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Warriedar Resources: Copper and Gold Exploration in Western Australia and Nevada
Warriedar Resources (ASX:WA8) is well-positioned to help stave off the impending shortage in copper supply as other critical minerals. A highly skilled team of experts backs the company while maintaining a robust and stable portfolio of gold assets in Western Australia and Nevada. Warriedar currently holds more than 2 million ounces of high-grade gold resources with three projects – the Golden Range, Fields Find, and Big Springs.
Two of its brownfield projects are located in Western Australia's Murchison Province — a region widely known for its rich copper resource. Both projects are situated on previously mined and underexplored land, and surrounded by successful, operating gold and base metal mines.
Situated in the middle of Western Australia's highly active Murchison exploration and mining province, the Golden Range project is strategically positioned between several major operating mines and advanced exploration projects. Together with the nearby Fields Find project, it represents a belt-scale opportunity, covering a combined area of 813 square kilometres.
Company Highlights
- The copper market is booming, driven by a combination of increased demand for electric vehicles and a global push for sustainability.
- Warriedar Resources is an advanced gold and copper exploration and development company with a portfolio of assets well-positioned to take advantage of the market shift.
- Two of the company's three projects are located in the copper-rich Murchison Province of Western Australia.
- Golden Range, a 950,000-oz gold project with on-site infrastructure that includes an 800-ktpa plant.
- Fields Find, which hosts the historic Warriedar Copper Mine.
- The company also maintains a 1.01-million-ounce gold project in Nevada, USA, known as Big Springs.
- All three projects are underexplored, with significant resource potential.
- Warriedar is backed by a highly skilled team with decades of experience and leadership in mining and exploration.
- The company is expected to have a steady newsflow through 2024 and 2025, with extensive plans for drilling and exploration already outlined.
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Warriedar Resources
Overview
Warriedar Resources (ASX:WA8) is an advanced gold and copper exploration company backed by a highly skilled team of experts, Warriedar maintains an incredibly strong and stable portfolio of gold assets in both Western Australia and Nevada. Between its three projects – Golden Range, Fields Find and Big Springs – it currently holds more than 2 million ounces of high-grade gold resources with blue-sky potential for growth, and a robust pipeline of high-quality drill targets. Warriedar is well-funded for its planned 2024 drill programs focused on rapidly building its gold resources.
Two of its brownfield projects – Golden Range and Fields Find – are located in Western Australia's Murchison Province, widely known as an active mining and exploration region. Both projects are situated on previously mined and underexplored land, and surrounded by successful, operating gold and base metal mines. Golden Range hosts approximately 950,000 oz gold resource and an existing 800 ktpa processing plant and associated infrastructure (placed on care and maintenance during 2019 by its previous owner). To the east of Golden Range is the Fields Find project, which contains significant levels of gold, copper and nickel.
Warriedar’s Big Springs gold project in Nevada, USA, is adjacent to First Majestic Silver’s Jerritt Canyon gold mine complex, an operating mine with a production history of over 10 Moz gold. Big Springs has an existing resource base of approximately 1 Moz gold within a granted mining licence, surrounded by approximately 93 square kilometers of prime exploration ground prospective for Carlin-style gold.
Warriedar also prides itself on the expertise and experience of its leadership team, driving the company towards successfully achieving its goals and increasing shareholder value. Geophysicist Dr. Amanda Buckingham serves on Warriedar's board of directors, bringing three decades of experience to her role. Mark Connelly, Warriedar’s non-executive chairman, is a financial and commercial executive with extensive experience in the resource industry. Dianmin Chen, a seasoned mining engineer, completes the complementary skill set of the board.
Company Highlights
- Warriedar Resources is an advanced gold and copper exploration company with a portfolio of assets well-positioned to take advantage of the positive gold market.
- Two of the company's three projects are located in the Murchison Province of Western Australia.
- Golden Range, a 945,000-oz gold project with on-site infrastructure that includes an 800-ktpa plant.
- Fields Find, which hosts the historic Warriedar copper mine.
- The company also maintains a 1.01-million-ounce gold project in Nevada, USA, known as Big Springs.
- All three projects are underexplored, with significant resource potential.
- Warriedar is backed by a highly skilled team with decades of experience and leadership in mining and exploration.
- The company is expected to have a steady newsflow through 2024, with a well-funded drilling plan aimed at rapidly expanding its gold resource.
Key Projects
Golden Range
Situated in the middle of Western Australia's highly active Murchison exploration and mining province, the Golden Range project is strategically positioned between several major operating mines and advanced exploration projects. Together with the nearby Fields Find project, it represents a belt-scale opportunity, covering a combined area of 813 square kilometres.
A brownfields project with considerable past exploration and development, Golden Range hosts a gold resource of 945,000 ounces along a dominant central shear corridor. Existing on-site infrastructure includes an 800-ktpa oxide processing plant, which was placed on care and maintenance by the project's previous owner in 2019. This provides Warriedar with an accelerated, low-capital-intensity pathway to future gold production pending the success of an ongoing exploration program.
Project Highlights:
- Prime Location: Golden Range is bordered by multiple existing mines and deposits, each serving as a valuable analogue to the resources it may potentially contain. These include: Deflector Copper-Gold Mine, owned by Silver Lake Resources (ASX:SLR); Rothsay Gold Mine, owned by Silver Lake Resources; Mt. Magnet. owned by Ramelius Resources (ASX:RMS); Mt Gibson, owned by Capricorn Metals (ASX:CMM); and Golden Grove Copper-Zinc-Silver-Gold mine, owned by 29Metals (ASX:29M).
- Untapped Potential: Historical drilling at Golden Range was largely focused on shallow oxide gold in proximity to the existing mill, with an average drill depth of 42 metres. Historical pits on-site range in depth from 20 to 80 metres, with an average depth of 60 metres. This leaves substantial exploration upside for primary gold discoveries both below and along strike from existing shallow open pits.
- Exploration Results: Warriedar undertook an aggressive exploration program in 2023, which included drilling as well as airborne and ground electromagnetic (EM) surveying at both Golden Range and Fields Find. A total of ~ 36,000m of Reverse Circulation (RC) drilling was completed, resulting in the extension of 5 of the 5 gold Resources drilled (all in Mining Leases) and the advancement of several key Prospects. Importantly, the 2023 work highlighted where the 2024 focus should be – along the main mineralized shear within a 25 km long trend called the Golden Corridor. This trend already hosts 736 koz Au across 6 deposits and 16 historic pits. Results from 2023 and early 2024 included:
- Ricciardo (RDRC019): 32 m @ 3.59 g/t gold from 148 m (ended in mineralization)
- Ricciardo (RDRC020): 6 m @ 4.69 g/t gold from 142 m
- Ricciardo (RDRC002): 7 m @ 4.48 g/t from 251 m
- Ricciardo (RDRC031): 11 m @ 3.43 g/t gold from 149 m
- Windinne Well (WORC056): 4 m @ 5.17 g/t from 52 m
- Austin (AURC086): 20 m @ 1.98 g/t gold, 7.2 g/t silver, 844 ppm lead from 160 m
- Rothschild (BRRC083): 18 m @ 2.43 g/t gold from 191 m
- Mugs Luck (MLRC209): 8 m @ 2.28 g/t gold from 72 m
The Ricciardo deposit, an existing 476-koz resource in the middle of the Golden Corridor along the main shear. Assay results from drilling undertaken at the Ricciardo deposit confirmed the presence of high-grade shoots below existing oxide open pits and demonstrated the excellent exploration potential for further discoveries at Ricciardo
- Current MRE: The current mineral resource estimate for Golden Range is 945 koz contained within 19,429 kt at 1.5 g/t gold:
- 20 koz contained within 282 kt at 2.2 g/t gold measured.
- 441 koz contained within 8,887 kt at 1.5 g/t gold indicated.
- 485 koz contained within 10,080 kt at 1.5 g/t gold inferred.
- Exploration Roadmap: Warriedar has a clear line of sight on pursuing substantial resource growth and exploration success for its Western Australia projects. The focus during 2024 will be drilling for quality gold ounces to grow existing resources along the Golden Corridor, and drilling for new discoveries along the 70 km shear (ground all held by Warriedar).
Fields Find
The Fields Find Project and the location of key prospects.
Located just to the east of Golden Range, Fields Find is most notable for its highly irregular geology. Due to an intrusive complex within the greenstone sequence, the area is known to contain elevated levels of nickel, copper and gold. Although the brownfields project has been the site of previous exploration, the focus was exclusively on gold with one notable exception.
At Fields Find's southwest corner stands the historic Warriedar copper mine, which is located at the end of Warriedar's target zone, known as the Warriedar Corridor. It is also worth noting that the Murchison Province is generally known to be rich in copper with both the Golden Grove and Deflector copper mines in geological proximity.
Project Highlights:
- Copper Region: The Murchison province is known for its rich copper resource. Fields Find also encompasses the Warriedar Corridor.
- Exploration Results: Warriedar carried out a decent exploration program during 2023 which included drilling, airborne and ground-based EM surveying, at Fields Find. Results include:
- At the Rothschild gold deposit: the main gold lode along the entire strike length of the deposit was extended at depth by 150 m. Assay results included: 18 m @ 2.43 g/t gold from 191 m (BRRC083), 11 m @ 3.39 g/t gold from 197 m (BRRC081).
- New 2023 airborne electromagnetic (AEM) data covering a substantial part of the tenure which was previously un-flown. Follow-up ground EM identified several well constrained priority 1 targets, ready for drilling. Many of these are located with the layered mafic-ultramafic intrusion (the Fields Find Intrusive Complex).
- Drilling at Fields Find West confirmed a multi-phase porphyry intrusive system hosting polymetallic mineralisation comprising gold, copper, molybdenum and silver. At the Mopoke Prospect within this porphyry system, assay results returned 4 m @ 5.00 g/t gold from 92 m (MOR005).
Big Springs
Located in the prolific Nevada Gold Trend, the Big Springs Gold Project stands adjacent to First Majestic Silver's (TSE:FR) Jerritt Canyon Gold Mine Complex, which has a production history of more than 10 Moz gold. The project itself has an existing resource base of roughly 1 Moz gold and is surrounded by approximately 93 square kilometres of exploration ground prospective for Carlin-style gold.
Warriedar is currently collecting the necessary geoscience data to optimise its drill targets while also advancing its exploration permitting. It plans to recommence its drilling program upon approval of expanded permits, with a suitable partner.
The company believes the tenement package offers enormous untapped potential for growth in existing gold resources.
Project Highlights:
- Current MRE: The mineral resource estimate for Big Springs is 1,014 koz contained within 15,490 kt at 2 g/t gold:
- 129 koz contained within 860 kt at 4.7 g/t gold measured
- 428 koz contained within 6,000 kt at 2.2 g/t gold indicated
- 459 koz contained within 8,630 kt at 1.7 g/t gold inferred
Management Team
Mark Connelly - Non-executive Chairman
Mark Connelly is a seasoned financial and commercial executive with extensive resource industry experience in management leadership and board roles. His direct operational and capital markets experience spans many jurisdictions including Australia, North America, South America, Africa and Europe.
Connelly’s North American operating and development experience includes several years based in the U.S. working for Newmont Mining, one of the world’s leading gold mining companies. This included extensive exposure to and knowledge of Newmont’s flagship Nevada gold operations.
Connelly also has an outstanding track record of shareholder value growth and realisation, particularly over the last decade. This includes the development and eventual sale of Papillon Resources for approximately US$570 million and the US$597 million consolidation of Endeavour Mining with Adamus Resources.
Amanda Buckinghamn - Managing Director and CEO
Dr. Amanda Buckingham is a geophysicist who has been involved in mineral exploration for 30 years. She co-founded award-winning and industry-leading geophysical consulting firm Fathom Geophysics in late 2007, based in both Australia and the United States.
Buckingham has extensive exploration experience globally. Her early career involved work as a geoscientist and project manager at majors such as Rio Tinto, listed juniors in both Canada and Australia and several years consulting at SRK.
