Adavale outlines uranium potential within Mundowdna

Adavale Resources (ASX:ADD) has identified uranium exploration potential within the Mundowdna and Mundowdna South areas in South Australia, upon reprocessing and interpreting historical electromagnetic data. 

The company says the reprocessed data, supported by modern satellite imagery ‘strongly’ suggests the presence of an extensive palaeochannel system within the Mundowdna licence package.

Executive Director David Riekie says reprocessing the electromagnetic (EM) data was an ‘important’ step in the company’s first phase of the exploration on the ground, which resulted in being a ‘significant’ find. 

“The imagery from this data confirms the geological model in that there is a significant palaeochannel system within our licence package. 

This is timely with our upcoming works program and also means that this processed data can be used for future exploration and expansion of targets on our licence package.”

Adavale is planning to conduct ground-based exploration in April 2024. 

The historical dataset covered a 1,000km-square area and was flown in 2007 with the aim of identifying palaeochannels within a ‘large’ recognised alluvial fan extending north-westward out from the Flinders Range. 

Adavale downloaded the EM data from the South Australian Resources Information Gateway data portal. 

Further, the processing of historical EM dataset secured a ‘significant’ time and cost saving for Adavale, obviating the need to re-fly the licence area. 

Adavale Resources is a mineral explorer focused on nickel and uranium. 

As of 31 December 2023, the company had $944,000 cash and cash equivalents at hand and $175,000 unused finance facilities, according to its latest quarterly report. Post-quarter-end, Adavale completed a private placement raising $1.5 million. 

Write to Aaliyah Rogan at Mining.com.au   

Images: Adavale Resources
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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.

Argent finds potential Kempfield feedstock

Argent Minerals (ASX:ARD) says it’s Golden Wattle and Scabben Flat deposits can be potentially ‘valuable’ feedstocks for a future processing plant at its Kempfield Polymetallic Project in New South Wales. 

The $11.62 million market capitalisation company has received rock chip sampling assays that confirm ‘extensive’ gold, silver, and lead mineralisation over both prospects. 

Managing Director Pedro Kastellorizos says the ‘high-grade’ rock chips returned are hosted within metasedimentary and volcanic rocks over the prospects’ flat zone area. 

“The gold-silver-lead mineralisation now extends over 2,000m in length by 50m in width based on the 2024 geochemical assay results. Based on the surging gold prices, the aim is to discover and delineate deposits containing more than 100,000 ounces of gold. 

These deposits can be potentially valuable feedstock for the future processing plant at the Kempfield Polymetallic Project.”

Argent reports rock chip assays returned up to 73.5 grams per tonne (g/t) gold (Au), 16.2g/t silver (Ag), and 1.84% lead (Pb). 

The wholly owned Kempfield project has a mineral resource of 38.9 million tonnes and 127.5 million ounces of silver equivalent contained metal. 

Argent Minerals is a mineral explorer focused on the discovery, extraction, and marketing of precious and base metals in Australia. 

As of 31 December 2023, the company had $1.976 million cash at hand, according to its latest quarterly report. 

Write to Aaliyah Rogan at Mining.com.au   

Images: Argent 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.

Enova jumps at Brazilian rare earths prospect

Enova Mining (ASX:ENV) has entered into a binding option agreement with private individual Rodrigo de Brito Mello (RBM) to acquire a 100% interest in the CODA rare earths prospect in Minas Gerais, Brazil. 

Under the agreement, Enova will pay a non-refundable cash payment of $50,000 which will be paid within 5 days of signing the agreement. 

Prior to the expiry date of the due diligence period, Enova may elect to exercise the option, at which point will be deemed to have entered into an agreement to sell all of its rights and interests in tenements. 

Enova will make a further cash payment of $150,000 and issue 27 million shares to RBM within 5 days after shareholder approval, of which 13.5 million shares will be subject to voluntary escrow for 6 months from the date of issue. 

Enova’s share price had climbed 33.33% today (26 February 2024) to $0.040 as of 11.15am AEDT on the back of the announcement. 

The company says it has not agreed with RBM to commit any initial expenditure for preliminary exploration work on the tenements. Enova has engaged with an expert to undertake a due diligence review of the tenements. 

Managing Director Eric Vesel says the company considers CODA to be the most ‘advanced’ exploration land package it has considered so far, as it offers an opportunity to explore in a ‘highly prospective’ region.

“Once satisfied with our team’s findings from the due diligence, we would seek shareholder approval to proceed with the acquisition. We expect the due diligence will confirm that the southern Coda tenements are potentially walk-up drill targets which will quickly evolve to a resource drilling campaign within several months of the acquisition. 

Enova has already established a network of local expertise and support that will provide good grounding to operate in this progressive mining state. This potential expansion of Enova’s REE IAC land holdings builds on an already exciting and prosperous future ahead.”

RBM are entitled to receive a 2% net smelter return royalty over all minerals produced that are subject of the tenement. Enova will hold the right to buy back up to 50% of the RBM royalty for $200,000 up to one year after beginning commercial production of the minerals. 

If Enova does not start commercial production within 2 years after the date of the final exploration report, the company will pay RBM $20,000 for every 12 months for the first 2 years of default, and $30,000 every 12 months from the third year of default until the start of commercial production on at least one of the tenements. 

To date, 11 shallow auger holes have been drilled within CODA, with the ‘highest’ assaying drill intercept recording 0.5m @ 5,697 parts per million (ppm) total rare earth oxide (TREO) and 1m @ 5,078ppm TREO. 

The CODA prospect covers a 153.3km-square area and is considered prospective for rare earths enriched ionic absorption clay (IAC). 

