Geopacific identifies known Woodlark mineralisation

Geopacific Resources (ASX:GPR) has identified known mineralisation and priority drill targets with potential to increase the existing 1.56 million ounce resource at the Woodlark Gold Project in Papua New Guinea. 

All of the new target areas are close to the current resources and the known mineralisation in each remains open and ‘largely’ untested. 

CEO James Fox says following on from the recently completed geological review, further assessment of the integrated geological database and new fieldwork has identified potential for near-surface gold mineral resources at Great Northern, Wayai Creek, and Little MacKenzie. 

“We will advance these prospects and work towards delivering an updated project feasibility mid-year to reflect the project de-risking outcomes, increased resource inventory, and strong gold price environment.”

Geopacific, which has a market capitalisation of $15.61 million, will be conducting field mapping over the next three months in areas that are considered favourable host lithology, complex magnetic responses, favourable structures, and anomalous geochemistry, each with the potential to host economic gold mineralisation. 

The new field mapping will aim to confirm existing data and support further testing through trenching and drilling. 

Geopacific notes of the four target areas, Great Northern and Wayai Creek host potential for new mineral resources to be estimated using existing data. 

At Little MacKenzie, a considerable gold mineralised footprint, more than 500m strike extent, has been delineated at surface through historic drilling, mapping, and trenching. 

Meanwhile, the Kamwak target lies over an untested geophysical corridor trending northeast and there is no known drilling over the area. 

Geopacific Resources is an Australian explorer primarily focused on developing its Woodlark project. As of 31 December 2023, the company had $2.145 million in cash and cash equivalents at hand, according to its latest quarterly report. 

Write to Aaliyah Rogan at Mining.com.au   

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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.

Gold’s record breaking run continues 

Gold is continuing to reach new heights after setting a new all-time record of more than $3,511 an ounce last night (3 April 2024).

The latest push behind precious metal comes off the back of statements made by Federal Reserve Chair Jerome Powell that recent job gains and higher-than-expected inflation do not change the overall picture of the reserve’s economic policy. 

Yesterday’s record comes less than a month after the spot price broke the previous record of about $3,259 on 7 March 2024.  

As highlighted in Sprott Asset Management’s Q1 Precious Metals Report, several factors are taking place for gold to potentially move higher, particularly central bank buying.

A strategic shift towards gold by central banks could create a new dynamic in gold pricing, breaking historical correlations, says Sprott.  

As reported by Mining.com.au earlier this week, the start of 2024 for the ‘safe haven’ asset seems no different to 2023 in terms of pricing albeit breaking new highs.

Meanwhile, silver has also witnessed some slight upside, sitting as of 2 April just over the $40 per ounce threshold — the first time since August 2020, says ABC Bullion. 

Sprott states there are three primary drivers for a higher silver price, one being silver tracking rising gold due to central bank buying, and the others being reflation trade and increased solar panel demand.

Due to its ductile state, silver’s main use today is in industrial areas, whether in mobile phones or solar panels.

Write to Adam Drought at Mining.com.au 

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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.

Pioneer Lithium to expand REE portfolio into Brazil

Pioneer Lithium (ASX:PLN) has applied for 730km2 of strategic rare earth element (REE) tenements in Bahia State, Brazil, following a site visit. 

The visit confirmed the presence of highly weathered saprolite clays, presenting a favourable geological setting for critical mineral discoveries. 

Pioneer, which has a $6.78 million market capitalisation, says the tenements — which comprise the Verde Valor Project — lie within a coincident thorium-uranium radiometric anomaly and have potential for clay-hosted REE deposits. 

The company expects Verde Valor to complement its other critical minerals projects, including its lithium tenements in Ontario, Canada. 

Despite applying for the new project, Pioneer says it remains focused on its flagship Root Lake Lithium Project and will continue to undertake activities set out in its IPO prospectus. 

Described as an ‘immaterial’ expense, Verde Valor was staked using the company’s working capital. 

The project sits near Morro de Chapéu and Tapiramutá City in Bahia and is proximal to local infrastructure, with well-maintained state highways and access to power and water. 

