Altiplano Metals Inc. (TSXV: APN) (WKN: A2JNFG) ("Altiplano" or the "Company") is pleased to announce that it has closed a first tranche of its non-brokered private placement (the "Offering") of up to 10,000,000 units (the "Units") at $0.20 per Unit to raise up to $2,000,000 in gross proceeds. Each Unit consists of one (1) common share of the Company, and one-half (12) non-transferable share purchase warrant (the "Warrants") to acquire one (1) additional common share at a price of C$0.30 per share for a period of two years.
The Company has closed an initial first tranche of 3,100,000 Units for gross proceeds of $600,000. Certain arm's length finders received cash fees of $600 and 3,000 finders warrants, issued on the same terms as the Warrants in the Offering. All the securities issued will be subject to resale restrictions until January 12, 2023.
The Offering included Insiders participation of $300,000, which constitutes a "related party transaction" within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") adopted in the Policy. The Company will rely on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of related party participation in the placement as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involved the related parties, will exceed 25% of the Company's market capitalization (as determined under MI 61-101).
The net proceeds of the Offering will be used to support working capital requirements as the Company transitions its production and sales process to the new processing facility at El Peńoń, acquire land, and further develop other assets.
Altiplano Metals is a growing gold, silver, and copper company focused on the Americas. The Company has a diversified portfolio of assets that include an operating copper/gold/iron mine, development near term producing gold/copper projects, and exploration land packages with district-scale potential. Altiplano is focused on creating long-term stakeholder value through developing safe and sustainable production, reinvesting into exploration, and pursuing acquisition opportunities to complement its existing portfolio. Management has a substantial record of success in capitalizing on opportunity, overcoming challenges and building shareholder value. Altiplano trades on the Toronto Venture Exchange trading under the symbol APN and the Frankfurt Exchange under the symbol A2JNFG.
Altiplano is part of the Metals Group of companies, managed by an award-winning team of professionals who stand for technical excellence, painstaking project selection and uncompromising corporate governance, with a proven ability to capitalize on investment opportunities and deliver shareholder returns.
ON BEHALF OF THE BOARD
/s/ "John Williamson" Chairman
For further information, please contact: Alastair McIntyre, CEO alastairm@apnmetals.com Tel: (416) 434-3799 Jeremy Yaseniuk, Director jeremyy@apnmetals.com Tel: (604) 773-1467
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the (TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. A qualified person has not done sufficient work to classify any historical estimates as current mineral resources or mineral reserves and the issuer is not treating the historical estimates as current mineral resources or mineral reserves. The Farellon mine was previously in production dating back to the 1970's with a reported historical production (to a depth of 70 m) yielding approximately 300,000 tonnes at an average grade of 2.5% copper and 0.5g/t gold. This material was processed locally and sold to ENAMI. Altiplano is relying upon past production records, underground sampling and related activities and current diamond drilling to estimate grade and widths of the mineralization to reactivate production. The decision to commence production on the Farellon deposit is not based on a feasibility study of mineral reserves demonstrating economic and technical viability and there is increased uncertainty and economic and technical risks of failure associated with any production decision. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and exploitation, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, investors should review the Company's continuous disclosure filings that are available at www.sedar.com.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/136549
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Altiplano Metals Inc. (TSXV: APN) (WKN: A2JNFG) ("Altiplano" or the "Company") is pleased to announce a new discovery at the Maria Luisa Project (the "Project"), located 100 km north of La Serena within the Atacama region in Incahuasi, Chile. Drill hole 22MLDDH012 intersected 10.50 metres (m) of 3.76 grams per tonne (gt) gold (Au) and 3.83% copper (Cu), including 3.00 m of 2.30 gt Au and 8.26% Cu, and 4.50 m of 6.03 gt Au and 2.19% Cu; results are in Table 1. This drill hole was collared at the 867 m level of the current underground workings at Maria Luisa.
Table 1: Drill results from hole 22MLDDH012
*Intervals are core length; true width is currently unknown
Alastair McIntyre, President and CEO, commented, "We are very encouraged with the discovery of this new zone and the corresponding high-grade gold and copper assay results. The recent work at Maria Luisa has focused on developing our underground decline system while establishing strategic underground drill locations. This provides the opportunity to drill new targets efficiently to support exploration and potential mine development with the added advantage of expanding our understanding of the multi-vein system at Maria Luisa."
The copper-sulphide-rich breccia intersected in 22MLDDH012 differs from the well-known near surface oxide veins that have been historically mined at the Maria Luisa Project. Intensely silicified fragments within this breccia also indicate fracturing of an existing hydrothermal system (Figure 2). While the Company is still delineating the extent of the sulphide zone, there is indication that oxide and sulphide mineralization are influenced by a larger fault system. The decline advance enables access to and exploration of deeper, historically mined levels (Figure 1); the full extent of the gold -copper mineralized material mined in level 841 is unknown to the Company to-date. Underground drilling from the decline is planned to test the vertical continuity of structures and mineralization between the historically mined levels 858 and 841, and lateral continuity between historical mining and the new discovery in 22MLDDH012.
Figure 1: Cross Section view of the decline progress (orange) at Maria Luisa, drill collar and traces, and mapped historically mined underground tunnels (red). The yellow star indicates the approximate depth of the core depicted in Figure 2.
To view an enhanced version of Figure 1, please visit: https://images.newsfilecorp.com/files/4303/133182_0ccb614b54ba8947_001full.jpg
* The decision to commence underground exploration and development at the Maria Luisa site is not based on a feasibility study of mineral reserves demonstrating economic and technical viability and there is increased uncertainty and economic and technical risks of failure associated with this decision.
Figure 2: Core photo of chalcopyrite-bearing breccia from drillhole 22MLDDH016 (assay pending).
