Mamba Exploration Intersects Anomalous Canary Project Radioactivity

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THE DRILL SERGEANT: Mamba Exploration (ASX: M24) completed its first drilling foray at the company’s Canary project in the Athabasca Basin, northern Saskatchewan, Canada.

Mamba Exploration reported the drilling had encountered localised anomalous radioactivity and prospective rock types typical of basement-hosted uranium deposits.

Drillhole CAN-24-004 intersected a narrow interval of anomalous radioactivity (greater than 300 counts per second) from 449.0 to 449.5 metres, based upon hand-held scintillometer readings on drill core and downhole gamma probe results.

Core samples from the program have been submitted to Saskatchewan Research Council Geoanalytical Laboratory in Saskatoon, for geochemical assay.

“The Canary drilling program has been nothing short of exemplary, demonstrating a level of execution that surpassed all expectations,” Mamba Exploration executive director Simon Andrew said in the company’s ASX announcement.

“Thanks to the planning and efficient operations by our partners Standard Uranium, the program was completed ahead of schedule and under budget.

“We remain excited by the potential at Canary and eagerly await assay results from the laboratory.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

New World Resources Extends Drilling to Accelerate Testing of Arizona Targets

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THE DRILL SERGEANT: New World Resources (ASX: NWC) has extended the current drilling program at the company’s copper project areas in northern Arizona, USA.

New World Resources now has two diamond core rigs drilling at its high-grade Antler copper project and a third rig drilling 75 kilometres away at its Javelin VMS project.

Up to March 2024, 100 per cent of New World’s drilling at the Antler copper project had been constrained to 700 metres of strike at the Antler copper deposit itself, where mineralisation remains open both along strike and at depth.

The Mineral Resource at the Antler deposit currently comprises: 11.4 million tonnes at 2.1 per cent copper, 5 per cent zinc, 0.9 per cent lead, 32.9 grams per tonne silver and 0.36g/t gold (11.4Mt at 4.1% copper-equivalent).

New World has defined several high-priority exploration targets directly along strike from the Antler Deposit, where the company considers there to be considerable potential to discover additional volcanogenic massive sulphide (VMS) mineralisation, similar to Antler.

“With more than 17 high-priority exploration targets delineated across our high-grade Antler and Javelin Copper Projects in Arizona, we are very pleased to have mobilised a third diamond rig to help accelerate our exploration efforts,” New World Resources managing director Mike Haynes said in the company’s ASX announcement.

“That third rig is now drilling, providing us with two operating rigs at Antler and another at Javelin.

“We’re now well underway with an accelerated drilling program to test our pipeline of targets, with the aim of rapidly expanding the 11.4 million tonnes high-grade Resource base we’ve already defined at an impressive grade of 4.1 per cent copper-equivalent.

“Any new discoveries should further enhance the already very robust economics of developing a new mine and processing centre at Antler.”

New World Resources managing director Mike Haynes at RIU Sydney Resources Round-up

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Ausgold Raises $38M to Fast Track KGP Development

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THE BOURSE WHISPERER: Ausgold has raised $38 million to accelerate development of the company’s 100 per cent-owned Katanning Gold Project (KGP) in Western Australia.

Ausgold reported it has received firm commitments totalling $38 million in a two-tranche placement to institutional and sophisticated investors.

The company indicated the funds raised will primarily be used to underpin ongoing work programs at the 3.04 million ounce KGP through to a Final Investment Decision (FID), including the completion of the Definitive Feasibility Study (DFS), settlement of freehold land acquisitions, continuation of regional exploration and the provision of working capital as well as to fund the redemption of unsecured loan notes issued by the company.

The raising received strong demand from large institutional investors from UK, Europe and North America and was heavily supported by contributions from key existing shareholders.

Ausgold’s newly appointed executive chairman John Dorward was a notable contributor committing to subscribe for $1 million under the Institutional Placement, subject to Ausgold obtaining shareholder approval for the purpose of the ASX Listing Rules.

