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June 16, 2025
Vanadium Resources Limited (ASX: VR8; DAX: TR3) (the “Company”) is pleased to announce that its subsidiary, Vanadium Resources (Pty) Limited (“VanRes”) has signed an MoU with China Precious Asia Limited (“CPAL”) in relation to a magnetite ore supply agreement from its world-class Steelpoortdrift Vanadium Project (the “Steelpoortdrift” or the “Project”) in South Africa.
HIGHLIGHTS
- A Non Binding agreement has been reached between China Precious Asia Limited (“CPAL”) and VR8’s subsidiary, Vanadium Resources (Pty) Limited (“VanRes”) for the supply of vanadium-rich magnetite Direct Shipping Ore (“DSO”) from VR8’s world- class Steelpoortdrift Vanadium Project (“Steelpoortdrift”).
- VR8 is advancing this opportunity to unlock early revenues and operating cashflows in support of its staged development and funding strategy for Steelpoortdrift.
- The initiative has been made possible due to the suite of valuable minerals within the Steelpoortdrift orebody and VanRes holding a fully permitted Mining Right over the Steelpoortdrift 365KT farm.
- Under the terms of the Memorandum of Understanding (“MoU”), VanRes would supply CPAL with an average of 100,000 metric tons of magnetite ore per month.
- The arrangement positions VR8 to become a near-term producer by monetising its substantial JORC resource base (+180 years), while retaining full flexibility to scale into full development as vanadium market conditions improve.
- Founded in 2012, CPAL is a metals and minerals trader and processor of magnetite- bearing ore, targeting Asian steel markets. CPAL’s focus on vanadium-rich magnetite ore aligns with China’s broader push to secure primary sources of vanadium.
- As part of its ongoing strategic equity and offtake process, VR8 also continues to assess additional near-term, value-accretive opportunities, such as profit share agreements with existing operations, that complement the development of Steelpoortdrift and are not mutually exclusive to DSO operations.
Commenting on the MoU with CPAL, Mr. Jurie Wessels, Executive Chairman of VR8 said:
“We are very pleased to have signed this MoU with a quality partner like CPAL for the supply of magnetite ore. Through our ongoing strategic equity and offtake process, it became increasingly apparent that there is a compelling opportunity to potentially transition the Company toward near-term production, even at this low point in the vanadium market cycle. This has been made possible by our advanced permitting status and the suite of valuable minerals within Steelpoortdrift’s ore, which contains not only vanadium credits but also iron-rich magnetite.
Based on the Company’s internal assessments and the volumes proposed under the MoU, we anticipate that a DSO operation at Steelpoortdrift has the potential to generate material positive operating cashflows for VR8 and its shareholders. While the MoU is non-binding, the level of engagement and interest from CPAL gives me confidence that a binding and value-accretive commercial agreement can be reached.
We believe focusing on the generation of early cashflow is the ideal response to the current realities of both the Vanadium and wider commodity markets. Our strategy enables us to unlock near-term value, minimise shareholder dilution and allow time for a clearer pathway to full-scale development to emerge. Our goal is to maximise shareholder exposure to our world-class resource and the underlying long-term growth of the Vanadium market.
I look forward to keeping shareholders updated as we look to transition the MoU with CPAL into a commercial agreement.”
Click here for the full ASX Release
This article includes content from Vanadium Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
16 July
Appointment of US Business Development & Strategy Advisor
Zeus Resources Limited (ASX: ZEU) (“Zeus” or the “Company”) is pleased to confirm the appointment of Chris Dell as US Business Development & Strategy Advisor in relation to a range of US based initiatives to support the development of the Casablanca Antimony Project in Morocco.
HIGHLIGHTS
- Zeus appoints US Ambassador (Ret.) Christopher Dell as its US Business and Strategic Development Advisor.
- Fundamental step in accelerating the development of the Casablanca Antimony Project and in attracting US investment and strategic partnerships.