“The Verde Valor Project presents an excellent opportunity for Pioneer to enter the fast-growing Brazilian critical minerals market,” Executive Chairman Robert Martin says.

“We believe Verde Valor represents an excellent opportunity to enter a world-class jurisdiction for highly sought after clay-hosted rare earths which are paramount in the green energy transition, and will fully complement our other strategic critical minerals assets.”   

Pioneer is a lithium explorer and developer with a suite of assets situated in Ontario and Quebec. 

Write to Adam Drought at Mining.com.au 

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Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.

Haranga confirms 96% uranium extraction at Saraya

Haranga Resources (ASX:HAR) says initial leach tests conducted on drillcore from the Saraya uranium deposit in Senegal have achieved 96% uranium extraction. 

The first leach tests were undertaken by SGS Lakefield and supervised by Independent Metallurgical Operations in a program of ore characterisation, which began in March 2024. 

Haranga, which has a market capitalisation of $10.74 million, reports diamond core samples were selected to represent the Mineral Resource Estimate (MRE) grade of 587 parts per million (ppm) triuranium octoxide (U3O8), but realised a head grade 14% higher.

“The acid leach recoveries are pleasingly high, but this was an aggressive test to assess what the limits are. The next work will pare back the aggressive parameters and give a clearer indication of what could be expected in processing of the Saraya mineralised episyenite,” Managing Director Peter Batten says.

“It was interesting to note that the diamond core samples were selected to represent the MRE grade of 587ppm U3O8 and realised a head grade 14% higher. 

The alkaline leach results are also good and gives Haranga two options to consider, if and when we enter Feasibility Studies for the Saraya uranium deposit.”

Haranga notes further work may include a detailed mineralogical investigation to determine uranium mineral and liberation properties, designed to determine if ‘high’ acid-consuming carbonate minerals can be separated from the uranium minerals by most likely flotation, though based on the outcome of the mineralogical assessment, other techniques may also be suitable to trial via testwork. 

Meanwhile, fieldwork is continuing in Senegal following the completion of a reverse circulation drill program in March this year. 

All drilling samples have been collected and are in transit to ALS Laboratories in Canada. 

Haranga Resources is an Africa-focused multi-commodity explorer. The Saraya project in Senegal covers 1,650km2

Write to Aaliyah Rogan at Mining.com.au   

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Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.

Talisman begins field work Mabel Creek ahead of drilling

Talisman Mining (ASX:TLM) has restarted field-based exploration work at its Mabel Creek prospect, located within the Mabel Creek Iron Oxide Copper-Gold (IOCG) Project in South Australia. 

An extensive ground gravity survey — conducted by Atlas Geophysics — is currently underway over prospective geology and magnetics on 250m to 500m station centres. 

Talisman, which has a market capitalisation of $49.9 million, expects the survey to take between six and eight weeks to complete. The results of the survey will be used to generate drilling targets for a program set to begin in the second half of 2024.

The company notes that this is the first on-ground exploration work to be carried out on the project area in 14 years.

“Mabel Creek is a project that we acquired in 2023 and we believe is prospective for large-scale IOCG-style mineralisation as seen elsewhere in the Gawler Craton,” Managing Director Andrew Munckton says.

“The neighbourhood is very active with exploration programs being undertaken by Rio Tinto (ASX:RIO), Fortescue Metals Group (ASX:FMG), and Petratherm (ASX:PTR) in the area.”

Mabel Creek lies 25km west of Coober Pedy in South Australia. 

Talisman Mining is an Australian mineral developer and explorer focused on gold and base metals.

As of 31 December 2023, the company had $7.43 million in cash and cash equivalents at hand, according to its latest half yearly financial report. 

Write to Aaliyah Rogan at Mining.com.au   

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Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.

Torque looks to bolster Paris resource

Torque Metals (ASX:TOR) is looking to boost a gold endowment at its Paris Gold Project in Western Australia with a 6,500m reverse circulation and diamond drilling program. 