“This landmark capital raising will underpin the completion of key work programs at the Katanning Gold Project, which will position Ausgold for a pivotal phase of growth,” Ausgold managing director Matthew Greentree said in the company’s ASX announcement.

“We are now completing the final elements of the Definitive Feasibility Study for the project development, which will be delivered in the second half of this year.

“Funding also enabling the company to complete the acquisition of key farming properties that cover the main orebody and infrastructure areas.

“Further project de-risking will include a program of grade control drilling and the placement of orders for long-lead items for the project development.

“Exploration along the 17 kilometres KGP mine trend and thirteen drill ready regional targets will aim to deliver the multi-million-ounce potential at Katanning.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

 

TG Metals to Commence Drilling at Lake Johnston Lithium Project

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THE DRILL SERGEANT: TG Metals (ASX: TG6) is gearing up for the next round of drilling to be undertaken at the company’s Lake Johnston project in Western Australia.

TG Metals has had Program of Work (PoW) applications approved by DEMIRS for infill drilling to 100m x 100m at the Burmeister lithium deposit and for a maiden drilling program to be carried out at Jaegermeister.

Two RC drilling rigs will be deployed to Jaegermeister Targets A and B and Burmeister infill drilling.

The company has had to hurry things along to make up for delays experienced due to inclement weather interruptions and a longer than expected environmental approval process.

Previous infill soil sampling at the Jaegermeister prospect resulted in the definition of a new anomaly, Target E.

This anomaly lies to the north of Target A and has been included in the coverage of the recently acquired seismic field data.

Consequently, the number of priority drilling targets has expanded to five (5) at Jaegermeister.

“The team is excited to recommence drilling,” TG Metals CEO David Selfe said in the company’s ASX announcement.

“In particular, the first holes into the priority targets at the Jaegermeister prospect, are greatly anticipated.

“Further soil sampling has grown and improved the Jaegermeister targets, which contains multiple soil anomalies bigger than the Burmeister lithium deposit initially presented.

“With such a large area of lithium soil anomalism to drill test, we’re confident that the use of seismic geophysics will fast-track our targeting.

“We’ve completed two reconnaissance 2D seismic lines; one along the Burmeister trend and a longer one along the Jaegermeister trend.

“If successful, this technique will not only minimise the drilling required for further discovery and resource definition, but it will also provide a very good understanding of the pegmatite system at Lake Johnston and its size potential.

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Falcon Minerals managing director Tim Markwell

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Falcon Metals (ASX: FAL) recently put a rocket under the company’s share price with the announcement of a new heavy minerals discovery in Victoria. Managing director Tim Markwell zoomed into The Resources Roadhouse to provide Wally Graham some insight into why the market reacted so positively.

Legacy Minerals Gets Diamond Drilling Underway at Bauloora

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THE DRILL SERGEANT: Legacy Minerals (ASX: LGM) has commenced a new phase of diamond drilling at the company’s Bauloora project in New South Wales.

Legacy Minerals has the new phase of drilling underway targeting high-grade gold and silver prospects at the Bauloora project.

The company has plans for a total of eight holes for up to 1,300 metres targeting high-grade gold and silver epithermal mineralisation within an approx. 29 square kilometres epithermal vein field (Primary Vein Field).

The current round of drilling is being funded under the Phase 1 Earn-In of the $15 million Bauloora Joint Venture with Newmont.

“Over the past six months, the Bauloora Team has completed an extensive systematic data acquisition process across the Primary Vein Field at Bauloora,” Legacy Minerals CEO & managing director Christopher Byrne said in the company’s ASX announcement.

“This work has included wide-ranging geophysics, geochemistry, and boots on ground mapping and sampling and it’s exciting to see the rig spinning to test the first of the compelling targets that have been generated.

“As with Legacy Mineral’s initial diamond drilling into the low-sulphidation vein field at Bauloora last year, most of these targets have never been tested by drilling despite having strong surface signatures and even outcropping veins in some instances.