She also co-founded Cygnus Metals (ASX:CY5) and Desert Minerals (ASX:DM1). She is currently a director of several private companies and a research fellow at the University of Western Australia.
Dianmin Chen - Non-executive Director
Dr. Dianmin Chen is a mining engineer with more than 35 years of experience in metal mining. He has held a wide range of roles in the mining industry including technical, production and management positions in Australia, China and Canada.
Chen held executive roles with Sino Gold (general manager), Citic Pacific Mining (chief operating officer), CaNickel (executive director and CEO) and Norton Goldfields (managing director and CEO) and served as a non-executive director for several publicly listed companies in Australia and Canada, including Kalgoorlie Mining, Bullabulling Gold Mines, Sherwin Iron, Norton Goldfields, NKWE Platinum and CuDeco. He is currently a non-executive director of Global Lithium Resources (ASX:GL1).
Chen holds a Bachelor of Engineering in mining, a PhD in mining geomechanics and a WA First Class Mine Manager’s Certificate of Competency.
Stuart Burvill - GM Corporate/General Counsel
Stuart Burvill is a legal, commercial and compliance manager and civil and structural engineer with over 30 years of experience in mining, petroleum, energy, shipbuilding, defence and civil infrastructure development including rail, roads, bridges and tunnels.
Burvill has extensive experience in M&A, corporate and project finance, capital raising, ownership and funding structuring, joint ventures, construction contracts and disputes, corporate governance and administration and enterprise risk management. He holds a Bachelor of Engineering (Hons), Bachelor of Laws, MBA and Grad Dip in Applied Corporate Governance.
Graeme Morissey - Chief Financial Officer
Graeme Morissey joins Warriedar from previous director-level roles in the audit divisions of global accounting firms EY, KPMG and Grant Thornton. He has over 15 years of direct experience in servicing clients within the mining exploration and development sector. This includes specific expertise extending across compliance with Australian Securities Exchange (ASX) and Department of Mines regulation.
Morissey has also consulted directly with CFOs within the Australian mining sector, which has included optimisation of internal reporting processes on performance, cash flow forecasting, and adherence to budgets. He is a chartered accountant and a fellow of the Governance Institute of Australia.
Morissey holds a Bachelor of Commerce from McMaster University in Canada.
David Palumbo - Company Secretary
David Palumbo from Mining Corporate is a chartered accountant and graduate of the Australian Institute of Company Directors with over 14 years of experience across company secretarial, corporate advisory and the financial management and reporting of ASX-listed companies. He currently acts as company secretary for a number of ASX-listed companies and serves on the board of Krakatoa Resources (ASX:KTA) and Kaiser Reef (ASX:KAU).
Steve McMillin - Exploration Manager (Nevada)
Steve McMillin is a highly experienced and well-respected exploration geologist. He has over 35 years of practical mineral exploration experience in the United States, with particular expertise in Carlin-style gold projects in Nevada.
Before joining Warriedar Resources, McMillin was at Jerritt Canyon Gold for seven years, including as chief mine geologist. The producing Jerritt Canyon Gold Mine is located only 20 kilometres away from Big Springs along the same mineralisation trend. During his time there, he led underground near-mine exploration and resource development, helping to discover 12 new economic deposits and develop several.
Prior to 2016, McMillin was chief mine geologist at Fire Creek with Klondex, senior exploration geologist with Midway Gold at the Spring Valley and Pan-Goldrock deposits, senior mine geologist at Jerritt Canyon with AngloGold and Queenstake Resources and project geologist with Newmont Exploration in Nevada.
He is a certified professional geologist with American Institute of Professional Geologists, and member of the Geological Society of Nevada and the Society of Economic Geologists.
Thomas Dwight - Exploration Manager (Western Australia)
Thomas Dwight has worked in mineral exploration for several years across Australia and within multiple commodities. He has previously focused on Western Australia gold exploration, including the development of the Tampia Hill Resource with Explaurum Operations, but also has experience in porphyry copper mineralisation managing exploration for Duke Exploration in Queensland.
During his time in the industry, his focus has been exploration, project development and database management. Dwight holds a Bachelor of Science with Honours from the University of Otago, majoring in geology/earth science.
Peng Sha - Chief Geologist
Peng Sha is a geologist with more than 12 years experience in the exploration and evaluation of copper, gold, lead, zinc, silver, rare earth and lithium mining and exploration projects. He has extensive expertise working with several different deposit types across prospective mining jurisdictions, including Australia, Serbia, China and Latin America.
Sha held senior geologist roles in Global Ore Discovery, Ballarat Gold Mine and AuKing Mining. He was also the exploration manager for Zijin Mining Serbia, where he led the exploration team in the development of annual greenfield and brownfield exploration programmes for world-class porphyry, high and low sulphidation epithermal gold and copper deposits and VMS lead-zinc-silver deposits.
Sha holds a Master of Applied Science, Geology and an Honours Degree in Economic Geology (first class) from James Cook University. He is a member of the Society of Economic Geologists and AusIMM.
Quarterly Activities Report for the Period Ended 31 March 2024
Warriedar Resources Limited (ASX: WA8) (Warriedar or the Company) is pleased to report on its activities for the quarter ended 31 March 2024.
HIGHLIGHTS
Golden Range and Fields Find Projects, Western Australia
- Drilling activities for CY2024 commenced at the Golden Range Project with a reverse circulation (RC) program at the Ricciardo deposit, twenty-one (21) holes drilled for 3,500m drilling.
- Ricciardo sits in the middle of the 25km-long ‘Golden Corridor’ at Golden Range, which hosts six discrete deposits (18 historic pits) that are all open at depth and possess immediate growth potential.