Drilling is slated to begin this week and is designed to extend gold structures at the Paris, Observation, HHH and Eva prospects, where the company encountered ‘excellent’ gold intercepts.

Those results include 35m @ 14.12 grams per tonne (g/t) gold, including 1.2m @ 185g/t. 

Torque is looking to delineate a maiden Mineral Resource Estimate (MRE) and exploration target at Paris over the coming quarters. It is also working to define a maiden MRE at its neighbouring New Dawn Lithium Project. 

The Paris drilling campaign is informed by a litho-structural model recently developed in collaboration with external structural geology experts. The model provides valuable insights into the subsurface geology which enables Torque to target areas with the highest potential for gold mineralisation.

Managing Director Cristian Moreno says Paris has the potential to host multiple deposits within a larger mineralised system characterised by the targeted parallel structures (2.5km by 1km and open), as well as splays under the control of the Boulder Lefroy System.

Meanwhile Torque, which has a $21.82 million market capitalisation, announces metallurgical testwork results have exceeded in both gravity and cyanide leaching recoveries. 

“Metallurgical testing outcomes significantly bolster the project’s viability, with gravity and cyanide leaching recoveries achieving very strong results,” Moreno says.

“Gravity concentration yields approximately 40% gold recovery for both Paris and Observation. Impressively, cyanide leach testing demonstrated Paris achieved a recovery rate of 96.79%, while Observation attained an even higher recovery rate of 99.7% with minimal cyanide consumption required.”  

Independent Metallurgical Operations were enlisted to oversee the metallurgical testing of core samples from the Paris and Observation deposit. 

Covering about 500km2, the Paris Gold Project includes 10 fully owned mining and exploration licences within the Goldfields region.

Torque Metals is a gold, lithium, and nickel explorer focused on its assets in Western Australia.  

Write to Adam Drought at Mining.com.au

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Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.

Hillgrove ramps up Kanmantoo amid copper tailwinds

Copper producer Hillgrove Resources (ASX:HGO) has ramped up production at its Kanmantoo Underground Mine in South Australia by 350 tonnes, citing ‘favourable’ trends of the copper price.

Production at Kanmantoo increased from 239 tonnes in February to 589 tonnes in March. The next two-week milling campaign is underway with copper sales planned next week. 

Hillgrove, which has a $152.82 million market capitalisation, says production capacity at Kanmantoo will continue to increase as additional work areas are established, enabling multiple stopes to be mined concurrently. 

According to the company, the price of copper has risen above US$4 per pound for the first time since April 2023. 

“The ramp up of production in line with the copper price positions the company well,” CEO and Managing Director Lachlan Wallace says.

“Copper production is expected to increase further as we establish the second underground work area, enabling more copper to be delivered into the rising copper price environment.”

Hillgrove’s production boost comes at a time in which the Australian Government, as flagged in its 2023 Resources and Energy quarterly report, said global copper consumption was estimated to grow by 7.3% in 2023, and Australia’s copper export earnings are forecast to reach some $12.8 billion in 2023 to 2024.

Production of the first copper concentrate from Kanmantoo was achieved within the desired and previously announced expected timeframe of Q1 2024.

In February this year, Hillgrove completed a $10 million capital raising via a two-tranche placement to ramp up production at Kanmantoo.

Funds from the placement helped to push extension drilling down-dip of existing lodes, drill other deposits within the mining lease, and drill test deep Kanmantoo targets.

Under the placement, a total of 166.665 million new shares were issued at a price of $0.60 per share. 

The Kanmantoo Mine sits 55km from Adelaide and was previously operated as a series of open pits from 2010 to 2020, producing about 137,000 tonnes of copper and over 55,000 ounces of gold.

As of 31 December 2023, the company had $10.24 million in cash and cash equivalents, according to its latest quarterly report. 

Write to Adam Drought at Mining.com.au

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Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.

ABx flags higher fluorine recovery at ALCORE

ABx Group (ASX:ABX) says results from additional runs at its 83% owned subsidiary ALCORE’s bath pilot batch reactor are showing higher fluorine recovery. 