- Mr Dell has over 30 years of global experience in government and business. He served as the United States Ambassador to Angola (2001–2004), Zimbabwe (2004–2007) and Kosovo (2009–2012), and was Deputy to the Commander of the U.S. Africa Command.
- Zeus aims to build on strong political, economic and military relationships between Morocco and the US and provide potential Antimony supply solutions into the future.
The Company considers Mr Dell’s appointment as a fundamental step in accelerating the development of the Casablanca Antimony Project and in attracting US investment and partnerships. Antimony is classified as a critical mineral by both the U.S. and EU and is essential for defence and advanced technologies.
With China dominating approximately half of global supply and recently imposing export curbs, Western industries are urgently seeking secure alternative sources. Mr Dell’s mission will be to leverage his international networks and expertise to assist in positioning Zeus as a prime new supplier and partner in the US.
Mr Dell has over 30 years of global experience in government and business. He served as the United States Ambassador to Angola (2001–2004), Zimbabwe (2004–2007) and Kosovo (2009–2012), and was Deputy to the Commander of the U.S. Africa Command. In these roles he managed complex political and economic initiatives in resource-rich regions. After his diplomatic career, Mr Dell joined Bechtel Corp. (America’s largest engineering and construction company), where he ultimately became head of Bechtel’s operations in Mozambique.
He was also Senior Advisor to Fieldstone Africa, a leading independent investment bank specializing in energy and infrastructure. This blend of diplomatic acumen and business development success – from securing major infrastructure contracts to advising private-sector investors – is expected to assist in driving Zeus’s expansion in North America.
The Board is confident that Mr. Dell’s leadership and network will accelerate US-facing opportunities and help forge new investment partnerships.
“We are delighted to welcome Chris to the Zeus team,” said Mr. Alvin Tan, Executive Chairman of Zeus Resources. “His unparalleled experience in global markets and infrastructure development will be instrumental in opening doors to US capital and strategic partners. This appointment is a transformative step for Zeus, reinforcing our confidence in accelerating the Casablanca Antimony Project and our international growth strategy.”
Click here for the full ASX Release
This article includes content from Zeus 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.
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09 July
Company Operational Update
Green Technology Metals Limited (ASX: GT1) (GT1 or the Company), a Canadian-focused multi-asset lithium business, is pleased to provide an operations update for its projects located in Ontario, Canada.
HIGHLIGHTS
- GT1 remains committed to advancing our lithium projects and development strategy, continuing to engage with our Indigenous partners and progressing permitting strategically ahead of an anticipated rebound in the lithium market
- As part of our government engagement strategy, GT1 has submitted further applications totalling Cs5.5 million under the Critical Minerals Infrastructure Fund (CMIF) to support consultation and early engineering works at both the Seymour and Root projects
- In light of current market conditions, the release of the Seymour Definitive Feasibility Study (DFS) has been deferred; however, key low cost workstreams will continue to ensure the Company is well-positioned when market conditions improve
- GT1 remains focused on cost discipline across the business, has further reduced staff levels and retained only essential personnel necessary to advance permitting and core technical and corporate development activities
- An exploration review is currently underway across all 9 of GT1’s projects, with early indications highlighting strong potential for high-value by-products listed as Critical Minerals globally
- The Company acknowledges the Canadian Government’s strong push for a complete domestic critical minerals supply chain including enhanced support for permitting and infrastructure funding which is expected to benefit GT1’s projects. The Company remains committed to ongoing engagement with our Indigenous partners on all activities
“It’s been a challenging 12 months for the lithium sector, but our long-term strategy remains unchanged. While market conditions have required us to slow down, we continue to have strong conviction in the quality of our assets, their location, and our vertically integrated approach in Canada, underpinned by tier-one strategic partnerships with EcoPro Innovation and other lithium focussed businesses.
The LOI from Export Development Canada, unwavering Canadian government support, delivery of key project milestones, and a robust +30Mt resource are all achievements in the past 12 months that have added significant value to the Company. These foundations place us in a strong position to respond when the market recovers and we’ll be ready.