During the due diligence period, the tenements will be assessed by an expert geologist, experienced in rare earth associated geology. 

Given the magnitude of areas on offer, geological field reconnaissance will focus on recognised/identified targets for investigation. In addition, Enova says a thorough review of the tenements will be undertaken to ensure tenure is secure. 

The company will review findings from the DD report and seek further advice to assess the suitability of the option and if appropriate recommend the acquisition for Shareholder approval. 

Funding for identified exploration targets will also be advised for shareholder approval. Enova says it remains committed to the development of the Charley Creek project with ongoing activities proceeding without disruption. 

The company will also continue to review projects and business opportunities are they arise, it says, as is the case with this option. The market will be kept appraised of developments, as required under ASX Listing Rules and in accord with continuous disclosure requirements.

Enova Mining is an explorer and developer focused on the critical minerals sector. The company’s flagship Charley Creek Rare Earth Project lies 110km northwest of Alice Springs in the Northern Territory. 

As of 31 December 2023, the company had $939,000 cash and cash equivalents at hand, according to its latest quarterly report. 

Write to Aaliyah Rogan at Mining.com.au   

Images: Enova 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.

Helix loading bases in home run hope 

Helix Resources (ASX:HLX) is continuing to hit home runs in the Rochford Copper Trend with a large-scale drilling program scheduled at the Widgelands, Aldebaran, and Max’s Folly prospects.

On 8 February 2024 this news service  reported the $8.13 million market capitalisation company has been setting the foundations for a 15,000m to 25,000m drilling program designed to ‘drill or kill’ prospective targets uncovered across its Eastern and Western Group tenements in the Cobar-Nyngan region.

Helix today (20 February 2024) announces the Widgelands, Aldebaran, and Max’s Folly prospects have now been fast-tracked for drilling as part of its quest to keep hitting home runs.

Auger drilling will continue in the Eastern Group into the next quarter, where 2 auger rigs are currently operating.

Helix is proposing to collect several thousand new samples along the Collerina Trend. 

Results for 262 samples are currently pending. The samples extend the auger coverage in the area southwest of the CZ prospect. Auger sampling is currently in progress in the Widgelands area, where about 400 samples have been collected to date. 

Further, 1,541 gold assays are pending for the Eastern Group auger samples, with those results expected in March to April 2024. 

Helix Resources Executive Technical Director Dr Kylie Prendergast says Helix is working to establish a pipeline of “very encouraging” targets which have potential to deliver a “major” copper-gold discovery.

“The Helix team are utilising a number of advanced exploration techniques across our tenements, allowing the company to paint a much more refined picture of the high-grade copper-gold potential in the very prospective Collerina Trend. 

It is always exciting when multi-layered datasets highlight the potential of a target. In this case, a newly identified, large-scale pathfinder (antimony and arsenic) auger anomaly aligned with a major regional structural position. This discovery is further supported by the identification of initial high-grade copper and gold results in rock chips from 3 target areas.

We are very active on our large, strategic land position in the highly endowed, Cobar copper-gold region.”

One of the anomalies being assessed in the current program is a ‘large-scale’, 10km by 2km open pathfinder geochemical anomaly of antimony with anomalous arsenic. It was flagged through auger sampling and correlates with gold-rich targets at Max’s Folly and Aldebaran, as well as the Widgelands copper target. 

Aldebaran and Widgelands have not been drilled before and anomalous gold results from Max’s Folly have not been followed up.

Helix Resources is an ‘all-in on copper’ explorer operating in the prolific copper producing region of Cobar, New South Wales. The company’s strategy is to generate new copper targets on its ‘large’, underexplored ground position and test them through drilling to make new discoveries. 

As of December 2023, Helix Resources had $3.011 million cash and cash equivalents at hand, according to its latest quarterly report.

Write to Adam Drought at Mining.com.au

Images: Helix 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.

Dart eyeing Growlers Hill drilling bullseye

Dart Mining (ASX:DTM) has begun a diamond drilling program at the Growlers Hill prospect, as part of its Rushworth Gold tenement package in central Victoria. 

The company says up to 1,200m of drilling is planned for phase one, which will be centred around diamond drilling targets situated within the historic Growlers Hill area. 

Chairman James Chirnside says Growlers Hill is only one of many drill targets that the company intends to test across the goldfield overtime. 

“The company is very excited to commence diamond drilling at the highly prospective Rushworth Gold tenement package. We have deployed our own diamond drilling rig, drill crew, and field camp to support drill testing activities. 

Utilising the company’s own equipment and personnel allows us to continue exploration activities efficiently and cheaply in what is a challenging time for junior exploration companies.”

Drilling will comprise 7 holes over 3 drill sites to test about 120m of strike of the Growlers Hill Vein. All drillholes are designed to intersect Growlers Hill Reef below the levels of reported historic production, with 2 sections to include an upper and lower hole about 30m apart to test dip extensions and variability.  

According to the company, it is currently designing the next drilling target programs alongside ongoing interpretation work. 

Future work will focus on further target generation across the goldfield targeting down plunge extension of ‘significant’ centres of historic production before extending into the surrounding regions. 

Growlers Hill is a ‘prime’ target with ‘significant’ gold production from a northerly striking quartz vein mined to over 100m depth and the adjacent east-west striking West Growlers reef, mined to a similar depth. 

The Rushworth tenements comprise 4 exploration licences (3 granted and one under application) covering up to 683km-square about 140km north of Melbourne and 65km east of Bendigo.  

Dart Mining is focused on evaluating and developing several historic goldfields, as well as substantiating a new porphyry province in northeast Victoria. The area is considered prospective for precious, base, and strategic metals, including lithium, gold, silver, and copper, among others. 

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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.