RIU Resurgence 2022 - Official Conference Companion

Introduction to Argonaut

Argonaut is a full service corporate finance, stockbroking and investment house based in Perth. We are technically driven & focused on natural resource companies & businesses that service the metals, mining, energy, industrial and agri business sectors.

Argonaut is led by an experienced executive team with deep industry knowledge, who have previously held senior executive roles at leading international investment and securities houses.

In our target markets, we are recognised as a trusted, independent corporate advisor with a strong track record of success. Argonaut has proven expertise across the full capital spectrum, being able to deliver optimal financial solutions during a company’s entire life cycle.

Argonaut has an unblemished record and is fully licensed in Australia to provide corporate finance, stockbroking and research, has a Foreign Broker Dealer Agreement for the USA and an International Dealer Exemption for Canada.

Argonaut is committed to maximising value in transactions by deploying our full range of financial services to achieve our clients targeted outcomes

with the riu resurgence conference being the final trooping of the Australia exploration/mining colours for the year, we thought we would ponder on the benefits we, and in turn you, our readers and viewers, gained by attending these events throughout the year.

The fun begun in February at the RIU Explorers Conference in February where 86 companies met to present their stories in the auditorium and meet investors in the exhibition space.

Move onto May and we’re in Sydney for the RIU Sydney Resources Roundup, this time welcoming 93 presenting and exhibiting companies, only 35 of which were in attendance in Freo, meaning our delegates had the chance to press the management flesh of 57 new companies.

Add those totals together: 86 + 93 = 179, and we are not even halfway through the year, which is important to note with four more conferences on the way.

Okay, so now most of you are probably thinking that these next offerings will be dishing up more of the same, well think again my friends.

Of the 179 companies to present and exhibit at Explorers in Fremantle and the Roundup in Sydney, only 51 were to attend one, two, three, or all the subsequent congresses, being the Gold Coast Investment Showcase, the New World Metals Investment Series, the South-West Connect ASX Showcase, and the RIU Resurgence Conference where you are reading this now.

All up, we have had the opportunity this year to meet and greet 211 companies, bearing in mind this number increases when considering companies attending as exhibitors only were not part of The Roadhouse census.

People often ask me, are the days of the physical conference numbered?

My response would be to place these numbers under their noses and ask them, what other forum offers the opportunity to meet the management of this many companies, hear what they have to say in presentation, then speak with them directly at their exhibition booth?

Online summits are fine, but once the presso is gone, so is the speaker with no chance to ask the curly questions investors like to ask, and that management know they must answer when in person.

And so, to the 2022 Resurgence Conference where just shy of 40 companies will be telling you all about the diversity of the commodities within their portfolios and how advanced these projects may or may not be.

This is the time to end the year on a high and fill your Christmas stocking portfolio with some stocks that may or may not bring health and good cheer to you in 2023.

Gold is well represented as it usually is along with other stalwarts of copper, nickel, and zinc, but as is also the norm these days technology metals have a healthy slice of the exhibition pie.

The commodities on show this week should not surprise with Australia currently elbowing its way into the top echelons of the global push towards low emission technologies.

Because of this, Australian exports of metals used in low emission technologies (namely copper, nickel, and lithium) are expected to generate $33 billion in export earnings in 2022–23, over double what they earned in 2020–21.

Copper is a conundrum. Analysts keep say how important it is to power supply and electric vehicle manufacture, yet prices are forecast to are forecast to fall to US$8,300 a tonne in 2024 as mine production grows.

Australia’s copper exports dropped throughout 2021–22, however a recovery is expected by 2023–24 as production from new mines and expansions come online.

The nickel price has Mr Putin to thank for an expected average US$24,900 a tonne in 2022, boosted by the Russian President’s invasion of Ukraine.

The numbers on Australia’s lithium production are strong with them forecast to grow from 247,000 tonnes of lithium carbonate equivalent (LCE) in 2020–21 to 387,000 tonnes in 2022–23 and 469,000 tonnes of LCE in 2023–24.

But wait, there’s more. Australia’s lithium export earnings are forecast to increase by more than ten-fold in just two years from $1.1 billion in 2020–21 to $13.8 billion in 2022–23, and ease to $12.9 billion by 2023–24.

Front cover picture: Dreadnought’s Nick Chapman against a wall of secondary copper mineralisation - Rough Triangle Prospect, Tarraji-Yampi project, Kimberley region, WA

resourcesroadhouse.com.au

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© Copyright Resources Roadhouse Pty Ltd November 2022

WALLY GRAHAM

Matsa Resources

(ASX: MAT)

Sarytogan Graphite

(ASX: SGA)

sarytogangraphite.com.au matsa.com.au

Matsa Resources has been busy on a couple of fronts of late with gold and lithium sharing centre stage.

At the Lake Carey gold project in Western Australia ground magnetic and soil geochem surveys were carried out in support of exploration aircore drilling that had identified new gold in basement anomalism at the Phantom Well and Wilga West prospects.

Other drilling focused on developing the area near the Fortitude Gold mine resulted in a reinterpretation of the Fortitude North mineralising and grade shoot geometry model confirming the existence of a higher-grade shoot, demanding follow-on drilling.

This drilling demonstrated grades appear to increase as the exploration gets deeper.

“As a result of the reinterpretation of the Fortitude North mineralising and grade shoot geometry model, we have planned a staged diamond drilling program starting with a hole completed down dip of the northern most high-grade intercept to target an interpreted high-grade shoot,” Matsa Resources executive chairman Paul Poli said.

During the September 2022 Quarter Matsa declared discovery of a new outcropping lepidolite bearing pegmatite cluster over two kilometres at its Phang Nga project in southern Thailand.

The discovery stemmed from assay results from stream sediment sampling that indicated a cluster of anomalous lithium (up to 358ppm lithium), which the company quickly prioritised and targeted for reconnaissance field mapping.

“The results show stream sediment sampling can be used to find outcropping lithium bearing pegmatites,” Poli said.

“This new discovery in the Phang Nga province, means that Matsa is now on the road to establishing its credentials as a lithium explorer in Thailand.

“I hold high hopes that in time, we will continue to find more lithium and to advance these into new lithium resources.”

Sarytogan Graphite has taken just four months to make its presence felt in the emerging global graphite market.

Recent metallurgical test work for the company’s Sarytogan graphite deposit in Central Kazakhstan produced a 92.1 per cent purity graphite concentrate.

The premium fine sizing of the Sarytogan graphite supports a preferred pathway towards high-value spherical graphite products for the lithium-ion battery market.

This will be a crucial factor for the company with the 21st century graphite market growth tipped to be led by the lithium-ion battery sector which is set to become the largest graphite market within a few years.

In this market, finer-sized value-added spherical graphite products at a 99.95% carbon specification will be of a premium and attract higher prices.

Sarytogan is confident that further optimisation will deliver further positive results as historical test work carried out by the company achieved 98.6 per cent graphite purity.

“Sarytogan is positioning itself as a future supplier to the rapidly growing battery anode material market,” Sarytogan Graphite managing director Sean Gregory said.

“The micro-crystalline graphite produced in this sighter test is shaping our product strategy for the Sarytogan graphite deposit.

“These initial results are a significant step towards this ultimate goal of producing battery grade material.”

The company was buoyed by thick high-grade graphite intercepts achieved from four diamond drill holes to the north-east of the Sarytogan Central Graphite Zone (CGZ) and outside the current 209 million tonnes at 28.5 per cent total graphitic carbon (TGC) Inferred Mineral Resource.

The drilling returned results that extended mineralisation up 300m north of what was previously known drilling down to considerable depths delivering potential to greatly extend the Inferred Mineral Resource.

Suvo Strategic Minerals

(ASX: SUV)

Suvo Strategic Minerals is an Australian hydrous kaolin producer and exploration company focused on production at, and expansion of, the company’s 100 per cent-owned Pittong hydrous kaolin operation located outside Ballarat in Victoria.

Pittong comprises the Pittong, Trawalla and Lal Lal deposits located on approved Mining Licences MIN5408, MIN5365 and MIN5409 respectively.

The Pittong hydrous kaolin operation is the only wet kaolin mine and processing plant in Australia and has been in operation since 1972 and is earning a good return for the company.

In the recent September 2022 Quarter, the Pittong hydrous kaolin operations generated $3.1 million of revenue, earning a weighted average selling price of approx. $620 per tonne.

To maintain this earnings growth strategy, Suvo completed an upgrade and optimisation review of the Pittong plant.

The independent review confirmed the plant capacity expansion will be capable of delivering a name plate processing capacity of approx. 60,000 tonnes per annum under certain operating conditions, with a forecast completion date of end Q3 FY 2023.

At completion, Pittong is expected to produce approx. 50,000tpa of hydrous kaolin.

Suvo spreads it exploration focus on near-term kaolin and high purity silica assets Australia wide to its 100 per cent-owned Gabbin (kaolin), Eneabba and Muchea (silica sands) projects located in Western Australia.