- Assay results from three (3) holes drilled in December and eighteen (18) holes drilled in February were received during the quarter, with all holes returning significant gold mineralisation. Results include:
- 32m @ 3.59 g/t Au from 148m, incl. 1m @ 10.85 g/t Au from 151m
- 8m @ 11.40 g/t Au from 166m, incl. 3m @ 22.38 g/t Au from 167m
- 3m @ 5.61 g/t Au from 114m, incl. 1m @ 11.20 g/t Au from 114m
- 11m @ 3.43 g/t Au from 149m
- 6m @ 4.69 g/t Au from 142m
- 8m @ 2.63 g/t Au from 160m
- 9m @ 1.97 g/t Au from 201m
- 20m @ 1.03 g/t Au from 177m
- 14m @ 1.15 g/t Au from 114m
- Results demonstrate the excellent potential for further Resource growth along the ‘Golden Corridor’, below and between historic open pits.
- Assay results from a further three (3) holes drilled beneath the Ardmore pit are pending, with results anticipated this month.
- Further growth-focused drilling along the ‘Golden Corridor’ is planned for Q2 CY2024.
- Proposed Plan of Operation (PoO) application continues to progress.
Corporate
- Resignation of Non-Executive Director Mr Mingyan (Joe) Wang.
- Successful bookbuild for A$6.0 million two-tranche equity placement, with binding commitments received from new and existing shareholders.
- Cash of A$4.8 million as at 31 March 2024 and zero debt (excluding typical trade creditor balances).
Western Australian Projects
The Golden Range and Fields Find Projects (the Projects) are located approximately 350 km northeast of Perth and 260 km east-southeast of Geraldton (Figure 1). The total consolidated land package of the Projects is 813 km2, extending for over 70 km of strike from north to south and covering much of the central Yalgoo-Singleton and Warriedar Archean greenstone belts.
Click here for the full ASX Release
This article includes content from Warriedar Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Further High-Grade Extensional Gold Intercepts Returned at Ricciardo
Warriedar Resources Limited (ASX: WA8) (Warriedar or the Company) is pleased to advise of further assay results from drilling undertaken at the Ricciardo deposit (previously known as Silverstone) within its Golden Range Project, located in the Murchison region of Western Australia.
HIGHLIGHTS:
- Assay results received for an additional six (6) RC holes drilled at the Ricciardo deposit, with all holes intersecting significant gold intervals including:
- 8m @ 11.40 g/t Au from 166m, incl. 3m @ 22.38 g/t Au from 167m (RDRC041)
- 8m @ 2.63 g/t Au from 160m (RDRC034)
- Results further increase the known extent of the high-grade shoot beneath the historic Silverstone pit.
- Represents significant mineralisation intersected outside the current Mineral Resource model delivering immediate growth potential.
- Assays from a residual three (3) RC holes beneath the Ardmore pit (at Ricciardo) are pending, with results anticipated within the next two weeks.
- The Ricciardo deposit remains open along strike and at depth, with further growth- focussed drilling set to commence this quarter.
- Ricciardo sits in the middle of the 25km-long ‘Golden Corridor’ at Golden Range, which hosts six discrete deposits (18 historic pits) that are all open at depth and possess immediate growth potential.
- Ricciardo and the ‘Golden Corridor’ are Warriedar’s key exploration focus in 2024.
Warriedar Managing Director and CEO, Amanda Buckingham, said:
“This is another very pleasing set of results from our recent drilling at Ricciardo. Combined with the initial results released in March, they readily demonstrate why we have made the Golden Corridor the primary focus of our 2024 exploration activities. At Golden Range we have scale, plus grade, and immediate and substantial resource growth potential. We look forward to receiving the remaining assays, as well as recommencing drilling this quarter.”
Click here for the full ASX Release
This article includes content from Warriedar Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
A$6.0M Placement to Drive Resource Growth at the Golden Range Gold Project
Warriedar Resources Limited (ASX: WA8) (Warriedar or the Company) is pleased to advise that it has secured binding commitments for a two-tranche placement to raise A$6.0 million through the issue of approximately 157.9 million shares at an issue price of A$0.038 per share (Placement).
HIGHLIGHTS:
- Strong support received from new and existing shareholders.
- Funds raised to be directed towards materially increasing the Resource at the Golden Corridor, a 25km long gold deposit trend at Warriedar’s infrastructure-rich Golden Range Project in the Murchison region of Western Australia.
- The Golden Corridor contains an existing Mineral Resource Estimate (MRE) of 736koz gold1 across 6 deposits and 18 historic pits, all on permitted Mining Leases (ML’s).
- Further assays from 2024 extensional RC drilling at the Ricciardo deposit, in the middle of the Golden Corridor, are expected to be received mid-April. These results, in combination with the outstanding results already received at Ricciardo (including 32m @ 3.6 g/t Au from 148m2) will be integrated into the deposit model and drill plan for 2024.
- The next phase of drilling within the Golden Corridor is scheduled to commence in May at the Ricciardo deposit, targeting extensions to high grade shoots below and along strike from existing shallow open pits.
Warriedar’s Managing Director and CEO, Amanda Buckingham, commented:
“I would like to thank all shareholders and new investors that participated in the placement bookbuild. The funds raised allow us to continue drilling at the Golden Corridor, the area within our tenure that we believe has the best opportunity for immediate and substantial Resource growth.
We should receive assay results from the remaining 9 holes of the Ricciardo program in a couple of weeks. These results, along with those already released, will be used to fine tune the upcoming drill program scheduled to commence in May. We will continue to chase the high-grade shoots at Ricciardo.
The 2024 drilling will be very focussed, targeting quality gold ounces, below and along strike from existing shallow open pits along the Golden Corridor. A simple, yet proven strategy.”
Use of funds
The funds raised will be used to continue drilling along the Golden Corridor, a 25km long trend of highly prospective ground with an existing MRE of 736koz gold1 across 6 deposits, including 18 historic pits, all on permitted ML’s; within the Golden Range Project.
Assays results from the remaining 9 holes drilled at the Ricciardo deposit (in the middle of the Golden Corridor) are expected mid-April.
These results, in combination with the outstanding results already received from Ricciardo this year (including 32m @ 3.6 g/t Au from 148m2), will assist with finalising the plan for the next drill program (2024 Drill Program 2) scheduled to commence in approximately 6 weeks’ time.
Drilling will be focussed on the Ricciardo deposit in Q2 2024, targeting extensions to high-grade shoots, below shallow open pits.