To view an enhanced version of Figure 2, please visit: https://images.newsfilecorp.com/files/4303/133182_0ccb614b54ba8947_002full.jpg
Figure 3: Underground Drill Station located at the 867 m level
To view an enhanced version of Figure 3, please visit: https://images.newsfilecorp.com/files/4303/133182_0ccb614b54ba8947_003full.jpg
Altiplano has generated over US$9.86 million from the recovery and sale (after processing costs) of 4.47 million pounds of copper with an average grade of 1.78% Cu (2018 Q1-2022 Q2). Cash flow has been re-invested into equipment, underground drilling, expanding underground development at Farellon, enhancing ventilation to increase productivity and capacity, new underground development and exploration at Maria Luisa, and the commissioning of the El Peñón fit-for-purpose mill and flotation plant located 15 km from the Farellon site.
Altiplano Metals is a growing gold, silver, and copper company focused on the Americas. The Company has a diversified portfolio of assets that include an operating copper/gold/iron mine, development near term producing gold/copper projects, and exploration land packages with district-scale potential. Altiplano is focused on creating long-term stakeholder value through developing safe and sustainable production, reinvesting into exploration, and pursuing acquisition opportunities to complement its existing portfolio. Management has a substantial record of success in capitalizing on opportunity, overcoming challenges and building shareholder value. Altiplano trades on the Toronto Venture Exchange trading under the symbol APN and the Frankfurt Exchange under the symbol A2JNFG.
John Williamson, B.Sc., P.Geol., a Qualified Person as defined by NI 43-101, has reviewed, and approved the technical contents of this document. Altiplano is part of the Metals Group of companies, managed by an award-winning team of professionals who stand for technical excellence, painstaking project selection and uncompromising corporate governance, with a proven ability to capitalize on investment opportunities and deliver shareholder returns.
ON BEHALF OF THE BOARD
/s/ "John Williamson" Chairman
For further information, please contact: Alastair McIntyre, CEO alastairm@apnmentals.com Tel: (416) 434 3799
Jeremy Yaseniuk, Director jeremyy@apnmetals.com Tel: (604) 773-1467
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the (TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. A qualified person has not done sufficient work to classify any historical estimates as current mineral resources or mineral reserves and the issuer is not treating the historical estimates as current mineral resources or mineral reserves. The is no current mineral resource at Maria Luisa and further exploration may or may not define a resource estimate (M. Dufresne, NI 43-101 Technical Report, February 10, 2017). In addition, a decision to commence underground exploration and development at the Maria Luisa site is not based on a feasibility study of mineral reserves demonstrating economic and technical viability and there is increased uncertainty and economic and technical risks of failure associated with this decision. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and exploitation, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, investors should review the Company's continuous disclosure filings that are available at www.sedar.com.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/133182
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Altiplano Metals Inc. (TSXV: APN) (WKN: A2JNFG) ("Altiplano" or the "Company") is pleased to report on quarterly results for Q2 2022 from the Farellon Copper-Gold-Iron (Cu-Au-Fe) mine located near La Serena, Chile.
During Q2, 2022, the Company extracted a total 10,742 tonnes of mineralized Cu-Au material at Farellon and processed 7,488 tonnes at an average copper grade of approximately 1.96%. Sales of 310,062 pounds of copper generated approximately US$967,685 in revenue (after processing costs) which represents the highest revenue total to date from Q1 2018, beating the previous record posted in Q1 2022. At the end of June 2022, the Company had 520 tonnes in stockpiles at the Farellon site and a total of 2,600 tonnes of stockpiles at the El Peñón mill site. This material will be processed for sale and the revenue will be realized in the next coming months.
Total tonnes extracted and processed in Q2 increased by 9% and 11% respectively from the previous quarter; however overall grade, at 1.96%, represents a 5% decrease from the fourth quarter. The decrease in grade is attributed to minor dilution observed with bench mining oversize material from the ceilings of previous working levels. In addition, the waste removal in Q2 increased by 45% to 2,725 tonnes, an increase of 45% from the Q1 total of 1,870 tonnes, as a result of the Hugo Decline expansion to the 352 m level.
President and CEO Alastair McIntyre comments: "We are very pleased the results generated at the Farellon operation. Improved efficiencies and excellent grades combined with great copper prices has resulted in two very significant back-to-back quarters. The first half of 2022 has produced nearly US$2 million in revenue, after processing costs, from the sale of over 600,000 pounds of copper. These results are very significant milestones for the company and set us up well as we move to transition our processing at El Peñón."
Figure 1. Quarterly Review of US$ Revenue and Copper Pounds Sold
Figure 2. Mined, Processed, Waste Removed and Cu Grade by Quarter To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/4303/131841_b7e4389694f809ef_001bfull.jpg
Figure 3. Processed Material, Income vs. Mining Costs by Quarter To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/4303/131841_b7e4389694f809ef_002bfull.jpg
Figure 4. Farellon Mine Section To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/4303/131841_b7e4389694f809ef_003full.jpg
The decision to commence production on the Farellon deposit is not based on a feasibility study of mineral reserves demonstrating economic and technical viability and there is increased uncertainty and economic and technical risks of failure associated with the production decision
During Q2 2022, extraction of copper-gold material focused on the 368 m and 360 m levels. Mining occurred in the mainly NE and SW directions along the mineralized subdrifts. Bench mining continued along the ceilings of the 360 m level to the 368 m level where 1.5 metres of height remain as a crown pillar to ensure the stability of the stope. Additional development work was conducted with the extension of the Hugo Decline to the 352 m operating level reached in late June. The advance to the next targeted operating level at the 344 m level is scheduled to begin in late August.
Continuing with the focus on sustainability, the ventilation plan was updated with the closure of previous mining levels, including the 368 m level. These closures facilitate air movement from the Almendro tunnel to the current 360 m and 352 m levels and future working faces at the lower levels of the mine. Improvements were made to the dewatering system through the construction of a collection pond at the level 376, m level. This system reduces the length of the pump circuit and improves the water extraction efficiency.
Altiplano has generated over US$9.86 million from the recovery and sale (after processing costs) of 4.47 million pounds of copper with an average grade of 1.78% Cu (2018 Q1-2022 Q2). Cash flow has been re-invested into equipment, underground drilling, expanding underground development at Farellon, enhancing ventilation to increase productivity and capacity, new underground development and exploration at Maria Luisa, and the commissioning of the El Peñón fit-for-purpose mill and flotation plant located 15 km from the Farellon site.
Altiplano Metals is a growing gold, silver, and copper company focused on the Americas. The Company has a diversified portfolio of assets that include an operating copper/gold/iron mine, development near term producing gold/copper projects, and exploration land packages with district-scale potential. Altiplano is focused on creating long-term stakeholder value through developing safe and sustainable production, reinvesting into exploration, and pursuing acquisition opportunities to complement its existing portfolio. Management has a substantial record of success in capitalizing on opportunity, overcoming challenges and building shareholder value. Altiplano trades on the Toronto Venture Exchange trading under the symbol APN and the Frankfurt Exchange under the symbol A2JNFG.
John Williamson, B.Sc., P.Geol., a Qualified Person as defined by NI 43-101, has reviewed, and approved the technical contents of this document
Altiplano is part of the Metals Group of companies. Metals Group is an award-winning team of professionals who stand for technical excellence, painstaking project selection and uncompromising corporate governance, with a proven ability to capitalize on investment opportunities and deliver shareholder returns.
ON BEHALF OF THE BOARD
/s/ "John Williamson" Chairman
For further information, please contact: Alastair McIntyre, CEO alastairm@apnmetals.com Tel: (416) 434-3799
Jeremy Yaseniuk, Director jeremyy@apnmetals.com Tel: (604) 773-1467
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the (TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. A qualified person has not done sufficient work to classify any historical estimates as current mineral resources or mineral reserves and the issuer is not treating the historical estimates as current mineral resources or mineral reserves. The Farellon mine was previously in production dating back to the 1970's with a reported historical production (to a depth of 70 m) yielding approximately 300,000 tonnes at an average grade of 2.5% copper and 0.5g/t gold. This material was processed locally and sold to ENAMI. Altiplano is relying upon past production records, underground sampling and related activities and current diamond drilling to estimate grade and widths of the mineralization to reactivate production. The decision to commence production on the Farellon deposit is not based on a feasibility study of mineral reserves demonstrating economic and technical viability and there is increased uncertainty and economic and technical risks of failure associated with any production decision. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and exploitation, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, investors should review the Company's continuous disclosure filings that are available at www.sedar.com.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/131841
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Altiplano Metals Inc. (TSXV: APN) (WKN: A2JNFG) ("Altiplano" or the "Company") is pleased to report the intersection of the 352 m mining level as part of the ongoing development of the Hugo Decline at the Farellon copper gold mine located near La Serena, Chile.
Cross cuts from the 352 m level have intersected the Farellon Iron Oxide Copper Gold vein structure with production headings now established on the northeast and southwest directions. Mining in this area has begun along with benching operations continuing between the roofs and floors of the 360 m and 368 m levels. Further development of the Hugo Decline to the 344 m level is expected to begin in the next four weeks with a time frame of approximately 12 weeks to reach the new targeted intersection.
CEO Alastair McIntyre comments: "Ongoing development is part of our sustainability work at Farellon. Advancing to lower levels of the mine provides access to additional working faces which improves our ability to manage grade control and productivity. Going forward, the copper-gold-iron material extracted from these lower levels will form the bulk of the shipments to feed the newly commissioned El Peñón processing facility."
To view an enhanced version of Figure 1, please visit: https://images.newsfilecorp.com/files/4303/130725_1fc3b263c4917b4c_001full.jpg
The decision to commence production on the Farellon deposit is not based on a feasibility study of mineral reserves demonstrating economic and technical viability and there is increased uncertainty and economic and technical risks of failure associated with the production decision.
Figure 2. 352 m NE Operating Heading
To view an enhanced version of Figure 2, please visit: https://images.newsfilecorp.com/files/4303/130725_1fc3b263c4917b4c_002full.jpg
Altiplano Metals is a growing gold, silver, and copper company focused on the Americas. The Company has a diversified portfolio of assets that include an operating copper/gold/iron mine, development of near-term producing gold/copper projects, and exploration land packages with district-scale potential. Altiplano is focused on creating long-term stakeholder value through developing safe and sustainable production, reinvesting into exploration, and pursuing acquisition opportunities to complement its existing portfolio. Management has a substantial record of success in capitalizing on opportunity, overcoming challenges and building shareholder value. Altiplano trades on the Toronto Venture Exchange trading under the symbol APN and the Frankfurt Exchange under the symbol A2JNFG.
Altiplano has generated over US$8.83 million (after processing costs) from the recovery and sale of 4.15 million pounds of copper with an average grade of 1.76% Cu (2018 Q1-2022 Q1). Cash flow has been re-invested into equipment, underground drilling, expanding underground development at Farellon, enhancing ventilation to increase productivity and capacity, new underground development and exploration at Maria Luisa, and the construction El Peñón fit-for-purpose mill and flotation plant located 15 km from the Farellon site now in operation.
John Williamson, B.Sc., P.Geol., a Qualified Person as defined by NI 43-101, has reviewed, and approved the technical contents of this document.
Altiplano is part of the Metals Group of companies. Metals Group is an award-winning team of professionals who stand for technical excellence, painstaking project selection and uncompromising corporate governance, with a proven ability to capitalize on investment opportunities and deliver shareholder returns.
