Empire Metals (LON: EEE) managing director Shaun Bunn provides a lesson on the attributes of titanium for Wally Graham of The Resources Roadhouse at the 2025 Tribeca Future Facing Commodities Conference in Singapore.
THE DRILL SERGEANT: Leeuwin Metals (ASX: LM1) has carried out a review of historical drilling results at the company’s Marda gold project in Western Australia.
Leeuwin Metals has identified extensive shallow high-grade mineralisation along a three-kilometre trend at Marda Central.
These results lie outside the four open pits previously mined by Ramelius Resources that Leeuwin considers to be an opportunity to define new mineralised zones beyond existing open pits.
The company has drilling to test these targets currently underway.
Leeuwin Metals executive chairman Christopher Piggott said in the company’s ASX announcement.
“The drilling results uncovered by the review of Marda Central strengthen our view about the substantial upside at Marda.
“The results show there is extensive mineralisation outside the mined areas, including high-grade zones, and highlight the potential to create value by extending this mineralisation, current drilling is targeting extensions of this mineralisation.
“They also show there has been little or no deeper drilling, which represents a significant opportunity for Leeuwin, particularly given that the mineralisation is hosted in banded iron formations, which are known for extending at depth.
“Given the success of this review, we will now conduct similar assessments of other key areas at Marda, including Evanston, Golden Ord and King Brown with the expectation there will be additional brownfield targets identified.
“This will be done in parallel with ongoing assessments of early-stage prospects within the project area and other opportunities within the region.”
TO READ THE FULL ANNOUNCEMENT: CLICK HERE
THE BOURSE WHISPERER: Meteoric Resources (ASX: MEI) welcomed a recent announcement by China’s Ministry of Commerce and General Administration of Customs on 4 April 2025 regarding export controls on certain medium and heavy rare earth-related items.
Meteoric Resources was quick out of the blocks in response to the announcement highlighting it credentials to have capacity to provide an alternative, sustainable supply chain for critical rare earths from the company’s 100 per cent-owned Caldeira ionic clay project in Brazil.
Meteoric claims Caldeira to be one of the highest-grade Ionic Absorption Clay, Rare Earth Element deposits in the world, with a Mineral Resource Estimate of 1.1 billion tonnes of Mineral Resource and Magnetic Rare Earth Oxide recoveries 70 per cent.
The scale and recoverability of the rare earths in the resource emphasise Meteoric’s position as a future low-cost supplier of critical minerals.
“The scale and quality of our Caldeira Project provides a near term, sustainable and long-life solution for the delivery of critical Rare Earths to global supply chains,” Meteoric Resources managing director Stuart Gale said in the company’s ASX announcement.
“Anticipated resource updates for Barra do Pacu and Agostinho will immediately increase future production volumes and with targeted exploration programs we will undoubtedly identify additional Rare Earth Oxides.
“We have the capacity to provide significant and scalable volumes into the global supply chain and will focus on maximising our resource base to support the growing demand for Rare Earths.”
TO READ THE FULL ANNOUNCEMENT: CLICK HERE
THE BOURSE WHISPERER: Rumble Resources (ASX: RTR) is set to secure 100 per cent ownership of the highly prospective Thunderstorm gold project in Western Australia.
Rumble Resources reported it has entered into an agreement to acquire the outstanding 70 per cent in three exploration tenements in the Fraser Range Province from Joint Venture partner IGO Limited to full ownership of Thunderstorm.
The Thunderstorm gold project includes the Gazelle and Pion gold discoveries.
The company explained the Gazelle and Pion gold prospects have similar characteristics to the palaeochannel/placer gold deposits of the Higginsville Gold Centre 120km south of Kalgoorlie.
A number of these style deposits were mined successfully with the main deposit, Challenger, returning over 230,000 ounces at 3.4 grams per tonne gold.
“We are pleased to have secured the balance of the Thunderstorm gold project from IGO under attractive terms,” Rumble Resources managing director and CEO Peter Harold said in the company’s ASX announcement.
“The project contains two high-grade gold discoveries at Gazelle and Pion.
“Based on this and the style of mineralisation we believe there is significant potential to discover large scale palaeochannel and primary basement hosted gold deposits.