Since late January 2024, ALCORE has conducted three further runs, which indicate the ‘significant’ impacts of feed particle sizes on fluorine recovery, with a maximum of 80% being achieved from a single process stage using the bath pilot batch reactor alone.

ABx, which has a market capitalisation of $14 million, says analysis of the results suggests a second stage process utilising a different reactor configuration may be required to further increase the fluorine recovery to over 90%. 

This has been anticipated for some time and has been included into the design of the continuous pilot plant, as some existing analogous commercial processes involve two stages. 

Managing Director and CEO Dr Mark Cooksey says: “As anticipated, the newly commissioned equipment which allowed bath feed particle size to be optimised has assisted in achieving a higher recovery of fluorine in the latest test runs. 

The next stage of development work is planned to involve using the existing specialised laboratory reactor to serve as the second process stage. It is anticipated that the combination of the bath pilot batch reactor and the specialised laboratory reactor can produce a higher fluorine recovery.” 

Cooksey adds that the company is in the process of planning additional reactor tests over the coming months. 

As previously reported, since the reactor was commissioned in October 2023, ALCORE has conducted several test runs involving 10kg of bath and sulfuric acid. 

The company previously reported assay results from the first three test runs, with samples from the third test run showing 70% fluorine recovery. 

The bath pilot batch reactor is operating at the ALCORE Technology Centre on the New South Wales coast and has been designed for the recovery of fluorine from ‘excess bath’ to produce hydrogen fluoride. 

ABx Group is a high-tech Australian company focused on delivering materials for a cleaner future, including rare earths, bauxite, hydrogen fluoride, and aluminium fluoride. 

As of 31 December 2023, the company had $5.82 million in cash and cash equivalents at hand, according to its latest quarterly report. Post-quarter-end, ABx raised $615,960 via a share purchase plan. 

Write to Aaliyah Rogan at Mining.com.au   

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Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.

Perpetual Resources expands Lithium Valley position

Perpetual Resources (ASX:PEC) has expanded its exploration landholding in the Itinga region of Minas Gerais, Brazil, known as Lithium Valley.

The company has executed two option agreements from local landowners, which it says provides a strategic complement to its existing Itinga tenement position.

This includes apparent extensions of the interpreted pegmatite trend and soil anomalies already identified by Perpetual in the region.

The tenements are situated within 30km of lithium deposits at Grota do Cirlo (Sigma Lithium) and the Banderia Project (Lithium Ionic). Most recently, Lithium Ionic has secured options for its Borges and Vale Projects, located some 11km from Perpetual’s Itinga projects, which shares similar geology.

Commenting on the new exploration areas Chairman Julian Babarczy says recent exploration efforts to date had identified Itinga as the highest prospectivity region within the company’s Brazilian exploration portfolio.

“Data collected from our existing land holdings clearly pointed to the high prospectivity of the land we have now secured, both in terms of potential scale and grade. To have confirmed, using LIBS analysis, the highest grades we have seen to date in the region on this newly secured land, is an extremely encouraging result and one which fast tracks our efforts to identify drill-ready targets in coming periods.”

Perpetual is active in exploring for lithium and other critical minerals in the Minas Gerais region of Brazil, where it has secured some 120km2 of highly prospective lithium exploration permits, within the pre-eminent lithium (spodumene) bearing region.

Perpetual also operates the Beharra Silica Sand development project, which is located 300km north of Perth and is 96km south of the port town of Geraldton in Western Australia.

The company continues to review complementary acquisition opportunities to augment its growing portfolio of exploration and development projects consistent with its critical minerals focus.

Write to Adam Orlando at Mining.com.au

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Mining.com.au Editor-in-Chief Adam Orlando has more than 20 years’ experience in the media having held senior roles at various publications, including as Asia-Pacific Sector Head (Mining) at global newswire Acuris (formerly Mergermarket). Orlando has worked in newsrooms around the world including Hong Kong, Singapore, London, and Sydney.

