s facility strategically located Cloncurry Project (see Figures 1, 2 and 3 below).
- Initial production capacity is estimated at 12,000 tonnes of copper sulphate crystal per annum.
- Recognising growing demand from domestic and international markets, TNC has initiated plans to expand production.
- TNC has an exclusive offtake agreement with Kanins International Pty Limited (Kanins) (www.kanins.com), one of Australia’s largest copper sulphate suppliers, for all copper sulphate it produces. See below for a summary of the material terms of the offtake agreement.
- Copper sulphate is used in industries including agriculture, mining, water treatment, and chemical manufacturing.
True North Copper’s Managing Director Marty Costello said:
“We’re thrilled to announce the successful commencement of our first copper sulphate production. This accomplishment is a testament to the dedication and efforts of our entire team. We have worked hard to achieve copper sulphate production in a short period of time and we are proud to be one of the few active copper sulphate producers in the country.
We believe our offtake agreement with Kanins International provides confidence in True North Copper's revenue generation. The agreement ensures a premium above the London Metal Exchange price for our high-quality copper sulphate, providing a stable and predictable revenue stream.
This is another milestone completed that forms part of our overarching strategy to become Australia’s next critical minerals producer of copper and cobalt as we finalise restart studies for full-scale production.”
About copper sulphate and Kanins International
- Copper sulphate is a mineral salt widely used in various industries, including agriculture, mining, water treatment, and chemical manufacturing. Its applications range from agricultural fungicides, animal feed supplements, and soil sterilization to electroplating and laboratory reagents.
- Kanins International is an Australian owned business, based in Melbourne but operating globally. It supplies copper sulphate for the mining/mineral processing industry, animal feed, fertilizer and pesticide industries across both domestic and international markets (see Kanins website for further information).
Figure 1: Copper sulphate crystal loaded into a Bulka bag from the plant centrifuge at the Cloncurry Project Copper Sulphate Plant
Figure 2: Picture of the centrifuge loaded with copper sulphate crystal produced at the Cloncurry Project Copper Sulphate Plant
Figure 3: Sample of copper sulphate crystal produced at the Cloncurry Project Copper Sulphate Plant
Offtake agreement
The offtake agreement sees Kanins International acquire all copper sulphate produced by the Company at its Queensland sites for the life of copper sulphate production from those sites.
The pricing of copper sulphate sold to Kanins is determined by reference to the London Metals Exchange (LME) Copper price at that time plus a surcharge.
Kanins will provide technical services to the Company as required (at negotiable fees) to assist the Company to produce products which will achieve the highest return (with fair and reasonable pricing for improved product to be agreed).
Kanins has agreed to offer a working capital facility to the Company, on terms and conditions to be separately agreed between the parties.
Click here for the full ASX Release
This article includes content from True North Copper limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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True North Copper
Overview
True North Copper (ASX:TNC) is a responsible explorer, developer and producer of critical minerals.
Based in a tier-one mining jurisdiction (North Queensland, Australia), TNC is focused primarily on copper and cobalt, with its most significant projects – Mt Oxide and Cloncurry – located within the Mt Isa Inlier region, home to several world-class critical minerals projects.
The company’s global measured, indicated and inferred resources contain: 336,200 tonnes copper, 21,890 tonnes cobalt, 88,000 oz gold, 4.31 million ounces (Moz) silver.
TNC commenced trading on the Australian Stock Exchange mid-June 2023, following a reverse takeover merger with exploration company Duke Exploration in February 2023.
Company Highlights
- Tier 1 jurisdiction, Queensland-based copper and cobalt exploration and development company with a global measured, indicated and inferred resource containing: 336.2 kt copper, 21.89 kt cobalt, 88 koz gold, 4.31 Moz silver. Key projects located within Australia's Mt Isa Inlier region, home to some of the country's most well-known mining projects.
- Mt Oxide and Cloncurry Projects benefit from low capex, low-cost production.
- Cloncurry Project - producing copper sulphate, with a projected production of 10,000 to 15,000 tonnes per annum over a 10-year mine life. Exclusive offtake agreement for all Cloncurry-produced copper sulphate with Kanins International. Prices set at LME rate plus a premium.
