Bindi Metals steps into North America, continues search for copper in Queensland over Q2 2023

Over Q2 2023, Perth-based explorer Bindi Metals (ASX:BIM) established a foothold in North America and continued to explore its Biloela Copper Project in Queensland.

Speaking to Mining.com.au, Bindi Metals Executive Director Henry Renou says 2023 has been a busy year for the company, with a number of programs completed at the new Schryburt Lake Rare Earth Element (REE) Project in Canada and Biloela over Q2 2023.

As stated in its June quarterly report, the $5.64 million market capitalisation company completed a conditional sale and purchase agreement to acquire the Schryburt Lake Rare Earth Element (REE)-Niobium Project in Northern Ontario, Canada, for 900,000 shares and 5.2 million performance rights across 3 classes.

Bindi reported each performance right will convert into a Bindi share once the performance condition is met. Additionally, these consideration securities are subject to a voluntary escrow period of 6 months from the date of issue.

Under the acquisition, Bindi has also agreed to pay the beneficial owners a 1% net smelter royalty (NSR) for all minerals produced from commercial mining operations on the mineral titles.

At the project, Bindi reprocessed historical ground magnetic data undertaken by Many Lakes Exploration in 1961 to help define magnetic low targets that are similar in size to those found at the Niobec REE-niobium deposit. The company says a ground magnetic survey at Schryburt was conducted at 120m line spacings and readings every 15m to 30m and is considered to be of ‘high enough’ quality to detect important magnetic low features.

This magnetic reprocessing identified 4 new undrilled magnet low trends that have never been explored and, as a result, represent ‘exceptional’ drill targets.

Target One is described as a northeast-trending low feature and recorded a ‘high-grade’ REE intersection of 1.5m Total Rare Earth Oxide (TREO) within a 21m zone between 0.1% TREO and 5.7% TREO in hole SC-3, while Target Two is described as an east-west magnetic low feature 200m northeast of Trench 28, with ‘high-grade’ niobium up to 1.8% and no REE assays.

Target Three is a northeast-trending low feature that lies 100m east of Trench 21 with 7.5m @ 0.3% niobium and no REE assays, while Target Four is an east-west trending ‘strong’ magnetic low feature just south of Trend 21.

The Executive Director tells this news service the company is continuing its work at Schryburt Lake.

“We just wrapped up our mapping and surface sampling program and also an aeromagnetic and radiometric survey, also a hyperspectral survey, and we’ll be reporting those results pretty shortly.

we’re currently progressing our drilling permits for the Schryburt Lake, and we expect to receive the First Nations agreements, which are part of that permit, in the coming weeks”

We’ve just received the final data packages, and so we’re currently progressing our drilling permits for the Schryburt Lake, and we expect to receive the First Nations agreements, which are part of that permit, in the coming weeks.

We’re currently negotiating with them for an access agreement and then hopefully will start drilling around late August/early September.

We’re currently progressing the drill planning at Schryburt, and we are hoping to report those results after the start of the program in the second quarter of this financial year.”

Meanwhile, during the quarter, Bindi expanded its Biloela Copper Project in Queensland by acquiring Lark Resources, which holds EPMs 28005 and 28063 that surround and extend from the company’s original tenement at Biloela.

The company reported it undertook a regional targeting study on the surrounding wholly owned tenements to the central Flanagan’s exploration licence and identified a number of ‘high-priority’ targets for field-based mapping and sampling. This study identified 2 major prospect areas only a few kilometres on-strike from Argonaut Resources’ (ASX:ARE) Kroombit copper-zinc deposit.

Assays from this program returned ‘exceptional’ results of up to 6.1% copper and 6.9g/t gold from an outcropping zone with 40m of strike at Tea Tree and ‘high-grade’ copper assays up to 8% at Old Kroombit.

On the corporate side, Bindi closed out the quarter with $2.28 million cash at hand as of 30 June 2023.

Bindi Metals is a Perth-based explorer focused on its Schryburt Lake REE-Niobium Project in Northern Ontario, Canada, and the Biloela Copper Project in Queensland.

Write to Harry Mulholland at Mining.com.au

Images: Bindi Metals Ltd
Written By Harry Mulholland
Hailing from the Central Coast region of NSW, Harry is a passionate journalist with a background in print, radio and ESG news. When not bashing away on his keyboard, he can be found brewing a coffee or playing with his dog.