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.

Gold Mountain lands ground near ‘largest’ niobium producer

Gold Mountain (ASX:GMN) has secured 20 new tenements covering a 388.18km-square area prospective for niobium and rare earths in the Araxa region of Minas Gerais, Brazil. 

The tenements lie among a group of carbonatites, including one which hosts the world’s ‘largest’ niobium mine. 

Gold Mountain, which has a market capitalisation of $14.38 million, plans to conduct initial stream sediment sampling and channel sampling of exposures of the weathering horizons. 

Upon completing this, the company will follow-up with a detailed geophysics and soil sampling program to define areas of specific interest for niobium and rare earths. 

Any ‘significant’ anomalies uncovered will then be followed up with a drilling program, including reverse circulation (RC) and diamond drilling to define resources.

The tenements secured cover the carbonatite type magnetic and radiometric signatures as well as parts of the outer hydrothermally altered wall rocks zone of the carbonatites. 

The Araxa region contains the ‘largest’ niobium mine in the world, which is hosted by a carbonatite complex near Araxa. The mine contains 94% of the world niobium reserves and Brazil has 82% of the world market for niobium. 

Gold Mountain is an Australian explorer focused on discovering ‘world-class’ lithium and rare earths deposits in the ‘highly prospective’ lithium valley and north eastern Brazil, as well as porphyry copper-gold-molybdenum deposits in Papua New Guinea. 

As of 31 December 2023, the company had $755,000 cash and cash equivalents at hand, according to its latest quarterly report.

Write to Aaliyah Rogan at Mining.com.au    

Images: Gold Mountain
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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.

Panther pounces on new Laverton targets

Panther Metals (ASX:PNT) have uncovered 3 new ‘significant’ gold targets through auger drilling undertaken at the Comet Well South prospect, as part of the Laverton Gold Project in Western Australia. 

The ‘largest’ target is a 900m by 200m gold anomaly peaking at 50 times ‘greater’ than has background gold levels found within the Laverton project area. 

Follow-up groundwork is being planned to further develop these targets for drill testing. 

Panther says these targets may prove to be the missing piece of the Laverton project’s puzzle, lying on trend and in the middle of a gold corridor that now extends over 30km. The company notes these targets have never been drilled. 

Managing Director and Chief Executive Officer (CEO) Daniel Tuffin says the anomalies uncovered both infill and provide more evidence of a ‘substantial’ mineralised gold corridor extending over 30km. 

“This is an exciting opportunity for the company to explore a ‘belt-scale’ gold project, endowed with immense potential but relatively little historical work. 

The exploration team is currently completing a full geological evaluation of the entire gold corridor to refine and rank the many identified targets, implement new work programs including drilling and fast-track the opportunity to make new discoveries.”

Further, Panther recently acquired a ‘key’ tenement within the Comet Well South area enabling control of the full strike extent of known mineralisation along the project belt. 

The consideration payable to acquire the tenement was $25,000. 

Tuffin adds that this strategic acquisition of new south completes the tenement portfolio. 

“The acquisition opens up opportunities for us to explore new targets and further develop existing prospects such as Burtville East, Comet Well, and the recently discovered Picnic Ridge prospect into JORC compliant gold resources, all under our full ownership.”

Panther Metals is a gold and nickel explorer focused on its assets in Western Australia and the Northern Territory. 

As of 31 December 2023, the company had $1.044 million cash and cash equivalents at hand, according to its latest quarterly report.

Write to Aaliyah Rogan at Mining.com.au   

Images: Panther Metals 
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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.

Norwest nabs niobium and REEs package

Norwest Minerals (ASX:NWM) has entered into a binding agreement to acquire 4 tenements prospective for niobium and rare earths in the West Arunta region of Western Australia. 

The $6.90 million market capitalisation company will issue 1 million non-refundable shares on or before 15 February to privately held Amery Holdings and its shareholders of privately held 12-Mile Well. 

Under the agreement, Norwest will issue 17 million shares within 2 days of completing a $1.076 million capital raising, as well as a $250,000 payment and 9 million listed options, subject to shareholder approval. 

Norwest Minerals Chief Executive Officer (CEO) Charles Schaus says the company’s status as West Arunta explorer holding 1,560km-square of ground allows Norwest to accelerate exploration work across these tenements. 

“In the meantime, Norwest is developing a number of carbonatite and other critical mineral targets from its significant geochemical database and recent geophysical analysis.”

The 360km-square ground package includes tenements that lie adjacent to tenements held by WA1 Resources (ASX:WA1) and Encounter Resources (ASX:ENR).

Further, Norwest is conducting a capital raising via the issue of 53.8 million new fully paid ordinary shares at an offer price of $0.02 per share, with one free attaching option in the same class as the company’s listed options. 

The issue price represents a 23.1% discount to the last trading price of $0.026 and a 21.2% discount to the 15-day trading day volume weighted average price (VWAP). 

Norwest expects to issue new shares on 23 February 2024. 

Sanlam Wealth Management is acting as lead manager to the placement, which will receive a 6% fee of the gross amount raised under the capital raising. 

Norwest Minerals is a Western Australian-focused mineral explorer with ‘highly prospective’ assets including rare earths, copper, gold, and base metals. 

Write to Aaliyah Rogan at Mining.com.au   

Images: Norwest
Author Image
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.