- The company has signed a binding offtake agreement with Glencore for 100 percent of copper concentrate from the Cloncurry Copper Project.
- Mining restart studies for the Great Australia Mine finalised - Q3 2023. Mining recommencement decision - Q4 2023.
- Great Australia Mine drilling and exploration program - extended structurally controlled, down-dip feeder to mineralisation located beneath the GAM Pit, with notable intersections of copper mineralisation. IP survey conducted over the Greater Australian Target identified four high-order IP chargeability anomalies, with compelling targets for future drill testing.
- Mt Oxide Project’s Vero Resource contains 15.98 Mt at 1.43 percent copper and 6.91 g/t silver combined measured, indicated and inferred resource, and a separate 9.15 Mt at .23 percent cobalt total combined measured, indicated and inferred resource.
- First hole of an initial diamond drilling program at Vero Resource intersected 66.5 meters at 4.95 percent copper. Assay results returning throughout Q3 2023.
- Strong ESG focus across all operational elements including:
- Hitachi Vantara partnership to improve transparency and data capture while realising business savings through artificial intelligence.
- Leveraging the Queensland government's Powerlink-led CopperString 2032 project, which is situated less than 5 kilometres from the Cloncurry project. Rehabilitated TNC mining landforms are being transformed into renewable solar energy sources and will feed into the CopperString network.
Image 1: Visual representation of Mt Oxide Project and Cloncurry Project tenements and resources summary
Projects
Mt Oxide Project
Mt Oxide Project is a highly prospective and underexplored asset, featuring significantly sized, high-grade copper with cobalt and silver mineralisation.
Mt Oxide hosts extensive corridors, including the 11-kilometre copper-cobalt-lead-zinc Mt Oxide corridor and the 8-kilometre lead-zinc (copper-cobalt) Big Oxide corridor. Both corridors offer multiple targets for resource expansion. Additionally, the project has considerable development potential, with a long-strike in both directions and resources open-to-depth.
The Vero Resource forms part of the Mt Oxide Project. It is strongly analogous to 29 Metals' (ASX:29M) Capricorn Copper deposit, which comprises 62.2 million tonnes (Mt) at 1.8 percent copper and 9 grams per tonne (g/t) silver.
Mt Oxide Highlights:
- Significant Reserves: Mt Oxide's mineral reserves include 228,180 tonnes of copper, 21,200 tonnes of cobalt and 4.26 Moz of silver.
- Extensive Historical Drilling: The Vero Resource has undergone more than 110,000 metres of historical drilling which has helped TNC confirm its prospectivity and potential with a high degree of confidence.
- Promising High-grade Mineralisation: The Vero Resource is among the most promising targets within Mt Oxide, with 15.98 Mt at 1.43 percent copper, 6.91 g/t silver and 9.15 Mt at 0.23 percent cobalt. Over 75 percent of Vero is in JORC 2012 indicated status or better.
- Pre-existing Infrastructure: Mt Oxide benefits from the presence of an existing exploration camp as well as proximity to the Capricorn Copper Mine's processing plant and power grid.
- Vero Resource Drill Results (see Tables 1 & 2 and Image 2): The first drill hole of an initial diamond drilling program returned exceptional results, including:
- 66.50 metres at 4.95 percent copper, 32.7 g/t gold and 685 parts per million (ppm) cobalt from 234 metres, including:
- 20.60 metres at 10.51 percent copper, 63 g/t gold and 1,149 ppm cobalt from 234.60 metres.
- 8.55 metres at 6.03 percent copper, 51.6 g/t gold and 98 ppm cobalt from 290.15 metres
- 11 metres at 3.06 percent copper, 34.2 g/t gold and 682 ppm cobalt from 357.50 metres, including:
- 4 metres at 6 percent copper, 63.7 g/t gold and 544 ppm cobalt from 357.50 metres.
- 8.55 metres at 6.16 percent copper, 45.9 g/t gold and 140 ppm cobalt from 172.50 metres including:
- 2.80 metres at 14.74 percent copper, 102.5 g/t gold and 54 ppm cobalt from 178.25 metres.
