Musgrave Minerals and Evolution Encounter Further gold intersections at West Island on the Cue JV

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THE DRILL SERGEANT: Musgrave Minerals (ASX: MGV) released drilling results at the West Island prospect, located within the Cue JV in Western Australia’s Murchison district.

The results gave credence as to why Evolution recently opted to satisfying the earn-in requirement under the Cue Project Earn-in and Exploration Joint Venture Agreement.

Evolution Mining completed diamond drilling at the West Island prospect, approximately 6km north of Musgrave’s Break of Day deposit, which intersected further strong gold intersections within a basement dolerite host unit.

Results from the Evolution drilling include:

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5.5m (3.8m estimated true width (ETW)) at 4.16g/t gold from 349.5m; and

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11.5m (8m ETW) at 8.71g/t gold from 235.5m, including 1m (0.9m ETW) at 66g/t gold from 238m.

The drilling program is targeting key mineralised gold lodes to determine the scale of the mineral system at West Island.

The mineralised lodes are interpreted as a series of stacked shears and veins, with associated high-grade splays.

“These are another set of good results from West Island and continue to define the scope of the basement gold mineralisation,” Musgrave Minerals managing director Rob Waugh said.

A Joint Venture committee will meet in February, at which time a data review currently underway and a program and budget for ongoing exploration will be considered.

Musgrave has the right to contribute or can elect to dilute once the program and budget has been approved by the committee.

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

 

Eagle Mountain Mining Commences Underground Drilling at Oracle Ridge

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THE DRILL SERGEANT: Eagle Mountain Mining has commenced underground drilling at the company’s 100 per cent-owned Oracle Ridge copper mine project in Arizona, USA.

Eagle Mountain Mining kicked off the drilling at Oracle Ridge following completion of initial refurbishment of the underground mine.

The program is serious with thirteen drill stations established to allow Resource upgrade and metallurgical drilling to occur from within the mine.

From the first drill station alone, the company plans to have 17 holes drilled.

Eagle Mountain expects drilling from underground to be far more efficient than drilling from surface due to shorter hole lengths and less impact from weather events.

Underground drilling will prioritise the upgrading of existing Indicated and Inferred Resources into Measured and Indicated Resources respectively, with a focus on those areas of the deposit expected to be mined in the first five years of potential production.

The additional confidence achieved will assist in technical and economic studies.

An underground wall sampling program was also commenced targeting the large exposure of copper mineralisation in the underground workings to generate high-quality underground geological maps and semi-continuous samples across the exposed mineralisation.

From this, Eagle Mountain hopes to better understand small scale grade variability, assess the representativity of the existing Mineral Resource Estimate and identify suitable areas for additional metallurgical work such as bulk sampling.

“With the completion of the initial underground refurbishment at Oracle Ridge, we are now ramping up the underground activities,” Eagle Mountain Mining CEO Tim Mason said.

“It is unique to access in-situ mineralisation compared to drill core and we are committed to make the most of this significant advantage.

“We recently kicked-off a drilling program to upgrade our existing resource to higher confidence categories.

“Drilling from underground is a game changer for the project due to improved efficiencies with shorter hole lengths and less impact due to inclement weather.

“The program is focused on those mine areas where production is expected to occur in the first five years of the potential mine life.

“We have also recently commenced an extensive wall mapping program targeting approximately four kilometres of mineralisation exposed underground.”

 

AuTECO Minerals Encounters Further High-Grade Canadian Gold Intercepts

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THE DRILL SERGEANT: AuTECO Minerals (ASX: AUT) reported further high-grade gold intersections from the company’s Pickle Crow gold project in Ontario, Canada.

AuTECO Minerals recorded drill results stemming from step-out drilling at the Tyson discovery, a series of mineralised quartz lodes first discovered by AuTECO in 2021.

The latest drilling encountered two separate high-grade intersections of:

AUDD0347
2.7 metres at 16.1 grams per tonne gold and 2.3m at 16.4g/t gold.

