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Accelerate Resources Limited (ASX:AX8) is pleased to report positive results from baseline metallurgical test work on a bulk surface sample (~150kg) from the Braeside West prospect within the Woodie Woodie North Manganese Project in Western Australia (Figure 1).
- Initial surface sample results indicate Direct Shipping Ore (DSO) potential with an average lump and fine grade of 41.4% Mn and 13.6% Fe
- Heavy Media Separation (HMS) results from a 150kg composite sample at Target 42 (Braeside West Prospect) indicate manganese can be upgraded to a 43.4% Mn premium concentrate
- Further metallurgical test work is underway to target a battery-grade product
- An RC drilling program will test the near surface high-grade potential of the area
Figure 1: Photograph of the Braeside West prospect Heavy Media Separation bulk sample material
Managing Director Yaxi Zhan commented,
“This latest test work supports the potential of the Woodie Woodie North Project area to produce high-grade manganese concentrate products. These are currently in high demand for the steel and battery markets. We will use this study to initiate a more detailed test work program as we look forward to reporting the results from our first major drilling program.”
Multiple surface grab samples were collected over an area of approximately 4 hectares and composited into a single bulk sample representing outcropping surface manganese (Figure 2).
Outcropping manganese occurs as “pods” up to tens of metres in area on surface (Photo 1 and Photo 2).
The results are very encouraging, demonstrating a DSO (Direct Ship Ore) Lump quality product with grades up to 40.9% Mn and 13.8% Fe.
The tests were preliminary in nature and form the baseline for product optimisation in future metallurgical programs.
Figure 2: Bulk Sample location in the Target 42 of the Braeside West Prospect, Woodie Woodie North Manganese project
Photo 1: Surface outcrop composite sample at the Braeside West prospect, Woodie Woodie North Manganese Project
Metallurgical Test Work Summary
Accelerate engaged specialist metallurgical laboratory, Nagrom Laboratories (Perth), to conduct preliminary manganese test work on the surface bulk sample. The test work programs explored conventional low-cost heavy media separation (HMS) techniques, including dense media separation (DMS) using cyclones for fines and Ericsson Cone (EC) for lump.
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Quarterly Activities Report for the Period Ending 30 September 2024
Key Highlights
- Elevated uranium and extensive alteration identified at Preston Creek from phase 2 drilling at the Geikie project
- Significant unconformity uranium target identified through ground EM at the 100% Basin owned Marshall Project
- Continued engagement and consultation with stakeholder groups culminating in the signing of an exploration agreement with The English River First Nation
- Extensive complimentary project acquisition reviews and due diligence completed, culminating in the acquisition of Normetco AS subsequent to the quarter
- U3O8 spot price1 stable in US$80/Lb - US$85/Lb range
Final results from the winter exploration programs were announced for all three of the Company’s Athabasca Basin uranium projects (the ‘Projects’) (Figure 1).
Phase 2 exploration drilling at the Geikie Project (‘Geikie’) identified a 1.5km zone of alteration typical of basement-hosted mineralisation comparable to multiple world class uranium deposits. Results from the maiden ground electromagnetic surveys at the North Millennium and Marshall projects (‘North Millennium’, ‘Marshall’) were received, with significant conductive anomalies identified at Marshall, located above and below the unconformity, consistent with the regional exploration model.
Basin finalised an Exploration agreement that formalises the Company's relationship with the English River First Nation (‘ERFN’) in respect to Basin’s exploration and evaluation activities at its Marshall uranium project
The Company has spent significant time evaluating and assessing complimentary projects to supplement the existing portfolio, utilising the companies extensive inhouse exploration experience to identify opportunities that may have been recently overlooked. This has cumulated in the Company entering into a binding agreement to acquire the Normetco AS Uranium and Green Energy Metals portfolio, which occurred after the Reporting Period.2
The quarter saw the resignation of non-executive directors Peter Bird and Ben Donovan. The Company’s cash balance was $2.11 million at the end of the Reporting Period.
Basin’s Managing Director, Pete Moorhouse, commented:
“We are proud to have executed an exploration agreement with the English River First Nation, building on our existing exploration agreement with the Ya’ thi Néné, and look forward to building these relationships as our exploration campaigns mature on our exciting Athabasca Basin projects.
