Home » Posts tagged 'Australia'
Tag Archives: Australia
#BRES Blencowe Resources Plc – Update on Orom-Cross Graphite Project
Blencowe is pleased to deliver an update to the market in regards to work streams progressing on the Company’s flagship Orom-Cross graphite project in Uganda.
Highlights
- Phase Two drilling program was completed in early August; all samples have been prepped and are in transit to laboratories in Australia for assaying.
- Blencowe continues to target a revised, upgraded JORC Standard Resource statement in Q4 2021.
- Preliminary Economic Assessment (“PEA”) for the initial proposed mining operation at Orom-Cross is considerably advanced and should be completed before 30 September 2021 with public release shortly thereafter.
- Forthcoming PEA to be first full commercial model for entire project and will indicate how valuable the Orom-Cross project is on a global scale.
The Orom-Cross project is now developing into an outstanding graphite project based on the recent project milestones achieved and other factors including:
- Significant size and scale of the overall deposit will allow substantial future uplifts to production levels to meet anticipated surges in graphite demand;
- Highest quality 97-98% concentrate verified by leading independent metallurgical test expert, SGS Lakefield in Canada;
- Low risk location to develop a long-term mining operation, with stable Government in Uganda supportive of the mining industry;
- Strong community support;
- Advanced project, with 21-year Mining License already awarded; and
- Opportunity to develop Orom-Cross into a battery metals market that is forecast to grow considerably over next decade, as lithium-ion batteries become highly sought after to power exponential growth in electric vehicles (EVs). Graphite is a key component of the lithium-ion battery.
Cameron Pearce, Executive Chairman commented:
“The Company has made considerable progress over the past sixteen months since Orom-Cross was acquired and is now about to deliver a first economic model to share with the market.
We are confident that the PEA will underline the value that has been built to date and outline further upside that Orom-Cross can become a globally significant graphite project due to its scale and mineralogy.
The PEA will also begin the process of allowing investors to assess the project in the context of it’s global peer group and provide a robust framework for us to progress strategic discussions already initiated with a range of parties such as potential offtake agreements and strategic partnerships. We also look forward to delivering our revised JORC Resource Statement in the fourth quarter of this year.
Following delivery of the PEA we will then seek to progress to a pre-feasibility study (“PFS”) to ensure that we further de-risk the investment decision as we drive towards first production.”
Background to PEA
The completion of the PEA by the end of month comes as a result of a range of key achievements Blencowe has delivered on to date, both in terms of timing and budget, and most specifically the initial JORC Standard Resource statement, the second drilling campaign to further delineate a greater part of these resources to a lower risk category (Indicated and Measured status) and the exceptional metallurgical test results announced in the middle of the year.
The PEA has been built up internally by Blencowe’s management team who have significant experience in this regard, with a stated purpose to be accurate but conservative. However all key numbers within the PEA have been generated via the involvement of third party technical experts to ensure credibility and integrity.
The next step beyond PEA will be for the PFS to commence, which will ultimately be signed off by a third party technical firm. As part of the PFS Blencowe will be opening dialogue with potential offtake partners on quantity, quality and pricing of end products as available for sale.
For further information please contact:
Blencowe Resources Plc
Sam Quinn |
www.blencoweresourcesplc.com
Tel: +44 (0)1624 681 250
|
Investor Relations
Sasha Sethi |
Tel: +44 (0) 7891 677 441
|
Brandon Hill Capital Limited
Jonathan Evans |
Tel: +44 (0)20 3463 5000
jonathan.evans@brandonhillcapital.com
|
First Equity Limited
Jason Robertson |
Tel: +44(0)20 7330 1833
jasonrobertson@firstequitylimited.com
|
Twitter https://twitter.com/BlencoweRes
LinkedIn https://www.linkedin.com/company/72382491/admin/
Background
Orom-Cross is a potential world class graphite project both by size and end-product quality, with a high component of more valuable larger flakes within the deposit. A 21-year Mining Licence for the project was issued by the Ugandan Government in 2019 following extensive historical work on the deposit and Blencowe is moving into the studies phase shortly as it drives towards first production.
Orom-Cross presents as a large, shallow open-pitable deposit, with a maiden JORC Indicated & Inferred Mineral Resource deposit of 16.3Mt @ 6.0% Total Graphite Content. Development of the resource is expected to benefit from a low strip ratio and free dig operations, thereby ensuring lower operating and capital costs.
ECR Minerals plc #ECR – Property purchase within the Bailieston License Area
ECR Minerals plc (LON: ECR), the gold exploration and development company focused on Australia, is pleased to announce that its 100% owned Australian subsidiary, Mercator Gold Holdings Pty Ltd (“MGH”), has purchased a property at 127 Nagambie-Rushworth Road, subject only to payment of the completion monies. The property is located within the Company’s 100% owned Bailieston license area (“Bailieston”).
It is anticipated that monies will be paid, and completion will occur, on or around 8 October 2021 and further updates will be provided at that time.
Highlights:
- The property is adjacent to the Company’s Cherry Tree Project, located within the Bailieston license area in Victoria, Australia.
- Bailieston neighbours Kirkland Lake Gold’s multi-million-ounce Fosterville gold mine. Newmont Mining have also submitted an application for an exploration license immediately to the north of the Black Cat property within the Bailieston license area.