“Our exploration team is preparing an exploration program and budget for the next phase of work which will be an infill aircore drill program at Gazelle.”
TO READ THE FULL ANNOUNCEMENT: CLICK HERE
THE DRILL SERGEANT: Great Boulder Resources (ASX: GBR) reported recent drilling excitement from the Eaglehawk prospect within the company’s Side Well gold project near Meekatharra in Western Australia.
Great Boulder Resources’ RC drilling effort at the Eaglehawk prospect intersected the highest-grade result to date of:
25MBRC006
3 metres at 46.7 grams per tonne gold from 139m, including 1m at 79.5g/t gold from 140m.
“This is another sensational drilling result from Eaglehawk,” Great Boulder Resources managing director Andrew Paterson said in the company’s ASX announcement.
“We’re seeing the results of our improved exploration targeting focussed on these very high-grade veins along the and within the dacite contact and this is the highest-grade drilling intersection we’ve seen to date.
“This result is a new zone of high-grade quartz-sulphide vein mineralisation in an area of Eaglehawk that is not well tested.
“It’s an immediate target for follow-up in the next round of RC drilling.
“We are still waiting for the last four RC holes from this program, after which we expect to see the first batches of air-core assays coming through soon.
“We’ll have more updates for the market as soon as those are available.”
The company completed eleven RC holes at Eaglehawk targeting high-grade gold mineralisation along the contact between dacite and the surrounding andesitic volcaniclastics.
Seven RC holes were also drilled at Mulga Bill to add definition around recent extensional drilling north of the current mineral resource that currently stands at 668,000 ounces at 2.8g/t gold.
THE DRILL SERGEANT: St George Mining (ASX: SGQ) announced a maiden JORC 2012-compliant Mineral Resource Estimate (MRE for) the company’s 100 per cent-owned Araxá project in Brazil.
St George Mining’s Araxá project contains a substantive niobium and REE deposit located in what the company described as “the world’s premier niobium-producing region”.
Niobium
Total resource: 41.2 million tonnes at 0.68 per cent niobium
Rare Earths
Total resource: 40.6 million tonnes at 4.13 per cent total rare earth oxides (TREO)
St George explained that 100 per cent of the resource is constrained within the weathered profile at the Araxá project and 95.8 per cent of it is within 100m from surface.
The mineralisation is free digging, supporting potential for low-cost open-pit mining.
“The announcement of the initial JORC resource for the Araxá project firmly establishes St George as a significant player in the global niobium and rare earths sector,” St George Mining executive chairman John Prineas said in the company’s ASX announcement.
“Drilling at our project has intersected phenomenal grades exceeding 80,000ppm niobium oxide – or eight per cent Nb2O5 (niobium) – and around 330,000ppm or 33 per cent total rare earth oxide.
“It is no wonder that with these drill results the resource estimate now defined at the project also represents among the highest grade niobium and rare earth deposits in the world today.
“Notably, mineralisation remains open in all directions and at depth, presenting significant upside potential for resource expansion.
“The delivery of the JORC MRE marks a further significant de-risking milestone for the project by providing a strong foundation for permitting, mine planning and economic assessments and ensuring our Araxá project remains at the front of the next generation of potential niobium mining operations.”
COMMODITY CAPERS: For those who may not have been paying as close attention as they should have been the gold price recently tipped over the US$3000 per ounce barrier.
There are plenty of reasons being bandied about for this event with many analysts pointing the finger at one person in particular who they say has given the world order too much of a shake in the past few months.
This will be one of the points of discussion to be dissected at the Singapore Mining Club Gold Investment Day – the opener to the Resource Connect Asia Tribeca Future Facing Commodities Conference in Singapore next week.
In the lead up to the conference, The Resources Roadhouse caught up with Keynote Speaker Ron F. Hochstein president CEO and director of Vancouver based Lundin Gold.
Lundin Gold operates the 100 per cent-owned Fruta del Norte gold mine, located in southeast Ecuador which has been in production since late 2019, and is among the highest-grade operating gold mines in the world.
Resources Roadhouse: It would be no surprise to hear that you are bullish on gold at present. How far do you think the gold price can go?
Ron F. Hochstein: Yes, it’s accurate to say that we are indeed bullish on the prospects for gold. While predicting the exact peak of any commodity price is inherently challenging, and we don’t have a specific target for how high the gold price can ultimately go, we believe the current macroeconomic environment presents a compelling case for continued strength.