Warriedar plans to drill an additional 12,000m across the Golden Corridor during CY2024, including a diamond drilling program to extend RC holes that end in mineralisation. Each drill program will build on knowledge from the last, with the goal of materially increasing the Resource by defining quality high-grade gold ounces.
Figure 1: The location of the Golden Range Project, the Golden Corridor (within the Project) and the Ricciardo deposit; with respect to the surrounding mines and mills in the southern Murchison Province of WA.
Figure 2: Ricciardo long section outlining relative location of current mined pits to defined mineralised zones
Placement details
An equity raising of A$6.0 million (before costs) via a two-tranche Placement. Approximately 157.9 million New Shares will be issued under the Placement.
The Placement will occur in two tranches as follows:
- An unconditional placement of 119.1 million fully paid ordinary shares, to raise approximately A$4.5 million, will be issued using the Company’s available Listing Rules 7.1 and 7.1A capacity (Tranche 1); and
- A conditional placement of 38.8 million fully paid ordinary shares, to raise approximately A$1.5 million, will be issued subject to Warriedar shareholder approval to be sought at an upcoming General Meeting expected to be held in late-April 2024 (General Meeting) (Tranche 2).
A$0.4 million of New Shares issued under Tranche 1 will be settled on a deferred basis on 14 April 2024 (Tranche 1 Deferred Settlement).
Warriedar’s directors have also applied to participate in the Placement for A$60,000 as part of Tranche 2 which will be subject to Warriedar shareholder approval the General Meeting (Director Participation).
New shares issued will rank equally with existing shares on issue.
Click here for the full ASX Release
This article includes content from Warriedar Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Warriedar Delivers High Grade Gold Extensions at Ricciardo
Warriedar Resources Limited (ASX: WA8) (Warriedar or the Company) is pleased to release assay results from drilling undertaken at the Ricciardo deposit (previously known as Silverstone) within its Golden Range Project located in the Murchison region of Western Australia. The results released today have confirmed the presence of high-grade shoots below existing oxide open pits and demonstrates the excellent exploration potential for further discoveries at Ricciardo.
HIGHLIGHTS:
- Assay results received for thirteen (13) RC holes drilled at the Ricciardo deposit with all holes intersecting significant intervals of gold mineralisation, including:
- 32m @ 3.59 g/t Au from 148m, incl. 1m @ 10.85 g/t Au from 151m (RDRC019)
- 11m @ 3.43 g/t Au from 149m (RDRC031)
- 14m @ 1.15 g/t Au from 114m (RDRC022)
- 3m @ 5.61 g/t Au from 114m, incl. 1m @ 11.20 g/t Au from 114m (RDRC025)
- Drilling has identified two new high-grade shoots beneath the historical open pits at Silverstone and Silverstone South.
- Significant extensions of high-grade gold mineralisation have been intersected under the Ricciardo deposit at shallow depths (of between 150 - 200m) – which confirms the potential for further discoveries below historical open pits.
- Drilling demonstrates the excellent potential for significant growth of the Ricciardo deposit and Resource.
- Assays from a further nine (9) RC holes are pending with results anticipated to be received in the next four weeks.
- The Ricciardo deposit remains open along strike and at depth, with further growth-focussed drilling of this area planned from Q2 CY2024.
- Ricciardo sits in the middle of the 25km long Golden Corridor at Golden Range, which hosts six discrete deposits that are all open at depth and possess immediate growth potential.
- Ricciardo and the Golden Corridor to be the key focus of Warriedar’s exploration in 2024.
“We are very pleased with the results from this first batch of assays from the growth-focussed 2024 drilling program at Ricciardo. The results demonstrate the excellent potential to expand the Mineral Resource at Ricciardo, which has a strike length of 2.3km with high-grade gold mineralisation occurring at numerous locations along the trend.
With further assays pending, and follow-up drilling planned to commence from next quarter, we are excited as to what our exploration activities at Ricciardo can deliver for Warriedar this year.”
Engage with this announcement at the Warriedar InvestorHub
Figure 1: Location of the Ricciardo deposit within the Golden Range Project.
Robust high-grade extensions delivered across Ricciardo
21 holes have been drilled at Ricciardo during 2024 for 3,500m of drilling. This drilling was targeted to significantly extend the Ricciardo Mineral Resource boundaries at depth and along strike. The results released today have been able to achieve both goals.
Assay results have now been received for 13 holes drilled at Ricciardo. All 13 holes have returned significant gold intercepts, as reported in Table 2, with the better results provided below;
- 32m @ 3.59 g/t Au from 148m in RDRC019 beneath Ardmore pit.
- 11m @ 3.43 g/t Au from 149m in RDRC031 beneath Silverstone pit.
- 8m @ 1.84 g/t Au from 171m in RDRC032 beneath Silverstone pit.
- 14m @ 1.15 g/t Au from 114m in RDRC022 beneath Silverstone South pit.
- 10m @ 1.63 g/t Au from 156m in RDRC027 (ended within mineralisation) beneath Silverstone South pit.
The results have identified two additional high grade gold shoots within existing mineralisation as well as significant down-dip extension of the known mineralisation below the historic Silverstone and Silverstone South open pits. These results demonstrate the high-grade growth potential beneath Ricciardo both along strike and down dip of all five historic pits (Eastern Creek, Silverstone South, Silverstone (Copse), Ardmore, and Silverstone North) see Figure 3.
The Ricciardo deposit has a current Mineral Resource estimate of 8.7 Mt @ 1.7 g/t Au for 476 koz gold (6 koz Measured, 203 koz Indicated, 267 koz Inferred).1 The oxide material at Ricciardo (extending to 45 - 60m depth) has previously been mined across two separate phases: 2001 - 04 and 2013 - 19.
The Ricciardo gold system spans a strike length of approximately 2.3km, with very limited drilling having been undertaken below 100m depth.
The high-grade shoots comprising the Ricciardo mineralisation remain open both at depth and along strike. As a result of the strong growth potential (and its existing scale and grade), Ricciardo is a key focus area for Warriedar this year. Follow-up drilling at Ricciardo is planned from Q2 CY2024.