Oar the right moves with Namibian uranium agreement

Oar Resources (ASX:OAR) has signed a binding agreement to obtain a 100% interest in prospecting licences (EPL) in the Erongo region of Namibia, Africa, from Bullrun Capital, Cityscape Asset, and Impala Consulting. 

Both EPLs (9725 and 9652) are still in an application phase, but are anticipated to be granted in the near term. 

CEO Paul Stephens says as part of the company exploration strategy, it has decided to diversify its portfolio and securing these tenements mark an opportunity to develop uranium-focused exploration in a tier one destination. 

“The acquisition in Namibia is significant, with both EPLs located close to a well-known uranium-enriched structural corridor and considered prospective for multiple styles of uranium mineralisation.”

Under the agreement, Oar will pay the vendors C$125,000 cash and once granted, Oar will issue 100 million fully paid ordinary shares to the vendors. 

After 12 months, Oar will issue another 100 million shares to the vendors, and within 4 years will issue another 100 million shares. 

The vendors will be granted a 2% net smelter royalty in respect of all minerals extracted by Oar from the ePLs. 

Once granted, the tenements will undergo an environmental study to secure an Environmental Clearance Certificate. 

Upon completion, Oar will aim to lodge an Environmental Impact Assessment with the Namibian Ministry of Mines and Energy, which will enable the company to conduct fieldwork on both licences in the lead-up to generating its maiden permitted drill program. 

Oar intends to build an in-country team with expertise in Namibian uranium mineralisation and begin collating and reviewing current state geological data and historical data from previous explorers, with preliminary research already underway. 

As part of a maiden exploration program, Oar plans to also conduct surface scintillometer surveys and radiometric geophysical surveys, which will help to identify priority areas for aircore and reverse circulation drill programs. 

The company notes completion of the acquisition is subject to a number of conditions precedent, including completing due diligence, being granted the licences, and securing shareholder approval. 

Oar Resources is an explorer and developer focused on building a portfolio of battery and critical mineral projects to meet global demand for the minerals used in the rising development of electric vehicles and the transition to green energy. 

Write to Aaliyah Rogan at Mining.com.au   

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Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.

Alligator heads into Samphire field recovery trials

Alligator Energy (ASX:AGE) is preparing for the in-situ recovery (ISR) field recovery trial (FRT) at the Blackbush deposit within the Samphire Uranium Project in South Australia.

Ahead of the trial, the company has begun a ground gravity survey at Samphire to delineate the palaeochannel system south of the known Samphire Uranium deposits Blackbush and Plumbush. 

The $239.46 million market capitalisation company says this is the first work Alligator is undertaking on this tenement. 

The company reports fabrication of the FRT processing plant in Adelaide is ‘essentially’ complete, with modules undergoing factory acceptance testing prior to being transported to Whyalla ahead of securing the necessary approvals to conduct the trial. 

Alligator has recently provided the Department of Energy and Mining a formal response to matters that arose from the public and government departmental consultation on the retention lease proposal for the FRT. 

The review is expected to take 6 to 8 weeks. Once granted, a program for environmental protection and rehabilitation (PEPR) will be submitted. 

Approval of the PEPR is the final step in the regulatory process to begin on-site construction of the FRT infrastructure. Construction and commissioning plans are already underway. 

Meanwhile at Blackbush, drilling on a rotation basis to the west, northeast, and south of the current mineral resource envelope continues to identify potential extensions to the uranium roll-front system.

Drilling has been ongoing since 29 January 2024, with 30 holes drilled to date, and is expected to continue through mid-April when a 4 to 6 week break will be taken to facilitate pastoral activities. 

Alligator expects drilling to restart by mid to late May and will continue to the end of the year when a full JORC compliant mineral resource update will be undertaken. 

The company’s Samphire project sits about 20km south of the township of Whyalla in regional South Australia and was acquired by Alligator in 2020. 

As of December 2023, Alligator Energy had $36.514 million in cash and cash equivalents, according to its latest quarterly report.

Write to Adam Drought at Mining.com.au

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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.

Freehill Mining commissions Yerbas Buenas’ processing plant

Freehill Mining (ASX:FHS) reports its recently acquired material processing plant is now fully operational at its wholly owned Yerbas Buenas Project in Chile. 