Although slowing the DFS was a difficult but necessary decision, we remain focused on advancing the critical development work required to ensure the Seymour Project moves towards completion of permitting in consultation with our Indigenous partners and will be ready for investment decisions. This period of disciplined capital preservation also provides an opportunity to explore new avenues to create value for shareholders, including a full review of our tenement portfolio and technical database, which may unlock further strategic opportunities aligned with current market demands and our long-term vision.”
- GT1 Managing Director, Cameron Henry
Click here for the full ASX Release
This article includes content from Green Technology Metals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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03 July
Trump and Vietnam Strike Tariff Deal, Last-minute Agreement Spares Harsher Rate
President Donald Trump announced Wednesday (July 2) that the US and Vietnam have struck a trade deal.
The agreement will see the US impose a 20 percent tariff on many Vietnamese exports, with Vietnam averting the threatened 46 percent levy. Transshipped goods, which are goods routed through Vietnam before being shipped to the US, will be subject to a 40 percent tariff. Trump said Vietnam agreed to allow the import of US goods at a 0 percent tariff in return.
The last-minute framework gives Washington a political win while preserving Vietnam’s vital access to its largest export market. Vietnam is America’s 10th biggest trading partner, and the US is by far its most key destination for manufactured goods.
However, details remain thin. It is still unclear exactly which products will fall under the 20 percent tariff, or how the 40 percent penalties on transshipped goods will be enforced.
While Vietnam’s state media did not confirm those tariff levels in its official statement, it said the two countries"Vietnam - US joint statement concerning a fair and balanced reciprocal trade agreement framework."
The timing of the deal is also critical. Under Trump’s April-announced plan, tariffs on Vietnamese goods were due to rise to 46 percent, alarming businesses that have shifted manufacturing from China to Vietnam over the past five years.
Since 2018, Vietnam’s exports to the US have nearly tripled, climbing from US$49.14 billion to US$136.5 billion last year, according to US Census Bureau data. American exports to Vietnam, meanwhile, rose about 30 percent to US$13.04 billion in the same period.
For Trump, the agreement with Vietnam is an important success as he races to conclude similar frameworks with other trading partners before the broader tariff hikes resume next week.
Talks with India are underway, while negotiations with Japan and the European Union have encountered complications.
Analysts say the Vietnam deal could set the tone for these upcoming talks, as Vietnam's dependence on US trade meant it had a weak negotiation position. “Other countries will feel they should be able to lock in a lower tariff rate than the 20 percent that President Trump says Vietnam has agreed to,” Mark Williams, chief Asia economist at Capital Economics, told CNBC.
Murray Hiebert of the Center for Strategic and International Studies meanwhile noted that had Trump insisted on the full 46 percent tariff, Vietnam risked losing out to other Southeast Asian rivals, damaging both its economic prospects and its willingness to partner with Washington.
“Had Trump stuck with 46 percent, much higher than the current tariff on China, Vietnam feared it would be disadvantaged by its competitors especially in Southeast Asia,” Hiebert told Reuters. “This likely would have dented Vietnam's trust in the US and it might have toned down some of its security cooperation with Washington.”
A new front in Washington’s push to isolate China
The framework with Vietnam also highlights how the US is using its trade leverage to pressure Asian countries to help block Chinese manufacturers from evading existing tariffs.
The 40 percent penalty on transshipped goods is designed to discourage companies from routing Chinese products through Vietnam to bypass American duties.
Trump’s team is applying similar demands on other nations such as Thailand and Indonesia, respectively urging them to monitor foreign investment and reduce the amount of Chinese content in their manufactured exports if they hope to avoid higher tariffs.
But enforcement of these new transshipment rules will be challenging. Many Southeast Asian customs authorities lack the resources to fully verify the complex origins of manufactured goods.
In the case of the Vietnam deal, it's still unclear if the 40 percent levy on transshipped goods will also be applied to Vietnam-made goods utilizing Chinese components, and if so what the acceptable percentage would be.