- 66.50 metres at 4.95 percent copper, 32.7 g/t gold and 685 parts per million (ppm) cobalt from 234 metres, including:
Table 1: MOXD217 significant copper, silver and cobalt geological intercept.
Table 2: MOXD217 significant copper, silver and cobalt intercepts at a 3 percent copper cutoff with 2-metre internal dilution.
Image 2: Cross-section of MOXD217 (10 m 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
Cloncurry Project
Project Highlights:
- Fully Permitted: The Great Australia Mine is permitted for compliant, sustainable copper oxide and sulphide production (see Image 3).
- Extensive Mineral Reserves: Roughly 90 percent of the Cloncurry Project's 2012 JORC defined resources are situated on granted mining leases for which TNC has all necessary approvals in place. project's global JORC 2012 compliant resources include 79,040 tonnes of copper, 47,720 oz of gold and 1,860 tonnes of cobalt.
- Mining restart: Mining restart studies for the Great Australia Mine finalised - Q3 2023. Mining recommencement decision - Q4 2023.
- Great Australia Mine drilling and exploration: Great Australia Mine drilling and exploration program - extended structurally controlled, down-dip feeder to mineralisation located beneath the GAM Pit, with notable intersections of copper mineralisation. IP survey conducted over the Greater Australian Target identified four high-order IP chargeability anomalies, with compelling targets for future drill testing.
- Multiple Exploration Targets: High-quality exploration targets on granted mining leases within Cloncurry Project include:
- Wallace Complex: An undeveloped project within trucking distance to the Great Australia Mine, significant exploration potential and multiple high-grade intersections, including:
- 12.7 metres at 3.47 percent copper and 1.82 g/t gold from 37.3 metres.
- 15.9 metres at 2.45 percent copper and 1.98 g/t gold from 68.1 metres.
- 19 metres at 2.09 percent copper and 0.74 g/t gold from 29 metres.
- Notlor: An advanced exploration prospect with significant copper intersections along a 2-kilometre trend approximately 9 kilometres from the Great Australia Mine Complex.
- Mt Norma: A deposit located 40 kilometres by road from the Great Australia Mine Complex. Its total combined inferred and indicated resources are 158,000 tonnes at 1.89 percent copper comprising 91,000 tonnes at 1.76 percent copper and 15.46 g/t silver in situ material. There is also a separate resource of 67,000 tonnes at 2.08 percent copper for out-of-ground heap leach pad and stockpiled material.
- Wallace Complex: An undeveloped project within trucking distance to the Great Australia Mine, significant exploration potential and multiple high-grade intersections, including:
- Infrastructure and adjacent community: Cloncurry is located in close proximity to the Cloncurry township. It also benefits from rail connectivity, sealed roads and affordable grid power.
- Guaranteed Concentrate Sales: TNC signed a binding offtake and a toll-milling agreement with Glencore International for 100 percent of copper concentrate from CCP, and toll-milling services up to 1 million tons of ore per year for the CCP’s life of mine. TNC will be entitled to claim 20 percent Queensland State Royalty discount for all material processed through the Mt Isa Smelter.
Image 3: Visual representation of Great Australia Mine complex resources and processing facilities.
Image 4: Cross Sections X-X' through the 3D IP Chargeability Model showing the high-order chargeability anomaly associated with the Taipan Resource and new anomalies identified in the Greater Australian Target Area
Management Team
Marty Costello - Managing Director
Marty Costello is recognised as one of Australia’s leading project development and sustainability strategists across the resource sector, with more than 20 years of professional experience.
After working for several companies and government departments (domestic and international) managing, developing and implementing environment, sustainability and risk (ESR) programs and policies he established his own environmental consultancy – Northern Resource Consultants (NRC).
In the space of nine years, Costello developed NRC into an industry specialist with more than 25 employees focusing on environmental management and sustainability solutions for the resource sector. NRC delivered agile, best practice ESR strategies and multi-disciplinary environmental and sustainability services for clients like Evolution Mining, Futura, Sojitz, Adani, Red River Resources, CU River Mining, and others.