The plant has increased the supply capacity of valuable waste material from the project and revenue will increase ‘significantly’ from this month onwards. 

Freehill, which has a market capitalisation of $23.96 million, says material is being supplied to customers with purchase orders valued at $2 million to Chilean construction company Empresa Constructora Belfi and Cementos Melón. 

The plant also gives the company processing infrastructure to restart magnetite mining at Yerbas Buenas, following the implementation of a new mine plan. 

Managing Director Paul Davies says truck movements to fulfil customer orders are growing by the day.

Non-Executive Chairman Ben Jarvis says the company is focused on building revenue and its cash position to further unlock value from the project, as well as pursue other opportunities in the region that have immediate production potential and exploration upside. 

The company intends to provide an update on April sales with the release of its March quarterly activities report. 

Freehill Mining is an Australian explorer and mining company focused on iron ore, copper, and gold resources in Chile. 

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Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.

McPhillamys costs rise as Regis progresses DFS

Regis Resources (ASX:RRL) reports a cost blowout as it progressing towards completing a Definitive Feasibility Study (DFS) at its McPhillamys Gold Project in New South Wales albeit. 

As the DFS progresses, the company says previously indicated development costs will be higher than anticipated. 

Regis, which has a market capitalisation of $1.52 billion, reports the total construction costs estimation ranges between $845 million and $900 million, while pre-production costs range between $115 million and $155 million. 

Regis notes that resource market analysts have a range of capital development estimates between $550 million to $650 million. The company says these increases reflect not only the global industry-wide inflationary environment and the passage of time but also, amongst other factors, the project development requirements emanating from the results of the NSW planning approvals process.

The finalisation of pre-production costs is still in progress, as the company is assessing the cost/benefit tradeoff between the alternatives around early mill feed quality options and the associated mining expenditure in the initial ramp up phase. 

Meanwhile, the life of mine operations average all in sustaining costs (AISC) of $1,600 to $1,800 per ounce. This is based on 61 million tonnes of ore at 1g/t and an average mining rate for the first 6 years at 36 million tonnes per annum of ore and waste. 

Managing Director Jim Beyer says the general cost inflation seen globally for construction and permitting required scope increases have clearly escalated costs for McPhillamys. 

“We are taking the necessary time to reduce, as far as we can, the capital required to bring McPhillamys into production through value engineering optimisation.

McPhillamys is a key part of Regis’ future growth and remains an attractive gold project that, at current gold prices and under our current AISC assumptions, delivers strong margins with clear upside potential via this rising gold price environment and with mine-life extension opportunities that go well beyond the current plans.”

The McPhillamys project is considered a ‘large’ undeveloped open-pittable gold resource that lies 250km west of Sydney, Australia. 

Regis Resources is a gold-focused explorer that operates within 2 distinct project areas in the Northeastern Goldfields of Western Australia and in the central western region of New South Wales. 

Write to Aaliyah Rogan at Mining.com.au   

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Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.

MRG secures Mozambique uranium and REE licence

MRG Metals (ASX:MRG) has been granted a uranium and rare earth element (REE) prospective licence in Mozambique, and plans to begin on-ground exploration in Q2 2024. 

The Olinga exploration licence 1105L covers a 16,534.47 hectare area and sits 270km northeast of the port city of Beira. 

Upon completing an environmental management plan, MRG will initiate an exploration program which is anticipated to be announced shortly. 

Chairman Andrew Van Der Zwan says Olinga is an exciting prospect for MRG that expands its presence in Mozambique, whilst diversifying the company’s commodity base even further into uranium and REEs. 

The Olinga licence was generated based on radiometric spectrometer data of the regional national airborne geophysical and characterised by higher uranium:thorium ratio compared to the Adriano REE exploration licence (11002L). 

MRG Metals is a heavy mineral sands explorer focused on development projects in Mozambique. 

As of 31 December 2023, the company had $920,000 in cash and cash equivalents at hand, according to its latest quarterly report.

Write to Aaliyah Rogan at Mining.com.au   

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Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.

Perpetual Resources expands Lithium Valley position

Perpetual Resources (ASX:PEC) has expanded its exploration landholding in the Itinga region of Minas Gerais, Brazil, known as Lithium Valley.

The company has executed two option agreements from local landowners, which it says provides a strategic complement to its existing Itinga tenement position.

This includes apparent extensions of the interpreted pegmatite trend and soil anomalies already identified by Perpetual in the region.

The tenements are situated within 30km of lithium deposits at Grota do Cirlo (Sigma Lithium) and the Banderia Project (Lithium Ionic). Most recently, Lithium Ionic has secured options for its Borges and Vale Projects, located some 11km from Perpetual’s Itinga projects, which shares similar geology.

Commenting on the new exploration areas Chairman Julian Babarczy says recent exploration efforts to date had identified Itinga as the highest prospectivity region within the company’s Brazilian exploration portfolio.

“Data collected from our existing land holdings clearly pointed to the high prospectivity of the land we have now secured, both in terms of potential scale and grade. To have confirmed, using LIBS analysis, the highest grades we have seen to date in the region on this newly secured land, is an extremely encouraging result and one which fast tracks our efforts to identify drill-ready targets in coming periods.”

Perpetual is active in exploring for lithium and other critical minerals in the Minas Gerais region of Brazil, where it has secured some 120km2 of highly prospective lithium exploration permits, within the pre-eminent lithium (spodumene) bearing region.

Perpetual also operates the Beharra Silica Sand development project, which is located 300km north of Perth and is 96km south of the port town of Geraldton in Western Australia.

The company continues to review complementary acquisition opportunities to augment its growing portfolio of exploration and development projects consistent with its critical minerals focus.

Write to Adam Orlando at Mining.com.au

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Written By Adam Orlando
Mining.com.au Editor-in-Chief Adam Orlando has more than 20 years’ experience in the media having held senior roles at various publications, including as Asia-Pacific Sector Head (Mining) at global newswire Acuris (formerly Mergermarket). Orlando has worked in newsrooms around the world including Hong Kong, Singapore, London, and Sydney.

Develop exploring Woodlawn funding as pre-tax NPV soars

Develop (ASX:DVP) has completed the Woodlawn Copper-Zinc Mine production restart study in which the pre-tax NPV has jumped 37% to $658 million from the previous September 2023 estimate.

The ore reserve has increased by 80% to 6Mt at 2.8% copper-equivalent and the mineral resource has grown 55% to 11.3Mt at 3.8% CuEq.

Woodlawn’s pre-tax free cashflow increased 60% from $626 million to $1 billion based on a 10-year mine plan.

Assumed prices in the first 18 months of production are US$8,769 per tonne copper and US$2,688/t zinc.

Develop Managing Director Bill Beament says the restart plan confirms that Woodlawn is a great mine by any measure.

“The valuation, the inventory, the cashflow and the returns are all extremely strong. At the same time, the start-up costs, the funding requirements and the risks are all very low.

This exceptional scenario sits against a backdrop of a very bullish outlook for copper and zinc, particularly in tier one locations. In light of this enviable position, Develop has commenced exploring several funding options. These include potentially selling a minority interest in Woodlawn to a strategic investor, traditional project finance and offtake financing.

The sale of a minority interest would enable us to recycle some capital and may provide us with a model which we can apply to our Sulphur Springs mine at the appropriate time. We have already received an elevated level of interest in Woodlawn from potential financiers, strategic partners and customers and we will now test this appetite more thoroughly.

Completion of this milestone, which will be our major focus this quarter, will put us in the home straight for a production restart.”

Write to Adam Orlando at Mining.com.au

Images: Develop
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Written By Adam Orlando
Mining.com.au Editor-in-Chief Adam Orlando has more than 20 years’ experience in the media having held senior roles at various publications, including as Asia-Pacific Sector Head (Mining) at global newswire Acuris (formerly Mergermarket). Orlando has worked in newsrooms around the world including Hong Kong, Singapore, London, and Sydney.