“As the rig spins on our Bauloora project the exploration team continues to work on our 100 per cent-owned epithermal projects at Drake and Black Range.

“With drill results coming from two of New South Wales’ epithermal systems in the coming months, and a backdrop of strong demand and prices for gold and silver, now is a great time to be targeting new discoveries at these high-potential projects.”

 

Legacy Minerals CEO & managing director Christopher Byrne at RI Sydney Resources round-up

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

 

Red Metal Buoyed by Sybella REO Phase 2 Metallurgy

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THE DRILL SERGEANT: Red Metal (ASX: RDM) completed a second phase of leach and comminution studies testing mineralisation from the company’s Sybella rare earth oxide (REO) discovery near Mount Isa in Northwest Queensland.

Red Metal explained the testing to be part of the company’s strategy of finding the most economically effective way to process the project ores, which have unique metallurgical properties.

The company reported that leach and comminution results achieved from the latest studies had increased its confidence that a low-cost, low-capital, heap leach processing option may prove feasible and outlined key leach parameters for more detailed investigation.

Results confirm strong REO extractions can be achieved using low levels of ambient temperature sulphuric acid on coarse fractions of both weathered and fresh granite over increased residence times.

The leach results to date combined with the comminution studies support the concept of REO extraction using low-cost bulk open-pit mining, simple coarse gyratory, jaw and/or cone crushing and heap leach processing using low levels of sulphuric acid.

“Interim results from the second phase of leach test work and comminution studies have confirmed Red Metal’s initial hypothesis that the Sybella granite-hosted REO mineralisation can be coarsely crushed and leached under weak acid conditions in a manner suitable for low-cost, low-capital heap leach processing,” Red Metal managing director Rob Rutherford said in the company’s ASX announcement.

“Impurity removal trials are progressing with early indications showing residual contaminants from the Pregnant Leach Solution may be successfully removed, potentially resulting in a premium mix rare earth carbonate (MREC) product.

“Results from these tests are expected shortly. The Company has reasonable expectation that our ongoing studies will confirm a process route that optimises REO recovery (increases revenue) but reduces the acid consumption rate and ensures that impurities in the final product can be satisfactorily minimised (lowering processing costs).

“It is also now working rapidly towards outlining ore resources.”

 

Red Metal managing director Rob Rutherford at RIU Sydney Resources Round-up

 

 

TO READ THE FULL ANNOUNCEMNT: CLICK HERE

 

 

Golden Mile Resources managing director Damon Dormer

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Golden Mile Resources (ASX: G88) managing director Damon Dormer dropped into The Roadhouse to bring us up to speed on the company’s recent activities.

recently developed a new Process Flowsheet for the company’s 100 per cent-owned Quicksilver nickel-cobalt deposit, located near Lake Grace approximately 300km southeast of Perth in Western Australia.

Predicting the Future Requires the Correct Lenses

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COMMODITY CAPERS: The old adage goes that fortune tellers don’t ride horse because they have crystal balls, however there are some glass orb gazers who seem to have their antennae highly tuned.

The resources sector provides the optimum opportunity for investors brave enough to punt on the aspirations of geologists turned company directors.

Anybody who was fortunate, or canny, enough to get on the recent Azure Minerals slingshot was suitably rewarded for their investment when the price was at, in retrospect, a bargain at around 50 cents, before the ride began.

Not everybody, however, is adept at reading the potential prosperities of the junior end of town, but thankfully there are some out there prepared to put their neck, and reputation on the line.

As 2024 broke through the dismal investment pall that hung over the market in 2023, half a dozen or so analysts from broking firm ShawandPartners adjusted the vertical hold on their screens to provide punters with some foresight.

Not all companies covered were in the Resources realm, so we have included here the ones that we consider the most interesting to our readers.

 

AIC Mines (ASX: A1M)

ShawandPartners liked AIC’s ownership of the high-grade operational Eloise copper mine in Queensland and was looking forward to the company bringing its then recently-acquired Jericho copper deposit into production.