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This article includes content from Warriedar Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Drilling Recommences at Ricciardo
Warriedar Resources Limited (ASX: WA8) (Warriedar or the Company) is pleased to announce the commencement of 2024 drilling activities at its Golden Range and Fields Find Projects in the Murchison region of Western Australia. Initial activities are focussed on an extensional Reverse Circulation (RC) drilling program at the sizeable Ricciardo gold deposit.
HIGHLIGHTS:
- Warriedar's 2024 drilling activities in the Murchison have commenced with a 3,000m RC drilling program at the key Ricciardo deposit.
- The objectives of the drill program are to:
1. Extend known high grade shoots (adding high-grade ounces);
2. “Step-out” drilling to test for interpreted / new high-grade shoots (to add further high-grade ounces); and
3. Improve confidence of the existing Mineral Resource (upgrade classification) and evaluate early mining potential via cutback of existing pits.
- Ricciardo hosts an existing Mineral Resource (476 koz gold)1 over a strike length of approx. 2.3km, and with very limited drilling below 100m depth.
- Ricciardo sits in the middle of the 25km long Golden Corridor at Golden Range, which hosts six discrete deposits that are all open at depth and possess immediate growth potential.
- Warriedar drilled three of these deposits last year (including Ricciardo) and successfully extended mineralisation at all three; key results from Ricciardo included (previously released):
- 20m @ 4.78 g/t Au from 148m (RDRC019)
- 6m @ 4.69 g/t Au from 142m (RDRC020)
- 7m @ 4.48 g/t Au from 251m (RDRC002)
- A follow up diamond drilling program is planned at Ricciardo following completion of the current RC drilling.
As a result of its scale, grade and further immediate growth potential, Ricciardo is a key focus area for Warriedar this year. Ricciardo is located on a granted Mining Lease, is accessible via a well- conditioned haul road, and is located approx. 8 kms (by road) to Warriedar’s existing oxide process plant and approx. 26 kms (by road) to the neighbouring Golden Grove plant.
A follow-up diamond drilling program is planned at Ricciardo for further extensional and geotechnical testing purposes.
Figure 1: Location of the Ricciardo deposit within the Golden Range Project.
Figure 2: Ricciardo sits in the middle of the 25km long Golden Corridor, from Austin in the north to Bugeye in the southClick here for the full ASX Release
This article includes content from Warriedar Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
China-Based Battery Grade High-Purity Mn Feasibility Study
BUILDING A LOW-COST, HIGH-PURITY MANGANESE SULPHATE PLANT
Unique, Low-Cost, Speed-to-Market Strategy
Successfully executing a high-purity manganese sulphate strategy to supply into the rapidly expanding LMFP battery market. Recent investor site visit in China successfully demonstrated the compelling opportunity for Firebird to establish itself as a key, low-cost, near-term producer
Sustainable Economics and Perfect Timing
Firebird to become of one of the lowest-cost battery grade MnSO4 producers, placing the Company in a competitive position in all market environments, at a time when the LMFP market is forecasted for exponential growth and become a >US$20 billion market by 2030. Stage two of operations will be led by flagship Oakover Project, which is underpinned by an 18-year Life of Mine, ~A$741.3 M NPV and IRR of 73.1%, with pay back in 16 months 1
Management, Board and In-Country Team with Sector Leading Credentials
Led by a Board and Management team with proven abilities of building companies through the lifecycle and into production. Assembled a proven and high-quality team in China, who are leaders in the development and production of high-purity manganese
Well-Funded and Supported
Strong cash position of $6.1m (31 Mar 2024) to fund key workstreams across China strategy and at Oakover. Firebird has attracted a strong investor register supported by highly- reputable investor Canmax Technologies Co., Ltd who has a 9.7% holding in the Company
DISCLAIMER
This presentation contains summary information about Firebird Metals Limited (Firebird) (ABN 24 610 035 535) and is current as of 7th May 2024. The information in this presentation is of a general background and does not purport to be complete. This presentation is not investment or financial product advice (nor tax, accounting or legal advice) and is not intended to be used for the basis of making an investment decision.
The information contained in this presentation has been prepared without taking into account the objectives, financial situation or needs of individuals. Investors should obtain their own advice before making any investment decision. Firebird has prepared this document based on information available to it at the time of preparation. No representation or warranty, express or implied, is made as to the fairness, accuracy or completeness of the information, opinions and conclusions contained in this presentation.
This presentation contains certain “forward-looking statements”. Forward looking statements can generally be identified by the use of forward-looking words such as, “expect”, “should”, “could”, “may”, “predict”, “plan”, “will”, “believe”, “forecast”, “estimate”, “target” and other similar expressions. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements. Forward- looking statements, opinions and estimates provided in this presentation are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. Forward-looking statements including projections, guidance on future earnings and estimates are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance
This presentation contains statements that are subject to risk factors associated with Firebird and the mining exploration industry. It is believed that the expectations reflected in these statements are reasonable, but they may be affected by a range of variables which could cause actual results or trends to differ materially. Firebird disclaim any intent or obligation to publicly update any forward-looking statements, whether as a result of new information, future events or results or otherwise. To the maximum extent permitted by law, Firebird, their related bodies corporate (as that term is defined in the Corporations Act 2001 (Cth)) and the officers, directors, employees, advisers and agents of those entities do not accept any responsibility or liability including, without limitation, any liability arising from fault or negligence on the part of any person, for any loss arising from the use of the presentation or its contents or otherwise arising in connection with it.
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Feasibility Study Confirms Potential for Low-Cost, High-Purity Manganese Production
Firebird Metals Limited (ASX: FRB, “Firebird” or “the Company”) is pleased to announce excellent results from the Company’s Battery Grade Manganese Sulphate Feasibility Study (“Feasibility Study” or “Study”) for stage one of production in China, which will utilise third party manganese ore to produce high-purity manganese sulphate.