In 2018, NRC was acquired by SLR, a global leader in environmental and sustainability solutions. The acquisition facilitated considerable additional capability and geographic coverage to SLR’s existing mining and minerals in Asia Pacific business. During his consulting life, Costello was retained by Evolution Mining over an eight-year period to provide strategic project development, ESG advice to the board and executive management team.
Costello holds a Bachelor of Applied Science (environmental management) and Diploma of Applied Science.
Peter Brown - Chief Operating Officer
Peter Brown has held senior management roles in the resources sector, both domestically and internationally, including recent positions at Round Oak Minerals and Diatreme Resources where he oversaw project development and operations. Brown has diverse experience and an impressive track record that demonstrates his ability to successfully deliver projects and foster positive relationships with all project stakeholders.
He has managed discovery programs for gold, copper and chromite in South America, Japan, Vietnam and Indonesia, including government and community relations. He also drove improvements and provided training in mine geology, resource evaluation and mine technical services at prominent mines such as Mt Muro Gold Mine, George Fisher Mine and Peak Gold Mines. Additionally, Brown played a significant role in reviving abandoned satellite projects at Peak Gold Mines.
Other achievements include successfully re-permitting and constructing of the 1-Moz Toka Tindung Gold Mine in Indonesia as director of Indonesian companies and general manager at Archipelago Resources; leading the permitting, engineering redesign and construction of the 0.8-Moz Mt Carlton Gold Mine in Queensland; the successful development of Mt Carlton and Pajingo projects, which contributed to the establishment of Evolution Mining; and recommissioning and developing a number of mining projects in the Mount Isa and Cloncurry region.
Rajesh Padmanabhan - Chief Financial Officer
Rajesh Padmanabhan is a highly skilled and experienced CPA-qualified accountant with expertise across a myriad of financial operations. He has many years of corporate governance experience as an executive team member across a variety of roles including as company secretary of an unlisted public company.
Throughout his career, Padmanabhan has held key finance management roles in mining and construction companies, including Constance Iron, Tablelands Mining Group, Barrick Australia (Porgera Operations) and Mastermyne Group (ASX:MYE).
Padmanabhan has more than 30 years’ experience managing company-wide financial operations, implementing streamlined financial processes, ensuring tax compliance and conducting financial analysis to support decision-making. His commitment to delivering results and his ability to navigate complex financial landscapes make him an integral part of the True North Copper team.
Padmanabhan is also an associate member of the Institute of Chartered Accountants of India and recently completed a certificate in governance and risk management from the Governance Institute of Australia.
Sven Sewell - Sustainability & Net Zero Manager
Sven Sewell has over 25 years’ experience working in a range of environmental fields, including environmental consulting, environmental regulation and within the industry.
For the 15 years prior to joining TNC, Sewell held senior environmental positions at several operating mines across northern Australia. At those operations, he was generally the most senior environment, responsible for all aspects of permitting, compliance, rehabilitation and general environmental management. Sewell's experience in northern Australian mines includes several new and established gold, uranium and bauxite operations.
Sewell holds a BSc (with honours) in environmental science.
Michelle Ellis — Cloncurry Projects Exploration Manager
Michelle Ellis retains over 15 years’ mineral exploration, resource and mining experience predominantly in iron-oxide-copper-gold deposits and terrains across South Australia and Northwest Queensland.
Over the past 11 years, she has actively explored a range of commodities and deposit styles throughout the Mount Isa Inlier.
Ellis has an MSc in economic geology, MSc in environmental management and BSc in applied science - geoscience, and is a member of the Australasian Institute of Mining and Metallurgy.
Rhonda Freeman - Group Manager (Human Resources)
Rhonda Freeman has more than 18 years’ experience attracting top talent, fostering employee development and helping organisations develop safe and supportive work environments. She has worked extensively across the resource sector, including for large national-wide drilling companies.
