Toro Energy to join forces with Japanese partners

Toro Energy (ASX:TOE) has entered into a farm-in and joint venture (JV) agreement with Japanese partners Japan Australia Uranium Resource Development (JAURD) and Itochu Corporation to earn 35% in the Lake Maitland Uranium Project in Western Australia. 

As part of the agreement — disclosed in Toro’s JP Equity Partners, Investor Briefing ‘Going Nuclear’ — JAURD and Itouch will pay aggregate payments of $50 million to Toro. 

Toro, which has a market capitalisation of $49.31 million, reports Lake Maitland will be re-estimated to better define the resource at the new cut-off grade before restraining the resource and re-calculating the total Wiluna Uranium Project resource at the new cut-off grades. 

The company says the lower cut-off grades will allow for better comparison with its industry peers, who also state uranium resources at 100 parts per million triuranium octoxide (U3O8) cut-off. 

As this news service previously reported, Toro has begun drill planning for its Wiluna project with the aim to deliver potential ore to its pilot plant. 

Drill planning will also be designed to cover a representative sample of all potential ore types across Lake Maitland, Centipede-Millipede, and Lake Way. 

Toro says there is an opportunity to process ‘high-grade’ well beyond the seventh year of production, with materials from all 3 deposits at a Lake Maitland uranium-vanadium processing operation. 

Lake Maitland sits within the company’s Wiluna project in Western Australia’s northern goldfields. 

Toro Energy is an Australian uranium developer and explorer focused on its assets that are also considered prospective for gold and base metals in Western Australia. 

As of 31 January 2024, the company had $15.1 million cash at hand, according to its latest investor briefing. 

Write to Aaliyah Rogan at Mining.com.au   

Images: Toro Energy
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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.

Asra enters Zuleika Gold joint venture

Asra Minerals (ASX:ASR) has entered into sale agreements with Zuleika Gold (ASX:ZAG) for its minority joint venture (JV) interest in the Zuleika Gold Project. 

The sale agreements includes 2 tenement and one share agreement, which results in the sale of Asra’s minority interest in tenements included in the Zuleika and Credo JV, alongside its remaining shares in privately held Goldfields Mining Group. 

Asra, which has a market capitalisation of $8.31 million, says the total cash consideration of the sale is $170,000. 

Managing Director Rob Longley says the cash consideration allows Asra to benefit from a minority holding in a non-core asset, as well as maintain its core portfolio of ‘highly prospective’ exploration projects. 

“Asra is focused on our gold, rare earth, and lithium exploration projects located in the company’s Northern and Southern Hubs in Western Australia’s prestigious Goldfields mining region.”

The company confirms precedent for the sale has been fulfilled.

The Zuleika project covers a 230km-square area, starting 25km west-north-west of Kalgoorlie, while the Credo project lies 35km northwest of Kalgoorlie and 5km to the east of the Paddington Gold Mine in Western Australia

Zuleika Gold is an explorer focused on its gold assets near Kalgoorlie. 

Asra Minerals is a diversified mineral explorer focused on discovering and developing its portfolio of assets in the Goldfields region of Western Australia. 

As of 31 December 2023, the company had $2.849 million cash and cash equivalents at hand, according to its latest quarterly report. 

Write to Aaliyah Rogan at Mining.com.au   

Images: Asra Minerals
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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.

Metals X flags fresh Tasmanian tin

Tin producer Metals X (ASX:MLX) has reported more ‘significant’ tin mineralisation from its 50% owned Renison Tin Operations in Tasmania. 

The drill hits come from diamond holes completed by Metals X joint venture (JV) vehicle Bluestone Mines Tasmania (BMT), which operates the project. The other half of the JV is owned by China-based Yunnan Tin Group. 

Metals X says the BMT JV is completing ongoing surface exploration drilling at the Ringrose prospect within the project area, roughly 750m south of the existing Renison mine development. 

Further to the drill results, Metals X has reported ‘significant success’ from recent downhole electromagnetics (DHEM) and surface fixed-loop electromagnetic (FLEM) surveys in the area, with multiple ‘large’ and ‘highly conductive’ zones outline.

The company adds that several ‘considerably large, extremely conductive’ zones identified from the survey work remain completely untested. 

Metals X Executive Director Brett Smith says the drilling and surveying results increase the company’s confidence in the area, and it now plans to verify these results with further near-mine exploration. 

“These results are significant, as they are within the existing mine concession and relatively close to existing underground infrastructure. 

This would allow future development without surface disturbance and additional permitting. The proximity and grade make expenditure to further define this area more attractive at present than looking at regional deposits of lower grade.”

Following an initial discovery within the Ringrose area back in September 2022, Metals X has now completed another 7 diamond drill holes targeting the mineralisation in the area. 

Looking ahead, Metals X says the BMT JV has 2 surface diamond rigs currently spinning across exploration targets at Renison, and the company has kicked off a closer-spaced infill program of 10 diamond holes for 2,800m at Ringrose. 

This drilling is expected to be completed by the third quarter of 2024. 

At the same time, the JV continues to model and interpret EM survey data, which it says will be used to help generate further drill targets for testing in the second half of 2024. 