The company has spent extensive time assessing complimentary assets that meet our strict technical criteria for exploration merit and have a clear pathway for value addition to shareholders.
Whilst we are excited to commence assessment of early stage works on our Scandinavian acquisition, we remain committed to the Athabasca portfolio. Further drilling is required to fully test the initial discovery at Geikie, and the compelling deeper unconformity geophysical targets at Marshall. Our expenditure to date ensures that these assets are in good standing for the near-term future, ensuring that these valuable assets are safeguarded and advanced at a suitable pace.”
Figure 13: Project locations in relation to the Athabasca Basin
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Basin Energy to Acquire Scandinavian Uranium and Green Energy Metals Portfolio
Key Highlights
- Basin Energy to acquire 100% interest in prospective portfolio with projects located in Sweden and Finland
- Deal structure includes upfront all scrip offer with deferred payments upon exploration success to preserve cash for exploration
- Projects prospective for multiple commodities including Uranium, Copper, Gold, Silver Niobium and Rare Earth Elements. Known highlights from historical exploration data include:
- Rock chip sampling at the Prästrun project up to 0.45% U3O8, 1.2% Nb, 0.07% Ta, and 0.26% Zr1.
- Evidence for both significant width and grade mineralisation at the Virka project from drilling which included 2
- 9 m at 1,087 ppm U3O8 from 24.5 m in drill hole 81-003
- within 17 m at 707ppm U3O8 from 23 metres depth
- Evidence for high grade uranium mineralisation from the Håkantorp project with limited sampling campaign of historical waste dumps returning up to 1.59% U3O83
- No modern systematic exploration undertaken with last significant exploration in 1980’s highlighting district scale potential
- Work program to commence immediately including stakeholder engagement, relogging historic core, surface sampling and mapping
Basin’s Managing Director, Pete Moorhouse, commented:
“Basin has been assessing opportunities since inception that fit the exploration criteria for potential world class discoveries. We are excited to add this complimentary portfolio to our existing asset base. The acquisition provides multiple near surface targets for uranium and green energy metals, that can be advanced cost effectively. Whilst exploration success was achieved in the 1980s, very little modern exploration has occurred. As of 2021, Sweden’s known uranium assets make up about 27% of Europe’s uranium resources4.
We remain committed to advancing our existing uranium portfolio in the world-class Athabasca Basin, however, we also recognise the significant opportunity presented to Basin for broader exposure to uranium and green energy metal discoveries that are required to fulfil the metals void created by the global push toward decarbonisation.
We will update the market with detailed project-level information shortly as we conduct initial work programs and further data verification of this exciting new package.”
Figure 1: Scandinavian Project Portfolio Locations
The project portfolio (Figure 1) primarily targets sheer-hosted and intrusive-related mineralisation and consists of five exploration licenses within Sweden consisting of 120.1 km2, and five reservations in Finland totalling 64.8 km2. Historical exploration records exist for several of the properties and highlight prospectivity for a variety of commodities.
Sweden
Virka, Björkberget and Rävaberget Projects
The Virka project, along with its highly-prospectivity satellite prospects Björkberget and Rävaberget, are strategically positioned in the heart of the Arjeplog-Arvidsjaur shear-hosted uranium district in Sweden (Figure 2). Previous drilling activities conducted in the 1980’s across all licenses targeted uranium mineralisation, with diamond drillholes gamma probed and limited geochemical core sampling being completed, see below for details. Additionally, historical regional geological mapping and boulder tracing records unveiled several surface anomalisms in lead, zinc, silver and gold associated with fault structures. Research indicates that these anomalies have not been adequately followed up with result not verified to JORC Code (2012).
Figure 2: Virka, Björkberget and Rävaberget Projects Location
Drilling at the Virka project consisted of 20 holes (Appendix 1) completed by the Swedish Geological Survey (“SGU”) between 1980 and 1982 that targeted the source of a geochemically anomalous boulder train. Although historic results from this boulder sampling have yet to be verified, it is noted that multiple anomalous elements were recorded in addition to uranium, including copper, silver and gold 5,6,7. Numerous other untested boulder trains were reported in the project area and will be a focus of initial ground exploration work program planned by Basin. Virka is located approximately 37 km southeast of Boliden’s (STO:BOL) Laisvall Pb-Zn-Ag former mine.
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This article includes content from Basin Energy, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