HIGHLIGHTS
CHINA-BASED HIGH-PURITY MANGANESE PROJECT FEASIBILITY STUDY RESULTS
- Study results demonstrate the opportunity for Firebird to become a low-cost producer of high-purity manganese sulphate
- Significant cost, development and operational advantages gained by building a plant and establishing operations in China
- Feasibility Study incorporated conservative cost estimates and the lowest selling sulphate price compared with peers
- Key results include:
- Projected CAPEX of US$ 83.5 million – refer to pages 14, 15 and 17 of the Feasibility Study
- Projected Working Capital of US$ 10.6 million - refer to pages 14 and 15 of the Feasibility Study
- Chinese circular industry and plant location within the Jinshi High-Tech Industrial Park provides localised key reagents and inputs that drive a low OPEX of approximately US$609/mt for production of battery grade manganese sulphate
- Plant Capacity for Battery Grade Manganese Sulphate (MnSO4) of 50kt/a & Manganese Tetra Oxide (Mn3O4) 10kt/or equivalent MnSO4 of 72.5kt/a
- Firebird aims to become a low-cost producer of battery grade high-purity manganese at a time when the Lithium Manganese Iron Phosphate (LMFP) battery market is forecast to experience significant growth in coming years
DEVELOPMENT PROGRESS UPDATE
- Strong progress and support from the Jinshi Government and tier-one banks for the development and construction of the Company’s Battery-Grade Manganese Sulphate Plant
- Advanced discussions with Chinese Banks regarding attractive financing options, with the Company expecting to provide an update in the coming weeks
- Positive formal advice from Jinshi Government and relevant departments regarding the process to repatriate profits generated from operations
- European customer site visits and offtake discussions commenced with initial positive feedback
- Third party manganese ore offtake discussions for the Study progressing well
- Permitting and design completion expected by late Q3 2024
- Final Investment Decision expected in H2 2024, with a 12-15 month construction
- Flagship Oakover Project continues to be an integral part of Firebird’s long term manganese battery materials strategy and development at the site is ongoing
The Feasibility Study referred to in this announcement is a Technical Feasibility of the establishment of the Battery Grade Manganese Sulphate Project Stage 1 Processing Plant in China (the Plant).
The Feasibility Study is based on the material assumptions contained in the Feasibility Study document accompanying this announcement. These include assumptions about the availability of funding. While the Company considers all of the material assumptions to be based on reasonable grounds, there is no certainty that they will prove to be correct or that the range of outcomes indicated by the Feasibility Study will be achieved.
Investors should note that there is no certainty that the Company will be able to raise the amount of funding to develop the Plant when needed. It is also possible that such funding may only be available on terms that may be dilutive to or otherwise affect the value of Company’s existing shares.
It is also possible that the Company could pursue other ‘value realisation’ strategies such as a sale, partial sale or joint venture of the Plant. If it does, this could materially reduce the Company’s proportionate ownership of the Plant.
Given the uncertainties involved, investors should not make any investment decisions based solely on the results of the Feasibility Study.
The Company’s long-term strategy is to develop into a low-cost manganese producer and provide security of supply across both traditional outputs and new materials being used in fast-growing energy storage industries.
Completion of the Feasibility Study follows the announcement by Firebird in September 2023 of the Company’s China-based Lithium Manganese Iron Phosphate (“LMFP”) growth strategy, aimed at establishing the Company as a low-cost producer of battery-grade MnSO4 (high-purity manganese sulphate) and Mn3O4 (high purity manganese tetra oxide). Both products are key cathode materials in LMFP batteries for electric vehicles.
LMFP is considered a key future cathode for electric vehicle (“EV”) batteries and is a significant upgrade from the Lithium Iron Phosphate (LFP) cathode, which is currently he most popular EV battery cathode.
Adding high purity manganese sulphate (MnSO4) to LFP, creates LMFP, delivering significant operational and safety benefits to a battery, including:
- a higher thermal runaway temperature than nickel-based batteries
- costs approximately 30% lower than nickel-based batteries
- enhanced voltage platform and 15-20% increase in energy density
The Chinese chemical project design and engineering process differs from western processes.
A Feasibility Study is completed first and forms the basis of engineering design, government permitting and financing activities. The Feasibility Study contains a large portion of compliance and project economics assessment.
The Feasibility Study was completed by Hunan Chemical Engineering Design Institute Co., Ltd (“HCEDI”) and in line with stringent Chinese regulations. Importantly, HCDEI have completed several similar studies for the Chinese Manganese Sulphate industry.
HCEDI is the leading MnSO4 project design institute globally and Firebird’s in-country technical team have previously worked closely with HCEDI on several projects.
Results from the China-based high-purity manganese project Feasibility Study validates Firebird’s LMFP battery strategy to produce battery grade manganese sulphate in China.
These results have continued to build upon the solid platform for Firebird to successfully deliver on its vision to become a global leader in the manganese industry, combining mining and downstream processing with a dedication to the advancement of the Li-ion battery sector.
The company is working closely with HCEDI on preliminary plant design which is 50% complete. At the same time, equipment supplier engagement and due diligence of supplier’s manufacturing process and supplier’s customer experience are vital in the development and operational process in China. Through this process, the Company has identified that further efficiencies can be achieved and has applied for two patents on energy saving (calcining process & product drying), which will further improve the impressive economics of the Project.
Click here for the full ASX Release
This article includes content from Firebird 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.
30,300 Tonnes Processed in Opening Campaign of 2024.
Six Doré Bars Delivered to Perth Mint.
Through our joint venture with BML Ventures Pty Ltd of Kalgoorlie (BML), Auric Mining Limited (ASX: AWJ) (Auric or the Company) is pleased to announce that toll milling of 30,300 dry metric tonnes of gold ore from the Jeffreys Find Gold Mine (the Project) near Norseman is now complete.
Highlights
- 30,300 tonnes processed by Coolgardie Mill for first gold campaign of 2024.
- 6 Doré bars weighing 64.68 kg delivered to Perth Mint.
- First gold sales now imminent.
- Total ounces and reconciliation of campaign to be advised.
- Joint Venture remains on track to mill more than 300,000 tonnes in 2024.