Images: Metals X 
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Written By Joshua Smith
Joshua Smith has years of experience in the media sector, having worked as a markets reporter, features writer, and editor since completing a Communications and Journalism degree and a Creative Writing degree. Josh is an avid board game fan and a self-professed coffee snob.

Woomera longs for next Mt Short moves

Woomera Mining (ASX:WML) is planning to complete an infill sampling program across the Mt Short Joint Venture Project anomalies this coming quarter, amid receiving auger drill assays. 

This will then be followed by drill testing later this year, subject to access relating to local farming activities. 

An auger drilling program was recently completed on the project, which confirmed gold, base metals, and lithium prospectivity. 

The company reports elevated lithium results returned up to 202 parts per million (ppm) lithium oxide, gold returning up to 60 parts per billion, copper returning up to 437ppm, and nickel returning up to 4,090ppm. 

Chairman Ian Gordon says: “The Ravensthorpe greenstone belt is a well-endowed, multi-commodity geological terrain with a long history of mining. Our latest results confirm the potential for multi-element mineralisation on our tenure and we look forward to following them up.”

1,523 auger samples were collected on a 400m by 50m spacing across the Mt Short joint venture. There had been no systematic geochemical sampling across the tenement prior to Woomera completing this work. 

Woomera Mining is a diversified mineral explorer focused on battery metals, gold, and copper across Australia. 

As of 31 December 2023, the company had $2.514 million cash and cash equivalents at hand, according to its latest quarterly report.

Write to Aaliyah Rogan at Mining.com.au   

Images: Woomera Mining
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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.

Calidus delivers ‘exceptional’ Bulletin PFS

Calidus Resources (ASX:CAI) has delivered a maiden ore reserve and ‘exceptional’ Prefeasibility Study (PFS) for its Bulletin deposit Bamboo Creek Joint Venture (JV) Project in Western Australia.

The $95 million market capitalisation company says the ore reserve, which shits at 600,000 tonnes @ 2.86 grams per tonne gold for 55,000 ounces of contained gold, includes open-pit inferred resources of 100,000 tonnes @ 2.55g/t Au for 8,000 ounces of contained gold. 

This reserve has formed the basis for the PFS, underscored by ‘low upfront capex’ and ‘high-margin’ gold production set to commence later in 2024. 

While the company has not published a specific forecast production figure for Bulletin in yesterday’s (22 February) PFS, Calidus predicts a 2-year mine life for the deposit with all-in sustaining costs (AISC) of $1,730 per ounce and upfront capital, including pre-strip costs, of $17 million.

Calidus says the production from Bulletin is set to drive an increase in the production profile of its flagship Warrawoona Project, also in Western Australia, by feeding higher-grade ore to the project.

Further, the mineralisation at Bulletin remains open at depth, highlighting the potential scope to extend production from the open pit and commence underground mining. 

Calidus Managing Director Dave Reeves says the ore reserve and PFS confirm that the Bulletin deposit will be ‘significant’ in driving production growth and increasing cashflow generation for the wider Warrawoona project.

“With mining of Blue Bar well advanced, we see the introduction of Bulletin’s higher-grade ore to supplement the existing ore from the Klondyke open-pit as a pivotal turning point in Calidus’ ambitions to achieve a 100,000-ounce-per-annum production rate at the Warrawoona Gold Project.”

In light of the ‘strong’ Bulletin PFS outcome, Calidus has now prioritised this area for development.

The Bulletin deposit lies within the Bamboo Creek historical mining centre, which Calidus says previously produced 220,000 ounces @ 8.7g/t Au. Bamboo Creek forms part of Calidus’ 60/40 JV with privately held Haoma, which was the miner of the Bulletin starter pit back in 2004. 

Looking ahead to the planned production for later this year, Calidus says the open pit will use conventional truck and shovel operations using a specialised contractor, with a strip ratio of 12.2:1, as well as ore loss of 7% and dilution of 37%.

Calidus had around $9 million cash and cash equivalents at hand at the end of December 2023, according to its latest quarterly report. 

Images: Calidus Resources
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Written By Joshua Smith
Joshua Smith has years of experience in the media sector, having worked as a markets reporter, features writer, and editor since completing a Communications and Journalism degree and a Creative Writing degree. Josh is an avid board game fan and a self-professed coffee snob.

Renegade discovers graphite, REEs, uranium within Carpentaria

Renegade Exploration (ASX:RNX) has identified significant graphite rich zones along with new rare earths and uranium prospects within the Carpentaria joint venture (CJV) following a desktop review of historical geological data.

Renegade Director Robert Kirtlan says the graphite discovery at Tommy Creek within EPM 12561 is particularly exciting as given the mapping, sampling plus prior drilling it has potential to be large.

“When China added graphite to their mineral export restrictions we immediately planned and carried out reconnaissance work at the beginning of the wet season on the permit as previous work completed had highlighted its prospectivity for not just graphite but rare earths, uranium, and copper.