“A1M is the quality junior copper producer on the ASX,” the analysts said at the time.

“The company offers investors one of the few ways to invest in a simple leveraged exposure to the copper price.”

In March, AIC Mines announced an increase to the Jericho Ore Reserves to 3.2 million tonnes at 1.9 per cent copper and 0.4 grams per tonne gold for 61,100 tonnes of copper and 37,000 ounces of gold, which at the time represented an 86 per cent increase in contained copper and an 86 per cent increase in contained gold.

A subsequent increase of Resources and Reserves at Eloise took combined Eloise and Jericho Ore Reserves to 5.6 million tonnes at 2.1 per cent copper and 0.5g/t gold for 119,200 tonnes copper and 84,050 ounces gold.

The company’s combined Mineral Resources at Eloise, Jericho, plus Sandy Creek and Artemis leapt to 22.9 million tonnes at 2.1 per cent copper and 0.5g/t gold for 471,950 tonnes copper and 353,950 ounces gold.
After being granted the Jericho mining lease, AIC Mines commenced of development for the Jericho copper mine via an underground link drive directly from the Eloise decline.

This week, the company advised it had received firm commitments for $57.2 million to develop the Eloise to Jericho Link Drive.

 

Firefly Metals (ASX: FFM)

Firefly Metals had just rebranded from previous moniker, AuTECO and in the process readjusting its focus from gold to copper through the purchase of the Green Bay copper-gold project in Newfoundland, Canada.

ShawandPartners were fans of the company offering investors a simple exposure to copper exploration.

“Steve Parsons has rejoined as CEO and Mike Naylor as executive director,” ShawandPartners said.

“Both are well known to the market and have an established track record of success.”

The Green Bay copper-gold project hosts a mineral resource prepared in accordance with Canadian NI 43-101 of 39.2 million tonnes at 2.1 per cent copper for 811,000 tonnes copper equivalent (CuEq).

Firefly wasted little time getting the drill rigs spinning at Green Bay, which has demonstrated the mine hosts two distinct styles of copper mineralisation: One contains high-grade copper-gold massive sulphide zones (VMS) and the other a large-scale, copper-rich Footwall Zone (FWZ).

The drilling returned results with high grades and strong widths well beyond the existing resource boundary.

This provided impetus for the company to accelerate its growth campaign, with drilling being conducted from the underground exploration drive, making it faster, cheaper, and more accurate.

FireFly Metals was rewarded via a highly successful share placement, through which the company raised $52.2 million.

“We decided to raise such a substantial sum in light of the exceptional drilling results we have been generating and the increasingly obvious scope to grow the resource quickly by extending the known mineralisation and testing the compelling targets nearby,” FireFly Metals managing director Steve Parsons said at the time.

“The result is a game-changing event for FireFly.

“We are now fully funded for the next 18 months, during which time we will have two underground rigs and one surface rig working flat out to grow the resource.”

 

Metro Mining (ASX: MMI)

Metro Mining operates the Bauxite Hills bauxite mine in far north Queensland, from which the company ships approx. 5 million tonnes per annum of bauxite to China that it is in the process of expanding to 7Mtpa.

Being a bauxite producer at this point in time is fortunate with plenty of action for the commodity on a global scale.

According to the March 2024 Resources and Energy Quarterly from the Department of Industry, Science and Resources chief economist there has been growth in bauxite consumption.

The United Arab Emirates (UAE) increased global bauxite usage by 0.3 per cent year-on-year in 2023 to 361 million tonnes.

An Indonesian ban on bauxite exports boosted Australian bauxite export volumes and values by 4.3 per cent (to 37 Mt) and 48 per cent (to nearly $1.7 billion) year-on-year in 2023, respectively.

In the December quarter 2023, Australia enjoyed record export earnings of over $0.5 billion, most of which – some 98 per cent went to China.