Managing Director, Mark English, said“BML are wrapping up the first gold campaign of the year from Jeffreys Find.
“It looks good and will create millions of dollars in gross revenue for our joint venture.
“BML are currently stockpiling ore at the mine and at the mill. The next processing campaigns at the mill are scheduled for July and August 2024.
“Jeffreys Find Gold Mine will be a substantial cash producer to Auric throughout 2024 and 2025,” said Mr English.
Doré bars at Greenfields Mill.
Photo of the pit at Jeffreys Find (2 May 2024).
The Greenfields Mill at Coolgardie (Greenfields) commenced milling of Jeffreys Find ore on 17 April 2024 and the campaign finished on 30 April 2024. The first six Doré bars of the campaign, weighing 64.68kg, have been poured and dispatched to the Perth Mint for refining and sale.
The number of ounces of gold from the campaign and gross revenue from gold sales will be known shortly and advised to the ASX. BML are continuing to mine and stockpile ore on the mine site ROM Pad and at the Greenfields Mill. The next gold campaigns are scheduled for July and August 2024.
BML expects to mill more than 300,000 tonnes of ore during Stage Two of The Project. Stage One saw 176,000 tonnes processed to recover 9,741 ounces of gold.
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.
Multiple Thick Scandium Zones at Murga
Rimfire Pacific Mining (ASX: RIM, “Rimfire” or “the Company”) is pleased to advise that a recent 100-hole air core drilling program has successfully defined thick zones of strong scandium anomalism from surface, across multiple locations at the Murga Scandium Prospect which is located on Rimfire’s Fifield Project 70kms NW of Parkes NSW (Figure 1).
Highlights
- Thick zones of strong scandium anomalism defined from surface across multiple locations throughout 20km² Murga Intrusive Complex (true widths);
- 22m @ 232ppm Sc from surface incl 12m @ 305ppm Sc,
- 22m @ 156ppm Sc from 2m incl 4m @ 220ppm Sc,
- 28m @ 148ppm Sc from 5m incl 6m @ 291ppm Sc,
- 13m @ 188ppm Sc from 3m incl 4m @ 248ppm Sc,
- 18m @ 174ppm Sc from 1m incl 3m @ 226ppm Sc
- Drill Intercepts remain open in all directions with further air core and diamond drilling planned to determine the lateral extents of the scandium at each location
- Scandium occurs within a flat-lying weathered saprolite horizon developed on top of ultramafic (pyroxenite) intrusive rocks
Rimfire’s primary objective is to build a globally significant scandium resource inventory at our Fifield and Avondale Projects. The Murga intersections announced today in conjunction with the upcoming Melrose resource are the first components in satisfying that objective.
Rimfire offers unique ASX exposure to scandium and we feel that the shallow mineralisation which occurs over a large footprint gives rise to the potential for Murga to host a large-scale scandium resource”.
Drilling details
100 Air core holes (FI2472 to FI2571 - 2,664 metres: Table 1) were drilled to determine the significance of a Rimfire 2023 reconnaissance air core drilling program which successfully intersected strongly anomalous scandium in multiple drillholes at Murga (See Rimfire ASX Announcement dated 3 October 2023).
At Murga, scandium occurs within a flat – lying weathered saprolite (clay) horizon overlying magnetic ultramafic (pyroxenite) intrusive rocks of the Ordovician-age Murga Intrusive Complex, which have been demonstrated from previous drilling at both Murga and the adjacent Melrose Prospect to be intimately associated with scandium mineralisation (See Rimfire ASX Announcement dated 6 December 2023).
The most recent air core holes were drilled on 100 x 100 metre centres at Murga North and on 400 x 400 metre centres over the remainder of the Murga Intrusive Complex. In total the drilling was carried out over an area of approximately 20km² with locations shown in Figures 4 and 5.
The drilling has successfully defined an initial 4 areas - Murga North, Murga Northwest, Murga East and Murga South within the Murga Intrusive Complex for immediate drill follow up Figures 2 - 6).
All are characterised by thick vertical widths of strong scandium anomalism (+100ppm) with little of no associated nickel and / or cobalt anomalism which is in contrast to other scandium prospects in the area.
Significantly all the areas remain open and further drilling is required to determine the lateral extents of the scandium at each location.
Also, several magnetic features within the Murga Intrusive Complex that were not assessed by this phase of air core drilling have (based on the latest drilling results) been subsequently identified as new scandium targets for drill testing. These targets are additional to the 4 areas detailed below and include a +1 kilometre – long, WNW trending linear magnetic feature immediately west of the Murga East scandium area (Figure 2).
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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.
Firebird Metals Limited (ASX: FRB) – Trading Halt
Description
The securities of Firebird Metals Limited (‘FRB’) will be placed in trading halt at the request of FRB, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Wednesday, 8 May 2024 or when the announcement is released to the market.
ASX Compliance
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This article includes content from Firebird 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.
Investor Presentation Fiery Creek Georgetown
FIERY CREEK COPPER PROSPECT
- Georgetown Project Queensland
- Fiery Creek Copper Prospect
- 29 square kilometre Yataga Granitoid Intrusive Complex
- Identified as potential massive scale constrained copper porphyry system
- Targeting millions of tonnes of contained copper in “pencil porphyry style” Cadia type system
- 1,000 mines, prospects, mineral occurrences in Georgetown District
- 3 exploration permits covering 850km2
- Significant historical gold production, very little systematic modern exploration
- Gold, lithium, silver, lead, zinc, copper, tin, tantalum, niobium, uranium, fluorine and molybdenite
- 8 potential scale prospects gold, copper, silver lead identified to date
- 23% copper, 14 ounces silver (460 g/t)* from rock samples in quartz breccia hosted veins at Fiery Creek
- Hosted within the massive Yataga Granitoid Complex
- 1600m x 750m outcropping copper veining up to 2m wide
- Interpreted shallow constrained, scale porphyry copper system
- Veining has extensive secondary copper mineralisation at surface
- Multi element assays point to possibility of a significant copper polymetallic system
- Pathfinder element anomalism widespread
- 2 geochemistry surveys completed by EMU
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