The Gabbin project is at a pre-feasibility study stage and test work has been completed to assess suitability to various product markets that has confirmed suitability to applications in ceramics, paper coatings, paints, cosmetics and metakaolin.

The Eneabba project comprises four granted exploration licences. It is at a scoping study level with drilling planned to extend and increase resource, bulk samples to be used in metallurgical test work and final product generation.

Dundas Minerals

(ASX: DUN)

Dundas Minerals is exploring in the southern Albany-Fraser Orogen, a well-known, yet surprisingly underexplored region of Western Australia.

Dundas Minerals owns 100 per cent of 12 contiguous exploration licences covering an area of 1,201 square kilometres.

Although considered to be highly prospective for battery materials, these tenements have seen very much in the way of modern exploration.

As famous as the Albany-Fraser Orogen southwest of the Nova nickel-copper-cobalt mine is, Dundas lays claim to being the first exploration play to enter the region since Nova was discovered.

Dundas has applied systematic geophysical survey techniques that have been successfully used to find under-cover mafic-ultramafic hosted nickel-copper-cobalt deposits in other parts of the world, such as Canada.

At the Central target these surveys identified sub-surface geophysical anomalism spanning more than 10 kilometres, which it considers to be indicative of mafic-ultrafic intrusives that can host nickel-copper-cobalt deposits.

Recent explorative activity earned Dundas a great deal of market attention with drilling results from the company’s first drill hole at Central (22CEDD001), returning a 358m intercept of massive, semi-massive, and disseminated sulphides.

The hole proved easy on the geologist’s eyes returning visual sulphides as well as sulphide in quartz veins from 43.5m to 412.1m.

The geological setting at Central is complex and with only two diamond drill holes completed the geology is not yet sufficiently understood.

However, Dundas considers this is a geological environment conducive to an intrusive nickel-copper-cobalt type deposit, plus gold and silver mineralisation.

Laboratory assay results are required to confirm mineralisation, and a minimum of four more diamond drill holes are planned at Central, however, given the results of hole 1 the company has stated the drilling program is likely to be expanded.

Latin Resources

(ASX: LRS)

latinresources.com.au

Latin Resources is currently preparing a maiden JORC Mineral Resource Estimate for the Colina prospect within the company’s Salinas lithium project in the district of Minas Gerais Brazil

Latin Resources received the final assays resource definition drilling at the Colina prospect in October that included further outstanding intersections consistent with previously announced grades and thicknesses, confirming the continuity of high-grade at depth and along strike.

The company anticipates the MRE to be delivered in December after incorporating these results, which it declared to, “continue to showcase the consistent nature of the pegmatite mineralisation at Colina”.

With the MRE drilling completed at Colina, the company has been able to move the rigs to the recently discovered Colina West pegmatites with the aim of incorporating this second area into other studies it has underway.

In August, Latin Resources declared confirmation of the new Colina West lithium spodumene discovery approximately 500 metres west of the Colina prospect.

Drilling undertaken by the company discovered an intersection of new spodumene bearing pegmatites, including one of 18.75 metres in thickness.

Latin considers the Colina West to hold significant scale implications for the Salinas lithium project, especially should subsequent drilling confirm the presence of additional parallel mineralised pegmatite systems in close vicinity to the main Colina prospect.

If this wasn’t enough, Latin Resources also carried out a regional mapping campaign that highlighted a third outcropping pegmatite system one kilometre further out to the west from the Colina West discovery hole, as well as a potential convergence of several pegmatites, including the main Colina and new Colina West systems.

Latin Resources indicated it intends to systematically drill test both additional high priority target areas in due course.

Moho Resources

(ASX: MOH)

mohoresources.com.au

Moho Resources has maintained a steady flow of news with work completed across its portfolio of Western Australian projects.

The Black Swan South nickel prospect is a zone of ultramafic rocks identified from historical drilling south of the Silver Swan nickel mine.

A maiden reconnaissance RC drilling program consisting of 12 drill holes varying from 110m to 200m in depth outlined what looks to be an undisturbed basal contact of target komatiitic ultramafics.

Potential for the komatiite to host nickel sulphides is supported by evidence of substantial settling and accumulation of olivine over an observed strike length of about 300m of the komatiite

At the time of writing assays were still to arrive from the laboratory.

The Dukes prospect is part of Moho’s 100 per cent-owned Silver Swan North project and has yet to be subjected to drill testing during previous exploration.

The Dukes prospect shows potential to host nickel sulphide mineralisation at depth enhanced by coincident nickel and copper soil anomalies overlying a 3.2km long magnetic anomaly.

Moho has lodged a Program of Works for RC drilling along fence lines in two areas with restricted access while a heritage survey commissioned to extend drilling across the Dukes target is expected to be completed November 2022.

The 100 per cent-owned Burracoppin project is in the WA Wheatbelt where recent soil surveying identified several areas of anomalous rare earth elements with values up to 1959ppm total rare earth elements (TREE).

Moho considers higher TREE values revealed in some areas may reflect areas of exposed ionic clays with values of neodymium and praseodymium distribution in soil are comparable to those levels reported by other parties exploring for ionic clay REE mineralisation in the Esperance region.

Altech Chemicals

(ASX: ATC)

Identifying a gap in the battery technology market, Altech Chemicals executed a Joint Venture with leading German battery institute, Fraunhofer IKTS (IKTS) to commercialise that company’s CERENERGY® Sodium Alumina Solid State (SAS) Battery.

Altech considers the salt and nickel metal technology behind the SAS CERENERGY® batteries to be a game-changing grid storage alternative to lithium-ion batteries as they are fire and explosion-proof with a life span of more than 15 years that operate in extreme cold and desert climates.

Fraunhofer IKTS has spent eight years developing its revolutionary SAS technology that allows higher energy capacity and lower production costs.

The JV will develop a 100MWh SAS battery plant (Train 1) in Saxony, Germany and have commenced planning for the Bankable Feasibility Study for the commercialisation process.

Once the Train 1 plant is built and operating, the longer-term vision is to construct additional trains or a Gigawatt battery facility.

A CERENERGY® battery consists of a ceramic tube (conductive to sodium ions but insulator for electrons) with a positive terminal in the centre.

The solid ceramic tube (solid state technology) performs the same function as a liquid electrolyte in a lithium-ion battery, allowing sodium ions to transfer through it.

When the CERENERGY® battery is charged, electrons flow from the positive terminal to the negative terminal.

SAS batteries do not contain lithium but use sodium ions from common table salt that migrate through the solid ceramic electrode towards the negative canister terminal.

The sodium forms a molten anode layer on the outside of the ceramic tube, contacting the steel canister, charging the battery.

During discharge, electrons flow back, molten sodium is oxidized, and transferred back through the solid-state ceramic tube forming sodium chloride. Nickel chloride is reduced back to metallic nickel.

Meeka Metals

(ASX: MEK)

Meeka Metals has provided market watchers with much to think about of late by reporting on plenty of activity at the company’s 100 per centowned Murchison and Circle Valley projects in Western Australia.

The big news emerged from the Murchison project with a new gold discovery made at St Anne’s outside of the project’s existing 1.1 million ounce gold Mineral Resource delivering results of:

22SAAC058

32 metres at 16.07 grams per tonne gold from 48m, including 16m at 28.59g/t gold; and 22SAAC061

20m at 20.74g/t gold from 48m, including 16m at 24.86g/t.

Post discovery, Meeka announced the Pre-feasibility Study for the Murchison gold project would be deferred and will be released in the June 2023 quarter to allow the St Anne’s Mineral Resource to be included in the Study.

Meeka kicked off diamond drilling at Circle Valley in September to follow up on broad zones of high-grade gold intersected by earlier RC drilling below a large 1.2km by 400m surface anomaly.

This drilling quickly intersected a high-grade metamorphic assemblage intruded by late narrow pegmatitic intrusions.

Further results are anticipated to provide valuable information in advance of a larger drill program commencing in January 2023.

Still at Circle Valley and rare earths focused revealed cover profile shallows to the northwest to be coincident delivering the company’s highest-grade mineralisation recorded to date, 6,894ppm total rare earth oxide (TREO).

As exciting as the rare earths development could be, Meeka has indicated the St Anne’s discovery is a priority at this stage with an expanded drilling program underway.

This means work planned to commence at the Cascade rare earths project, including drill testing large-scale targets generated from surface sampling, was deferred.

Caprice Resources

(ASX: CRS)

De Grey Mining

(ASX: DEG)

Caprice Resources holds a 100 per cent interest in the Island Gold Project (IGP), located in the Lake Austin gold mining centre in the Cue Goldfield of Western Australia.

Recent work at the IGP has focused on the Solis prospect, situated at the southern end of the IGP.

In the first half of 2022, aircore drilling at Solis delineated a +1km long regolith gold anomalous zone.