Experts warned that strict penalties of this sort could push US companies producing goods in Vietnam to leave the country altogether, or even shift production back to China if it becomes cheaper.
“If it’s too onerous or difficult to comply, companies won’t use the opportunity to grow sourcing in Vietnam,” Matt Priest, head of the trade group Footwear Distributors and Retailers of America, told the New York Times.
“They may even head back to China if it’s price competitive.”
Vietnam itself faces a delicate balancing act. The country has benefited from billions of dollars of Chinese investment in its export sectors — especially textiles, electronics and automotive — while at the same time strengthening its security ties with the US to counter China’s growing assertiveness in the South China Sea.
Neighboring countries are watching carefully. Thailand, for example, has estimated that stricter rules on transshipment could reduce its US exports by US$15 billion, nearly a third of its trade surplus with America last year.
Authorities in Malaysia and Indonesia have already begun tightening their own export verification procedures ahead of any agreements with the US.
He Yongqian, a spokesperson for China's Ministry of Commerce, commented on the US-Vietnam agreement Thursday (July 3) in a press briefing, Bloomberg reported.
"We’re happy to see all parties resolve trade conflicts with the US through equal negotiations, but firmly oppose any party striking a deal at the expense of China’s interests," she stated. "If such a situation arises, China will firmly strike back to protect its own legitimate rights and interests."
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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26 June
Drilling Commences at the Kanowna East Gold Project
Accelerate Resources Limited (“AX8”, “Accelerate” or the “Company”) is pleased to announce that drilling has commenced at its 70%-owned Kanowna East Gold Project, located 25km northeast of Kalgoorlie, WA (Figure 1).
Key Points
- High impact drilling has commenced at Kanowna East, targeting basement gold systems at the Western Tiger and Little Lake Prospects, only 25kms NE of Kalgoorlie.
- Program designed to test prospective structural settings and alteration zones along the Reidy Fault and newly recognised northeast gravity trends.
- Targeting the potential source of widespread paleochannel gold occurrences identified from historical drilling.
- Strong cash position of ~$3 million ensures a well-funded campaign and supports strategic exploration momentum.
Figure 1: Ragland Drilling RC Drill Rig at AX8’s Little Lake Prospect, Kanowna East Project.
The 2,000m reverse circulation (RC) program is testing structurally controlled, basement- hosted gold targets at the Western Tiger and Little Lake Prospects (Figure 2). These targets have been selected based on structural complexity, geophysical modelling, and geochemical signatures indicative of gold-bearing systems.
Figure 2: Western Tiger & Little Lake geology interpretation with planned RC drill hole locations (green triangles).
At Western Tiger, drilling is focused on the undrilled western margin of a felsic intrusive unit interpreted to have been emplaced along the Reidy Fault. Sericite alteration, arsenic- antimony pathfinder anomalies, and recent structural reinterpretations highlight the area as a priority for potential gold discovery.
At Little Lake, newly processed gravity data has defined northeast-trending features interpreted to intersect northwest fault systems—structural zones commonly associated with gold mineralisation in the Kalgoorlie district. These trends correlate with previously intercepted basement-hosted gold and offer a compelling test of the Company’s exploration model.
“Commencing drilling at Kanowna East marks an important milestone in Accelerate’s gold strategy,” commented Chief Executive Officer Luke Meter. “We’re testing targets with geological signatures consistent with major orogenic gold systems in the Eastern Goldfields and success could substantially enhance the value of our gold portfolio near Kalgoorlie.”
With a strong financial position, Accelerate remains well-funded to execute its exploration strategy across multiple growth-stage gold assets in WA.
The Company looks forward to updating shareholders as drilling progresses and assays become available.
Click here for the full ASX Release
This article includes content from Accelerate Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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24 June
Australia’s 5 Most Valuable Mineral Exports
Australia’s economy is largely based on its natural resources, with the minerals sector making the greatest contribution to the nation’s exports at 58.7 percent as of May 2025.