These intersections are located approx. 70m along strike of a previously reported zone of 7.8m at 16.7g/t gold, providing further evidence of broad-scale continuity of mineralisation in the Tyson veins while also demonstrating the Pickle Crow 2.2 million ounces at 7.8g/t gold Inferred Resource remains open in all directions.

AuTECO has now kicked off its regional winter exploration program with two diamond drill rigs operating.

The firming of ground over winter provides access to areas across the company’s tenements that are harder to reach in warmer months.

The initial focus of AuTECO’s winter exploration program will follow up drill intersections from its 2022 campaign at the Talia discovery (5.5m at 18g/t gold) and Cohen-MacArthur, where assays of up to 92g/t gold were returned.

Later drilling will focus on testing the Tarp Lake Shear zone, a major regional gold bearing structure the company considers having strong potential for a major discovery.

AuTECO’s stated intention is to continue its dual focus on both in-mine expansion at Pickle Crow and regional exploration to test for further gold mineralisation on the company’s highly prospective 500 square kilometres of exploration claims to provide the next generation of Resource growth.

“Our latest drilling has turned up some fantastic results, particularly from the Tyson area, which continues to deliver exceptional high-grade results over multiple drill sections,” AuTECO Minerals chief executive officer Darren Cooke said.

“Our focus now turns to regional drilling over the next three-months, as access to areas improves with the ground firming over the winter period.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

 

Sunshine Gold Consolidates High-Grade Gold Prospects at Ravenswood

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THE BOURSE WHISPERER: Sunshine Gold (ASX: SHN) has signed a binding Farm-In and Joint Venture agreement with London-listed Rockfire Resources to earn up to 75 per cent of the Lighthouse gold project Queensland.

The Lighthouse adjoins Sunshine Gold’s 100 per cent-owned Ravenswood West project and, subject to completion and earn-in, will expand that project by approx. 16 per cent to 1,091 square kilometres.

Lighthouse contains a JORC 2012 Inferred Resource of 961,000 tonnes at 1.66 grams per tonne gold totalling 50,000 ounces at the Plateau Breccia Prospect as well as strong pipeline of advanced gold prospects with known, high-grade mineralisation.

“The deal allows Rockfire to focus on their emerging Molaoi zinc-lead-silver-germanium deposit in Greece, while allowing us access to a number of high-quality, advanced prospects adjacent to Ravenswood West,” Sunshine Gold managing director Damien Keys said in the company’s ASX announcement.

“Lighthouse further consolidates Sunshine Gold’s holding in the prolific and highly prospective Ravenswood District.

“The initial 50,000 ounces gold Resource at Plateau gives Sunshine Gold a second Resource front (with Triumph 118,000 ounces gold Resource) with potential for rapid growth.

“In addition to Plateau, Lighthouse contains a suite of advanced prospects with strong gold and base metals results from soils, rock chips and drilling.

“Field validation of drill targets at Plateau, Double Event- Lighthouse, Cardigan Dam and Horse Creek will commence in January 2023 ahead of first drilling planned for March 2023.

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

 

Mt Monger Resources Commences Drilling at East Laverton

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THE DRILL SERGEANT: Mt Monger Resources (ASX: MTM) has commenced aircore (AC) and reverse circulation (RC) percussion drilling at the company’s Pt Kidman and Seahorse prospects located near Laverton in Western Australia.

Mt Monger Resources is planning to drill across the Pt Kidman prospect to evaluate rare earth element (REE) geochemical anomalies and an interpreted nickel-cobalt gossan.

The drilling will test both newly defined REE geochemical soil anomalies in the north and east of the prospect area and extend the mineralised zones intersected by previous drilling.

A small program of RC percussion drilling is also proposed at Pt Kidman to test a possible nickel-cobalt gossan exposure that was identified by recent rock chip sampling in the area.

AC and RC percussion drilling has been scheduled at the Seahorse prospect to test multi-element surface geochemistry results from surveys that demonstrated gold, nickel, copper, cobalt, lead, zinc geochemical anomalies while providing further confirmation the East Laverton area contains inliers of deformed greenstone rocks interpreted from regional aeromagnetic images.