Freeman has worked for mining companies across a variety of geological settings including brown coal, black coal, uranium, mineral sands and oil & gas. She brings a diverse skill set specific to the resource sector, having worked across all commercial aspects of drilling operations including as an exploration manager.
Freeman has also developed a number of QA and HSE systems for different projects.
Quarterly Activity Report 31 March 2024
EMU NL (ASX: EMU) (“EMU” or “the Company”) is pleased to report on its activities for the quarter ending 31 March 2024.
Figure 1. Fiery Creek Copper Prospect/Yataga Granodiorite summarizing rock (brown diamonds) and termite mound sample results (black crosses)
Continuing with its primary exploration focus on the Georgetown project in the latter half of 2023, EMU received assay results during the quarter from its second, in field reconnaissance work. The geochemical sampling programme covered the Fiery Creek high grade copper vein swarm and the Snake Creek prospects with significant element results returned from the Fiery Creek Copper (elevated Cu-Au-Ag-Bi-In-Pb-Sb-Te) and Snake Creek (elevated Pb-Ag-Au-Sb).
Whilst the survey was cut short due to inclement weather, EMU was encouraged by the significant success reflected in the assays results. The results from mineralogical studies confirmed EMU’s interpretation of an indicative, scale Copper-Porphyry system at the Fiery Creek prospect and was a highlight of the survey with new information building on the scale and potential of the prospect1.
Assay results returned included:
- Fiery Creek rock assay results up to 23.5% Cu, 0.27ppm Au, 460ppm Ag, 1.9% Bi, 89ppm In, 2.7% Pb, 667ppm Sb, 1470ppm Zn2.
- evidence of strong potential for the presence of critical and strategic minerals (Cu, Bi, In), with precious and base metals.
- evidence of alteration mineralogy, mineralisation geochemistry and areal extent of the Fiery Creek quartz-Cu-Bi vein swarm strongly suggesting a previously unrecognised subjacent porphyry Cu-Mo system.
- Yataga Granitoid Complex termite mound and coincident rock chip sampling returned several anomalous polymetallic zones for follow up.
- Snake Creek Prospect assays returned 0.20ppm Au, 390ppm Ag, 22.4% Pb, 464ppm Sb1.
Significant results were returned from the Fiery Creek Copper prospect with elevated Cu-Au- Ag-Bi-In-Pb-Sb-Te and from the Snake Creek prospect with elevated Pb-Ag-Au-Sb.
The elevated pathfinder element results and a macro-petrology assessment3 of rock samples completed by Mr Nigel Maund, Consulting Economic Geologist, from the previously unexplored Fiery Creek Prospect, point to the discovery of a porphyry copper system.
The sampling program assessed a number of high-priority prospects within the Georgetown Project tenements utilising termite mound and outcrop rock chip geochemistry. A total of 46 rock chip and 489 termite mound samples were collected across eight prospects.
Click here for the full ASX Release
This article includes content from EMU NL, 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.
Quarterly Report for the Period Ending 31 March 2024
Redstone Resources Limited (ASX: RDS) (Redstone or the Company) is pleased to provide its quarterly report for the period ending 31 March 2024 (the Quarter).
HIGHLIGHTS
WEST MUSGRAVE COPPER PROJECT (100% RDS) – WEST MUSGRAVE, WESTERN AUSTRALIA
- Redstone currently planning work programs to advance its copper exploration strategy at its 100% owned West Musgrave Project in WA
- Foundation set for growth ‐ existing copper resource base at West Musgrave:
- Tollu copper vein deposit with a resource of 3.8 million tonnes at 1% Cu, containing 38,000 tonnes of copper (ASX announcement of 15 June 2016).
- Significant drilling intersections of high‐grade Cu mineralisation at the Chatsworth and Forio Prospects within Tollu (dating back to 2017) are yet to be included in the existing JORC 2012 resource estimate.
- Significant and consistent high‐grade copper results at depth and to the surface at Tollu:
- Most recent drilling at Chatsworth intersected 11m at 1.2% Cu from only 29m downhole (TLC205), extending the previously intersected high‐grade copper lens a further 20m towards the surface.