Australia's mining industry isn't limited to one or two states, either. Five of Australia’s states and territories rank in the top 20 mining jurisdictions in the world for investment attractiveness, according to the Fraser Institute’s 2023 annual survey of mining companies: Western Australia (fourth), the Northern Territory (8th), Queensland (13th) and South Australia (19th).
These mining jurisdictions demonstrate a high level of investment attractiveness mainly due to their mineral-rich geology, solid infrastructure, stellar economic environment and government support for the resources industry at both the federal and state level.
Australia exports a wide range of important mineral resources, including precious metal gold, base metals such as copper, iron ore, aluminum and nickel, and energy resources oil, natural gas and coal. In recent years, lithium has also become a major mineral export for Australia.
During the 2023/2024 period, Australia's mineral exports reached AU$415 billion, according to the Department of Industry, Science and Resources (DISR), which is forecasting a decline to AU$387 billion for 2024/2025.
"Modest global economic growth is expected over the outlook period, as lower inflation allows some central banks to make further small cuts in official interest rates," the department's March 2025 Resources and Energy Quarterly stated. "Trade actions and retaliatory measures will likely detract from global growth and may further geopolitical tensions ... In volume terms, most of Australia’s resource exports are likely to show a modest pick up through the outlook period."
Export Finance Australia highlights that in March 2025 the Organisation for Economic Co-operation and Development (OECD) downgraded its global growth forecast to 3.1 percent for 2025 and 3 percent for 2026 on uncertainty over trade and stickier than expected inflation.
However, there is a silver lining for Australia, as the nation's "diversified export profile ensures (its) GDP is relatively less dependent on US exports."
Australia's top mineral resources
But what are Australia's top mineral resources by export value? Read on for a breakdown of Australia's five most valuable natural mineral resource exports, iron ore, liquified natural gas, coal, gold and copper.
Combined, the country's mineral exports accounted for two thirds of Australia’s merchandise export earnings in the 2023/2024 financial year, as per the data from the Department of Industry, Science and Resources. Prices are reported as real export values using 2024/2025 commodity prices.
1. Iron ore
According to the DISR's data for 2023/2024, iron ore accounted for AU$141 billion of Australia's export value during that period.
As the world’s largest producer and exporter of iron ore, Australia is the king of the iron game. US Geological Survey (USGS) information shows that Australia produced 930 million metric tons of iron ore in 2024, accounting for 37.2 percent of global production.
Iron is used in everything from infrastructure to transportation to advanced technology, meaning Australia and its many iron ore mines in Western Australia have enjoyed a mighty run of economic prosperity as China has leaned into its push for industrialization.
As for future iron ore export value, the metal is forecast to bring in AU$117 billion for 2024/2025. Looking further out, weaker demand out of China and globally is likely to dampen demand for iron ore going forward, which led the department to project iron ore export value of AU$81 billion for the 2029/2030 financial period.
2. Liquified natural gas
Liquified natural gas (LNG) is Australia’s second most valuable resource export, earning more than AU$70 billion for the economy in the 2023/2024 financial period. The DISR expects this figure to jump to AU$72 billion in 2024/2025.
The island continent is home to 14 different basins that yield natural gas. The country has significant natural gas reserves, with much of it locked up in coal seams that require unconventional drilling. Most of Australia’s natural gas production occurs offshore in the northwest, which has seen an increase in large development projects over the past few years.
Moving forward, several factors are expected to place downward pressure on Australia's LNG export values, including less production from maturing wells alongside a drop in investment; declining use of natural gas as an energy source in favour of renewables; lower natural gas prices; and the rising prominence of US LNG in the global export market. All in, the department projects the value of Australia's LNG exports will fall to AU$45 billion in the 2029/2030 financial period.
3. Coal
While more western nations around the world are turning away from coal, in Australia, the sooty black rock is a source of incredible wealth. In terms of Australia’s resource and energy exports, during the 2023/2024 financial period metallurgical coal and thermal coal accounted for an export value of AU$56 billion and AU$38 billion, respectively.