Caprice followed this up with a round of RC drilling in July that tested the anomalism down to around 100 metres returning a best intercept of 4m at 4.4 grams per tonne gold.

A second round of RC drilling was carried out in September to assess strike and depth extensions to the mineralisation.

This round of RC drilling returned numerous +1g/t intercepts, with a highest grade result of: 22IGRC0413

2m at 6.4g/t gold from 51m.

Caprice has interpreted these results to suggest mineralisation is potentially continuous over more than 100m down dip as well as 100m along strike and remains open in all directions.

Still in WA at the Northampton project, Caprice has struck an access agreement over the Yungaro project, at the southern end of the Northampton tenement group.

The agreement allows for on-ground activities to commence, with RC drilling planned once approvals are received and crops are harvested.

Drilling will target a north-south oriented structure to test for base metals mineralisation.

The company considers the Northampton project to be highly prospective for base metals, however, the area is also known to host a healthy number of pegmatites.

Caprice intends undertaking a regional prospectivity analysis, assessing if these pegmatites are favourable to host lithium or rare earth minerals.

De Grey Mining announced the Hemi large scale, high value, near surface gold discovery in 2019 and hasn’t looked back since.

Hemi is located within the company’s 100 per cent-owned Mallina gold project in the Pilbara region of Western Australia.

Since those heady days a high-quality Mineral Resource Estimate of 8.5 million ounces at Hemi was ultimately released to the market in May 2022.

De Grey released results of a Pre Feasibilty Study for the Mallina gold project that included a maiden JORC Probable Ore Reserve for Hemi of 103 million tonnes at 1.5 grams per tonne gold for 5.1 million ounces.

The study also determined average total annual gold production of 540,000 ounces per annum over the first 10 years, realising total production of 6.4 million ounces over a 13.6 year life of mine.

De Grey achieved a high conversion rate of the Indicated Resource to Probable Reserve via targeted resource definition drilling within preliminary pit shell optimisations, which were regularly conducted over the Hemi deposits during the PFS.

The maiden Hemi JORC Probable Reserve of 5.1 million ounces at 1.5g/t gold is one of the largest and highest-grade maiden Reserves in recent decades from Australia.

The study showed the project would be a low-cost producer compared with current Australian producing gold mines, with a projected average AISC of $1,220 per ounce over the first five years and $1,280 per ounce over the first 10 years, placing the project in the lowest quartile of Australian producing gold mines with production above 200,000 ounces per annum.

This hasn’t sated De Grey’s exploration with the company recently drilling a diamond drill hole at the Diucon target hitting intersected 359.4m at 1.2g/t gold from 530m downhole.

Great Southern Mining

(ASX: GSN)

Miramar Resources

(ASX: M2R)

miramarresources.com.au gsml.com.au

Great Southern Mining has a portfolio of projects spanning the country with action in Western Australia and Queensland.

Recent exploration activity by the company has been occurring on its Duketon gold project in WA, with a focus on the Southern Star deposit.

The Southern Star deposit is located on the prolific Rosemont-Ben Hur Trend, just a stone’s throw away along strike south of the +300,000 ounce gold Ben Hur deposit owned by Regis Resources.

A recent multi-element soil survey identified four compelling new targets within approx. 1.5 kilometres along strike north of Southern Star from which Great Southern has commenced drill design work for drilling targeted for Q2 FY23 to test down plunge extensions of the Southern Star deposit and a potential repeat of Southern Star.

A follow-up soil geochemical survey conducted over a strike length of 3.7km to the south of Southern Star was undertaken with final assays having been received at time of writing with results expected to be released shortly following data processing and interpretation.

Elsewhere within the company’s WA portfolio, work was carried out to follow up an initial moving loop EM (MLEM) survey was conducted in 2021 on the East Laverton nickel project, located approximately 35km from the town of Laverton.

The initial MLEM identified three anomalies that were further refined in early 2022 by fixed loop EM (FLEM) surveys.

RC and diamond drilling has been designed to test the two best conductors L076 and L124.

The shallower conductor, L124 will be tested by RC drilling, while the deeper L076 will be tested by a diamond tailed RC hole.

This drilling is being supported by the WA Government’s Exploration Incentive Scheme (EIS), which will contribute up to $220,000 to test the EM anomalies.

Miramar Resources has quickly established a reputation as being one of the busiest ASX-listed exploration plays.

This reputation was heightened during the September 2022 Quarter with the company having three drill rigs spinning across as many projects in its portfolio of Western Australian projects, Gidji, Glandore, and Randalls.

Miramar believes the three projects, located in the Eastern Goldfields, hold potential for new gold discoveries within proximity to existing mining and/or processing operations.

• Gidji JV (80%) is a strategic land position within the Boorara Shear Zone, 15km north of Kalgoorlie;

• Glandore is an underexplored project with high-grade drill results 40km east of Kalgoorlie; and

• Randalls is a folded BIF adjacent to Silver Lake Resources’ Mt Belches gold operations.

At Gidji, drilling on the Highway target revealed gold mineralisation of a strike length over one kilometre that remains open in all directions.

Further aircore drilling at the Highway and the Blackfriars targets is planned to hopefully outline the full extents of the targets before commencing deeper RC and/or diamond drill testing.

The 100 per cent-owned Glandore project is located just outside Kalgoorlie where historic drilling at the Glandore East target intersected high-grade gold mineralisation, up to 6m at 29.8g/t gold.

Diamond drilling on the lake at Glandore East provided difficult conditions for drillers, however, despite this the first hole, GDDD001, returned encouraging high-grade assay results and intersected and visible gold.

A second hole, GDDD002, drilled 40m south of GDDD001, also intersected visible gold.

Aircore drill testing of targets at the Randalls project east of Silver Lake Resources’s Maxwell’s and Cockeyed Bob gold mines was undertaken within the folded hinges of the Banded Iron Formation.

Results were pending at the time of writing.

Tesoro Gold

(ASX: TSO)

tesorogold.com.au

Tesoro Gold has kept market watchers on alert with news flow emanating from the company’s El Zorro gold project in Chile.

The company completed a strong September quarter, further advancing El Zorro by delivering the best drill result produced to date from the project’s Ternera gold deposit of:

ZDDH0297

434.6 metres at 1.22 grams per tonne gold, including 20.8m at 9.19g/t gold.

It is results such as this that continues to highlight the quality of the Ternera gold deposit as Tesoro advances it toward development.

The aims of the drill program included providing sufficient drill coverage to increase the Mineral Resource classification within the existing 1.1 million ounces at of 1.12g/t gold MRE as well as extending mineralised zones.

Tesoro Gold lifted its gaze beyond Ternera to conduct regional exploration at El Zorro, which produced results for 159 channel samples from a first pass mapping and sampling program at the Animas Viejas target, approximately 35km north of the Ternera deposit.

Of these, 23 samples reported assays greater than 0.10g/t gold in outcrop, with grades of up to 2m at 2.78g/t gold.

From the results, Tesoro defined a highly prospective target covering approximately 7km by 2km associated with intrusive rocks of similar composition to the main gold host rocks at Ternera.

“These are impressive first pass results over virgin ground and further validates our belief that El Zorro has the potential to host multiple +1 million ounce gold deposits,” Tesoro Gold managing director Zeff Reeves said.

“The Tesoro team has now successfully defined a 55km long by 15km wide prospective gold corridor demonstrated by strong sampling results associated with the El Zorro intrusive suite of rocks and confirming El Zorro as a new Chilean gold district.”

BMG Resources

(ASX: BMG)

bmgl.com.au

BMG Resources’ focus of late has been a third major drilling campaign at the company’s Abercromby gold project located in the AgnewWiluna Greenstone belt of Western Australia.

The drilling was carried out to follow up results BMG had achieved in the preceding drilling campaign that more than doubled the mineralised envelope and continued to define regional targets.

Aircore drilling further defined these targets to the south of the Capital deposit in the Archer, Barrack and Capital South areas that could be possible repetitions of Capital.

Encouraged by 20 highly anomalous (+200ppb gold) results from 19 separate holes, BMG will now look to expand its work program at Abercromby to include these greenfield areas.

“The follow-up aircore program continues to achieve our strategic aim of generating a pipeline of greenfields targets that have potential to deliver a new discovery to complement the high-grade Capital deposit,” BMG Managing Director Bruce McCracken said

“This regional program has added to the three primary gold anomalies at Abercromby – Capital South, Barrack and Archer – paving the way for the next phase of exploration drilling to further scope the potential at these targets.”

Like many of its contemporaries, BMG is waiting on drill results to clear the current laboratory backlog, which means it, at time of writing, it had yet to receive results for a diamond drilling program to advance towards a maiden resource estimate for the greater Capital prospect.