We were delighted to uncover a potentially significant graphite prospect at Tommy Creek which covers over 3km-square, as well as outstanding rare earth and uranium potential at the Beacon and Boundary prospects.”

EPM 12561 is part of the Carpentaria joint venture (CJV) between Glencore (LON:GLEN) and Renegade, whose stake is currently 23.03%. Renegade has approached the joint venture partner to excise the permit and include it with EPM 8588 which Renegade is operating and sole funding to increase its interest.

Renegade Exploration is an Australian minerals exploration company developing a portfolio of advanced copper and gold projects in north-west Queensland. Renegade’s immediate primary focus is the Cloncurry Project located in mining infrastructure-rich Cloncurry.

In January 2023, Renegade reached an agreement with Carpentaria JV partner Mount Isa Mines (ASX:MIM) to become sole operator and funder of the project, which is very advanced in terms of exploration activity. The company has expanded its north-west Queensland operations with a 75% interest in a JV on the North Isa Project.

More recently, Renegade has applied for a number of permits in the Barcaldine region. The company’s Aramac tenements cover the previously discovered Toolebuc formation which is host to vanadium deposits to the north in the Julia Creek and Richmond areas.

Write to Adam Orlando at Mining.com.au

Images: Renegade
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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.

Dreadnought embarks on Mangaroon drilling

Mineral explorer Dreadnought Resources (ASX:DRE) has begun a 1,000m reverse circulation (RC) drilling program at the Money Intrusion within its Mangaroon Project in Western Australia.

Drilling will see 5 drillholes completed at 5 conductive bodies within the Money Intrusion consistent with high-tenor, massive, and net textured sulphide bodies, in conjunction with downhole electromagnetics (DHEM). 

The $137.13 million market capitalisation says 2 of these conductors are located at the Bookathanna North target and are up to 37,000 Siemens (S), a ‘significantly’ higher result than the 160-200S conductors tested in the 2022 drill program. 

This program was reported to have intersected net textured to brecciated sulphides in 9 holes. 

The company notes the drilling will be fully funded by $20 billion TSX-listed First Quantum Minerals (TSE:FM) under an earn-in / joint venture (JV) and is expected to take 1-2 weeks to complete. Assays and DHEM results are expected to be received in October 2023. 

Under the earn-in / JV deal, First Quantum has the opportunity to earn an initial 51% interest in the Mangaroon Project by funding $12 million of expenditure by 1 March 2026 and, upon the completion of these earn-in requirements, it can opt to increase its interest to 70% by sole funding expenditure up until a decision to mine.

Speaking on the start of drilling, Dreadnought Managing Director Dean Tuck says: “With Rare Earth Resource drilling at Mangaroon coming to a close, we are excited to return to the highly prospective Ni-Cu-PGE targets defined at Bookathanna North and High Range with our partners First Quantum Minerals. 

Dreadnought is excited to return to exploring for nickel, copper and gold across our project portfolio for the remainder of 2023

Dreadnought is excited to return to exploring for nickel, copper and gold across our project portfolio for the remainder of 2023 whilst our resource and study preparation work on the rare earths advances in the background.”

Dreadnought is an ASX-listed Western Australian company focused on finding the metals needed now and in the future. 

The company’s Mangaroon nickel-copper-platinum group element (Ni-Cu-PGE) Project is located about 250km southeast of Exmouth within the Gascoyne Region of Western Australia. 

Dreadnought had $11.676 million cash at hand as of 30 June 2023, according to its latest quarterly report.

Write to Adam Drought at Mining.com.au

Images: Dreadnought Resources
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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.

Aldoro inks JV agreement over Kameelburg Project

Aldoro Resources (ASX:ARN) has executed a Definitive Joint Venture Agreement over the Kameelburg Rare Earths Project in Namibia.

The $16.82 million market capitalisation company reports that the National Heritage Council of Namibia has also granted consent for exploration activities to occur at the project.

Aldoro says gaining heritage consent was the final step required before issuance of the Environmental Clearance Certificate (ECC) by the Department of Environmental Affairs, and this process is expected to occur within the next 2 weeks.

The company notes that minimal ground disturbing exploration activities, such as reconnaissance fieldwork are permitted while the ECC is pending.

Some 9 sampling locations have been proposed for portable core drilling, subject to ground investigations in determining availability of thick homogenous material as part of targeting the higher rare earth element (REE) phases. Eight of these sites are within the carbonatite outline depicted, with the ninth being located within a thick marginal dyke.

It is estimated that about 120kg of sample material will be collected at each site using a  portable core drill with a 100mm diameter and 1m reach. This initiative is on schedule for the first week of September.

Aldoro Resources is an ASX-listed mineral exploration and development company with a portfolio of critical minerals including rare earth, lithium, rubidium, and base metal projects.

The company’s advanced project the Narndee Igneous Complex in Western Australia, which is prospective for Ni-Cu-PGE mineralisation. The company’s other projects are the Kameelburg REE Project in Namibia, the Wyemandoo lithium-rubidium-tungsten project and the Niobe lithium-rubidium-tantalum Project both in Western Australia.

Write to Adam Orlando at Mining.com.au

Aldoro Resources
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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.