From Lundin Gold’s perspective, our focus remains on operational excellence and maintaining our position as a low-cost producer. With production guided at 475,000 to 525,000 ounces per year for the period of 2025 to 2027, and an all-in sustaining cost consistently under $1,000 per ounce of gold, we are exceptionally well-positioned to benefit from any upward movement in the gold price.
To illustrate the potential, at a gold price of $3,000 per ounce, our operations would be capturing a significant margin. This substantial difference between our production cost and the market price would translate directly into significant free cash flow generation for the company.
While we refrain from speculating on precise price targets, our low-cost base and consistent production provide a strong foundation for significant profitability in a rising gold price environment.
RR: What do you believe is driving the current gold price?
RFH: We believe several interconnected factors are currently contributing to the strength in the gold price.
Firstly, heightened geopolitical and economic uncertainty is playing a significant role. In the current global landscape, marked by ongoing regional conflicts, trade tensions, and general economic anxieties, gold is once again being sought after as a traditional safe-haven asset. Investors tend to gravitate towards gold during times of instability to preserve capital.
Secondly, inflationary pressures, concerns about currency devaluation, and increased money supply remain relevant. While inflation rates may have cooled somewhat in some regions, the cumulative effect of past inflation, the potential for future price increases, and the expansion of the money supply continue to make gold an attractive hedge against the erosion of purchasing power of fiat currencies.
Thirdly, central bank buying is a crucial element. We’ve observed a trend of central banks increasing their gold reserves. This accumulation can provide significant support to gold prices.
Finally, investment demand is picking up, with both institutional and retail investors starting to buy again. The increasing accessibility of gold through various investment vehicles like ETFs has broadened investor participation.
It’s likely a combination of these factors, rather than a single driver, that is underpinning the current gold price environment.
RR: Are investors still focused on bullion, or are they looking at gold mining/exploration company investment opportunities?
RFH: We believe there’s currently interest in both physical bullion and gold mining/exploration company investment opportunities. While bullion remains a core safe-haven asset, we are seeing a notable shift with generalist investors starting to look at the gold mining industry to get exposure to the gold price again after a prolonged period of underinvestment.
This renewed interest in gold equities is driven by the characteristics of this cycle, with generalists particularly focused on free cash flow yield and dividend yield. Low-cost gold miners are of significant interest as they are best positioned to generate substantial free cash flow in the current environment.
This strong cash flow potential supports attractive dividend yields, making well-positioned, low-cost producers like Lundin Gold increasingly appealing to a broader investment audience beyond traditional precious metals investors.
RR: Lundin Gold’s Fruta del Norte gold mine in southeast Ecuador continues to lay eggs at a rate that would exhaust any golden goose. What expansion plans do you currently have underway at the mine to keep production on track?
RFH: We are incredibly pleased with the consistent performance of our Fruta del Norte mine, and we are actively pursuing strategies to ensure its continued success and longevity.
Currently, our plant expansion project is being commissioned, which is a key initiative to maintain and potentially grow our production profile. This expansion will initially increase mill throughput to 5,000 tonnes per day (tpd) for the year 2025, and we anticipate a further increase to 5,500 tpd from 2026 onwards. This increased processing capacity will be instrumental in sustaining our strong production rates.
Beyond the plant expansion, we are also very encouraged by the results of our near-mine exploration program. We are having great success through the exploration drill bit, actively defining several promising targets including FDNS, FDN East, Bonza Sur, and Trancaloma. These exploration areas hold significant potential to provide incremental production in the future and contribute to extending the overall mine life of Fruta del Norte.
Our strategy involves a two-pronged approach: optimizing our existing operations and aggressively pursuing near-mine exploration to unlock further value and ensure a sustainable production profile for years to come.
THE DRILL SERGEANT: Hammer Metals (ASX: HMX) has identified a strong EM conductor within the company’s 100 per cent-owned Mount Isa project in north-west Queensland.
Hammer Metals recently completed ground-based fixed loop electromagnetic (FLEM) survey that identified the EM conductor in the Revenue mine area.
Soil surveys carried out in 2024 also identified several copper-gold and gold-only targets within the Mount Isa project.