“A new phase of AC drilling targeting extensions of known rare earth element mineralisation at the Point Kidman prospect is underway,” Mt Monger Resources exploration manager Antony Zebisch said in the company’s ASX announcement.

“This program follows up on our previous drilling campaign and recent soil sampling results.

“Furthermore, RC drilling is being used to target an anomalous nickel-cobalt gossan in the Pt Kidman prospect.

“We also have exciting geochemical anomalies at the Seahorse prospect that we are targeting with both RC and AC drilling, including gold targets and an area where a 1.1 per cent nickel and 1.57 per cent cobalt rock chip sample was taken.

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Azure Minerals Reports Consistent High-Grade Lithium Results at Andover

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THE DRILL SERGEANT: Azure Minerals (ASX: AZS) released further high-grade lithium results from the company’s Andover project (Azure 60% / Creasy Group 40%), located in the West Pilbara region of Western Australia.

Azure Minerals reported its ongoing lithium-focused, pegmatite sampling exploration program across the Andover project has returned very high=grades of lithium, up to a maximum value of 4.87 per cent lithium oxide (Li2O).

A recent crop of 109 samples produced 20 samples grading over 3.5 per cent Li2O.

“We are extremely excited by these latest results which highlight the huge potential of the Andover project to host substantial lithium resources,” Azure Minerals managing director Tony Rovira said in the company’s ASX announcement.

“It is particularly pleasing to see these types of results given the recent announcement that global mining and chemical company SQM would invest $20 million to take a 19.99 per cent stake in Azure, which is not only an endorsement of our strategy and the prospectivity of our projects, but also gives us the financial firepower to aggressively tackle this opportunity.

“Several hundred pegmatite bodies remain to be sampled and mapped within the project area, and this work will continue in parallel with upcoming diamond and RC drilling programs.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

 

Stavely Minerals Commences ‘Pivotal’ 2023 Campaign

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THE DRILL SERGEANT: Stavely Minerals (ASX: SVY) declared a new mind set regarding the company’s 100 per cent-owned Stavely copper-gold project in western Victoria.

Stavely described upcoming activities as “a significant new phase of exploration” following an extensive review of regional and near-resource discovery opportunities.

As 2022 ended, Stavely invited porphyry expert, Dr Steve Garwin to review Cayley Lode drill data, to visit site, and inspect drill core.

Dr Garwin’s review delivered a new porphyry target beneath and along plunge of some deeper intercepts on the Cayley Lode, including holes SMD173 and SMD182.

SMD173 was one of the last diamond drill holes completed during the Mineral Resource drill-out.

There had been concerns raised that the Cayley Lode mineralisation might not extend below the low-angle structure, an opinion with which Stavely strongly disagreed.

SMD173 intercepted 43 metres at 2.6 per cent copper, 0.42 grams per tonne gold and 10g/t silver from 378m and while doing so altered the character of the mineralisation relative to intercepts from previous drill-holes.

SMD182 was the last drill hole of the Mineral Resource drill-out with the objective to further test the down-plunge extent of the Cayley Lode beyond SMD173.

SMD182 intercepted 10.4m at 4.34 per cent copper, 3.17g/t gold and 11g/t silver from 421m, including 4.9m at 6.74 per cent copper, 6.45g/t gold and 19g/t silver, demonstrating near parity of gold grade in g/t to the copper grade in per cent.

Stavely highlighted the near parity of gold grade in g/t to the copper grade in per centages, saying the economic potential of an increase in gold grades with high-grade copper in this intercept could not be ignored.

“Dr Garwin’s insights have assisted the site team to recognise a systematic zonation of sulphides in the high-grade copper-gold mineralised structures, and this has provided very material encouragement to pursue the Cayley Lode at depth,” Stavely Minerals executive chair and managing director Chris Cairns said in the company’s ASX announcement.

“In essence, the mineral assemblage in the last few, and so far deepest, drill holes completed on the Cayley Lode while completing the initial Mineral Resource drill-out, indicate an increase in temperature of mineral formation which, if it continues, should bring our drilling towards the causative porphyry.”

 

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Technology Metals Australia Receives Danish Letter of Interest

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THE BOURSE WHISPERER: Technology Metals Australia reported the delivery of a Letter of Interest (LoI) from EKF Denmark’s Export Credit Agency (EKF) regarding potential financing support for the company’s Murchison Technology Metals Project (MTMP).

The high-grade MTMP is located outside Meekatharra in Western Australia and consists of the Gabanintha and Yarrabubba deposits located on granted Mining Leases.

Technology Metals Australia is developing the MTMP to be a long-term supplier of critical minerals targeting average vanadium production of approx. 12,500 tonnes per annum vanadium pentoxide (V2O5) over an initial 25 year mine life as well as production of a titanium (ilmenite) by-product from mining and processing ore from Yarrabubba.

A recent Mineral Resource Estimate (MRE) upgrade delivered a global MRE for the MTMP of 153.7 million tonnes at 0.8 per cent V2O5, inclusive of a Measured and Indicated MRE of 63.2 million tonnes at 0.9 per cent V2O5, which the company expects to support an increase on the current 25 year mine life.

The EKF LoI contemplates financing support of around $150 million subject to, among others, sufficient Danish economic interest in the MTMP, approvals, satisfactory documentation, and customary due diligence.

Financing support from EKF is backed by the Danish state and as such can be considered to carry a AAA rating.

EKF has been involved in the financing of projects all over the world and has extensive and positive experience working with FLSmidth, a key equipment supplier for the MTMP.

“This is, an exciting and significant milestone alongside our partnership with FLSmidth, which places TMT in a strong position to progress the development of the MTMP,” Technology Metals Australia managing director Ian Prentice said.

“The TMT team is undertaking considerable work in progressing the MTMP funding strategy, including engagement with a range of institutions and also importantly progressing implementation of the company’s holistic ESG action plan in collaboration with WSP Golder, whilst maintaining a clear focus on the timely development of the MTMP and the supply of high purity vanadium pentoxide to play an important role in the global transition towards net zero.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

 

Cygnus Gold Expands Lithium Mineralisation at Pontax

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THE DRILL SERGEANT: Cygnus Gold (ASX: CY5) reported assay results from initial mapping and sampling at the company’s Pontax lithium project in the well-endowed lithium terrane James Bay region of Quebec, Canada.

Cygnus Gold is earning up to 70 per cent in the Pontax project, which is in the prolific Superior Province of Quebec, one of Canada’s most prolific lithium provinces.

Cygnus Gold received results from surface sampling undertaken last year that returned high-grade assays of up to 3.3 per cent lithium oxide (Li2O) and 857ppm tantalum pentoxide (Ta2O5) that have expanded the potential scale of the mineralised system at Pontax.

At the Pontax Central target further results of up to 3.3 per cent Li2O took the known strike length of mineralisation to 700 metres, which remains open along strike under shallow cover.

Ongoing drilling is planned to focus on stepping out along strike and beneath cover.

At the Pontax North target, results of up to 2.5 per cent Li2O highlighted the prospectivity of what is considered a new interpreted trend that is set to become an immediate major drill target.

“These first assay results from Pontax confirm high grade spodumene mineralisation from surface, significantly expand the footprint of the Pontax system and confirm the strong potential to replicate Pontax immediately to the north,” Cygnus Gold executive director Michael Naylor explained.

“The ongoing drilling program will accelerate rapidly with two more rigs on their way to site and assays from last year’s drilling expected to start coming in next month (February).

“This strategy is aimed at expanding the known mineralisation at both Pontax and Pontax North, culminating in a maiden Resource in the middle of this year.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

 

BHP Providing Much Needed Leg-Up to Juniors with new Xplor Program

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COMMODITY CAPERS: Mining giant BHP has opened its doors to aspiring exploration companies, especially those in the hunt for copper, nickel and other critical minerals.

The major’s new BHP Xplor initiative is a simple way for the company to outsource grassroots exploration by financing juniors with a good tale to tell, but nobody to listen.

According to the BHP web page Xplor is, “dedicated to accelerating innovative, early-stage mineral exploration start-ups to find the critical resources necessary to drive the energy transition”.

A smart move to get in early and being in the room should any of these minnows hit something of potential, thereby removing any possible bidding wars with any other super-miner that may be interested.

The choice of commodity is also interesting, given BHP’s long track record with coal and iron ore.

Now it seems it wants to move with the agenda many juniors have set in motion years ago.

“We are searching around the globe for the next generation of explorers that are ready to think about the earth’s minerals systems differently to unlock copper, nickel and other critical mineral deposits,” BHP said.

Companies selected to join the program receive a one-off, non-dilutive grant of US$500,000.

This combines with other important non-tangible assets, such as mentorship, and networking opportunities with industry and investors and connections.

ASX-listed juniors taken in the 2023 draft included Nordic Nickel (ASX: NNL), Impact Minerals (ASX: IPT) and Kingsrose Mining (ASX: KRM).

Nordic Nickel indicated it would be spending its US$500,000 on a recently commenced 2023 drill program.

The funds will pay for deeper holes to test known EM targets the company says appear to be located near the base of the ultramafic cumulate layer at the Hotinvaara nickel prospect, for ‘Sakatti-style’ massive sulphide accumulations.

“We are excited to have been selected to participate in the BHP’s Xplor cohort for 2023,” Nordic Nickel managing director Todd Ross said.

“This validates the quality and potential of our flagship Pulju nickel project in northern Finland, where we are targeting the potential for Tier-1 nickel discoveries in an under-explored greenstone belt with proven geological potential for large-scale critical mineral deposits.”

Impact Minerals has earmarked its BHP Xplor funding to identify new target areas for copper and other energy metals around the company’s Broken Hill project in New South Wales.

Impact Minerals has been busy around the Broken Hill area, adding to its ground position over the past few years.

Impact believes untapped exploration potential still exists at Broken Hill for copper mineralisation and has been working on a new model for copper associated with mafic intrusions that are part of the Broken Hill Group rocks.

“We are thrilled and honoured to be one of first-ever participants of the prestigious BHP Xplor program and to partner with the world’s largest mining company in our exploration,” Impact Minerals managing director Dr Mike Jones said.

“This is a testament to Impact’s innovative thinking over the years and we are looking forward to working with them to accelerate exploration at Broken Hill and also upgrading our skills company-wide by gaining access to their global network.”

As a part of the BHP Xplor program, Kingsrose Mining has developed a strategy of regional target generation for nickel massive sulphide deposits, applying modern mineral systems concepts and generative exploration methods across two highly prospective but underexplored geological belts in Finland and Norway.

“We are delighted to have been selected to participate in BHP Xplor, and to collaborate on our concept for nickel discovery in the Nordic region,” Kingsrose Mining managing director Fabian Baker said.

“It is by developing and testing new exploration concepts, and building positive relationships with stakeholders, that major discoveries of critical metals required for the energy transition will be made, and BHP Xplor allows Kingsrose to increase the odds of discovery success.”

Four other candidates make up the cohort of seven selected to join the BHP Xplor accelerator program for 2023.

These include:

Tutume Metals – a private, junior exploration company in Botswana with secured ground searching for new magmatic nickel, copper systems in southern Africa;

Asian Battery Metals – a junior exploration company focused on finding economic deposits of critical minerals in the Asia Pacific region;

Red Ox Copper – a private minerals exploration group in Australia, specialising in generating grassroots, greenfield conceptual plays with potential for tier 1 ore deposits; and

Bronzite Corp – an early-stage exploration for copper in northern Canada. Spearheaded by Prof. James Mungall, experienced field and economic geologist at Carleton University, Ottawa.

“We are amazed by the diversity and quality of the submissions we reviewed and selected,” BHP Xplor vice president Sonia Scarselli said.

“We are confident that the BHP Xplor program will support the companies chosen to accelerate their concepts and ideas, to help take them to the next level.”