Despite the lack of assays, the company reported visual inspections of the first two holes – 22ABDD006 and 22ABDD008 that revealed both holes to contain observed shearing with quartz veining and alteration corresponding with the expected extensions of East and West gold lodes positions.

Green Technology Metals

(ASX: GT1)

Kin Mining

(ASX: KIN)

greentm.com.au

Green Technology Metals celebrated its one year anniversary by purchasing the residual 20 per cent free-carried interest in the Ontario lithium projects (Seymour, Root and Wisa JV tenure) held by Ardiden.

Green Technology has maintained its drilling focus at the Seymour project with programs testing for lateral repeats of the North Aubry deposit to the north and drilling multiple mapped pegmatite targets across the Pye Complex.

Diamond drilling carried out at North Aubry returned intersections that were considerably thicker than what the company had originally modelled, including hole GTDD-22-0323 that intersected 17.9 metres and 7.7m thick pegmatites.

GT1 believes this has demonstrated potential exists to greatly increase the mineralised volumes in the targeted strike extension of the North Aubry Resource Model.

On-ground reconnaissance exploration conducted at the broader Pye prospect traced pegmatite exposure north-south along its strike (Pye Eastern Limb) culminating at an interpreted syn-form keel in the north.

GT1 field geologists have traversed part of the Pye Western Limb in preparation for target reconnaissance, mapping and drilling.

GT1’s second project, the Root project, is also now in play with a maiden drilling program kicked off in September 2022.

The Root project is located just to the west-north-west of the Seymour project and despite hosting numerous LCT pegmatites remains very much underexplored.

Root has been designated an Exploration Target of 20 to 24 million tonnes at 0.8 to 1.5 per cent lithium oxide (Li2O) based on historical mapping, sampling and drilling.

GT1 has an initial 24,000m of drilling planned at Root plans to release a maiden Resource for Root in the first quarter of 2023 where McCombe and Morrison have been identified as two high priority targets.

kinmining.com.au

Kin Mining’s 100 per cent-owned Cardinia Gold Project (CGP), located near Leonora in Western Australia is benefitting from the company’s exploration-driven growth strategy.

Kin Mining has continued to deliver strong results at the CGP, recently announcing an updated project-wide Mineral Resource Estimate (MRE).

The updated MRE, released in September 2022, increased overall contained ounces by 10 per cent to 1.41 million ounces (34.5Mt at 1.27g/t gold).

Kin delivered a 95,000 ounce MRE for the recently discovered Rangoon deposit, which the company considers to hold outstanding potential for further growth, and was supported throughout the year by strong drilling results.

The Eastern Corridor, where the Rangoon deposit is located, was the major focus of Kin’s exploration drilling efforts of the last 12 months and now boasts an impressive resource base totalling 7.2 million tonnes at 1.47 grams per tonne gold for 338,000 ounces.

For the first time, Kin has included Underground Mineral Resources in the estimation for mineralisation above a 2g/t gold cut-off grade below the open pit optimisation shells, which had previously constrained the MRE at all the deposits.

Although relatively small at this stage, the company believes these deeper and higher-grade Mineral Resources are likely to grow as drilling advances at depth.

Importantly, the Measured and Indicated portion of the MRE has continued to grow with the higher confidence portion now totalling 18.6 million tonnes at 1.4g/t gold for 834,000 ounces.

The September Quarter has been an important period for Kin Mining,” Kin Mining managing director Andrew Munckton said.

“The Eastern Corridor remains the key focus for our ongoing exploration programs, with outstanding opportunity for further significant Mineral Resource growth.”

Killi Resources

(ASX: KLI)

killi.com.au

Killi Resources listed on the ASX in February, since which time it has been working to advance its West Tanami project in Western Australia.

To that end Killi has completed a heritage survey, flown 1000 square kilometres of airborne geophysical surveys, had two drill rigs operating while two field crews completed surface geochemical work, including rock chips and soil sampling programs.

This work led to drilling of a diamond hole part funded to the tune of $150,000 by the WA Department of Mining Industry Regulation and Safety as part of the Exploration Incentive Scheme.

Killi drilled the targeted hole to determine where prospective stratigraphy extended in the northern end of the project, and whether the project is in the right rocks for gold mineralisation like that seen at the nearby Callie gold mine.

Encouragingly the hole did pass through a large sequence of prospective looking folded sediments with zones of quartz veining, however preliminary observations revealed the diamond core had encountered a mafic sequence mineralised with copper, specifically pyrrhotite, chalcopyrite and pyrite.

“‘The Tanami province has been explored for gold, uranium and rare earth elements previously, however the prospectivity for base metals, in particular orthomagmatic systems has not been documented,” Killi Resources CEO Kathryn Cutler said.

“This is the first occurrence of this style of mineralisation on the project, and possibly the region, and provides a unique opportunity for the company.”

Killi has signalled it intends to further evaluate the West Tanami drill core with the assistance of experienced geologists of the Tanami region, and those with base metal experience.

Geological work will continue with further analysis to establish timing relationships, alteration assemblages and metamorphic facies of the gabbro and surrounding sediments.

Western Mines Group

(ASX: WMG)

westernmines.com.au

Western Mines Group’s diversified portfolio of projects in Western Australia includes: Melita (gold, copper-lead-zinc); Youanmi (gold); Pavarotti (nickel-copper-PGE); Rock of Ages (gold); Broken Hill Bore (gold); and Pinyalling (gold, copper, lithium).

The company’s Jasper Hill gold project ranks higher than these, where WMG has consolidated a three-kilometre mineralised gold trend with walk up drill targets.

The company’s key focus, however, is its Mulga Tank nickelcopper-PGE project, a major ultramafic intrusion found on what it considers being the “under-explored” Minigwal Greenstone Belt.

A recent Down-Hole Electromagnetic (DHEM) survey at the Mulga Tank project was completed on five holes from a diamond drilling program (holes MTD014A, MTD015, MTD016, MTD018 and MTD020).

Results from hole MTD016 defined a moderate-high conductance target at the base of the Panhandle channel in an area that has been identified for follow-up drilling based on geochemical assay results.

Combined results from holes MTD014A and MTD015 better defined the W Conductor on the western margin of the complex.

Results from hole MTD018 highlighted a new discrete, high conductance shoot-like anomaly, which after modelling appears to show a different geometry, likely not stratigraphic.

WMG indicated drill targeting is in progress in order to include this target in the Phase 2 drilling program later this year.

“The DHEM results define a number of strong follow-up drill targets, with holes MTD016 and MTD018 particularly interesting,” Western Mines Group managing director Caedmon Marriott said.

“The modelled moderate-high conductances of the offhole anomalies are permissive of massive or matrix sulphide mineralisation.

“The base of the Panhandle, between holes MTD006 and MTD016, is emerging as a key follow-up target for Phase 2.”

WMG scored $220,000 to fund deep drilling at Mulga Tank, under the WA State Government’s Co-funded Exploration Drilling Program.

Cygnus Gold

(ASX: CY5)

Cygnus Gold is exploring for lithium in the James Bay lithium region of Quebec where it is advancing the Pontax lithium project (Cygnus earning 70%).

The most recent activity at the Pontax project was the first regional exploration to be conducted on the project in over a decade.

Cygnus declared this to be the first steps in a comprehensive and systematic exploration program.

The work entailed magnetics and LiDAR surveys that produced encouraging results by generating numerous walk-up targets, which will be mapped in the coming month as Cygnus geologists get their boots on the ground for the first time.

To be carried out in the Canadian autumn, this mapping and sampling program aims to generate further regional drill targets to be followed up in an upcoming drilling campaign expected to have kicked off in early November 2022.

Cygnus Gold is convinced the Pontax project has the potential to create much value for its shareholders.

This faith stems from the project already having high-grade lithium spodumene bearing pegmatites identified through historic drilling.

It also considers there to be scope to continue growing the project’s economic potential through exploration.

The spodumene bearing pegmatites at Pontax outcrop at surface and have been subjected to limited diamond drilling that has returned numerous high-grade lithium intersections up to 2.6 per cent lithium oxide (Li2O).

“We already know that Pontax hosts high-grade lithium and now we know the host rock extends for 10km and contains multiple drilling targets,” Cygnus Gold executive director Michael Naylor said.

“This knowledge, combined with the fact that no systematic lithium exploration has ever been conducted in the area, highlights the immense upside at Pontax.”

Dreadnought Resources

(ASX: DRE)

dreadnoughtresources.com.au

Dreadnought Resources has set a high standard for exploration plays by producing encouraging drilling results across its entire, diverse project portfolio.

The company recently reported drilling results from across its Central Yilgarn project located in the Yilgarn Craton of Western Australia.

The drilling was undertaken earlier this year and took in three target areas of Nelson, Spitfire and Metzke’s Find, confirming a VMS base metals system at Nelson and discovering thick high-grade, goethitehematite iron ore at Spitfire and extending gold at Metzke’s Find.