An expected rise in bauxite exports in 2024 is likely to boost Australia’s aluminium, alumina and bauxite (AAB) export earnings to $17 billion in real terms in 2023–24 (Figure 11.14). Disruptions to bauxite exports from Guinea are expected. In Guinea, bauxite mines are dependent upon diesel for their operations.

Damage to a major oil depot in Guinea from an explosion in December 2023 hurt that country’s production as its mines rely on diesel fuel. The damage is likely to take more than two years to repair.

“As the world’s 2nd largest bauxite exporter, Australia is in the box seat to fill the loss of bauxite from Guinea,” the DISR bean counters said.

“In China’s Guangxi province, alumina refineries are encouraged to use imported bauxite with preferential support from the local government.”

Metro Mining CEO Simon Wensley visited Chine in March, when negotiations were concluded on contract volume and prices for Q2 2024.

The company’s offtake is fully committed for 2024 with three main customers and its FOB price for Q2 2024 will be up to 20 per cent higher than Q4 2023.

 

Peninsula Energy (ASX: PEN)

Peninsula Energy is restarting uranium production from the Lance ISR (In-situ Recovery) uranium project in Wyoming, US.

Uranium from Lance is leached from the orebody in an acid solution before being recovered in an ion-exchange resin.

“Nuclear energy is enjoying a renaissance around the globe as governments have realised that decarbonisation of power grids requires nuclear energy,” ShawandPartners said.

“There has been little investment in uranium supply since Fukushima and as a result, uranium prices are surging higher and could spike well above US$100/lb in 2024.”

When ShawandPartners covered the stock in December it noted the company was expecting first production in late 2024.

That is still on the cards with the company announcing an updated processing plan in August this year which declared first production was anticipated in December 2024 and ramping up to 1.8 million pounds steady state by 2029.

Peninslua Energy recently completed an Equity Raising banking approx. $106 million putting it in a strong financial position to complete key development and construction activities at Lance.

“The work at Lance is continuing at full pace and we remain on track for commissioning later this year,” Peninsula Energy managing director and CEO Wayne Heili said.

“This funding provides us with balance sheet strength to take us through until anticipated sustainable free cashflow generation in Q3 2025.

“We are still progressing debt discussions but felt this opportunity delivers a high-level of financial certainty to shareholders in respect to our funding requirements.”

 

 

Critical Resources Claims New LCT Pegmatite System Discoveries at Mavis Lake East

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THE DRILL SERGEANT: Critical Resources (ASX: CRR) has claimed discovery of multiple additional spodumene-bearing pegmatites at the company’s 100 per cent-owned Mavis Lake lithium project in Ontario, Canada.

Critical Resources has made the discoveries just weeks into its 2024 Summer Field Exploration Campaign.

The company declared the new finds highlight the potential of the Mavis Lake project to yield further lithium discoveries while validating the recently announced JORC compliant Exploration Target.

Critical Resources kicked off field work comprising prospecting, mapping and sampling in early May, designed to identify new spodumene-bearing pegmatites, determine fractionation trends at the project’s northern prospects and conduct drill pad reconnaissance throughout the Mavis Lake lithium project.

A total of 83 samples were collected from pegmatite outcrops across the broader project area resulting in a total of 31 new pegmatite discoveries.

These include an approx. 250 metres extension of a known spodumene-bearing pegmatite (Pegmatite 20) and 100m extension of the Main Zone spodumene-bearing pegmatite cluster (Pegmatites 7 and 24).

Samples have been prepared and will be dispatched to an independent analytical laboratory in the coming weeks, with full results expected in July/August 2024.

“It’s great to see field teams directly following up our Exploration Target and making further significant discoveries at Mavis Lake at the start of the new field season,” Critical Resources managing director Alex Cheeseman said in the company’s ASX announcement.

“The field program has already increased our confidence in our ability to deliver on the recently published Exploration Target, paving the way for drill testing a number of high-quality targets.

“We look forward to continuing our dual-track strategy of targeting resource growth while progressing our project development and permitting workstreams for Mavis Lake.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE