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MTM Critical Metals (ASX:MTM) (MTM or the Company) has commenced its exploration of its new West Arunta niobium REE project where it is targeting high-value mineralisation associated with carbonatites.
Highlights:
- MTM has commenced exploration on 3 granted exploration licences in Western Australia’s West Arunta region, immediately adjacent to ground held by WA1 Resources Ltd (ASX:WA1) and Encounter Resources Ltd (ASX:ENR).
- MTM’s exploration program designed to replicate and expand on WA1’s successful journey to date.
- Negotiation of heritage agreements with local Native Title holders currently in progress.
MTM Managing Director, Mr Lachlan Reynolds said the West Arunta Project obtained through the recent acquisition of Flash Metals Pty Ltd provides the Company with compelling exploration opportunities in an under-explored terrane.
“The West Arunta region is one of Australia’s critical metal exploration hotspots with over $60m in exploration expenditure collectively invested in the district by a number of ASX companies including WA1 Resources Limited (ASX:WA1), Encounter Resources Limited (ASX:ENR), Rio Tinto Limited (JV with Tali Resources Pty Ltd) (ASX:RIO) and CGN Resources Limited (ASX:CGR).”
“We are very pleased to start exploration on our ground in the West Arunta province, where there is an opportunity to discover new niobium-rare earth deposits associated with carbonatites. There has been limited exploration in the area, so collection of basic exploration datasets like detailed geophysics could reveal quality targets near to the emerging mineralised carbonatite projects identified by both WA1 and Encounter” Mr Reynolds said.
“It is especially fortunate as WA1 has recently released additional high grade niobium results (including 9m at 3.7% Nb2O5, 12m at 3.4% Nb2O5, 120m at 1.0% Nb2O5)1 as they look more and more likely to deliver a world class niobium resource. We are fortunate to have secured ground that is within 10km of the Luni niobium discovery and within 20km of the P2 niobium discovery and we are looking forward to getting on the ground.”
The Company is currently reprocessing available geophysical survey data and is assessing options for the collection of new magnetic and gravity geophysical data that will be utilised to generate drilling targets. Like the recent discoveries, the exploration program will focus on concealed coincident gravity and magnetic targets within prospective basement rocks that could represent mineralised carbonatite intrusions. Ultimately these targets will be tested with drilling.
MTM has also commenced negotiations regarding heritage agreements with the local Native Title holders to obtain access to the tenements.
West Arunta Niobium REE Project
Covering ~140km2, the granted West Arunta exploration licences are located immediately adjacent to tenements held by WA1 and Encounter, where niobium-REE mineralised carbonatites have recently been discovered (Figure 1).
Figure 1: The West Arunta Niobium-REE Project comprises three granted exploration licences in eastern central Western Australia, located within the Gibson Desert about 80 to 130km west of the Northern Territory/ Western Australia border.
Historical exploration in the West Arunta WA REE tenement areas is very limited and the Company has recently completed a compilation of the exploration data for the area, which shows that there has been no drilling on the ground, nor have any systematic geochemical sampling or detailed geophysical surveys ever been completed.
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This article includes content from MTM Critical Metals, 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.
MTM:AU
Unconformity Uranium Drill Targets Identified from 2024 Geophysical Data
Key Highlights
- Final data received and interpretation completed for the ground electromagnetic geophysical surveys from the winter 2024 program at the Marshall and North Millennium projects.
- Several conductive anomalies identified at Marshall, located above and below the unconformity, consistent with regional exploration model.
- Stacked anomalies concurrently with multigenerational geophysical data provides a base to assess the exploration targets and refine drillhole targets.
- The projects are located 15 kilometres from the majority Cameco owned Millennium deposit, and just 40km from the world class McArthur River mine.
- Basin remains funded for the next round of field exploration.
The ground electromagnetic successfully identified 3 main targets which confirms the geological and exploration model. Of note is Target 1 (Figure 1), where modelled EM plates below the unconformity align with a sandstone ZTEM anomaly, which is interpreted to be alteration within sandstone. The identification of these targets is encouraging and consistent with regional trends in the southeastern Athabasca and provides increased confidence in drill hole targeting. Basin is currently reviewing options and priorities of how to progress exploration of these confirmed targets.