Further early-stage work on the project’s nickel and lithium potential continued to show encouragement with further work planned for 2023.

Drilling confirmed a fertile VMS base metals system at the Nelson copper-lead-zinc-silver target.

This followed the reporting of assays that continued to confirm thick, high-grade REE mineralisation at the Yin ironstone discovery, within the company’s 100 per cent-owned Mangaroon project in the Gascoyne Region of WA.

The results of 91 of 120 holes drilled enabled Dreadnought to remain on schedule to deliver an initial JORC resource at Yin in the December 2022 quarter.

What is important to note is that this initial JORC Resource will only cover some three kilometres of the interpreted 16 kilometres of strike of Yin.

This news had followed the announcement that REE mineralised carbonatite intrusions had been confirmed at the C3 and C4 carbonatites, also within the Mangaroon project.

“The results…already exceeded expectations in identifying variable weathering and multiple carbonatite and syenite intrusions,” Dreadnought Resources managing director Dean Tuck said.

“Even better, we have intersected thick rare earth mineralisation in both C3 and C4 in both fresh and weathered material.

“We are already off to a good start so the next few months should be extremely exciting.”

Technology Metals Australia

(ASX: TMT)

Burley Minerals

(ASX: BUR)

tmtlimited.com.au

Technology Metals Australia’s focus is the exploration and development of its 100 per cent-owned Murchison Technology Metals Project (MTMP) near Meekatharra in the Mid-West of Western Australia.

The MTMP comprises the Gabanintha and Yarrabubba vanadium deposits and is one of the highest-grade vanadium projects in the world with the lowest quartile operating costs once developed.

TMT recently completed an Integration Study for the MTMP, which confirmed the early development of the Yarrabubba deposit into the mining and processing schedule.

The study also determined a longer 25-year mine life and production of titanium oxide products earlier in the schedule.

The company sees MTMP as a long term, low-cost stable producer of high purity vanadium, a critical mineral in the efficient and effective deployment of renewable energy and reduction of emissions.

The project will also be a producer of the titanium by-product, ilmenite, whilst mining and processing ore from Yarrabubba.

As well as producing vanadium pentoxide for use in steelmaking, TMT, through its 100 per cent-owned subsidiary, vLYTE Pty Ltd, is focused on facilitating the development of a vanadium flow battery industry in Australia.

The company has announced plans to fund and contribute towards a research project with the Future Battery Industries Cooperative Research Centre (FBICRC) as well as progressing work with Japanese technology partner LE System to produce vanadium electrolyte.

“With the Integration Study now complete, we have moved into the Implementation Phase for the MTMP, progressing to a commercial competitive tender process for the project,” Technology Metals Australia managing director Ian Prentice said.

“We remain very focused on delivering a positive outcome for the timely development of the MTMP and are very fortunate to have an extremely high-quality team of professionals.”

burleyminerals.com.au

Burley Minerals holds a 70 per cent interest in the Yerecoin iron project located approximately 120 kilometres from Perth in Western Australia.

The Yerecoin iron project has a JORC 2012 compliant Mineral Resource of 246.7 million tonnes capable of producing a concentrate at over 68 per cent iron.

Burley recently signed a Land Access and Compensation Agreement with one of the Yerecoin ‘Main’ deposit Landowners over a section of tenement E 70/2733.

An approved PoW for this section of the tenement allows exploratory and interpretative programs of work to be conducted that will further assess both iron ore and base metal prospectivity.

One of the approved PoW’s represents the approval of a 33-hole RC and diamond drilling program over one of the Yerecoin Main deposits located within E70/2733.

The second approved PoW provides the potential to drill up to 52 RC and diamond holes over an additional Yerecoin Main iron ore deposit, located within E70/2733 and another tenement E70/2784.

The third PoW approves drilling up to 23 RC and/or diamond holes in a high-priority deposit located within E70/2733, where known mineralisation prevails and has been previously drilled.

“We are delighted to have gained approvals for Burley’s maiden drill campaign at the Yerecoin iron project,” Burley Minerals managing director Wayne Richard said.

“Yerecoin has resources of 247 million tonnes that can be upgraded into a premium iron concentrate grade suitable for use in green steel production.

“This is an exciting project as less than five per cent of the world’s iron ore production is capable of being used in direct reduction iron production.

“Yerecoin also has the added advantage of having potentially multiple infrastructure and transport options for exporting iron product.”

Kalgoorlie Gold Mining

(ASX: KAL)

kalgoldmining.com.au

Kalgoorlie Gold Mining operates by a straight forward strategy, which is to systematically explore targeted areas that have been neglected for decades in the Eastern Goldfields of Western Australia.

Geographically, the company’s projects are located on or adjacent to major, crustal scale structures that, over geological history, were conduits for gold-bearing fluids.

KalGold’s stated strategy is to uncover the gold-mineralised traps of these fluids by targeting neglected areas for modern day exploration.

The types of projects the company seeks are: tenements with previous drilling for nickel laterite (not gold); are located on previously inaccessible prospector-held ground; and have been overlooked and/ or inadequately explored, often due to shallow cover obscuring the prospective basement rocks that host gold mineralisation.

KalGold now holds tenure in strategic locations throughout the Eastern Goldfields.

Being based in Kalgoorlie means the company can assess its tenement portfolio over projects that, in many cases, have not been explored for gold in several decades.

The company believes this offers a unique opportunity to use modern day exploration techniques, implemented by a team with considerable expertise to reassess and explore long-dormant areas.

One such project is Bulong Taurus where KalGold is focusing on the outcropping La Mascotte gold prospect to advance the project.

Recent work has identified a down-dip high-grade target at La Mascotte 120m beneath surface.

A four-hole RC drill program intercepted alteration and sulphides with assays pending at time of writing.

Historic RC and diamond drilling at La Mascotte has been assessed and deemed suitable for inclusion into a future JORC Code (2012) Mineral Resource Estimate.

Advancements across KalGold’s other projects are beginning to highlight their prospectivity, such as Pinjin that sits north to Ramelius Resources’ Rebecca project.

Winsome Resources

(ASX: WR1)

winsomeresources.com.au

Winsome Resources is a Perth-based, lithium focused exploration and development company with projects in Quebec, Canada.

The company’s portfolio consists of 100 per cent-owned exploration lithium projects, Cancet, Adina and Sirmac-Clappier, all located in the James Bay region of Quebec.

A recent detailed ground gravity surveying at the Cancet project exceeded company expectations and provided several high priority drill targets.

“We were impressed to see how well the buried Cancet orebody can be traced in the ground gravity data,” Winsome Resources managing director Chris Evans said.

“Timing could not have been better with the drill rig having just commenced at Cancet.”

The gravity survey identified over 1,800 metres of prospective strike, increasing the Cancet exploration target footprint by over 250 per cent.

Winsome noted that using geophysics is unconventional for pegmatite exploration, but it is a suitable strategy in areas where basement rocks are hidden by shallow cover and where systematic mapping and sampling fails.

“We are glad to have partnered with an innovative geophysical consultancy specialising in pegmatite exploration to deliver new undercover targets across our tenure without any environmental impact,” Evans said.

RC drilling at Cancet leading up to the survey concentrated on a first target in the far north-east corner of the Cancet claims.

This drilling encountered granitic/tonalitic pegmatite units to a depth of around 100m without encountering lithologic changes.

The rig was then moved on to the main dyke to successively drill three holes, all of which intersected pegmatite with notable, shallow intersections.

Exploration activity at Adina rock chip assays from the Jamar outcrop that demonstrated exceptional grades of up to 4.89 per cent lithium oxide (Li2O2).

Four diamond holes encountered pegmatites at various depths and intervals.

Mt Malcolm Mines

(ASX: M2M)

Mt Malcolm Mines’ landholding in the Eastern Goldfields of Western Australia covers a 30km strike of the Keith-Kilkenny Tectonic Zone (KKTZ), a multimillion-ounce gold bearing mega structure in WA’s Tier 1 Leonora-Laverton region.

Mt Malcolm sits on approx. 274 square kilometres of project tenure surrounded by gold producing companies with large hungry mills, all sitting within 100km radius.

This hasn’t gone unnoticed by Mt Malcom Mines whose strategy is developing deposits within its tenure to be attractive to potential partners.

The company believes its Mt Malcolm gold project has potential to host economic gold mineralisation that will eventually see it too become a large-scale district gold play.

RC drilling in 2021 confirmed historic mineralisation at targets T1 and T2, with wider and higher-grade gold intercepts related to the newer T3 target.

Diamond drilling helped confirm the orientation of mineralisationcontrolling shear zones while strengthening targeting parameters for the next round of diamond drilling that will follow up encouraging gold assays.

Future diamond drilling will test mineralisation continuity and the potential for an upscaling of width and grade at greater depth.

Mt Malcolm is also keen to commercialise other, shallower deposits at the project, such as Dumbarton and Emu Egg.