The new EM conductor is now known as the Lex Target, the area of which lies west of the Revenue trend of historical workings, where historical drilling intersected metre scale zones of percent level copper and gold.
Lex is located north-northeast of the Clarks historical workings which consists of a chalcopyrite-bearing calcite vein.
Hammer indicated that Lex is to be drilled in the company’s upcoming RC program along with Tourist Zone South target in April.
“Hammer’s team had a busy 2024 collecting and collating significant datasets that have since yielded a number of high-quality targets to pursue in the coming year,” Hammer Metals managing director Daniel Thomas said in the company’s ASX announcement.
“The region remains lightly explored with our recent soil sampling program across the Pilgrim Fault representing the first meaningful work to be conducted on this tenure despite its proximity to highly mineralised projects at Tick Hill and Kalman.
“The standout EM conductor at Lex is intriguing with the added mystery of the area being undercover.
“I’m looking forward to seeing the drill test of this EM anomaly in the near term.”
TO READ THE FULL ANNOUNCEMENT: CLICK HERE
THE DRILL SERGEANT: Impact Minerals (AX: IPT) has identified a new nickel-copper-palladium-platinum-gold-in-soil anomaly within the eastern part of the Caligula prospect at the company’s 100 per cent-owned Arkun project located just outside Perth in Western Australia.
Impact Minerals had previously identified Caligula as a large copper-dominated soil geochemistry anomaly over approx. 5,000m north-south and at least 2,000m east-west based on broad-spaced sampling.
Associated metals include silver, tellurium, bismuth, and molybdenum, indicating potential porphyry-style copper mineralisation.
The company explained the new, better-defined anomaly it has identified is situated along the eastern margin of the original Caligula anomaly.
The new target was identified via ongoing analysis of soil geochemistry results, regional magnetic and gravity data, as well as Mobile Magnetotelluric (MMT) and Electromagnetic (EM) data from airborne surveys.
“Our focus over the past 12 months has been on the Pre-Feasibility Study for the Lake Hope High Purity Alumina project, which is nearing completion,” Impact Minerals managing director Dr. Mike Jones said in the company’s ASX announcement.
“In the background, we have been developing the Caligula target for a maiden drill program, which will be partially funded by the $180,000 EIS grant we received last year.
“We hope to deliver another discovery in the emerging mineral field of the South West Yilgarn.
“The strong correlation between elevated palladium, platinum, and gold-in-soil anomalies and key geophysical conductors identified in our previous ground-breaking MMT and EM surveys highlights the compelling targets we plan to drill soon after the closure of the current renounceable rights issue on March 21st.
“I encourage all shareholders to participate in the issue to fund the completion of the Lake Hope PFS and this exciting drill program at Arkun. ”
TO READ THE FULL ANNOUNCEMENT: CLICK HERE
THE BOURSE WHISPERER: MTM Critical Metals (ASX: MTM) has struck a Memorandum of Understanding (MoU) for the application of the company’s proprietary Flash Joule Heating (FJH) technology.
MTM Critical Metals landed the deal with Vedanta Limited (NSE: VEDL), a leading global aluminium producer.
Vendanta will apply the FJH technology for Red Mud (RM) recycling — extracting critical metals while investigating its potential in carbon-reduced cement production.
“This MoU with Vedanta represents a major breakthrough for MTM in the global aluminium industry where no commercially viable recycling solution currently exists for Red Mud,” MTM Critical Metals managing director and CEO Michael Walshe said in the company’s ASX announcement.
“With billions of tonnes of Red Mud stockpiled globally, our FJH technology unlocks its potential — initially producing a product suitable for green cement, with a subsequent ‘Stage 2’ focus on recovering valuable critical metals.”
Vedanta Limited is a global resources powerhouse with a market capitalisation of approx. US$20 billion and FY2024 revenues of approx. US$17 billion.
Vedanta is India’s largest aluminium producer and a global company in metals and mining, with operations spanning aluminium, zinc, copper, iron ore, and oil & gas.
The company operates one of the world’s largest alumina refineries in Lanjigarh, Odisha, and has actively explored Red Mud (RM) utilisation strategies as part of its sustainability initiatives.
TO READ THE FULL ANNOUNCEMENT: CLICK HERE