Australia hosts coal deposits across the country, with a number of new mines under construction and expansion projects underway. However, softer demand for coal going forward is likely to result in a significant decrease in Australia's coal exports over the coming years as the transition to renewable energy continues and financing for new coal projects dries up.
During the 2024/2025 period, export values for metallurgical and thermal coal are expected to drop to AU$41 billion and AU$33 billion, respectively, and fall even further by 2029/2030 to AU$33 billion and AU$22 billion.
4. Gold
Australia's gold exports in 2023/2024 are valued at AU$34 billion, making gold Australia's fourth most valuable mineral export. The Department of Industry, Science and Resources expects this figure to rise to AU$36 billion for 2024/2025, before falling to a projected AU$30 billion by 2029/2030.
According to the USGS, Australia produced 290 tonnes of gold in 2024, only behind China and Russia for the top gold-producing countries.
Much of Australia’s wealth is founded on gold, with a number of gold rushes triggered in the mid-1800s that supercharged the nation’s development and set it down its path of prosperity through mining. Today, most of Australia's top-producing gold mines in the country are located in Western Australia.
5. Copper
Copper comes in as the fifth most valuable mineral export from Australia, earning AU$12 billion in 2023/2024. Australia is the world's eighth largest producer of the red metal, putting out 800,000 MT of copper in 2024, and hosts the third largest copper reserves at a JORC-compliant 100 million MT.
Most of Australia's copper resources are located in South Australia, home to the largest single copper mine in the country: the Olympic Dam polymetallic mine, owned by BHP (ASX:BHP,LSE:BHP,NYSE:BHP). The state of Queensland is also a hotbed of copper activity with at least a dozen operating mines, including Australia's second largest copper producer, Glencore’s (LSE:GLEN,OTC Pink:GLCNF) Mount Isa Mines complex.
Looking forward, for the 2024/2025 period, the Department of Industry, Science and Resources is forecasting AU$15 billion in export value for copper, and projecting that figure to come in at AU$18 billion in 2029/2030.
This growth is expected to come via rising demand for copper globally spurring increased production and exploration spending in the country resulting in a robust copper export market for Australia.
Other mineral resources
While the five resources above represent the most valuable mineral exports to the Australian economy, the country sits on significant reserves of almost every mineral you can find on the planet. Other major commodities of significant value to the Australian economy are oil, lithium, aluminum, oil, nickel and zinc.
Lithium as a mineral export from Australia earned AU$10.25 billion in 2023/2024. The country is the world's largest producer of the energy metal, putting out 88,000 MT of lithium in 2024, and hosts the second largest lithium reserves at 7 million MT. Most of Australia's lithium resources are located in Western Australia.
Looking forward, for the 2024/2025 period, the Department of Industry, Science and Resources is forecasting AU$5.2 billion in export value for lithium, and projecting that figure to come in at AU$9.2 billion in 2028/2029.
Wondering where uranium and rare earths are on this list? Despite having 28 percent of the world’s reserves, uranium export value came in at only AU$1.2 billion for the 2023/2024 period despite the country having three mines producing uranium — Four Mile, Olympic Dam and Honeymoon — although Honeymoon just re-entered production in April 2024. As uranium demand increases and new mine supply comes online, exports are projected to jump to AU$1.41 billion in 2024/2025 and AU$1.7 billion by 2029/2030.
While Australia also ranks as the fourth largest producer of rare earths globally, rare earths production did not rate as a major contributor to the Australian economy. However, the country's first rare earths refinery, Lynas Rare Earths' (ASX:LYC) Kalgoorlie processing facility is just getting started, and Iluka Resources' (ASX:ILU) Eneabba rare earths refinery is slated to come online in the next few years. This has the DISR forecasting rare earths exports reaching a range between AU$1.3 billion and AU$3.7 billion in 2029/2030.
This is an updated version of an article first published by the Investing News Network in 2019.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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24 June
AU$15 million Exploration over 10km Strike Length Tolukuma Gold Mineralised Corridor
Tolu Minerals Limited (“Tolu”) is pleased to announce the commencement of its first major exploration program that includes
- An expansive surface geological mapping, trench sampling and multi-element surface geochemical survey covering existing gold prospects (Figure 2) and targets from the recently completed Airborne Magneto Telluric (“Airborne MT” or “MT”) geophysical survey; and
- A targeted 30,000m of diamond drilling both on surface and underground.
The objective of the program is:
- To grow the existing MRE (Table 1) focussing on targets on the mining lease, ML104 and targets immediately adjacent to ML104 that can provide ore to the existing infrastructure;
- To test selected regional targets to demonstrate the regional scale potential within the broader Tolukuma structure; and
- To test the potential of Tolu’s “remote projects” namely Mt Penck on New Britain island and Ipi River Northwest of Tolukuma.
HIGHLIGHTS:
- Seven diamond drill rigs to be deployed at surface and underground targeting significant expansion of the Mineral Resource Estimate
- Focusing on new discoveries provided by the recent Airborne MT survey and geochemical data
- Surface exploration and drilling expansion along the 10km strike length of the Tolukuma gold mineralised corridor
- Pursuing the discovery of additional resources from historical epithermal gold prospects including at Mt. Sen, Kimono, 120 vein, Kunda North, Miliahamba, Taula and Duma-Dilava
- All areas have strong indications of potential significant mineralisation of Au, Ag and Cu gained from the in depth Airborne MT, field studies and geophysics gained from historical data, last 18 month’s programs and detailed analysis
- AU$15 million intensive exploration program in high ranked targets near mine
Iain Macpherson, MD & CEO of Tolu Minerals Ltd. (“Tolu”) said:
“I’m pleased to report that Tolu has commenced the next major exploration phase that is focussed on expanding the existing Mineral Resource Estimate (“MRE”), with a view to not only growing the production rate and extending the Life of Mine, but also targeting more projects within the Company’s portfolio.
Having recently successfully completed a further round of accelerator capital, Tolu is well positioned to systematically follow up on targets generated by the recent Airborne MT coupled with historical data. The Company have intensified the existing geochemical exploration program that, by complementing the Airborne MT, is providing a number of drill ready targets that are being ranked for diamond drilling.
Having placed an order for an additional 5 diamond drill rigs (3 surface and 2 underground rigs) to complement the Company’s existing surface and underground diamond drill rigs and to deploy the new rigs in Q3 and Q4 this year, targeting in excess of 30,000m of drilling during 2025 and 2026.
This substantial program is designed to expedite the generation of a very large MRE for continued and scaled up gold production and also to demonstrate the potential for regional development on both epithermal and porphyry targets.
A surface geological mapping, trenching and multi-element geochemical sampling program is currently underway to test for gold mineralisation continuity along the 10km strike extent of the Tolukuma gold mineralised corridor along ML104 between Mt. Sen to the North and Duma-Dilava to the South and will be expanded East and West to investigate parallel structures such as Kimono to the East and Karame and Idave to the West
The significant targets to the East and West are believed to be replications and extensions of the Tolukuma structure
The immediate short-term priority is to expand on the current MRE for ongoing gold production. Tolu’s own diamond drilling rig and drilling team are continuing to test for near surface mineralisation at the Zine and 120 veins and significant results are planned to be fire assayed and released as soon as practicable”.
“This is an exceptionally exciting time for Tolu Minerals,” says Chris Muller, Executive Group Geologist. “Tolukuma stands out as one of the most remarkable projects in the country, boasting among the highest gold grades nationwide. The imminent procurement and commissioning of five brand-new drill rigs, set to enhance our existing fleet, will be instrumental in significantly expanding our resource base over the next 12 months. These rigs will not only drive growth of the known resource, but also unlock the potential of numerous untested vein targets. In parallel, we are launching an extensive geological mapping and geochemical sampling campaign across the 20km² vein field marked by widespread gold occurrences. This integrated exploration strategy positions us for transformational discovery and growth.”
Click here for the full ASX Release
This article includes content from Tolu 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.
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