Basin’s Managing Director, Pete Moorhouse, commented:
“Conducting ground geophysical surveys on Marshall and North Millennium was a milestone in advancing these underexplored projects in Basin’s uranium portfolio. The form of these anomalies is highly encouraging given the proximity to some of the world’s largest uranium deposits.”
Key results
Following the encouraging conductive anomalism highlighted by the 2023 3D inversion of two historic airborne Electromagnetics (Z‐Tipper Axis) (“ZTEM”) datasets partially covering the current North Millennium and Marshall projects3,4, Basin contracted Discovery International Geophysics5 to carry out ground Stepwise Moving Loop Transient Electromagnetic (‘Ground EM’) surveys on areas of immediate interest within the Projects.
Figure 1 Three main anomalies shown from 2024 ground EM, in plan view (top diagrams) and cross- section looking northeast (bottom diagram). The ground EM anomalies are displayed with the modelled plates against the historical ZTEM data.
The 2024 Ground EM survey data returned six conductive anomaly picks producing three main target areas (Figure 1). The anomalies correlate strongly with the southern edge of the circular ZTEM conductive anomaly at Marshall and the interpreted northern edge of the circular anomaly identified in the historic data. A weaker EM pick was also interpreted centred between the two prominent ZTEM conductivity anomalies.
Three-dimensional modelling using Maxwell produced six electromagnetic conductive plates within the basement stratigraphy, all below the unconformity (Figure 1). The two southeastern plates are clearly aligning with a conductive sandstone ZTEM anomaly identified from the historic data, which is above the interpreted unconformity. This is interpreted as potential basal sandstone alteration proximal to the EM anomalies and constitutes a high-priority drill target area, refer figure 2.
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Airborne EM over Multiple Targets on Ti-Tree Project
- Augustus Minerals has contracted UTS Geophysics to conduct a VTEM Max survey over several Copper, Cu-Ni-PGE, Zn-Pb-Ag and Uranium targets along the money Intrusion and within proximity of the prospective 85k long Ti-Tree Shear.
- The surveys will cover:
- The Money Intrusion, prospective for Cu-Ni-PGE mineralisation.
- Copper Ridge and Nics Bore over anomalous Copper Drilling results
- The Coo Creek prospect where drilling by Augustus in 2023 identified strongly anomalous Zn-Pb-Ag mineralisation.
- The Munaballya Well North area which shows potential for economic Uranium mineralisation.
- The surveys will help to advance the untapped potential of the Ti-Tree project to host economic mineralisation of multiple commodities.
Andrew Ford, GM Exploration
“The VTEM survey will provide key targeting data over three highly prospective and different prospects with potential for multiple commodities. Whilst the high prospectivity for copper mineralisation has been well documented, the addition of uranium and Broken Hill base metal style mineralisation highlights the quality of the underexplored Ti-Tree project”.
VTEM
UTS Geophysics has been engaged to conduct a helicopter borne VTEM Max survey comprising 646-line km over three separate survey areas. The system is excellent for locating discrete conductive anomalies as well as mapping lateral and vertical variations in resistivity which helps map structure, alteration and rock type. The system also collects magnetic data through a caesium magnetometer. The transmitter/receiver loop is suspended on a cable approximately 40m below the helicopter (Figure 1).
Figure 1 VTEM Max helicopter deployed electromagnetic survey arrangement.
Figure 2 Prospects and VTEM Survey areas.
Money Intrusion
The Money Intrusion, which has proven potential to host Ni-Cu-Co-PGE (platinum group elements), is part of the regional Mundine Well Dolerite Suite, a regionally extensive dolerite (strike length >80km). This extensive mafic intrusion, which is comprised of a variety of lithologies, including gabbro in the core, olivine dolerite on the chilled lower contact or keel and fine-grained dolerite on the outer edges. Mapping, aeromagnetics and multi-spectral imagery show that the Money Intrusion within the Ti-Tree Project covers a strike length greater than 16km, reaching widths >600m in the north of E09/23241.
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This article includes content from Augustus Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