- Together with prior drilling, TLC205 also confirmed the targeted high‐grade Cu lens at Chatsworth has the following encouraging characteristics:
- Up to 26m thick (downhole) and has a consistent Cu grade over 1% Cu;
- Extends over 140m vertical from TLC205 to its deepest intersection to date in TLC188;
- A consistent high average grade of over 1% in numerous holes; and
- Remains open at depth
- Historical Cu intersections at Chatsworth include mineralisation that continues from the surface to the maximum vein intersection depth at over 424m (downhole), where grades of 3.73% Cu over 10m, including 5m at 5.3% Cu from 427m (downhole), still continue and are not closed out
- Drilling at the Forio Prospect, which included the highest grade intersection ever recorded at Tollu, being 1m at 18.5% Cu from 18m downhole (TLC203) within an intersection of 8m at 4.1% Cu from 13m downhole, extend Forio’s high grade Cu mineralisation zone at Forio to a 60m strike length (north and south) of continuous high grade copper.
- The high grade Forio Cu Zone extends all the way to the surface with lenses of Cu mineralisation up to 34m thick (downhole) with average grades always over 1% Cu (34m at 1.04% Cu from 15m downhole in TLC181)
- Nearby to major BHP deposit: Tollu copper deposit is located 40km east of BHP’s world‐class Nebo‐ Babel Ni‐Cu‐Co‐PGE deposit ‐ estimated to have a resource of 390 million tonnes grading 0.33% copper and 0.30% nickel, for 1.2 million tonnes of contained nickel metal and 1.3 million tonnes of contained copper metal
- Redstone has been successfully awarded a $220,000 drilling grant from the DMIRS under the Round 29 Exploration Incentive Scheme (EIS) – grant will co‐fund a single deep drill hole of approximately 1,000m at the Chatsworth Prospect at Tollu
Click here for the full ASX Release
This article includes content from Redstone 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.
Metals Australia Quarterly Activities Report - to 31 March 2024
Metals Australia Limited (ASX: MLS) (“Metals Australia”, the “Company” or “MLS”) is pleased to report its activities for the quarter ended 31 March 2024 (“Quarter”):
Highlights
- Highly experienced Mining Executive, Paul Ferguson commenced employment with the Company, as Chief Executive Officer on January 22nd, 20241. Paul’s commencement has enabled the Company to significantly advance planning and preparation for the exploration, metallurgical test work programs and design studies required to move its flagship Lac Rainy high-grade graphite project towards development. Contract awards for key programs and studies are imminent and will be announced during May.
- The Company completed a $3.5M AUD2(before costs) capital raise to support funding of its planned exploration programs in Quebec, Canada. The raise was completed at a 40% premium to the prevailing stock price and utilised the Canadian Federal Governments exploration tax incentive program (Flow Through Shares). This program is provided by the Canadian Government to help stimulate mineral exploration investment by providing increased tax incentives to investors who support companies exploring for critical minerals. The Company has subsequently noted announcements in the April 16th Canadian Federal Govt budget of changes likely to negatively impact these investor incentives from June 25th. Having completed the capital raise, the Company has ensured it has sufficient funding to achieve its exploration and development objectives.
- Company representatives, including its CEO, hosted an investor booth at PDAC3(Prospectors & Developers Association of Canada) Mining convention in Toronto March 3rd to 6th. The convention was hugely successful with significant contacts and connections established, who have expressed their interest in our project. Connections made include government representatives, fund managers, investors and a wide range of technical services and engineering companies covering all aspects of the study programs required to advance the companies projects. This helped raise the profile of our Company’s flagship Lac Rainy project, along with our other Quebec based projects. Follow up meetings with the government and supportive, Quebec based, exploration and project investment funds has further enhanced our profile in Canada.
- The Company held strategic planning workshops in Australia and Canada to review the extensive portfolio of high-quality exploration tenements held by the group. Strategic plans and priorities were developed for each project and plans are advancing to progress further exploration and metallurgical test programs. The Company is also investigating additional exploration or project opportunities where they add scale or accelerated pathways to development. The balance of the financial year will see further announcements, outlining plans.