ON BEHALF OF THE BOARD
/s/ "John Williamson" Chairman
For further information, please contact: Alastair McIntyre, CEO alastairm@apnmetals.com Tel: (416) 434 3799
Jeremy Yaseniuk, Director jeremyy@apnmetals.com Tel: (604) 773-1467
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the (TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. A qualified person has not done sufficient work to classify any historical estimates as current mineral resources or mineral reserves and the issuer is not treating the historical estimates as current mineral resources or mineral reserves. The Farellon mine was previously in production dating back to the 1970's with a reported historical production (to a depth of 70 m) yielding approximately 300,000 tonnes at an average grade of 2.5% copper and 0.5g/t gold. This material was processed locally and sold to ENAMI. Altiplano is relying upon past production records, underground sampling and related activities and current diamond drilling to estimate grade and widths of the mineralization to reactivate production. The decision to commence production on the Farellon deposit is not based on a feasibility study of mineral reserves demonstrating economic and technical viability and there is increased uncertainty and economic and technical risks of failure associated with any production decision. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and exploitation, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, investors should review the Company's continuous disclosure filings that are available at www.sedar.com.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/130725
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Altiplano Metals Inc. (TSXV: APN) (WKN: A2JNFG) ("Altiplano" or the "Company") is pleased to report that final processing approval has been received from the Chilean Mining authority SERNAGEOMIN (Servicio Nacional de Geología y Minería). This final permit allows operations to begin at the Company's processing facility constructed at El Peñón, approximately 15 kms from the Farellon Copper Gold mine located near La Serena, Chile.
Processing of stockpiled material currently stored at the El Peñón site has begun as a part of the commissioning of the plant, with the first concentrate expected to be produced for shipment in July. Production from Farellon will be split shipped to the facility and ENAMI for the next few months to maximize copper sales while the plant ramps up to full operational capacity.
Operation of the plant provides the Company the opportunity to reduce trucking costs by 75% and processing costs by 45% while recovering additional payable metals. The El Peñón crushing and flotation plant will incorporate a high efficiency water recovery circuit designed to produce dry tailings and an iron separator to recover high value iron oxide from the tailings output. This process will reduce the tailings output by 50% where dry tailings can be moved and stored in an environmentally efficient manner replacing the need for a conventional tailings dam system. In addition, the de-watering stack circuit will reduce the overall freshwater consumption needed at the plant by 75%. This eco-friendly system will be one of the first to be used in the small mining sector in Chile and elevates Altiplano to a leader in reducing its environmental footprint.
President and CEO Alastair McIntyre commented: "We are very pleased with El Peñón receiving final permitting approval and commencing start up. This significant milestone was achieved through the excellent work of our team who were met with several timeline challenges during COVID and completed the facility within our financial expectations. Our new industry leading processing facility, focused on water conservation and waste reduction, aligns Altiplano with our commitment to sustainable and responsible growth."
To view an enhanced version of Figure 1, please visit: https://orders.newsfilecorp.com/files/4303/128688_6a61a005b40d98c5_001full.jpg
Figure 2. Photos of the El Peñón Processing Plant.
To view an enhanced version of Figure 2, please visit: https://orders.newsfilecorp.com/files/4303/128688_6a61a005b40d98c5_002full.jpg
About Altiplano Altiplano Metals is a growing gold, silver, and copper company focused on the Americas. The Company has a diversified portfolio of assets that include an operating copper/gold/iron mine, development of near-term producing gold/copper projects, and exploration land packages with district-scale potential. Altiplano is focused on creating long-term stakeholder value through developing safe and sustainable production, reinvesting into exploration, and pursuing acquisition opportunities to complement its existing portfolio. Management has a substantial record of success in capitalizing on opportunity, overcoming challenges and building shareholder value. Altiplano trades on the Toronto Venture Exchange trading under the symbol APN and the Frankfurt Exchange under the symbol A2JNFG.
Altiplano has generated over US$8.83 million (after processing costs) from the recovery and sale of 4.15 million pounds of copper with an average grade of 1.76% Cu (2018 Q1-2022 Q1). Cash flow has been re-invested into equipment, underground drilling, expanding underground development at Farellon, enhancing ventilation to increase productivity and capacity, new underground development and exploration at Maria Luisa, and the construction El Peñón fit-for-purpose mill and flotation plant located 15 km from the Farellon site now in operation.
John Williamson, B.Sc., P.Geol., a Qualified Person as defined by NI 43-101, has reviewed, and approved the technical contents of this document.
Altiplano is part of the Metals Group of companies. Metals Group is an award-winning team of professionals who stand for technical excellence, painstaking project selection and uncompromising corporate governance, with a proven ability to capitalize on investment opportunities and deliver shareholder returns.
ON BEHALF OF THE BOARD
/s/ "John Williamson" Chairman
For further information, please contact: Alastair McIntyre, CEO alastairm@apnmetals.com Tel: (416) 434 3799
Jeremy Yaseniuk, Director jeremyy@apnmetals.com Tel: (604) 773-1467
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the (TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. A qualified person has not done sufficient work to classify any historical estimates as current mineral resources or mineral reserves and the issuer is not treating the historical estimates as current mineral resources or mineral reserves. The Farellon mine was previously in production dating back to the 1970's with a reported historical production (to a depth of 70 m) yielding approximately 300,000 tonnes at an average grade of 2.5% copper and 0.5g/t gold. This material was processed locally and sold to ENAMI. Altiplano is relying upon past production records, underground sampling and related activities and current diamond drilling to estimate grade and widths of the mineralization to reactivate production. The decision to commence production on the Farellon deposit is not based on a feasibility study of mineral reserves demonstrating economic and technical viability and there is increased uncertainty and economic and technical risks of failure associated with any production decision. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and exploitation, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, investors should review the Company's continuous disclosure filings that are available at www.sedar.com.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/128688
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Altiplano Metals Inc. (TSXV: APN) (WKN: A2JNFG) ("Altiplano" or the "Company") is pleased to report on the May 2022 operating results from the Farellon Copper-Gold (Cu-Au) mine located near La Serena, Chile.