RC drilling at Dumbarton is testing for extensions to and the validity of historic drill intercepts in and around the old Dumbarton workings, and test up to 500m along strike, which has been inadequately drilled in the past.

The Emu Egg prospect presents as a first-class exploration opportunity with extensive gold-in-soil geochemical anomalies evident.

The Emu Egg Main Zone anomaly extends over 2.5 strike kilometres containing a distinct 100ppb gold core covering approximately 450 strike metres.

SensOre

(ASX: S3N)

Geoscience technology disruptor SensOre is kicking goals as 2022 nears the finish line.

The company is at the cutting edge of exploration technology and aiming to “fast track the mines of tomorrow” using AI technology, big data and vast geoscientific expertise.

Its three business divisions are exploration services, technology and exploration, with SensOre building a portfolio of gold and battery minerals assets and joint ventures in Western Australia.

It recently announced gold anomalism from first-pass air core drilling at the Balagundi joint venture, to follow up on an AI-generated target.

Drilling identified an igneous complex, with alteration styles associated with large copper-gold systems, at the Moonera joint venture in September.

SensOre has also applied for lithium tenure in WA using its lithium Discriminant Predictive Targeting.

“The ability to rapidly review state-wide data and identify favourable geology and geochemistry has allowed us to be a first-mover in new areas,” executive director & CEO Richard Taylor said.

SensOre listed in February 2022 and recently expanded its AI geophysics capacity with the acquisition of Intrepid Geophysics, following a successful gold-targeting pilot project in Victoria.

SensOre said it’s starting to see returns from its investment in automation, software development and research.

It reported invoices raised during the September quarter were up 118 per cent from the previous quarter, and total contract value was 36 per cent higher.

“It is an exciting time to see our technology scale and being used by industry leaders in innovation and early adopters,” Taylor said.

“The mining sector has much more to do if we are to meet the world’s need for battery and critical minerals.

“SensOre has set itself an ambitious goal to be a big part of that solution.”

Strategic Energy Resources

(ASX: SER)

strategicenergy.com.au

Greenfields explorer and project generator Strategic Energy Resources has a suite of assets across Australia, focused on undercover extensions of known mineralised terrains.

It recently struck an agreement with Evolution Mining, which has a two-year option to purchase two tenements near its Cowal gold mine for $1 million each.

“The option for sale of these two assets to Evolution is consistent with our strategy of generating valuable exploration projects which can be divested to fund our greenfield exploration,” managing director Dr David DeTata said.

The well-supported company raised $875,000 in a placement to existing shareholders in August to complete a geophysical survey at its Canobie nickel-copper project in Queensland and drill the Achilles 1 copper-gold prospect at its South Cobar project in New South Wales.

A detailed review of the Canobie gravity survey was underway at the time of writing.

The company has drilling permits approved for Achilles 1 and expects to start next year given recent extreme weather.

The South Cobar project is along strike from Eastern Metals’ Brown’s Reef polymetallic deposit and the Achilles shear zone, hosting Australian Gold and Copper’s Achilles 2 and 3 prospects.

Back in Queensland, the company is planning an on-ground exploration program for its Isa North project, which it describes as a province-scale copper-gold opportunity.

The project was previously owned by gold major Newcrest Mining, which retains a first right of refusal over future sale plus a 1% net smelter royalty.

Strategic’s other projects include East Tennant in “an emerging copper province” in the Northern Territory, a farm-in and joint venture with Fortescue Metals Group at the Myall Creek copper project in South Australia and a partnership with Caldera Analytics at Mabel Creek, also in SA.

VRX Silica

(ASX: VRX)

vrxsilica.com.au

Emerging miner VRX Silica has a crystal-clear aim to enter production in 2023 at Arrowsmith North, the first of its four high-value, long-term silica sand projects in Western Australia.

Silica sand is the main ingredient in concrete and in glass making, including specialty solar panel and high-tech glass, and is also used in the foundry and casting industries.

VRX Silica is anticipating final Environmental Protection Authority approval for Arrowsmith North, 270km north of Perth, within months.

Its high-grade Muchea project, 50km north of Perth, is the next slated for development, followed by Arrowsmith Central then Boyatup, 100km east of Esperance.

The four projects, which can be developed separately, have a combined plus-1.1 billion tonne mineral resource containing 99.6 per cent to 99.9 per cent silica sand.

VRX has completed bankable feasibility studies on Arrowsmith North, Arrowsmith Central and Muchea that show 25 years of economic production and the potential to produce high-quality silica sand for more than 100 years.

A revised capital estimate for a tailored 2 million tonnes per annum processing plant is underway for Arrowsmith North.

“The company has identified long-lead items and has commenced the specification and production of tender documentation of processing equipment for the plant in preparation for the procurement process in order to enable a timely construction program following a decision to mine at Arrowsmith North,” VRX said in late October.

Arrowsmith North is on a granted mining lease and has access to established infrastructure, including an under-utilised railway to Kwinana.

VRX has developed a mining method it’s called Vegetation Direct Transfer, to provide regeneration based on continuous rehabilitation as mining progresses.

The company has reported strong interest from customers in southeast Asia at a time of diminishing supply and increasing demand.

Ardiden

(ASX: ADV)

Explorer Ardiden is honing its focus on the potential at its district-scale Pickle Lake gold project in Ontario, Canada, where it’s been reporting high-grade intercepts.

Pickle Lake produced over three million ounces of gold up to 1997 and has remained vastly under-explored since, Ardiden says.

The company is well-funded for more exploration, having struck a deal in October to sell its remaining 20 per cent interest in a lithium joint venture in Ontario for up to $18.5 million.

Ardiden will retain exposure to the lithium assets through its circa five per cent stake in former Joint Venture partner Green Technology Metals.

“We are pleased with the transaction, which will see Ardiden emerge as a well-capitalised entity with the funding required to aggressively explore our highly prospective Pickle Lake gold project,” chair Bruce McFadzean said.

Recent assays from Pickle Lake’s Tonsil and Esker prospects have included 0.77m at 25.5 grams per tonne gold from 71.23m and 0.7m at 8.46g/t from 142.3m, respectively.

The intersections were among the final results from the 2022 drill campaign which Ardiden believes further illustrates the belt-scale potential across the Western Hub of its project.

“The potential for a major deposit being discovered across the Western Hub continues to gain momentum with several structural controls intersected, displaying high-grade mineralisation,” exploration manager Haydn Daxter said.

Ardiden says its 1,088 square kilometre landholding is the secondlargest in the Uchi geological sub-province, which hosts numerous gold assets including Evolution Mining’s Red Lake gold mine.

Permitting over the entire landholding is almost complete and McFadzean said Ardiden was well-placed to systematically explore identified targets.

Up to 15,000m of follow-up diamond drilling is planned for the Western Hub in early 2023.

Bulletin Resources

(ASX: BNR)

Well-funded explorer Bulletin Resources started the December quarter with more than $9 million on hand to advance its lithium, gold and nickel projects in Western Australia.

The company recently identified more than 50 new pegmatite targets at its Ravensthorpe lithium project, which is 12km along strike from Allkem Limited’s Mt Cattlin lithium mine.

The LIDAR and high-resolution aerial imagery survey identified new targets on the Eastern and Western Pegmatite trends and reinforced the potential to discover a third pegmatite trend on the project.

Rock chip samples have returned grades of up to 8.21 per cent from the project’s Eastern Pegmatite Trend.

The company said drilling the Eastern Pegmatite Trend was a priority and it was working to secure regulatory approvals.

Recent metallurgical testwork was “highly encouraging” and confirmed the project’s pegmatite mineralisation was a high quality and could achieve saleable product grades with high metallurgical recoveries.

“The testwork has given us high confidence that the pegmatites will produce a high-grade saleable product using a conventional plant,” chairman Paul Poli said.

“This gives us the opportunity of having several options for a path forward should drilling be successful.”

Bulletin recently acquired a neighbouring tenement to the north, prospective for both lithium and nickel.

The company has also bolstered its gold exploration portfolio after being granted two new tenements near Kalgoorlie, Powder Sill and Mt Jewel North.

Still in the gold space, Bulletin has cash coming in from royalty entitlements and a profit share interest in the Geko gold mine near Coolgardie, receiving $128,745 in the September quarter.

Beacon Minerals recently offered to acquire the Geko mine and Bulletin said the vendor was to resolve third party royalty and net profit interests in the tenement.

OzAurum Resources

(ASX: OZM)

Western Australia-focused explorer OzAurum Resources believes its flagship Mulgabbie North gold project in the Goldfields has a very bright future.

The project is about 2km from Northern Star Resources’ Carosue Dam gold mine and contains the recent Demag Zone gold discovery.

OzAurum’s first diamond drill hole at the Demag Zone returned 55m at 1 gram per tonne gold in June.

“We are excited about the potential of the new discovery Demag Zone which has continued to intersect significant gold mineralisation over the quarter,” CEO and managing director Andrew Pumphrey said in late October.

Recent RC results from the Demag Zone include 57m at 1.05g/t from 119m; and 18m at 2g/t from 90m including 1m at 21g/t gold.

Diamond drilling results have included 40m at 0.95g/t from 92m, including 5m at 3.32g/t.

“Structural work on site will assist us in targeting high grade ore shoots with future RC drilling and importantly, strategic framework diamond drilling, being the key to unlocking the potential of this exciting, underexplored project,” Pumphrey said.

OzAurum has about 15,500m of drilling planned over the coming months, at both Mulgabbie North and at its Patricia high-grade gold project 40km to the northeast.

Ongoing drilling at Mulgabbie North’s Demag Zone was a high priority, along with ongoing RC drill-testing at the Ben and James prospects.

Both RC and diamond drilling were planned for Patricia.

Patricia historically produced about 5,385 ounces at more than 40g/t in the 1930s.

OzAurum reported high grade results, including 1m at 93.9g/t within 8m at 20.9g/t from 99m, from its maiden RC drill program at Patricia in 2021.

The company was established to identify, explore, and develop the two gold projects and listed in February 2021.

Lanthanein Resources

(ASX: LNR)

Lanthanein Resources has earmarked a pipeline of drill targets to test as it continues exploration for rare earths at its portfolio in Western Australia and South Australia.

The company, which changed name from Frontier Resources in May, recently announced “highly encouraging visual results” from its maiden RC drilling program at its Lyons rare earths project in WA’s Gascoyne.

It intercepted prospective REE-bearing ironstones at the Lyons 11, 12, 13 and 27 prospects, with up to six metres thick ironstones at Lyons 27.

Lanthanein says the ironstones are analogous to Hastings Technology Metals’ rare earth deposits and Dreadnought Resources’ Yin discovery, 2.5km and 32km away respectively.

“The visual logs of RC chips confirm the ironstones are continuous along strike and at depth, providing a solid base for future drill programs to build out any potential REE resources,” technical director Brian Thomas said in late October.

“The encouraging results from Lyons 27 opens up the northwest area of the tenement to be highly prospective.

“Furthermore, following ongoing interpretation of the highly detailed geophysics and our improved understanding of the targeting for REE ironstones and ferro-carbonatites, we have an exciting pipeline of future drill targets to be tested in 2023.”

In South Australia, Lanthanein is targeting ionic clay-hosted REEs at its Murraydium project, next to Australian Rare Earths’ Koppamurra resource.

Consultants recently gathered landholder data for a community relations campaign ahead of a planned drilling program.

Lanthanein also has the Mt Clere REE and lithium project in SA.

Back in WA, its Koolya project is prospective for bright white kaolin clay and high purity alumina feedstock and is undergoing a heritage survey requested for a planned drilling campaign.

lanthanein.com

Toro Energy

(ASX: TOE)

toroenergy.com.au

Toro Energy is a Western Australia-focused uranium explorer that keeps a look out on the prospectivity on its landholdings for gold and base metals.

Toro Energy released results of a Scoping Study for its proposed stand-alone Lake Maitland uranium-vanadium operation southeast of Wiluna, which the company declared to highlight the quality of its uranium assets.

The study determined strong financial estimates and outcomes, driven by modest capital and operating costs while demonstrating the transformational effect the stand-alone Lake Maitland operation would have on the potential economics of the entire Wiluna uranium project.

Highlights from the study include: a 41 per cent IRR with a short payback period of 2.5 years; low C1 operating costs of US$15.84/ lb uranium in years 1 to 7 when the high-grade Resource is being processed; life of mine C1 operating costs of US$23.1/lb uranium; low AISC cost of US$20.32/lb uranium in years 1 to 7; life of mine AISC costs of US$28.02/lb uranium; total CAPEX of US$140 million plus 20 per cent for contingency and 15 per cent for EPCM over a 17.5 year mine life producing a total of 22.8 million pounds uranium and 11.9 million pounds vanadium; total EBITDA of $1,768.6 million; and total undiscounted cash flow of $1,423 million pre-tax.

Toro is confident continuing feasibility work has scope to further optimise these Scoping Study outcomes due to Lake Maitland’s proximity to the company’s 100 per cent-owned Centipede-Millipede and Lake Way uranium deposits, also within the Wiluna.

The company believes the potential integration of additional resources from these deposits could increase the production at Lake Maitland and, in particular, extend the processing of high-grade uranium resource well beyond the seventh year of production..

Anax Metals

(ASX: ANX)

anaxmetals.com.au

Technology-driven development and growth-focused Anax Metals is advancing Whim Creek as a sustainable copper-zinc project and processing hub in the Pilbara.

A definitive feasibility study is slated for Whim Creek this quarter.

The company said it was also progressing with systematic exploration, using innovative techniques to define new copper-zinc, gold, nickel-cobalt and platinum group metals deposits.

Anax has an agreement with a subsidiary of mining major Anglo American for potential funding of up to US$20 million, subject to the Whim Creek DFS.

An updated scoping study in January put pre-production capex at $55 million, net present value up to $363 million and the internal rate of return between 72-129 per cent.

Anax owns 80 per cent of Whim Creek in a Joint Venture with Develop Global.

The project is expected to produce 10,000-11,000 tonnes per annum copper-equivalent.

It comprises four deposits – Salt Creek, Whim Creek, Mons Cupri and Evelyn.

Both the Salt Creek and Evelyn deposits were recently boosted in resource updates, with Evelyn’s incorporating a stand-out intercept of 13m at 4.46 per cent copper, 3.1 per cent zinc, 45 grams per tonne silver and 1.61g/t gold from 204m.

Managing director Geoff Laing said the depth extension at Evelyn brought underground mining into play and made the deposit an exciting target for adding high-grade tonnes to Whim Creek.

“We are very pleased with the results of the drilling and the updated resource estimate and near-term, sustainable production remains the focus of the Anax team,” he said.

Elsewhere, Anax is participating in the CSIRO UltraFine+™ research and development project and has joined the Future Battery Industries Cooperative Research Centre and the International Copper Association of Australia.

Falcon Metals

(ASX: FAL)

High profile gold explorer Falcon Metals has been in full flight since listing on the ASX less than 12 months ago.

It was formed through the demerger of Chalice Mining’s gold assets in Victoria and Western Australia and is chaired by Dr Mark Bennett, who’s renowned for the Thunderbox gold, Waterloo nickel and Nova-Bollinger nickel-copper discoveries.

Falcon’s initial focus has been pursuing the next major Victorian gold discovery.

Its Pyramid Hill project is described as having the largest land position in the prospective Bendigo zone.

Falcon intersected high-grade gold in its first drilling program at Pyramid Hill this year.

Highlights included 40m at 2.81 grams per tonne gold from 50m, including 2m at 15.42g/t within 26m at 4.2g/t, at the Ironbark East prospect.

The company is planning a “substantially larger” drill program at Pyramid Hill, set to start in November.

In Western Australia, Falcon has the Viking and Mount Jackson gold exploration projects.

The company recently wrapped up its first RC program at Viking where it found visible gold grains in panning RC chips from five of the holes drilled.

Although not always indicative of high grade, Falcon believes the presence of visible gold to be highly encouraging and confirmed a primary source to the historical results.

Historical results at Viking have included 5m at 44.5g/t from 50m and 4m at 15.4g/t from 40m.

Falcon is earning up to 70 per cent of Viking and has applied for another exploration licence to take the project to 307.6 square kilometres.

Soil sampling is on the agenda at Mount Jackson and Falcon is well-funded for its plans, having started the December quarter with more than $24 million in cash.

E79 Gold Mines

(ASX: E79)

e79gold.com.au

Active explorer E79 Gold Mines has strengthened its hold on its two key projects in Western Australia and has more drilling planned before year-end.

The company listed in October 2021 and a year on had more than $6 million in cash, meaning it’s well-funded to continue its exploration programs in line with its motto of “money in the ground”.

E79 describes both its Laverton South project in the Eastern Goldfields and Jungar Flats in the Murchison as being located on gold belts each with circa 30 million ounces of endowment.

Laverton South comprises Lake Yindana and Pinjin, where E79 recently took full control with miner St Barbara electing to leave the joint venture.

CEO Ned Summerhayes said exploration at the Laverton South project continued to gather momentum.

More than 10,000m of in-fill aircore drilling had been completed over Target 3 at the Pinjin project and surface samples were taken at various locations at Laverton South.

“We expect the results to provide targets for deeper drilling in the December quarter,” he said.

E79 was also planning multiple air-core drill programs at Lake Yindana, where the company believes the recently identified greenstone belt represents an exciting first-mover opportunity.

In the Murchison, E79 has expanded its Jungar Flats project by 37 per cent, after pegging another licence and obtaining the mineral rights bar iron for an adjoining tenement.

“Importantly, the new ground acquired means the Jungar Flats project now covers about 90km of strike of the prospective Big Bell Shear Zone,” Summerhayes said.

The company was planning a large-scale soil sampling program at Jungar Flats, which it says is prospective for gold, base metals, iron ore and platinum group elements, in November and December.

falconmetals.com.au

Adavale Resources

(ASX: ADD)

Adavale Resources offers exposure to uranium and nickel, which it says are both critical to the electrification and decarbonisation transition.

A $3 million capital raise puts it in a strong cash position to fund accelerated nickel exploration in Tanzania and an upcoming uranium drilling program in South Australia.

The company is aiming to uncover a Tier 1 nickel sulphide discovery in the East African nickel belt.

Its Kabanga Jirani project and Luhuma farm-in licences are adjacent and along strike from what is described as the world’s largest undeveloped high-grade nickel-sulphide deposit, Kabanga Nickel’s 58 million tonnes at 2.62 per cent nickel.

BHP invested an initial US$40 million in Kabanga Nickel in January and Adavale said this signalled the changing sentiment towards Tanzania as an investment destination.

Adavale’s recent gravity survey identified 32 new sulphide nickel targets and a Helicopter-borne Electromagnetic Survey (HEM) in the September quarter generated multiple drill targets.

A three-month RC and diamond drilling program is now underway.

“Our initial high-priority target drill program will focus on seven broad target areas which encompass the HEM survey areas 1 to 4 and 7 to 9,” technical director John Hicks said.

Areas 7-9 were proximal and on similar latitude to the Kabanga Nickel resource, Adavale said.

The drilling program would be reviewed for ongoing refinement and assessment including extensions, based on results and additional drill target locations.

In South Australia, Adavale has a 4,500m air core uranium drilling program planned to target shallow mineralisation at Lake Surprise.

The company was recently granted a 714 square kilometre tenement to the southwest, which Adavale said had demonstrated similarities to Lake Surprise, including similar geology and geophysical anomalies.

MetalsGrove Mining

(ASX: MGA)

metalsgrove.com.au

New explorer MetalsGrove Mining is focused on “green metals” to supply rapidly growing battery and renewable energy markets globally.

The company listed in July with two projects in Western Australia and three in the Northern Territory.

Its flagship is the Upper Coondina lithium-tin-tantalum project, 85km southwest of Marble Bar in WA, where surface field mapping and rock chip sampling has confirmed multiple outcropping pegmatite dykes.

Sampling from the southern half of the project has returned results of up to 248ppm lithium oxide and 1,496ppm rubidium.

“Our team has completed a tremendous amount of pre-drilling exploration work since we listed in July and we are now ready to commence the next phase of our exploration campaign, highlighted by the drill test of several priority targets within our portfolio,” managing director Sean Sivasamy said.

“We enter Q4 with significant momentum and a busy exploration pipeline planned for the remainder of the calendar.”

He said the company was eager to start maiden drilling campaigns in both WA and the NT.

At the Woodie Woodie North manganese project, MetalsGrove had “a suite of compelling targets” thanks to airborne magnetic and radiometric surveys, plus a technical review that confirmed a broad conductor along on a major structural corridor.

In the NT, initial drilling at the Bruce project scheduled for the coming months will test the bedrock conductor and historical pegmatite mines.

Bruce is considered prospective for rare earth elements (REE) and gold-copper.

MetalsGrove also has the Edwards Creek copper-lead-zinc-gold and the Box Hole zinc-lead REE projects, where airborne magnetic and radiometric surveys have been completed.

In addition to aggressive exploration, MetalsGrove said it was continuing to assess potential projects that would offer a strategic fit.

adavaleresources.com

Advance Metals

(ASX: AVM)

Advance Metals boasts a diverse portfolio based in the United States where it is advancing its Garnet Creek copper and Anderson Creek gold projects in Idaho.

Recent activity has entailed the company’s first phase of exploration at Garnet Creek that included a technical review of project as well as the collection of 1,000 soil and rock samples that that were sent for assay testing.

Other exploration activity involved mapping over the property, which led to the discovery of old workings that had previously not been recorded adding further confidence that the project area contained a wide area of potential mineralisation.

Based on this exploration activity, the company staked an additional 69 minerals claims, the location of which was based on a further review of the field mapping data combined with aeromagnetic data.

Meanwhile, at the Anderson Creek gold project, Advance Metals carried out an exploration program with the objective of completing an extensive mapping program, a geochemical and soil sampling program as well as rock chip sampling program.

The company aims to use the outcomes of this activity to define new drilling targets, develop a geological model, report a maiden JORC Exploration Target, and submit exploration permits to commence a drilling program.

“The new areas identified for exploration show real potential for the Anderson Creek project to be an exciting gold project,” Advance Metals chairman Geoff Hill said.

“The teams on the ground will be mapping and taking samples in the newly claimed areas so we can commence the drilling permitting process.

“We are excited about the potential of the Anderson Creek gold project and hope to be able to demonstrate this to the market in the coming months.”

New World Resources

(ASX: NWC)

In October, New World Resources reported its best-ever copper hit from a single drill hole at the company’s 100 per cent-owned Antler copper deposit in northern Arizona, USA.

New World acquired the Antler copper deposit in 2020 and has been drilling ever since.

In 2021 a maiden Mineral Resource Estimate was calculated comprising Indicated and Inferred Resources of: 7.7 million tonnes at 2.2 per cent copper, 5.3 per cent zinc, 0.9 per cent lead, 28.8 grams per tonne silver and 0.18g/t gold (7.7Mt at 3.9 per cent copperequivalent).

Assays for the recent drilling confirmed the hole intersected two thick, very high-grade intervals of mineralisation that were separated by just four metres of un-mineralised material.

ANT94W3 10.8 metres at 2 per cent copper, 6.7 per cent zinc, 0.7 per cent lead, 22.6 grams per tonne silver and 0.2g/t gold from 934m (10.8m at 4.5% copper-equivalent) and 15.9m at 4.8 per cent copper, 10.9 per cent zinc, 0.8 per cent lead, 42.6g/t silver and 0.52g/t gold from 948.8m (15.9m at 8.7% copperequivalent).

Impressive enough as these number are on their own, when combined however, the two intervals comprise a total of 26.8m at 7 per cent copper-equivalent.

“Over the past two years we have drilled some cracking holes at Antler,” New World Resources managing director and CEO Mike Haynes said.

“The deepest hole drilled to date to test the South Shoot, ANT94W3, has intersected almost 14 metres of true, uninterrupted, massive sulphides.

“Now the assay results have exceeded expectations.

“This is very exciting…with thick and very high-grade mineralisation intersected in the deepest holes drilled in both the Main Shoot and the South Shoot, we can’t wait to see what we find below these recent holes.”

Are Rare Earths Really So Rare?

Thanks to the rise in environmental-friendly technology, rare earth elements (REE), are currently gaining plenty of column space across industry journals.

But what, I hear many of you ask, are rare earth elements? When lithium hit radar screens it came with the benefit of having a style of battery already named after it – lithium-ion batteries, please try to keep up.

REE are, and always have been, prevalent across a raft of industries, it is just that most of them are ridiculously hard to pronounce so it is easier to just group them under the single banner.

REE are by no means a new phenomenon. They were named by Johann Gadolin way back in 1794 for a group of chemically similar, metallic elements and given atomic numbers 57 through to 71.

In order, these are lanthanum (La), cerium (Ce), praseodymium (Pr), neodymium (Nd), promethium (Pm), samarium (Sm), europium (Eu), gadolinium (Gd), terbium (Tb), dysprosium (Dy), holmium (Ho), erbium (Er), thulium (Tm), ytterbium (Yb) and lutetium (Lu).

Rare as they are by name, they are not so particularly rare in the earth’s crust.

For example, cerium ranks as number 25 on the most abundant crustal element charts while lutetium brings up the REE rear coming in at about 60th.

Rare or not so rare, these elements seldom occur in singular concentrations at tonnages sufficient to support commercial mining operations.

Commercialisation of mixed rare earth concentrates account for approximately 95 per cent of their use.

This can include automotive catalytic converters, the demand for which is expected to further increase with the predicted expansion of hybrid vehicles.

Other applications are in optical lenses, permanent magnets, ceramics, and televisions and energy efficient light globes.

It is when companies are reporting on REE in ASX announcements that it can become a tad confusing for your average punter.

When doing so companies often implement subdivisions of the group into Light Rare Earth Elements (LREE), Heavy Rare Earth Elements (HREE) and, occasionally, Medium Rare Earth Elements (MREE).

Although not formal groupings nor applied consistently, companies do use these groupings from time to time and usually provide information on which elements are included in each.

A new gang has emerged on the technology critical commodity list with a broad-ranging moniker that makes them sound uncommon, unusual, and exceptional … then again, perhaps they are.