Click here for the full ASX Release
This article includes content from Metals Australia, 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.
Basin Energy Mining Exploration Entity or Oil and Gas Exploration Entity Quarterly Cash Flow Report
Basin Energy (ASX:BSN) is pleased to announced its mining exploration entity or oil and gas exploration entity quarterly cash flow report.
Click here for the full ASX Release
This article includes content from Basin Energy, 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.
Basin Energy Quarterly Activities Report for the Period Ending 31 March 2024
Basin Energy Ltd (ASX: BSN) (‘Basin’, or the ‘Company’) is pleased to provide an overview of activities for the period ending 31 March 2024 (‘Quarter’, ‘Reporting Period’) and an accompanying Appendix 5B.
- Active exploration of all three of Basin’s Athabasca uranium properties including:
- Phase 2 exploration drilling at Geikie
- Ground geophysics at Marshall and North Millennium
- Significantly oversubscribed $3.3 million capital raise completed
- Continued engagement and consultation with stakeholder groups
- U3O8 spot price1 surpasses US$100/Lb; hitting 16-year high, with uranium spot price trading as high as US$106/Lb during January 2024
Exploration for the Quarter occurred on all of Basin’s Athabasca Basin uranium projects (the ‘Projects’) (Figure 1). Phase 2 exploration drilling at the Geikie Project (‘Geikie’) commenced, with more than 2,000 metres of drilling completed, and maiden ground electromagnetic surveys at the North Millennium and Marshall projects (‘North Millennium’, ‘Marshall’) with 86-line kilometres of data acquired.
In February, the Company raised A$3.3 million (before costs) via a share placement to institutional, sophisticated, and professional investors. The treasury remained over $5 million at the end of the Reporting Period.
Basin’s Managing Director, Pete Moorhouse, commented:
“The first quarter of 2024 has been a busy period for Basin, with exploration happening concurrently on all three of our Athabasca Uranium projects.
Basin is in a strong position with funding in place to allow continued exploration in the heartland of the world’s premier uranium district.
We look forward to updating the market in the coming weeks on the outcomes of the drilling and geophysics.”
Click here for the full ASX Release
This article includes content from Basin Energy, 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.
Auric Mining Quarterly Activities Report
31 March 2024
Auric Mining Limited (ASX: AWJ) (Auricor the Company) is pleased to report on its activities during the 31 March 2024 Quarter and up to the date of this announcement.
Jeffreys Find Gold Mine
- Stage Two Mining commenced on 10 March 2024 with over 300,000 tonnes of ore to be mined in 2024.
- First toll mining campaign for 2024 is underway at Greenfields Mill, Coolgardie.
- First gold sales expected early May 2024.
Munda Gold Project
- Assay results received for all of the 361 holes drilled in the first Munda 10m X 10m grade control pattern.
- Four contract mining companies have provided pricing estimates for mining and drill and blast services at Munda.
- Metallurgical testwork underway.
Corporate
- 17,493,780 options exercisable at 31 March 2024 were converted in April 2024, being 99% of this class of options on issue.
- The Company received $2,644,067, before costs, in April 2024 from exercise of options.
- Current cash at bank is around $4,100,000.
Managing Director, Mark English said:
"Another excellent quarter for Auric, both from operational and corporate perspectives.
“It was great to recommence mining at Jeffreys Find with BML Ventures Pty Ltd. It’s a terrific time to be mining and producing gold with such a tremendous gold price. We are looking forward to a strong year from mining activities at Jeffreys Find.
“We completed the grade control/resource definition drilling program at Munda in this March quarter. This is another positive step towards development of Munda and whilst there remains a lot to be done, we are still working towards mining commencing in either the last quarter of calendar year 2024 or the first quarter of 2025.
“The completion of the fund raising of the 31 March 2024 options was well received by our shareholders and the shortfall underwriter, with 99% of the total options available being exercised into shares. We now have about $4.1M cash at bank with further cash due from our share of surplus cash from mining at Jeffreys Find, a great place to be,” said Mr English.
Click here for the full ASX Release
This article includes content from Auric Mining, 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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