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Blencowe Resources #BRES – Further metallurgical test work confirms high quality of end products from Orom-Cross
Highlights:
· Blencowe successfully completes critical metallurgical test work on a substantially increased scale of 150kgs by leading Chinese graphite metallurgical test laboratory at Wuhan University.
· Previous metallurgical test work by both SGS in Canada and IMO in Australia based on smaller sample sizes.
· Results continue to highlight a high grade, low impurity concentrate.
· Refinements to the processing methodology delivers;
o Increased percentage of higher value large and jumbo flakes within the 97% concentrate (36% increases to 38%).
o Increased recoveries (90% increases to 93%).
· Blencowe now has considerably more volume of end product concentrate to send to potential offtake and strategic parties ahead.
Blencowe Resources Plc (“Blencowe” or the “Company”), is pleased to announce that additional metallurgical test work on its Orom-Cross graphite project in Northern Uganda has been completed by the leading Chinese graphite technical specialist laboratory, based at Wuhan University. This is recognised as one of the most experienced graphite facilities in the world and has been conducting similar tests to improve graphite processing methodology for over 30 years.
This test work is also critical to understanding the quality of the end-product that Orom-Cross can deliver as a high-grade graphite concentrate, as well as what the process flow will look like to achieve this on a commercial scale. It also provides significantly greater quantum of end product for end user testing, which is critical within the Definitive Feasibility Study (“DFS”).
Metallurgical Test Work Objectives
Blencowe appointed Wuhan University in partnership with Jilin New Technology to undertake metallurgical test work on material gathered from its drilling campaigns, which covered both the Northern Syncline and Camp Lode areas within Orom-Cross.
The program was designed to deliver the following objectives:
1. Confirm a 95-97% TGC (Total Graphite Content) pure concentrate is achievable on the larger sample size with low impurities (in particular thorium and vanadium) as previously indicated.
2. Confirm +90% recovery is achievable for this concentrate.
3. Confirm the liberation process in order to maintain a majority of Jumbo/XL/Large flakes within the concentrate.
4. Confirm the process flow diagram for the pilot plant design as part of the DFS.
5. Deliver bulk concentrate to allow Blencowe to initiate discussions with potential off-take partners.
Metallurgical Test Work Results
Blencowe is pleased to announce that all 5 objectives have been met or exceeded in this round of test work. Open cycle floatation test produced recoveries between 92-94% (previously 90%) and concentrate grades consistently range between 95-98% for all graphite mesh sizes.
The additional metallurgical test work was commissioned to test the required pilot plant configuration and all metallurgical test-work undertaken to date shows a robust flowsheet capable of repeatable metallurgy for a wide range of feed samples from Orom-Cross.
The proposed flowsheet was employed in a continuous pilot operation to determine the metallurgical response under typical operating conditions. The final concentrate graded 96.0% C(t) at 93.2% total carbon recovery which exceeded the company’s expectations and places the end product recovered at the higher end of the spectrum in comparison to its peers.
The pilot plant circuit optimisation undertaken to date has lifted the large flake recovery by 3% and also lifted the fines concentrate grade by some 2% TGC, whilst maintaining the grade in other flake sizes. This is important in terms of further downstream processing these fines to deliver a 99.9% SPG (spheronised, purified graphite) battery-ready product. The resultant test work was focused towards achieving the five key objectives as outlined above, as well as being geared towards optimising the flake size fractions and the finer mesh concentrate grade.
100t Bulk Update
These highly encouraging results will enable the Company to now proceed with further improvements and optimisation to the plant ahead of processing the previously announced 100t bulk sample, which has already been extracted and exported from Uganda to China. Blencowe will continue to refine the commercial plant design throughout the DFS to optimise the pilot process and the end product it will deliver.
Executive Chairman Cameron Pearce commented:
“We are delighted that to see that our graphite product continues to deliver strong metallurgical results which is now endorsed by the leading graphite processing team in China. These results indicate that our concentrate is a highly marketable end product and will translate to more interested strategic and offtake parties being able to buy our product.
We will now progress with the much larger 100t bulk sample for our DFS, which will underpin our project value. I cannot emphasise enough that success within graphite projects is largely based on metallurgy and we are consistently getting results that end users of the product will find highly attractive when it comes to mining Orom-Cross and selling the range of products from that operation.”
For further information please contact:
|
Blencowe Resources Plc Sam Quinn |
www.blencoweresourcesplc.com Tel: +44 (0)1624 681 250
|
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Investor Relations Sasha Sethi |
Tel: +44 (0) 7891 677 441
|
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Tavira Financial Jonathan Evans |
Tel: +44 (0)20 3192 1733 jonathan.evans@tavira.group
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First Equity Limited Jason Robertson |
Tel: +44(0)20 7330 1833 jasonrobertson@firstequitylimited.com
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Twitter https://twitter.com/BlencoweRes
First Class Metals #FCM – North Hemlo Exploration Update
First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK metals exploration company focused on the discovery of economic metal deposits across its extensive Canadian – northwest Ontario, land holding is pleased to provide an update on exploration activities.
Highlights
· Exploration currently in progress at North Hemlo, with a clear focus on drill preparation.
· Visible gold has been observed in multiple grab samples from the Dead Otter Trend (‘DOT’) on North Hemlo.
· Gold ‘panned’ from pulverised grabs taken from the DOT.
· Exploration permit submitted to the Provincial authorities, reflecting our confidence in our exploration progress and our commitment to fulfilling all necessary regulatory requirements.
· Drill contract under negotiation, with site visit undertaken by a drilling operator to review logistics and access for a diamond drilling rig.
Marc J. Sale CEO First Class Metals Commented:
“The confirmation of (visible) gold underlines our increasing confidence in the potential of the Dead Otter Trend. This is a very significant milestone for FCM, as is the submittal of the Exploration Permit after extensive but positive and on going discussions with the First Nations. We intend to drill as soon as all the factors allow”.
North Hemlo Exploration Progress:
A field team, working from Manitouwadge, is focussed on the Dead Otter Trend. Initially, exploration is focussed around the historic showing which reported 3.1 g/t Gold (Au) and 0.59% Molybdenum (Mo). Over 100 samples have now been taken and ready for dispatch.
After the completion of the intensive, detailed sampling of the ‘northern’ area, a similar exercise will be conducted to the southeast, in the vicinity of the previously reported new discovery of 19.6g/t Au (as seen in the news release of January 26, 2023). The two areas are separated by approximately 3km, and the structure has been discontinuously traced along the extent and reports other >1g/t Au and anomalous Mo as other ‘pathfinder’ elements.
The Company’s stated objective is to advance the Dead Otter Trend to drill ready status this season with the intention of undertaking stripping then a scout drilling programme once permitting is secured.
Visible Gold (VG) in sampling across the Dead Otter Lake Trend:
Systematic grab samples have been collected along the favourable ‘horizon’ in the area of the old showing. A high percentage of the rock composing each sample are scrutinized for presence of visible gold, see photo 1.
Please follow the link for a photomicrograph of a sample exhibiting visible gold, from work earlier this week. https://images.squarespace-cdn.com/content/v1/609bd256aea691347dbcf1ed/2c18daa8-94d3-4d80-8e0f-180ae1a10b6b/Photomicrograph-of-visible-gold-from-the-Dead-Otter-Lake-Trend.jpg
Photo 1-showing geologist reviewing the rocks from intensive sampling of the Dead Otter Trend
Photo 2-Visible gold in a second sample in a photomicrograph of rock from the Dead Otter Trend
Panned gold
Rock samples collected randomly from the zone of intensive sampling were ‘dollied’ then panned-off. A number of gold flecks were seen in the ‘tail’ in the panning dish (see Photo’s 3 -5). This is significant in not only proving the presence of gold in the Dead Otter Trend but also signifies that (some of) the gold present is free-milling, a very important metallurgical aspect for future possible extraction.
Photo 3 -showing the fine gold in the ‘tail’ in the panning dish.
Photo 4-photomicrograph of minute gold specs seen in the panned rock
Photo 5-photomicrograph of further minute gold specs seen in the panned rock
Exploration Permits Submitted
The Exploration Permit which would allow stripping and drilling of the Dead Otter Trend has been submitted to the Mines department for review and consultation. This is after FCM has had, and ongoing, detailed discussions with the pertinent First Nations (FN) groups with traditional land claims over the North Hemlo claim block.
Drill Contract Discussions
Advanced discussions have commenced with a local drilling company, and a review of the contract has been initiated, which included a site visit to assess access for a drill program upon the receipt of a successful permit application.
FCM remains committed to undertaking a scout drill programme on the Dead Otter Trend as soon as logistics and permitting allow.
FCM is committed to exploring the properties currently under its control in order to add value and bring where warranted to a drill point. For further information on our near term plans we would like to signpost investors to our recently created presentation ‘The Big Four’ link: FCM-Report-The-Big-Four-How-we’re-moving-towards-drilling.pdf (squarespace.com)
For Further Information:
|
James Knowles, Executive Chairman |
07488 362641 |
|
|
Marc J Sale, CEO |
07711 093532 |
|
|
Ayub Bodi, Executive Director |
07860 598086 |
First Equity Limited
(Financial Adviser & Broker)
|
Jonathan Brown |
0207 3742212 |
|
|
Jason Robertson |
0207 3742212 |
First Class Metals PLC – Background
First Class Metals is focussed on exploration in Ontario, Canada which is considered a top global destination for exploration with a robust and thriving junior mineral exploration sector. Specifically, the Hemlo ‘camp’ is a proven world class address for gold /VMS exploration. This geological terrane has significant production, both base / precious metals and a prolific number of exploration projects and numerous prospector’s ‘showings’.
FCM currently holds 100% ownership of seven claim blocks covering over 180km² along a 150km strike of the Hemlo-Schreiber-Dayohessarah greenstone belt which also contains the >23M oz shear hosted Hemlo gold mine operated by Barrick Gold. Late last year FCM completed the option to purchase the historical high grade (gold) Sunbeam past producing mine
The significant potential of the properties for precious, base and battery metals relate to: ‘nearology’ insomuch that all properties lie close to identified mineral anomalism, for example Palladium One’s RJ and Smoke Lake nickel projects are close to the FCM’s West Pickle Lake drill proven Ni-Cu project. This also demonstrates the second critical asset the properties hold: vector, anomalies, be they geological, geochemical, or geophysical that have demonstrated mineral potential extend on to FCM’s properties.
The inferred shear on the Esa property is being explored by neighbours both to the west and east where it crosses into their properties. Furthermore, the properties have not been extensively explored either historically or more contemporaneously . This is attributable to the overall lack of outcrop. However, modern exploration techniques are better able to ‘see through’ the ground cover and to identify anomalies.
Forward Looking Statements
Certain statements in this announcement may contain forward-looking statements which are based on the Company’s expectations, intentions and projections regarding its future performance, anticipated events or trends and other matters that are not historical facts. Such forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements sometimes use words such as ‘aim’, ‘anticipate’, ‘target’, ‘expect’, ‘estimate’, ‘intend’, ‘plan’, ‘goal’, ‘believe’, or other words of similar meaning. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Given these risks and uncertainties, prospective investors are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of such statements and, except as required by applicable law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
#KAV Kavango Resources PLC – Result of AGM
Southern Africa-focussed metals exploration company Kavango Resources plc (LSE:KAV) is pleased to announce the result of the Annual General Meeting of Kavango Resources PLC held at the offices of the Company’s Solicitors, Druces LLP, Salisbury House, London Wall, London EC2M 5PS on 8 June 2023 at 11 a.m.
All nine resolutions put to members were passed on a poll. Resolutions 1 to 6, and 8 were passed as ordinary resolutions and resolutions 7 and 9 were passed as special resolutions.
The number of votes cast for and against each of the resolutions proposed, and the number of votes withheld were as follows:
|
Resolution |
Votes for |
% |
Votes against |
% |
Votes withheld |
|
Resolution 1 (Ordinary) To approve the accounts for the year ended 31 December 2022, auditors’ report and strategic report |
300,626,522 |
90.50 |
31,564,114 |
9.50 |
873,263 |
|
Resolution 2 (Ordinary) To approve the re-appointment and remuneration of PKF Littlejohn LLP as the Company’s auditor |
309,691,550 |
93.23 |
22,499,086 |
6.77 |
873,263 |
|
Resolution 3 (Ordinary) To approve the Directors’ Remuneration Report in the Company’s Annual Report |
286,851,364 |
86.22 |
45,836,091 |
13.78 |
376,444 |
|
Resolution 4 (Ordinary) To approve the re-election of Jeremy Brett as a director |
309,168,705 |
93.08 |
22,996,931 |
6.92 |
898,263 |
|
Resolution 5 (Ordinary) To approve the re-election of Peter Francis Wynter Bee as a director |
299,476,521 |
90.19 |
32,564,114 |
9.81 |
1,023,263 |
|
Resolution 6 (Ordinary) To authorise the allotment and issue of equity securities |
290,792,562 |
88.81 |
36,629,949 |
11.19 |
5,641,383 |
|
Resolution 7 (Special) To disapply the statutory pre-emption rights on the issue of equity securities |
289,841,872 |
88.53 |
37,560,633 |
11.47 |
5,661,391 |
|
Resolution 8 (Ordinary) To authorise the allotment and issue of the Stage 1 Subscription Shares |
281,880,160 |
84.72 |
50,852,300 |
15.28 |
331,436 |
|
Resolution 9 (Special) To disapply the statutory pre-emption rights on the issue of the Stage 1 Subscription Shares |
276,445,216 |
84.43 |
50,977,300 |
15.57 |
5,641,383 |
As at 8 June, there were 705,569,314 ordinary shares in issue. Shareholders are entitled to one vote per share. Votes withheld are not votes in law and so have not been included in the calculation of the proportion of votes for and against a resolution.
The full text of each resolution is available in the Notice of Annual General Meeting, published on our website.
First Class Metals #FCM – Operation Update on Ontario Exploration
First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK metals exploration company focused on the discovery of economic metal deposits across its extensive Canadian – northwest Ontario, land holding is pleased to provide an update on exploration activities.
Highlights
· Zigzag Lithium-Initial reconnaissance trip with the property completely under the cover of snow returns grades of Lithium (Li) up to 1.00% and Tantalum (Ta) up to 198 ppm.
· McKellar REE Diatreme-Channel sampling of diatreme verifies historical findings and further evidenced Rare Earth Element (REE) system.
· Esa-Extensive soil sampling campaign to build on the successful 2022 program completed with 539 samples now awaiting assay results.
· Sunbeam-Historic data and core reviews completed alongside extensive prospecting, sampling, and mapping program which includes rediscovery of a 3m wide quartz vein on the Pettigrew Trend.
· North Hemlo-Exploration at North Hemlo initiated focused on the Dead Otter trend.
Marc J. Sale CEO First Class Metals Commented:
“FCM remains focussed on bringing four of our key properties to drill ready status this field season. It is our stated intent, permits notwithstanding, of drilling at least one of these properties this season. The 2023 field season has started well and with the support of EGS[1] I feel we are currently on track to accomplishing this objective”.
Zigzag Lithium
The 6 claim Zigzag claim block is situated in a developing, prolific lithium endowered pegmatite belt, 60km northeast of Armstrong, Ontario. During a winter reconnaissance of the Zigzag property in order to assess access the team identified an old trench for which sample information was not available. Four samples were collected from the in situ debris flanking the trench. The results, tabulated below validate previous sampling, with values up to 1.0% (10,000ppm):
|
Sample number |
Lithium (Li) ppm |
Tantalum (Ta) ppm |
|
A1104880 |
1390 |
184 |
|
A1104881 |
5070 |
84.7 |
|
A1104882 |
10000 |
139 |
|
A1104883 |
1180 |
198 |
Table 1-Zigzag grab sampling results
It is important to take these samples in context: this being that the site was covered in several feet of snow and it was specifically an access appraisal visit, that any samples were collected were a bonus. However to carry out prospecting in such conditions and produce these results gives great confidence on the wider mineralisation of the property.
The exploration programme , going forward when logistics and other factors allow is to establish a temporary field camp at Zigzag to conduct a programme of sawn channel sampling to quantify the distribution of metals (Li / Ta) along the known 800m strike and width which is estimated at up to 20m.
The intention is to bring the Zigzag property to drill ready status this season.
Picture 1-Sample of Zigzag spodumene
McKellar Polymetallic Project
FCM is pleased to announce the results from the recent sampling of the McKellar diatreme have been received: not only confirming but enhancing the historic sampling.
The McKellar property, comprising 66 claims covers 12.5km² is situated in prime geological terrain within the Coldwell complex. Located to the west of the Generation Mining’s Palladium Project, McKellar is roughly 25 kilometres from the town of Marathon, the main service centre for Barrick’s Hemlo mine.
The property contains known ‘showings’ (historic sample points) for gold, silver, and base metals as well as a diatreme with reported anomalous REE, see Figure 1.
Figure 1 showing the historical showings at McKellar
The diatreme occupies a topographic low and occurs within a north trending linear stricture. The breccia may have been emplaced within a shear or fault zone, however, geologic data supporting this possibility are lacking.
In total 18 sawn channel samples of approximately 1m were collected across the exposed diatreme, in addition 5 grab samples were also collect for assay.
In 2013 prospecting, the results of geological mapping and rock sampling (5 bedrock grab samples were taken) of the diatreme, results of which and other assayed samples from the diatreme area are included in table 2 below along with the results from the highest two samples from FCM’s recent sampling.
|
Element |
Historical assay results for selected elements (including REE’s), McKellar Creek Diatreme: |
FCM recent 2023 sampling showing two highest values, all ppm |
|
Gold Au |
25 ppb |
N/A |
|
Platinum Pt |
17 ppb |
N/A |
|
Neodymium Nd |
300 ppm |
259, 205 |
|
Lanthanum La |
400 ppm |
362, 253 |
|
Beryllium Be |
2.8 ppm |
5 all others BLD |
|
Cerium Ce |
513 ppm |
653, 503 |
|
Yttrium Y |
214 ppm |
287, 193 |
|
Strontium Sr |
1280 ppm |
1410, 1360 |
|
Thorium Th |
180 ppm |
145, 140 |
|
U308 |
38 ppm |
U: 32.8 23.4 |
Table2 showing the results of the reported historical and recent sampling by FCM.
Picture 2 showing channel sample sawn into the diatreme outcrop and in the process of being sampled
The Exploration Permit, after discussions with relevant First Nations, will be submitted in the following days to the Ministry. The Permit when granted would allow drilling if justified. However, a more systematic sampling of the diatreme would be required prior any drilling to accurately define an initial a programme, if warranted.
Sunbeam-Historical High Grade Gold Mine.
The Sunbeam property is situated in the Ramsay-Wright Township in the Superior Province of the Canadian Shield, Ontario. The landscape consists of gently rolling topography with a maximum relief of 40m. Vegetation is typical mixed boreal forest. Located in north-west Ontario, the property is approximately 27km northeast of the town of Atikokan and 15km southeast of the Hammond Reef gold deposit.
The Property hosts several sites of historic mine development and gold mining: The Sunbeam Mine, the Roy Mine, and the Pettigrew Mine. Multiple other gold occurrences are also known including the Road Zone, AL198 Zone, WN2 and the Rubble ‘occurrences’.
The Sunbeam Mine operated from 1898-1905. While there are no records of the production totals for the mine from 1899-1903. In 1904, it was reported that 650 tons averaging 12.2 g/t was mined. Based on the 1903 inclined longitudinal plan of the Sunbeam mine, it has been previously estimated that there could be 50,000-70,000t grading 13.0g/t Au remaining in the old workings
Additionally, the ‘Roy’ and Pettigrew’ showings are on separate sub-parallel mineralised trends to the Sunbeam mine, contained within roughly a 10km strike identified for each trend, giving an aggregate 30km of exploration target.
The review of the historic data has significantly increased not only the understanding of the geology and the potential of the property but also increased the enthusiasm of the company to focus on bring this property to drill ready status. This is highlighted by one section of a voluminous report it was noticed a Geologist from the Ontario Survey visited the abandoned mine site in the ’80’s and took a sample of the dump which reported 26.16 ounces of gold and 5.8 ounces of silver.[2]
It is the Company’s stated intention to bring to drill ready status this field season.
Figure 2 showing the Sunbeam property highlighting the three trends identified, and the core Sunbeam area as well as the English Option claims.
The drill core from the Nuinsco drill campaigns has been relocated to a storage facility closer to the property and was reviewed hole by hole. No additional sampling was required as an exemplary job of logging and sampling was achieved by Nuinsco. A better understanding of the mineralising package has been gleamed, however, it is evident that structure plays a very important role in emplacement of the mineralisation. In order to most efficiently locate any planned drilling stripping and possibly channel sampling of key sites close to the three historic developments will be performed prior to drilling
Picture 3-Showing historical Sunbeam drill core from Nuinsco drilling. The section shows the mineralised quartz bearing gold zone from drill hole NS-21-06
The available historic geophysics was sourced for / by Paterson Grant and Watson (PGW) who reprocessed and interpreted the data. Their report not only highlighted the three main trends but has also assisted in a better understanding of the district scale structures as well as identifying additional areas for prospecting
Prospecting of the three main trends by EGS and a team from Bjorkman Prospecting focussed on areas outside the main developments and has identified veining within the three structures previously without reported assays. A significant number of samples have been collected and submitted for analysis.
Another aspect highlighted by the historical review was the lack of drilling undertaken on the Pettigrew development area and the limited drill holes that had assays reported showed very promising results from near surface:
Two holes returned significant gold assays:
Hole 57751: 19.4 g/t Au over 0.63m at 5.33m and 15.17 g/t Au over 1.37m at 21.44m
Hole 57766: 2.96 g/t over 0.18m at 28.26m and 3.56 g/t over 0.5m at 37.31m
Picture 4 the historic development at Pettigrew which was deepened to 100′
Esa Gold Project
Results from the 2022 field season’s soil sampling programme defined a cohesive if discontinuous Au (and pathfinder element) anomaly roughly coincident with an inferred shear (supported by geophysical evidence), which transects the property. Previous prospecting for FCM had also identified, to the north of the shear, a ‘Hemlo look-a-like’ angular boulder which reported 702ppb Au. This is significant, more so as it was found on a roughly north south magnetic anomaly whose southern projection intersects the shear.
Picture 5 showing the angular boulder from Esa which returned 0.7ppm Au, (field of view approx. 10cm)
A Further 534 soil samples and 5 rock chip samples have been collected both subparallel to the shear – orthogonal to the north striking magnetic features- as well as in the areas of higher Au anomalism in the previous programme. Results have not yet been received.
Figure 3 showing the shear transecting the property and the soil lines completed in the 2022 field season.
FCM has drafted an Exploration Permit which is currently under review by First Nations.
It remains FCM’s intention to bring Esa to a drill ready status this field season and if able and warranted undertake stripping and drilling.
North Hemlo-
A field team is now established at Manitouwadge and has recommenced exploration on the Dead Otter trend which previously has reported over 19.ppm Au on a discontinuous trend traceable to over 3km south east from the original showing which reported 3.1ppm Au and 0.59% Mo. Over 20 further samples hav already been collected with visually encouraging signs.
The Company’s stated objective is to advance the Dead Otter trend to drill ready status this season with the intention of undertaking stripping then a scout drilling programme once permitting is secured.
FCM is committed to exploring the properties currently under its control in order to add value and bring where warranted to a drill point. For further information on our near term plans we would like to signpost investors to our recently created presentation ‘The Big Four’ link: FCM-Report-The-Big-Four-How-we’re-moving-towards-drilling.pdf (squarespace.com)
For Further Information:
|
James Knowles, Executive Chairman |
07488 362641 |
|
|
Marc J Sale, CEO |
07711 093532 |
|
|
Ayub Bodi, Executive Director |
07860 598086 |
First Equity Limited
(Financial Adviser & Broker)
|
Jonathan Brown |
0207 3742212 |
|
|
Jason Robertson |
0207 3742212 |
First Class Metals PLC – Background
First Class Metals is focussed on exploration in Ontario, Canada which is considered a top global destination for exploration with a robust and thriving junior mineral exploration sector. Specifically, the Hemlo ‘camp’ is a proven world class address for gold /VMS exploration. This geological terrane has significant production, both base / precious metals and a prolific number of exploration projects and numerous prospector’s ‘showings’.
FCM currently holds 100% ownership of seven claim blocks covering over 180km² along a 150km strike of the Hemlo-Schreiber-Dayohessarah greenstone belt which also contains the >23M oz shear hosted Hemlo gold mine operated by Barrick Gold. Late last year FCM completed the option to purchase the historical high grade (gold) Sunbeam past producing mine
The significant potential of the properties for precious, base and battery metals relate to: ‘nearology’ insomuch that all properties lie close to identified mineral anomalism, for example Palladium One’s RJ and Smoke Lake nickel projects are close to the FCM’s West Pickle Lake drill proven Ni-Cu project. This also demonstrates the second critical asset the properties hold: vector, anomalies, be they geological, geochemical, or geophysical that have demonstrated mineral potential extend on to FCM’s properties.
The inferred shear on the Esa property is being explored by neighbours both to the west and east where it crosses into their properties. Furthermore, the properties have not been extensively explored either historically or more contemporaneously . This is attributable to the overall lack of outcrop. However, modern exploration techniques are better able to ‘see through’ the ground cover and to identify anomalies.
Forward Looking Statements
Certain statements in this announcement may contain forward-looking statements which are based on the Company’s expectations, intentions and projections regarding its future performance, anticipated events or trends and other matters that are not historical facts. Such forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements sometimes use words such as ‘aim’, ‘anticipate’, ‘target’, ‘expect’, ‘estimate’, ‘intend’, ‘plan’, ‘goal’, ‘believe’, or other words of similar meaning. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Given these risks and uncertainties, prospective investors are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of such statements and, except as required by applicable law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Sovereign Metals Limited #SVML – Lapse of Performance Rights
The Company advises that, in accordance with the Company’s shareholder approved Employee Incentive Plan, the following performance rights have been cancelled for no consideration following cessation of employment with the Company:
· 450,000 performance rights subject to the “Feasibility Study Announcement Milestone” expiring on or before 31 December 2025.
Following the cancellation, Sovereign has the following securities on issue:
· 470,875,023 ordinary fully paid shares;
· 6,100,000 performance rights subject to the “Pre-Feasibility Study Announcement Milestone” expiring on or before 31 December 2023; and
· 7,810,000 performance rights subject to the “Feasibility Study Announcement Milestone” expiring on or before 31 October 2025.
Classification: 2.5 Total number of voting rights and capital
ENQUIRIES
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Dylan Browne +61(8) 9322 6322 |
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Nominated Adviser on AIM |
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RFC Ambrian |
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Andrew Thomson |
+61 8 9480 2500 |
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Joint Brokers |
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Berenberg |
+44 20 3207 7800 |
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Matthew Armitt |
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Jennifer Lee |
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Optiva Securities |
+44 20 3137 1902 |
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Daniel Ingram |
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Mariela Jaho |
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Christian Dennis |
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Golden Metal Resources #GMET – Pilot Mountain: Significant Exploration Targets
Golden Metal Resources plc (LON:GMET), a mineral exploration company focused on tungsten, gold, copper and silver within Nevada, USA, is pleased to announce a significant outcome from the interpretation of results from the high-resolution induced polarisation (“IP”) geophysics survey completed over its 100% owned flagship Pilot Mountain Project (“Pilot Mountain” or the “Project”) located within the prolific Walker Lake Mineral Belt in Nevada, USA.
Highlights:
– Detailed analysis of the IP geophysics results have highlighted the presence of three significant undrilled exploration targets (1- Desert Scheelite Parallel West Zone; 2- Porphyry Depths Zone; and 3- Desert Scheelite East Extension Zone; collectively the “Targets”) which are highly prospective for further tungsten (“W”)-copper(“Cu”)-silver(“Ag”)-zinc(“Zn”) mineralisation.
– The Company considers that Pilot Mountain hosts the largest known undeveloped tungsten resource in the USA (with the US currently without any domestic primary tungsten production), and these newly identified targets indicate the potential for a significantly greater in-ground resource than currently known marking a significant uplift in Project potential.
– Any increase in potential mineralisation will further bolster the inherent value of the Project and its attractiveness as a target for non-dilutive grant funding for Project exploration and development, which the Company is actively working on at present.
Oliver Friesen, CEO of Golden Metal, commented:
“While it was the criticality and in-situ value of the W-Cu-Ag-Zn mineral resource that originally attracted us to Pilot Mountain, our due diligence highlighted considerable untapped exploration upside which is what ultimately led us to acquire 100% of the Project back in November 2021.
“Review of all historical data available highlighted several conceptual exploration targets, all of which lay under thin sand cover. As a result, we set out to complete IP geophysics over these targets and the results now received and presented herein have exceeded our expectations with three significant high-priority untested zones now successfully identified on our flagship Project.
“The scale of the opportunity presented to us as 100% owners of this advanced tungsten Project is large, and with these three new exploration targets now identified the opportunity has grown significantly.”
Detailed Overview:
1) Desert Scheelite Parallel West Zone (Figure 1)
o Mineralisation at Desert Scheelite (“DS”; Total Resource 10.7Mt @ 0.26% WO3, see Table 1) is hosted within a very well-defined resistivity low (conductivity high) geophysical feature that is mapped for approx. 500m in a generally east-west direction (see dark blue feature on Figure 1).
o The 2023 IP geophysical results have led to the discovery of the Desert Scheelite Parallel West Zone (“DSPW Zone”) which is defined by a resistivity low (conductivity high) with nearly identical geophysical characteristics to DS. The DSPW Zone is located approx. 200m to the north/north-west of DS and have never been drill tested. The 2023 IP results show that the DSPW Zone is larger than the DS Zone, and if drilling successfully proves that the DSPW Zone contains skarn-style W-Cu-Ag-Zn mineralisation, it would represent a highly significant discovery at Pilot Mountain.
2) Porphyry Depths Zone (Figure 2)
o The Good Hope (“GH”) and Desert Scheelite (“DS”) Zones are located approximately 1,400m apart. The area in between these two zones is blanketed by a thin layer of post-mineral sedimentary and basaltic cover which historically precluded effective exploration between these two zones (despite both zones displaying very similar skarn-type alteration and mineralisation).
o The 2023 IP geophysical results have successfully highlighted a significant geophysical feature which appears to broadly connect the DS and GH zones at depth. This feature is defined by a resistivity and chargeability high and as a result it is postulated that it is related to a porphyry intrusion at depth. Skarn-type systems are ultimately spatially related to porphyry mineral deposits at depth, and this newly identified geophysical zone may represent the ultimate source of W-Cu-Ag-Zn mineralisation found across the entire Pilot Mountain Project. As a result, the discovery of the Porphyry Depths Zone (“PDZ”)may represent a significant development at Pilot Mountain.
3) Desert Scheelite East Extension Zone (Figure 3)
o One of the furthest east historical drillholes completed at Desert Scheelite returned some of the strongest copper and tungsten mineralisation ever found at Pilot Mountain which includes 17.5m @ 1.8% Cu (incl. sub-interval of 13.9m @ 0.89% W03). Because of this, the previous operator in 2013 completed a two dimensional IP survey across and to the east of Desert Scheelite. The goal of this survey was to profile the eastern extension of mineralisation from the main Desert Scheelite Zone.
o Re-interpretation of these 2013 results by Golden Metal have clearly shown that the mineralisation at Desert Scheelite (Total Resource 10.7Mt @ 0.26% WO3) is strongly coincident with a resistivity low (conductivity high) signature which corroborates with the 2023 IP results (see DSPW Zone writeup). Review of the historical results highlight that the DS resistivity low signature extends for an additional circa 500m towards the southeast (dipping under cover) where it remains untested by drilling. This similarly represents a very high-priority exploration target for Golden Metal going forward.
Further Project Information
Overview
The Pilot Mountain tungsten-copper-silver-zinc Project is located approximately 200km southeast of Reno, in Nevada. Nevada ranked first in overall mining investment attractiveness in the Fraser Institute 2022 annual survey 1. The Project is located entirely on United States Bureau of Land Management (“BLM”) land – allowing for efficient and cost-effective permitting.
The 3,656-acre Project is centred around four existing mineral deposits including Garnet, Good Hope, Gunmetal and Desert Scheelite all which possess significant skarn-style W-Cu-Ag-Zn mineralisation.
The Desert Scheelite and Garnet deposits host a combined Mineral Resource Estimate (MRE) of 12.53Mt at 0.27% tungsten trioxide (“WO3“) with significant Cu-Ag-Zn credits (see Table 1). This in-ground resource is believed to be the largest and most advanced undeveloped tungsten resource located in the USA.
Table 1: Pilot Mountain Project Updated Mineral Resource Estimate, dated 13 December 2018 2
|
Resource |
Tungsten Tri-Oxide |
Silver |
Copper |
Zinc |
||||||
|
Mt |
Grade (%) |
Contained metal (t) |
Grade (g/t) |
Cont. metal (t) |
Grade (%) |
Cont. metal (t) |
Grade (%) |
Cont. metal (t) |
||
|
Desert Scheelite |
Ind. |
9.01 |
0.26 |
23,400 |
20.73 |
187 |
0.15 |
13,200 |
0.41 |
37,100 |
|
Inf. |
1.69 |
0.25 |
4,300 |
12.24 |
21 |
0.16 |
2,800 |
0.19 |
3,200 |
|
|
|
Total |
10.7 |
0.26 |
27,700 |
19.38 |
207 |
0.15 |
16,000 |
0.38 |
40,300 |
|
Garnet |
Ind. |
0 |
0 |
0 |
||||||
|
Inf. |
1.83 |
0.36 |
6,590 |
|||||||
|
|
Total |
1.83 |
0.36 |
6,590 |
||||||
|
Summary |
Ind. |
9.01 |
0.26 |
23,400 |
||||||
|
|
Inf. |
3.53 |
0.31 |
10,890 |
||||||
|
Total |
|
12.53 |
0.27 |
34,290 |
||||||
Notes: All figures are rounded to reflect appropriate levels of confidence. Apparent differences may occur due to rounding.
· Cut-off grade 0.15% WO₃
· Garnet deposit resource reported 22 May 2017. Thor Mining stated it is not aware of any information or data which would materially affect this previously announced resource estimate, and all assumptions and technical parameters relevant to the estimate remain unchanged.
· The estimates are considered by SRK Exploration Services Limited to be non-compliant with the JORC Code (2012) reporting standard due to insufficient disclosure of the technical and economic support for the cut-off assumptions applied and are therefore viewed as historical.
Development Potential
There is currently no known domestic United States primary tungsten production, and tungsten is classified as a strategic mineral by the United States Geological Survey (USGS) 3. Set against this backdrop, the Pilot Mountain Project is key strategic and defense metal deposit located on American soil.
Potential production viability was reinforced with a scoping study 4 commissioned by Thor Mining plc and completed in 2018 on the Project which indicated the potential for an initial 12-year operational life based on processing ore from an open pit at Desert Scheelite supplemented by potential production from Garnet.
Furthermore, previous independent metallurgical testwork on 694kg of mineralised rock from Pilot Mountain 5 highlighted strong metallurgical results including the successful production of two saleable concentrates (scheelite, and copper/silver) from a coarse grind treated by floatation or by flotation and wet high-intensity magnetic separators (“WHIMS”).
Shallow mineral resources at the Desert Scheelite and Garnet deposits may be amenable to shallow open-cut mining methods (as modelled in the 2018 scoping study) which would allow for rapid low-cost start-up costs.
Exploration Upside
The previous operator, Thor Mining plc, conducted a study which looked into exploration potential at Pilot Mountain. Thor Mining’s exploration targets were broken into Tier 1 and Tier 2 targets for which a total Exploration Target of 11.0 – 23.0Mt with an expected average grade of 0.3-0.5% WO3 was published 6 (see Table 2).
Table 2: Pilot Mountain Exploration Targets (stated by Thor Mining plc) 6
|
Target Type |
Size (Mt) |
Grade (WO3 %) |
Description |
|
Tier 1 Targets |
7-5 – 13.5 |
0.3 – 0.5 |
Based on historical drill intersections |
|
Tier 2 Targets |
3.5 – 9.1 |
0.3 – 0.5 |
Based on favourable geology and proximity to known mineralisation |
|
Total Exploration Target* |
11.0 – 23.0 |
0.3 – 0.5 |
Combined Tier 1 & 2 |
*Exploration Targets are conceptual in nature and there has been insufficient exploration to define a Mineral Resource. It is uncertain if further exploration will result in the determine of a Mineral Resource.
Considering the current Mineral Resource tonnage equates to 12.53Mt 2, should the exploration targets postulated be converted to Resources they could deliver a significant increase to the potential Pilot Mountain project value. The IP geophysics results presented today have further corroborated and supported the likelihood of proving up some of the Tier 1 and Tier 2 targets published historically.
Media
High-resolution versions of the below three figures can be found at the link below:
https://www.goldenmetalresources.com/pmgeophysical-survey/
Figure 1 – Desert Scheelite Parallel West (DSPW) Zone Resistivity Map. Eastern resistivity low (conductivity high) or dark blue feature is strongly coincident to W-Cu-Ag-Zn mineralisation found at the Desert Scheelite Zone which hosts the majority of the in-ground resource at Pilot Mountain (10.7Mt at 0.26% WO3). The sub-parallel, larger, dark blue zone (resistivity low/conductivity high) represents the undrilled DSPW Zone.
Figure 2 – Resistivity and Chargeability Cross-Sections across Porphyry Depths (PD) Zone. PD Zone is characterised by a slightly concave up resistivity and chargeability high which broadly connects the Good Hope (GH) and Desert Scheelite (DS) zones at depth.
Figure 3 – Desert Scheelite (East Extension) Target Zone. White lines represent resistivity low (conductivity high) that extends from known mineralisation at Desert Scheelite towards the east under cover where it has never been drill tested.
Property Ownership
Golden Metal holds a 100% interest in the Pilot Mountain Project through its wholly-owned Nevada-based operating companies BFM Resources Inc and Pilot Metals Inc.
Reference Notes:
1: Fraser Institute Annual Survey of Mining Companies, 2022, published 4 May 2023
(https://www.fraserinstitute.org/studies/annual-survey-of-mining-companies-2022 )
2: Thor Mining PLC, regulatory news announcement, ‘Increased Mineral Resource Estimate – Pilot Mountain Nevada USA’, dated 13 December 2018
( https://wcsecure.weblink.com.au/LSE_news/2018/12/13/Thormining_14158543.pdf )
2: News announcement: ‘The United States Geological Survey has released a new list of 50 mineral commodities critical to the U.S. economy and national security after an extensive multi-agency assessment’, 22 February 2022
( https://www.usgs.gov/news/national-news-release/us-geological-survey-releases-2022-list-critical-minerals )
4: Thor Mining PLC, regulatory news announcement, ‘Twelve Year Open Pit Life for Desert Scheelite
Pilot Mountain Scoping Study’, dated 7 September 2018
( https://wcsecure.weblink.com.au/LSE_news/2018/09/07/Thormining_14049369.pdf )
5: Unpublished metallurgical testwork report by Guangzhou Research Institute of Nonferrous Metals commissioned by Black Fire Minerals Ltd: ‘The Development of Separation Technology from the Pilot, Mountain Tungsten Project, Nevada, USA: Process Mineralogy Mineral processing Preliminary Testing’, dated 31 August 2013.
6: Thor Mining PLC, regulatory news announcement, ‘Development Plan Pilot Mountain Tungsten Project – Nevada USA’, dated 1 December 2014
( https://wcsecure.weblink.com.au/LSE_news/2014/12/01/Thormining_13057433.pdf )
COMPETENT PERSON STATEMENT
The technical information contained in this disclosure has been read and approved by Mr Nick O’Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Competent Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Golden Metal Resources plc to provide technical support.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 (which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018).
Forward Looking Statements
This announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the timing and granting of regulatory and other third party consents and approvals, uncertainties regarding the Company’s or any third party’s ability to execute and implement future plans, and the occurrence of unexpected events.
Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.
For further information visit www.goldenmetalresources.com or contact the following:
|
Golden Metal Resources plc Oliver Friesen (CEO) |
Tel: +44 (0) 20 7583 8304 |
|
Cairn Financial Advisers LLP Nominated Adviser Sandy Jamieson/Jo Turner/Louise O’Driscoll |
Tel: +44 20 7213 0880 |
|
First Equity Limited Broker Jonathan Brown/Jason Robertson |
Tel: +44 20 7374 2212 |
The Projects:
Pilot Mountain Project
The Pilot Mountain project is an advanced exploration and mineral resource definition stage project located in Mineral County in western Nevada. The project covers an area of 14.80 km2 (3,656.1 acres) and is located 200km southeast of Reno and 18km east of Mina, Nevada. It is well situated for the supply of power, water and skilled labour and proximity to transport infrastructure in Mineral County and is centred around four existing mineral deposits: Garnet; Good Hope; Gunmetal and Desert Scheelite, all of which possess significant skarn-style tungsten-copper-silver-zinc mineralisation. The Pilot Mountain project consists of 176 active lode mining claims and 4 filed mill site claims. The four mill site claims filed at the former Dunham mill site have secure access to groundwater supply sufficient for the proposed project.
Golconda Summit Project
Golden Metal is the operator of the Golconda Summit project, which is held under an earn-in right to acquire up to 100 per cent. of the project from the mineral claim owner pursuant to an option agreement. The Golconda Summit project is an exploration stage gold and silver project located in Humboldt County and situated at the confluence of the Getchell and Battle Mountain – Eureka metallogenic trends, and consists of 44 lode mining claims, covering a total area of approximately 3.22 km2 (795.4 acres) located approximately 27km east of Winnemucca.
Garfield Project
The Garfield project is an early exploration stage copper, gold and silver property consisting of 39 lode mining claims covering 3.23 km2 (797.9 acres) located in Mineral County, Nevada, approximately 14km due east of the town of Hawthorne and 120km due west-northwest of Tonopah.
Stonewall Project
The Stonewall project is an exploration stage gold-silver property prospective for epithermal gold-silver mineralisation. The property consists of 19 lode mining claims covering 1.59 km2 (392.5 acres) located on the northern flank of Stonewall Mountain, on the western edge of the Nellis Airforce Range Restricted Access Area, in Nye County, Nevada, approximately 24km south-east of the historic gold mining town of Goldfield and 60km due south of Tonopah.
Golden Metal Resources #GMET – Golconda: Carlin-Type Gold Targets Identified
Golden Metal Resources plc (LON:GMET), a mineral exploration company focused on tungsten, gold, copper and silver within Nevada, USA, is pleased to announce exploration results from its Golconda Summit gold project (“Golconda”, “Golconda Summit Project” or the “Project”) located within the prolific Walker Lane Mineral Belt in Nevada, USA.
Highlights:
– Rock sampling results returned significant arsenic (As) anomalism – the main alteration element associated with Carlin-type gold systems, including:
o 11 of the 52 samples collected returned > 250ppm (or g/t) As, with an impressive 6 returning > 500ppm As (which represents the upper limit for the analytical method used); and
o both samples collected near the “Trench Zone” returned >500ppm As, this is located in the vicinity of historical trenches which yielded channel sample assay results of 7.6m @ 19.7g/t gold (Au) and 15.2m @ 7.1g/t Au.1
– Together these results further suggest the presence of a “feeder zone” and therefore the possibility that a Carlin-type gold system may exist within the Project at depth.
Oliver Friesen, CEO of Golden Metal, commented:
“Carlin-type gold systems represent globally important mineral deposits that are found almost exclusively within northern Nevada. Because of this, when we set out to build Golden Metal it was paramount to have an exciting Carlin-type gold opportunity within the portfolio, therefore allowing UK investors to get exposure to these very important gold systems.
“The results presented today give further support that a significant Carlin-type gold system may be present within the Project. With this important data now in hand we continue to work with our in-country geologist to develop and refine drill targets at Golconda.
“We look forward to providing further updates from Golconda in due course, as well as at our flagship Pilot Mountain Project where multiple technical and commercial workstreams are moving forward in tandem.”
Detailed Overview:
– Detailed geological mapping and rock sampling has recently been completed across the Golconda Summit Project, managed by Golden Metal’s (ex-Newmont) senior geological consultant. A total of 52 individual rock samples were taken and detailed mapping of the easterly dipping Golconda Thrust Fault (“Golconda Fault”) was completed. This fault represents an important conduit for mineralising fluid flow within northern Nevada.
– Of the samples collected across the Project, 11 returned >250ppm As, with 6 returning >500ppm As (which represents the upper limit for the analytical method used).
– Of the samples collected across the Golconda Fault, 6 returned >250ppm As, with 2 returning >500ppm As, highlighting the strong Carlin-type arsenic anomalism across this regionally important structural feature. This area has been named the “Thrust Zone”.
– Previous exploration on the Project by the Nerco Mineral Company is 1989 encountered significant gold mineralisation located within upper plate Havallah Sequence rocks at the “Trench Zone”, including surface mechanized trenching channel sample assay results of 7.6m @ 19.7g/t gold (Au) and 15.2m @ 7.1g/t Au.1 Both samples collected near to this zone returned >500ppm As.
– The presence of arsenic anomalism within the Trench and Thrust Zones suggests the presence of a ‘feeder zone’ at Golconda. A feeder zone would have allowed for carlin-type gold mineralisation to be remobilised from lower plate rocks below. Both of these zones represent priority targets for ongoing exploration at Golconda.
– Golconda is located within the same host rocks (Havallah Sequence upper plate rocks as well as lower plate Edna Mountain/Preble Formation and Antler Peak Limestones) as the nearby multi-million-ounce Turquoise Ridge, Lone Tree Complex, and Marigold gold mines (see Fig. 1).
Further Project Information
The Golconda Summit Project is underlain by a thrust faulted Palaeozoic sedimentary sequence which has been transported eastward to its present-day location along the major Golconda Thrust Fault. The preserved stratigraphic section includes the Antler Peak Limestone, Edna Mountain Formation and the Preble Formation (collectively “Lower Plate Rocks”), which are structurally capped by the Havallah Sequence (“Upper Plate Rocks”). Previous work has been primarily focused on surface anomalies within the Upper Plate Rocks, which are not a known host of Carlin-type mineralisation within Nevada; despite this, previous work by Nerco Mineral Company in 1989 encountered significant gold mineralisation within Upper Plate Rocks including trench sample results of 7.6m @ 19.7/t Au and 15.2m @ 7.1g/t Au, as well as shallow drilling results of 10.7m @ 3.1g/t Au.1
These results were believed to be caused by fluids remobilising gold mineralisation from favourable Lower Plate Rocks along sub-vertical and thrust fault structures leading to redeposition in the Upper Plate Rocks found at surface today. This hints at the significant potential that exists within the virtually untested Lower Plate Rocks found across the Project, directly below the Upper Plate Rocks. Most of the previous exploration at Golconda consisted of shallow, vertical drill holes which were terminated short of the more favourable Lower Plate Rocks. Only two holes penetrated through the Golconda Thrust fault testing only a short section of the upper Edna Mountain Formation.
The Antler Peak Limestone is a known host rock for both Carlin-type (Chimney Creek Mine) and replacement-skarn deposits (Fortitude and Phoenix Mines), the Edna Mountain Formation is the known host rock for the nearby Lone Tree Mine (see Figure 1), and the Preble Formation is host to the nearby Preble Mine, located less than 10km from the Project.
Using the newly acquired data, the Company is working with its in-State geological team to further refine its drill targets at Golconda. Golden Metal plans to be the first company to ever fully drill test the multiple prospective Lower Plate Rocks including the Antler Peak limestone, Edna Mountain and Preble Formations – all of which host Carlin-type gold deposits in Northern Nevada.
Media
Full size images are also available at the link below:
https://www.goldenmetalresources.com/golconda-summit-exploration-update/
Figure 1 – Carlin-Trend Regional Map
Figure 2 – Golconda Summit Property Map
Figure 3 – GS125 (253ppm As) taken from a quartz-carbonate veined outcrop along the Golconda Fault
Analysis
All rock samples were prepped and analysed at ALS USA Inc.’s laboratory in Elko, Nevada. Assays were determined using the analytical package ME-MS41 comprising aqua regia digestion with super trace inductively coupled plasma mass spectrometry (ICP-MS) analysis providing extremely low detection limits for analysis of rocks. A total of 41 elements were reported as part of this analysis. Gold determinations were completed using Au-AA23 which includes a 30g sample analysed via a Fire-Assay (FA) finish.
Property Ownership
Golden Metal holds an option to earn a 100% interest in the Golconda Summit Project through its wholly-owned Nevada operating company, Golden Metal Resources LLC.
COMPETENT PERSON STATEMENT
The technical information contained in this disclosure has been read and approved by Mr Nick O’Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Competent Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Golden Metal Resources plc to provide technical support.
Reference Notes:
1Summary Report for the Golconda Summit Property Iron Point Mining District, Humboldt County, Nevada; unpublished report prepared for Carlin Gold Corporation and Toquima Minerals US Inc. by K. Brook, dated 4 April 2006.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 (which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018).
Forward Looking Statements
This announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the timing and granting of regulatory and other third party consents and approvals, uncertainties regarding the Company’s or any third party’s ability to execute and implement future plans, and the occurrence of unexpected events.
Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.
For further information visit www.goldenmetalresources.com or contact the following:
|
Golden Metal Resources plc Oliver Friesen (CEO) |
Tel: +44 (0) 20 7583 8304 |
|
Cairn Financial Advisers LLP Nominated Adviser Sandy Jamieson/Jo Turner/Louise O’Driscoll |
Tel: +44 20 7213 0880 |
|
First Equity Limited Broker Jonathan Brown/Jason Robertson |
Tel: +44 20 7374 2212 |
The Projects:
Pilot Mountain Project
The Pilot Mountain project is an advanced exploration and mineral resource definition stage project located in Mineral County in western Nevada. The project covers an area of 14.80 km2 (3,656.1 acres) and is located 200km southeast of Reno and 18km east of Mina, Nevada. It is well situated for the supply of power, water and skilled labour and proximity to transport infrastructure in Mineral County and is centred around four existing mineral deposits: Garnet; Good Hope; Gunmetal and Desert Scheelite, all of which possess significant skarn-style tungsten-copper-silver-zinc mineralisation. The Pilot Mountain project consists of 176 active lode mining claims and 4 filed mill site claims. The four mill site claims filed at the former Dunham mill site have secure access to groundwater supply sufficient for the proposed project.
Golconda Summit Project
Golden Metal is the operator of the Golconda Summit project, which is held under an earn-in right to acquire up to 100 per cent. of the project from the mineral claim owner pursuant to an option agreement. The Golconda Summit project is an exploration stage gold and silver project located in Humboldt County and situated at the confluence of the Getchell and Battle Mountain – Eureka metallogenic trends, and consists of 44 lode mining claims, covering a total area of approximately 3.22 km2 (795.4 acres) located approximately 27km east of Winnemucca.
Garfield Project
The Garfield project is an early exploration stage copper, gold and silver property consisting of 39 lode mining claims covering 3.23 km2 (797.9 acres) located in Mineral County, Nevada, approximately 14km due east of the town of Hawthorne and 120km due west-northwest of Tonopah.
Stonewall Project
The Stonewall project is an exploration stage gold-silver property prospective for epithermal gold-silver mineralisation. The property consists of 19 lode mining claims covering 1.59 km2 (392.5 acres) located on the northern flank of Stonewall Mountain, on the western edge of the Nellis Airforce Range Restricted Access Area, in Nye County, Nevada, approximately 24km south-east of the historic gold mining town of Goldfield and 60km due south of Tonopah.
Power Metal Resources #POW – Tati Gold Project, Botswana – Exploration Update
Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an exploration update from its 100% owned Tati Gold Project (“Tati” or the “Project”) located on the Tati Greenstone Belt (“TGB”) near Francistown, Botswana. The 2023 exploration programme including geophysics, trenching, soil sampling as well as reverse circulation (“RC”) and/or diamond drilling was launched on 26 January 2023 and the announcement providing further information may be viewed through the following link:
Highlights
– Ground geophysics and trenching have been completed with available results presented herein. A longer than usual rainy season led to the delay in the commencement of the planned infill soil geochemical sampling programme. However drier conditions have now persisted long enough for the Company to launch this next phase of work, which is expected to commence shortly.
– Detailed geological mapping of the recently completed trenches has confirmed the geological setting in the Cherished Hope Mine area which is highlighted by gold mineralisation which is concentrated within quartz reefs (massive veins, veinlets and silicified zones) hosted within predominantly diorite units.
– Analysis of ground magnetic geophysics results have highlighted the location of multiple post-mineralisation dolerite dykes which are known to persist throughout much of the TGB. Understanding the precise location of these dykes is paramount as exploration continues to progress at Tati.
– Following completion of the upcoming infill soil sampling programme – as well as the receipt of the soil assay results – next exploration steps, including planned reverse circulation and/or diamond drilling, will be finalised and communicated to the market.
Sean Wade, Chief Executive Officer of Power Metal Resources plc commented:
“I know shareholders have been keen to hear an update on Tati, and we are very pleased to be able to deliver that. We have made significant progress on this important project and we have further built our technical knowledge of the gold potential across the 8km gold-in-soil-anomaly. After the rainy season we now move into the next stage including the high-resolution infill soil sampling and, subject to review and interpretation of all results, exploration drilling. Economic processing of the tailings also remains a priority and we are actively exploring our options in that regard.
This work is being conducted in parallel with extensive other corporate and exploration activities across the Power Metal group and we anticipate regular news flow in the weeks and months ahead. Activity levels across the Company are able to accelerate, with the recently announced £2.7m financing providing considerable working capital to pursue our ambitious corporate growth objectives.”
FURTHER INFORMATION
Figure 1 – Tati Project Overview Plan Map:
Figure 2 – Tati Project Zoomed Trenching Plan Map:
EXPLORATION PROGRAMME OVERVIEW
|
Exploration Work |
Latest Update |
|
TRENCHING – COMPLETE A total of 431 metres of mechanised trenching has been successfully completed. Trenching was focussed along both the northwest and southeast strike-length extensions of the known outcropping gold mineralised quartz reef structures at Cherished Hope Mine. A total of 8 trenches were completed of which 3 targeted the northwestern strike-length extension and 5 targeted the southeastern strike-length extension. Trench samples, comprising 1m long composites taken along the side of the trench, were then sampled for gold (30g Fire Assay) at the ALS Laboratory in Johannesburg, South Africa. Detailed geological and structural mapping of the trenches was also completed.
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Further breakdown of trenching results are found in ‘Notable Trenching Results Section’. Northwest Extension (Trench 3, 4, 7): Overburden was determined to be between 0-1.5 meters in thickness and composed predominantly of a brown clay-rich unit overlaying a poorly sorted quartz pebble unit. The bedrock is dominated by a quartz rich diorite. Only one post-mineralisation dolerite dyke was identified within the northwestern trenches. Multiple silicified and quartz rich zones were successfully identified in the northwestern trenches. Several of these quartz-rich intervals returned elevated gold results including: seven 1m intervals in Trench 3 which returned >0.2g/t Au (up to 1.9g/t Au). Southeastern Extension (Trench 1, 2, 5, 6, 8): Overburden was determined to be between 0-3 meters in thickness and composed predominantly of a brown clay-rich unit overlaying a poorly sorted quartz pebble unit. The bedrock is dominated by a quartz rich diorite. Four post-mineralisation dolerite dykes were identified which crosscut the diorites at various locales. Multiple silicified and quartz rich zones were successfully identified including in Trench 8 where they were determined to be the most abundant (furthest southwest trench). Several of these quartz-rich intervals returned elevated gold results including: Two 1m intervals in Trench 1 returning >0.2g/t Au and two 1m intervals in Trench 5 returning >0.2g/t Au. In general, the southeastern strike-length extension of Cherished Hope is highly affected by the presence of post-mineralisation dolerite dykes. Ground magnetic geophysics results highlight that beyond the southeastern extent of the furthest southwest trench (8), there appears to be no further dolerite dykes present for some considerable distance. Notably, the quartz rubble horizon was sampled in Trench 1 which returned much stronger gold results than in any of the trench bedrock samples (17 2m samples were sent for analysis with 7 returning >0.2g/t Au as well as 3 returning >1g/t Au (up to 2.32g/t Au)). |
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GEOPHYSICS – COMPLETE A ground magnetometer geophysical survey was completed over the northwestern and southeastern strike length extensions of the Cherished Hope Mine.
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Post-mineralisation dolerite dyke swarms are found throughout much of the TGB. As a result, within many of the historical and currently operating gold mines in the TGB, mapping the precise location of these dykes (magnetic highs) is important as they often can cross-cut gold mineralisation. The 2023 ground magnetic results have successfully mapped the location and orientation of approximately six of these dolerite dykes within the survey area, including four which are proximal and/or within the Cherished Hope (“CH”) Mine area. The successful mapping of these dykes will allow for more precise and accurate drill hole siting should drilling be undertaken going forward within CH and the surrounding areas. |
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SOIL GEOCHEMISTRY – STARTING SHORTLY The planned high-resolution infill soil geochemical sampling programme is focussed on approximately 2km of strike-length along the approximately 8km long broad Au-in-soil anomaly identified at Tati. Soil samples will be collected along a grid which will be focussed to the northwest and southeast of the 2022 RC drilling area.
The high-resolution in-fill grids will focus on areas where at least two historical anomalies were identified within widely spaced soil sampling lines (on average 400m spaced lines and up to 700m line spacing). These two-point anomalies returned an impressive 2.15g/t Au and 0.84g/t Au. To date these anomalies have never been further investigated to determine the provenance of this gold mineralisation.
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Historical soil sampling completed over the majority of the Tati Project was undertaken by previous operators along generally 400m spaced lines at 40m sample spacing. This programme intends to infill the line spacing to between 100-200m by 40m so that the definition and location of already proven Au-in-soil anomalies is vastly improved. This work will then allow Power Metal to follow up with more focussed next exploration steps which could include further trenching and drilling of these new areas. By completing this work, a much larger percentage of the 8km long Au-in-soil anomaly can move to next exploration steps therefore increasing the overall attractiveness of the Project as well as the overall size of the mineralised footprint.
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REVERSE CIRCULATION (“RC”) DRILLING(1) The RC drilling will be driven by the results of prior work streams including the soil sampling. Further updates in regard to this will be announced in due course.
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RC drilling may be undertaken to test for the along strike and down dip extension of gold mineralisation intersected by trenching of the soil anomalies. In the Cherished Hope Mine area the goal is to demonstrate continuity in the major quartz reef structure width and gold grade as well as testing the currently open down-dip extension potential at depth. |
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DIAMOND CORE DRILLING(2) Diamond core drilling specifics will be dependent on results from prior work streams including soil sampling, trenching and RC drilling. Further updates in regard to this will be announced in due course.
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Diamond core drilling may be completed in order to drill test select portions of the Cherished Hope quartz reef structures. Diamond drilling provides full core rock samples, and therefore valuable information about structure, geology, and the nature of gold mineralisation. The information extracted from diamond drilling would allow the Company to gain a better understanding of the mineralised quartz reefs and surrounding wall rocks. |
Notable Trenching Results
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Trench ID |
Trench Length (m) |
From (m)* |
To (m)* |
Interval (m)* |
Grade (g/t) |
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Trench 1 |
31 |
23 |
25 |
2 |
0.32 |
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Trench 1 (rubble) |
32 |
0 |
2 |
2 |
0.33 |
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6 |
12 |
6 |
1.35 |
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18 |
20 |
2 |
0.45 |
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22 |
26 |
4 |
0.85 |
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Trench 3 |
52 |
31 |
32 |
1 |
0.43 |
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37 |
38 |
1 |
0.25 |
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44 |
49 |
5 |
0.74 |
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Trench 5 |
54 |
6 |
8 |
2 |
0.38 |
*Refers to lengthwise along trench (as opposed to depth).
KEY:
(1) RC drilling involves a “hammer” piston which repeatedly strikes the target rock. Simultaneously, a powerful drill-bit at the end made of tungsten rotates at high speed. This creates small chips of rock known as drill cuttings that are sucked up with a vacuum and transported to a cyclone at the surface through dedicated tubes. The drilling chips derived from each depth interval are collected in separate sample bags, and a representative sub-sample of each interval is submitted to the assay lab where the geochemical constituents and gold grade is analysed. In turn, the drill chips provide a representation of the rock types the hole encountered throughout its length, this data allows a geological log to be established.
(2) Diamond core drilling involves rotating a hollow drill bit embedded with diamonds into the ground to a certain depth before extracting the solid, intact core recovered for analysis.
QUALIFIED PERSON STATEMENT
The technical information contained in this disclosure has been read and approved by Mr Nick O’Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Qualified Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
For further information please visit https://www.powermetalresources.com/ or contact:
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Power Metal Resources plc |
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Sean Wade (Chief Executive Officer) |
+44 (0) 20 3778 1396 |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
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Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
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SI Capital Limited (Joint Broker) |
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Nick Emerson |
+44 (0) 1483 413 500 |
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First Equity Limited (Joint Broker) |
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David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
#SVML Sovereign Metals Ltd – Expiry of Unlisted Options
Sovereign Metals Limited (Sovereign or the Company) (ASX:SVM, AIM:SVML) advises that 11,105,125 unlisted options exercisable at A$0.80 each expired on 13 May 2023.
Following the expiry of unlisted options, Sovereign has the following securities on issue:
· 470,875,023 ordinary fully paid shares;
· 6,100,000 unlisted performance rights subject to the “Pre-Feasibility Study Announcement Milestone” expiring on 30 September 2023; and
· 8,260,000 unlisted performance rights subject to the “Feasibility Study Announcement Milestone” expiring on 31 October 2025.
Classification: 2.5 Total number of voting rights and capital.
ENQUIRIES
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Dylan Browne +61(8) 9322 6322 |
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Nominated Adviser on AIM |
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RFC Ambrian |
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Andrew Thomson |
+61 8 9480 2500 |
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Joint Brokers |
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Berenberg |
+44 20 3207 7800 |
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Matthew Armitt |
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Jennifer Lee |
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Optiva Securities |
+44 20 3137 1902 |
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Daniel Ingram |
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Mariela Jaho |
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Christian Dennis |
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