During the month of May, approximately 3,432 tonnes of mineralized copper-gold material was produced at Farellon and approximately 2,750 tonnes were shipped and processed. A slight improvement is noted in the amount produced in May over April; however, the amount of processed material improved by 23% over the previous figure of 2,242 tonnes observed in April. The May copper grade at 2.0% decreased slightly compared to the previous month observed at 2.07%. The Hugo Decline advance to the 352 m has been completed. This level is expected to be operational in the next two weeks when the SW and NW subdrifts have been completed. These subdrifts will provide operational access to the high grade mineralized zone in NE and SW directions on 2 new working faces.
Revenue generated in May was approximately US$377,545 after processing costs, representing the highest monthly revenue figure recorded since Q1 2018. May revenue also represented a 19% improvement over April's revenue of US$317,738. At May month end, an additional 380 tonnes were stockpiled at the Farellon site with 1,180 tonnes in process at ENAMI. The revenue from this material will be credited in the following months after processing has been completed. A total of 1,850 tonnes are stored at the El Peñón processing facility in advance of startup. Newly mined material will be split shipped between ENAMI and El Peñón to maximize revenue and manage cash flows as the mill prepares to commence operation.
CEO Alastair McIntyre commented "We are very pleased to see the continuing trend of improved revenues as we advance to deeper high grade operating levels at Farellon. Our improving output at Farellon combined with record revenue figures bodes well as we transition to the mill start up at El Peñón expected in a few weeks."
Figure 1. Comparative 2022 Income, Copper Contained and Grade
To view an enhanced version of Figure 2, please visit: https://orders.newsfilecorp.com/files/4303/128005_altiplanofigure2.jpg
Figure 3. Jumbo Operating on the 360 m NE Drift
To view an enhanced version of Figure 3, please visit: https://orders.newsfilecorp.com/files/4303/128005_altiplanofigure3.jpg
Altiplano Metals is a growing gold, silver, and copper company focused on the Americas. The Company has a diversified portfolio of assets that include an operating copper/gold/iron mine, development of near-term producing gold/copper projects, and exploration land packages with district-scale potential. Altiplano is focused on creating long-term stakeholder value through developing safe and sustainable production, reinvesting into exploration, and pursuing acquisition opportunities to complement its existing portfolio. Management has a substantial record of success in capitalizing on opportunity, overcoming challenges and building shareholder value. Altiplano trades on the Toronto Venture Exchange trading under the symbol APN and the Frankfurt Exchange under the symbol A2JNFG.
Altiplano has generated over US$8.83 million (after processing costs) from the recovery and sale of 4.15 million pounds of copper with an average grade of 1.76% Cu (2018 Q1-2022 Q1). Cash flow has been re-invested into equipment, underground drilling, expanding underground development at Farellon, enhancing ventilation to increase productivity and capacity, new underground development and exploration at Maria Luisa, and construction of the near completed El Peñón fit-for-purpose mill and flotation plant located 15 km from the Farellon site.
John Williamson, B.Sc., P.Geol., a Qualified Person as defined by NI 43-101, has reviewed, and approved the technical contents of this document.
Altiplano is part of the Metals Group of companies. Metals Group is an award-winning team of professionals who stand for technical excellence, painstaking project selection and uncompromising corporate governance, with a proven ability to capitalize on investment opportunities and deliver shareholder returns.
ON BEHALF OF THE BOARD
/s/ "John Williamson" Chairman
For further information, please contact:
Alastair McIntyre, CEO alastairm@apnmetals.com Tel: (416) 434 3799
Jeremy Yaseniuk, Director jeremyy@apnmetals.com Tel: (604) 773-1467
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the (TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. A qualified person has not done sufficient work to classify any historical estimates as current mineral resources or mineral reserves and the issuer is not treating the historical estimates as current mineral resources or mineral reserves. The Farellon mine was previously in production dating back to the 1970's with a reported historical production (to a depth of 70 m) yielding approximately 300,000 tonnes at an average grade of 2.5% copper and 0.5g/t gold. This material was processed locally and sold to ENAMI. Altiplano is relying upon past production records, underground sampling and related activities and current diamond drilling to estimate grade and widths of the mineralization to reactivate production. The decision to commence production on the Farellon deposit is not based on a feasibility study of mineral reserves demonstrating economic and technical viability and there is increased uncertainty and economic and technical risks of failure associated with any production decision. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and exploitation, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, investors should review the Company's continuous disclosure filings that are available at www.sedar.com.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/128005
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Marquee Resources Limited(Company or Marquee) (ASX: MQR) provides an update on the exploration program at The Kibby Basin Lithium Project.
The objective of this drill program is to delineate a lithium-enriched brine aquifer deposit in the Kibby Basin, Nevada, USA.
Drill hole KB22-01 has been completed at a total depth of 2,888 feet (880 meters). This drill hole targeted a highly conductive geophysical anomaly, which has the signature for a potential lithium enriched aquifer beneath the Kibby Playa.
Drill core from KB22-01 has been sent to core cutting facilities in nearby Mina, NV.
Formation water samples were collected at various depths and along with drill core samples, sent to Western Environmental Testing Laboratory in Sparks, Nevada for analysis. Water sampling was conducted by Geoffrey Baldwin, P.G. of Applied Hydrologic LTD.
Drill hole KB22-02 is progressing much quicker than KB22-01 and is currently at a depth of 1,200 feet (365 meters) and is expected to also be drilled to 3,000 - 3,300 feet.
Figure 1 - Kibby Basin Lithium Project Section showing conductive anomaly (lithium brine target)
Figure 2 -KB22-01 Reworked rhyolitic airfall ash alternating with fine-grained sandstone layers
Unlike standard hardrock drilling, drilling in Nevada’s dried lake bed closed basins presents several challenges even for an adept driller. The stratigraphy changes constantly between sand, loose gravel, cemented gravel, volcanic ash and wet muds. Encountering each layer requires the driller to adapt and change the method of drilling which may be very time consuming. Then there is the additional challenge of taking water samples at various depths while avoiding cross contamination between various levels.
From drilling KB22-01 our drillers have now developed a system which enables them to successfully drill through various stratigraphic layers efficiently and with minimal down time. With this new system our drillers are now very confident that they can effectively drill KB22-02 on time and budget.
The Kibby potential deposit type is a continental, mineral-enriched brine aquifer within a hydrographically closed basin (endorheic basin). Continental brines are the primary source for lithium products worldwide. Bradley and others (2013) noted that “all producing lithium brine deposits share a number of first-order characteristics: (1) arid climate; (2) closed basin containing a playa or salar; (3) tectonically driven subsidence; (4) associated igneous or geothermal activity; (5) suitable lithium source -rocks; (6) one or more adequate aquifers; and (7) sufficient time to concentrate a brine.
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This article includes content from Marquee Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
SouthGobi Resources Ltd. (TSX:SGQ)(HK:1878) ("SouthGobi" or the "Company") Reference is made to the announcement of SouthGobi Resources Ltd. ("SouthGobi" or the "Company") dated August 31, 2022 (the "Announcement") in relation to the resignation of certain non-executive Directors. Unless otherwise defined herein, capitalized terms used in this announcement shall have the same respective meanings as defined in the Announcement
The Company is pleased to announce that, effective from September 8, 2022, (i) Mr. Dong Wang ("Mr. Wang") has been appointed as an executive Director and the Chief Executive Officer ("CEO") of the Company and member of the Operations Committee; (ii) Ms. Chonglin Zhu ("Ms. Zhu") has been appointed as an executive Director and the Company's Senior Vice President of Finance; (iii) Mr. Dalanguerban ("Mr. Dalanguerban") has been appointed as the Company's President and will continue to service as an executive Director of the Company, and President and executive Director of a Company's wholly-owned subsidiary in Mongolia; and (iv) Mr. Alan Ho ("Mr. Ho") has been appointed as Chief Financial Officer (previously, the acting Chief Financial Officer).
Mr. Wang and Ms. Zhu were nominated for appointment as Directors of the Company by JD Zhixing Fund LP ("JDZF") pursuant to contractual nomination rights contained in the securityholders agreement between the Company, JDZF and a former shareholder of the Company and certain deferral agreements between JDZF, the Company and certain of its subsidiaries relating to the Company's US$250 million convertible debenture held by JDZF (as disclosed in the announcement of the Company dated May 27, 2022 and the Management Proxy Circular of the Company dated June 29, 2022). The Company has appointed the aforementioned two Director nominees to the Board as permitted under the Company's Articles of Continuation ("Articles") and the Business Corporations Act (British Columbia).
The biographical details of Mr. Wang and Ms. Zhu are as follows:
Mr. Dong Wang, aged 49, has served as the General Manager of Inner Mongolia Dongfang Guoxin Technology Co. Ltd.* (内蒙古东方国信科技有限公司) ("Dongfang Guoxin") since 2019. He is responsible for the operations management of Dongfang Guoxin, which provides services to energy and mining companies in chemistry management, safety and equipment management, and energy conservation management. Prior to joining Dongfang Guoxin, Mr. Wang served as the Chairman of Guangzhou Guide Investment Co. Ltd.* (广州贵德投资有限公司) from 2015 to 2019, responsible for investment and financing in government infrastructure projects. Mr. Wang has over 20 years of experience in investment and management in the energy and resources industry.
Mr. Wang obtained a bachelor degree in industrial electrical engineering and automation at Liaoning Technical University (the former Fuxin Institute of Mining) in 1997 and a master degree in finance management at The University of Chinese Academy of Sciences in 2011. He is a member of the Canadian Institute of Corporate Directors.
Ms. Chonglin Zhu, aged 36, has served as the Chief Financial Officer of Inner Mongolia Tianyu Innovation Investment Group Co., Ltd.* (内蒙古天宇创新投资集团有限公司) ("Tianyu Group") since 2015. Tianyu Group is an investment company based in Inner Mongolia, China with a variety of businesses including coal mining and processing. Ms. Zhu is responsible for managing the financial operations and investments of Tianyu Group. She joined Tianyu Group in 2011 and served as a business manager in the finance department of Tianyu Group between 2012 and 2015. Prior to joining Tianyu Group, she served as a translator with an automotive company in China.
Ms. Zhu studied Japanese language and literature at Guangdong University of Foreign Studies in 2009 and obtained a bachelor degree in accounting at Harbin University of Science and Technology in 2016. She is a member of the Canadian Institute of Corporate Directors.
As at the date of this announcement, save as disclosed above, neither Mr. Wang nor Ms. Zhu (i) hold any directorships in other public companies, the securities of which are listed on any securities market in Hong Kong or overseas, over the last three years preceding the date of this announcement or other major appointments and professional qualifications; (ii) hold any other position with any member of the Group and has not previously held any other position with any member of the Group; (iii) have any interest in the shares, underlying shares or debentures of the Company or any of its associated corporations within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong); and (iv) have any relationship with any Directors, senior management, or substantial or controlling shareholders of the Company.
There is no specific term or proposed length of service for Mr. Wang or Ms. Zhu as executive Directors. Both Mr. Wang and Ms. Zhu will be subject to re-election at the annual general meeting of the Company in accordance with the Articles. Consistent with the Company's executive compensation program, the remuneration for Mr. Wang and Ms. Zhu will be determined by the Board based on the recommendation of the Compensation and Benefits Committee of the Board, which is comprised of the independent non-executive Directors.
Saved as disclosed above, there is no other information relating to the appointment of Mr. Wang and Ms. Zhu that is required to be disclosed pursuant to Rule 13.51(2)(h) to (v) of the Rules Governing the Listing of Securities on the Hong Kong Stock Exchange nor any matters that need to be brought to the attention of the shareholders of the Company ("Shareholders").
The Board would like to take this opportunity to welcome Mr. Wang and Ms. Zhu to the Board.
CHANGE IN COMPOSITION OF BOARD COMMITTEE
The Board is pleased to announce that, with effect from September 8, 2022, Mr. Wang has also been appointed to the Operations Committee to fill the vacancy for the position of Operations Committee member following Mr. Ben Niu's resignation.
CHANGE OF CHIEF EXECUTIVE OFFICER
The Board announces that Mr. Dalanguerban, an executive Director has resigned as Chief Executive Officer, and has been appointed as the Company's President with effect from September 8, 2022 in order to focus more on the strategic direction and management of the Company as an executive Director. Mr. Dalanguerban confirmed that he has no disagreement with the Board or the senior management of the Company, and there is no matter relating to his ceasing to act as the Chief Executive Officer that needs to be brought to the attention of the Shareholders. Following Mr. Dalanguerban's resignation as the Chief Executive Officer, Mr. Wang has been appointed as the Chief Executive Officer with effect from September 8, 2022.
APPOINTMENT OF CHIEF FINANCIAL OFFICER AND SENIOR VICE PRESIDENT OF FINANCE
The Board announces that: (i) Mr. Ho has been appointed as Chief Financial Officer (formerly, the acting Chief Financial Officer); and (ii) Ms. Zhu has been appointed as the Senior Vice President of Finance; in each case with effect from September 8, 2022.
SouthGobi, listed on the Toronto and Hong Kong stock exchanges, owns and operates its flagship Ovoot Tolgoi coal mine in Mongolia. It also holds the mining licences of its other metallurgical and thermal coal deposits in South Gobi region of Mongolia. SouthGobi produces and sells coal to customers in China.
Investor Relations Office: +852 2156 1438 (Hong Kong)| +1 604 762 6783 (Canada) Email: info@southgobi.com Website: www.southgobi.com
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Emerging mineral explorer, Burley Minerals Ltd (Burley or the Company) (ASX: BUR) is pleased to announce the granting of Exploration Licence E47/4580, by the Department of Mines, Industry Regulation and Safety (DMIRS) for exploration activities in the heart of the Hamersley/Pilbara region of Western Australia. The approvals were granted following the cooperative signing of a Heritage Agreement with the Ngarluma/Yindjibarndi People whose land we wish to explore with their consultation.
“We are thankful to all Parties associated with the grant of the Exploration Licence for Broad Flat Well (E47/4580) and will immediately embark on a field mapping and extended ore sampling and drilling regime, to define the prospectively of the three mapped targets, and the potential resource size and future viability of the Project. The tenement presents Burley with an opportunity to qualify the resource and assess logistical solutions for an “end to end”, sustainable Business solution. With previous sampling indicating high-quality CID (Fe) grades, and the tenement’s advantageous location, there is profound optimism around Broad Flat Wells prospectivity”.
“The granting of this exploration license in this premier iron ore province demonstrates the Company’s effective strategy of developing current resources and securing value adding tenements for future development”.
About Broad Flat Well – E 47/4580 – 100% Burley-Owned
Exploration Licence E47/4580 is located close to the Roebourne-Wittenoom Road and is 115km by road from Karratha townsite and the Dampier port facilities.
The EL covers an area of approximately 223km2, with the geology dominated by mafic to intermediate volcanics and sediments of the Maddina and Jerrinah Formations, which occur within the Fortescue Group. Significantly there are numerous remnants of mid-Miocene Channel Iron Deposits (CID) related to the Fortescue River palaeodrainage located within the application area.
CID mineralisation occurs as scattered, dissected outcrops along the Fortescue River valley. The eroded outcrops are remnants of an extensive network of CID deposits, which are found in tributary channels of the ancestral Fortescue River. The rock-chip sampling conducted by API, returned iron results typical of those from surface sampling of CID throughout the Pilbara with results ranging up to 61.5% Fe as highlighted in Figure 2. (refer ASX: BUR announcement “Burley applies for Exploration Licences for Iron Ore in the Hamersley Province” dated 23rd September 2021)
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This article includes content from Burley Minerals Ltd., licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Anson Resources Limited (“Anson”), through its 100% owned subsidiary A1 Lithium Inc, is pleased to announce the completion of the Definitive Feasibility Study (“DFS”) for Phase 1 of its Paradox Lithium Project, located Utah, USA (the Project).
Key financial highlights of Phase 1 DFS are presented in Table 1 below:
Table 1: Paradox Lithium Project Phase 1 DFS Key financial highlights
The DFS results confirm the Project’s advanced potential to become a major supplier of high purity, battery grade Lithium Carbonate into the US Electrical Vehicle market, initially producing 13,074 tonnes per annum of high purity Lithium Carbonate over an initial 10 years of project life, and then continuing producing at lower commercial levels, if no further extraction wells were to come on- line, up to a production life of 23 years.
Global engineering group Worley Ltd (Worley) was the lead consultant for the DFS and responsible for the Class-3 Estimate of the above-ground facilities. Capital and operating costs associated with Direct Lithium Extraction technology has been provided by Anson’s technology partner, Sunresin New Materials Co. Ltd (“Sunresin”).
Anson’s Executive Chairman, Mr. Bruce Richardson stated:
“We are very excited to deliver the Paradox Lithium Project Phase 1 DFS to market. The DFS confirms the technical and financial viability of a major new source of high purity Lithium Carbonate available for the rapidly growing US market.
The Project delivers industry leading ESG credentials based on direct lithium extraction utilising Sunresin technology using lower energy and water consumption, and with spent brine being reinjected back into the Paradox.
Significantly, there remains material upside beyond the DFS announced today based on future Mineral Resource upgrades associated with the recently completed drilling campaign at Cane Creek and the future Western Expansion drilling campaign, as well as incorporating Bromine production into stage 2.”
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This article includes content from Anson Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Infinity Lithium Corporation Limited (‘Infinity’, or ‘the Company’) is pleased to announce the appointment of Ramón Jiménez to the Board of Infinity. Ramón was appointed as CEO of the Company’s wholly owned Spanish subsidiary Extremadura New Energies in Q1 2022. For further details refer to ASX release 15 March 2022.
Infinity Director and CEO of Extremadura New Energies, Ramón Jiménez commented
“It is an honour for me to be part of an emblematic project such as San José, a project that in recent months has made great strides in terms of its acceptance by local and regional representatives and the local community. These advancements are representative of the current situation where the favourable administrative pathways for the submission and processing of permits have been acknowledged through multiple avenues, being a reference for both Spain and Europe. The recent approval of the Regional Lithium Decree Law reinforces this process and boosts our project, providing it with a bright future in the coming months.”
The Company will progress the administrative filings to advance the lodgement of the Exploitation Concession following the final determination of the Contentious-Administrative Court in Cáceres (‘CAC’, or ‘the Court’) with regards to the reinstatement of the Investigation Permit Valdeflorez (‘PIV’). Refer to The Quarterly Activities Report ASX announcement 21 July 2022 for further details. The Court and other administrative procedures were paused in the August interim period in Spain and have recommenced in September. The resolution of the Court will determine the legal and administrative course available to San José Joint Venture (‘JV’) entity Tecnologia Extremeña Del Litio S.L. (‘TEL’).
It is the Company’s understanding that this matter could reach resolution in H2 2022, and whilst the Company remains confident of a favourable decision, other courses of action have been considered pending the finalisation of the matter before the Court.
The Company has confirmed its administrative and legal rights under Spanish law to lodge an Exploitation Concession through an Indirect or a Direct application route. The Junta of Extremadura (‘the Junta’) and the Regional Ministry of Ecological Transition have acknowledged that there are a number of legal avenues to exploit the Valdeflores lithium resource under Spanish mining law, commenting that the Company’s wholly owned Spanish subsidiary Extremadura New Energies “candirectlyrequestpermissionto exploit lithium from Valdeflores in Cáceres, regardless of whether the extraction is underground or in the open, if it considers that the rational use of the deposit is viable.”
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Managing Director and CEO - Sam Rodda commented,
“These results from the Central Ore Zone are exciting for Podium and our shareholders. The Central Ore Zone was previously identified to potentially contain higher grade than the surrounding resource, so it is pleasing to see the geological model supported with these results.
“More importantly, if the remaining three holes due in early September continue to confirm the consistent ore grade, it will provide significant data for our ongoing assessment and planning for an initial mining approach. The ability to target high- grade zones in the early years of mining will benefit any economic assessment of the project significantly. Therefore, the Company has been focused on defining these higher-grade zones along the 15km strike.
With multiple high-grade zones now identified, our experienced project development team will incorporate these results into the ongoing conceptual mine design work and hydrometallurgy test work that is underway.”
INITIAL CENTRAL ORE ZONE RESULTS HIGHLIGHT HIGH GRADE AREAS
The approval of exploration access to the Central Ore Zone was announcement on 1 June 2022. Subsequently, nine (9) Central Ore Zone holes (6 holes in Stage 9 and 3 holes in Stage 10) were completed in early July 2022 (ASX announcement 15 July 2022). This drilling was conducted on 200m spaced sections in 3 lines.
Results have been received for 6 of the 9 holes (4 from Stage 9 and 2 from Stage 10; PRRC255, PRRC256, PRRC257, PRRC259, PRRC262 and PRRC265) and confirm the potential of the area to host some intercepts that have values greater than the average MRE grade, (Figure 1 and Appendix D). Hole PRRC265 has been interpreted as intersecting a local dyke displacing the PGM reef, close space drilling closer to operation will identify final location of the PGM reef in this area. The 3E PGM assays for the remaining three holes within the Central Ore Zone are to be received in early September 2022.
ADDITIONAL STAGE 10 HOLE RETURNED WITH POSITIVE INTERCEPT
The results for the last RC hole in Stage 10 (PRRD249) has also been received (Figure 1 and Appendix D). In total 35 holes have now had full assay results returned and an additional 7 holes have partial assays returned (see also ASX announcements on 9 June 2022, 29 June 2022, 15 July 2022, 22 July 2022, 29 July 2022 and 18 August 2022). All 3E PGM results for the remaining Stage 10 diamond core tail drilling are expected in September 2022.
The Stage 10 Programme aims to prove the enlarged Exploration Target of 70Mt to 75Mt at 1.2 g/t to 1.6 g/t 3E PGM for 2.7Moz to 3.8Moz 3E PGM3 (this is additional to the current 3.0Moz 5E PGM Inferred MRE reported to the ASX on 2 August 2022). Delivery of the updated MRE incorporating this target is on track to be delivered in October 2022.
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This article includes content from Podium Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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