- The property consists of 297 acres of land (no buildings at this time), within the 24 square kilometre Bailieston license area, with ample exploration opportunity and the future potential for the construction of a mine decline, processing plant and tailings dam.
- The purchase price of the property is A$750,000, which will be settled in two tranches consisting of a A$75,000 deposit, which has already been paid, and the remaining balance which is to be paid 30 days from the date of sale. The purchase will be funded by the Company’s existing cash resources. As at the close of business on 9 September 2021 the Group had £3,874.779.94 (USD equivalent $5,362,695.44) in the bank after paying the A$75,000 deposit.
Craig Brown, Chief Executive Officer commented: “Following the recent highly encouraging early results from the maiden drilling programmes at the Bailieston HR3 and HR4 (Cherry Tree Project), on behalf of the board, I am delighted to announce the purchase of a considerable land package located in close proximity to Cherry Tree. Based on the gold mineralisation, geological findings and data acquired from the Bailieston drilling campaigns to date, our board have taken the decision to proceed with ECR’s second land package acquisition.
“The size and scale of this land package ensures that, equipped with our own drilling rigs we can now ramp up our drilling and exploration activities across the territory, and when appropriate can develop our own mine decline, processing plant and tailings dam.”
“This is an exciting period of evolution for ECR as a company as we grow our presence across the Victoria Goldfields. I look forward to reporting the next developments.”
The property was purchased from a private individual.
MARKET ABUSE REGULATIONS (EU) No. 596/2014
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (MAR). Upon the publication of this announcement via Regulatory Information Service (RIS), this inside information is now considered to be in the public domain.
FOR FURTHER INFORMATION, PLEASE CONTACT:
ECR Minerals plc |
|
Tel: +44 (0) 20 7929 1010 |
|
David Tang, Non-Executive Chairman |
|
|
|
Craig Brown, Director & CEO |
|
|
|
Email: |
|
|
|
Website: www.ecrminerals.com |
|
|
|
|
|
|
|
WH Ireland Ltd |
|
Tel: +44 (0) 161 832 2174 |
|
Nominated Adviser |
|
|
|
|
|
|
|
SI Capital Ltd |
|
Tel: +44 (0) 1483 413500 |
|
Broker |
|
|
|
Nick Emerson |
|
|
|
|
|
|
|
Novum Securities Limited |
|
Tel: +44 (0) 20 7399 9425 |
|
Broker Jon Belliss |
|
|
|
|
|
|
|
Blytheweigh |
|
Tel: +44 (0) 207 138 3204 |
|
Public Relations |
|
|
|
Tim Blythe |
ECR Minerals (ECR) High Grade Gold Assays from Drilling at Blue Moon Prospect Victoria, Australia
ECR Minerals plc (LON:ECR), the precious metals exploration and development company, is pleased to announce the receipt of significant gold assays in relation to the reverse circulation (RC) drilling programme recently completed at the Blue Moon prospect, which is located within the Bailieston gold project area in the state of Victoria, Australia.
ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”) has 100% ownership of the Bailieston project.
Significant intersections from three of twelve RC holes drilled by MGA at Blue Moon are reported below. Assay results for the remaining nine holes are pending. A map showing the location of drill holes completed at Blue Moon by MGA may be viewed through the following link:
https://www.ecrminerals.com/images/BBM_As_2019.jpg
Readers are advised to review the Company’s announcement dated 28 January 2019 regarding the commencement of the Blue Moon drill programme, which can be viewed through the following link:
https://polaris.brighterir.com/public/ecr_minerals/news/rns/story/x2q8qzx
Readers are also advised to review the Company’s further progress update announcement dated 28 February 2019 which highlighted the presence of visible gold in drill cuttings from Blue Moon, which can be viewed through the following link:
https://polaris.brighterir.com/public/ecr_minerals/news/rns/story/w3og3dw
HIGHLIGHTS:
- Following the reporting of visible gold from hole number BBM007 (see 28 February 2019 announcement), assay results received for BBM007, BBM006 and BBM004 have shown both high grade intervals and significant widths of anomalous gold grades;
- Significant intersections are reported in Table A below and include 2 metres @ 17.87 g/t gold from 57 metres down hole in BBM007 within a zone of 15 metres at 3.81 g/t gold from 51 metres;
- In addition, BBM006 returned 3m @ 3.88 g/t gold from 170 metres down hole within a zone of 11 metres @ 2.42 g/t gold from 169 metres;
- These results from Blue Moon indicate that a high grade zone exists within the target sandstone host and further results and work will be required to understand any concentration of mineralisation within shoots.
Craig Brown, Chief Executive Officer of ECR Minerals commented: “These results quantify the field geologists’ assessment of visible gold at Blue Moon during drilling of BBM007 and provide great encouragement for the Company and the Bailieston gold project.
To achieve an intersection of 17.87g/t gold over 2 metres is notable. But also of significance is that this was part of an intersection of 15 metres at 3.81g/t gold from relatively shallow depth.
The Company awaits further results from drilling across Blue Moon, Creswick and Black Cat and will provide updates to the market as appropriate.”
Further information
MGA completed three diamond drill holes (BBM001-3) at the Blue Moon prospect in 2018. The results of this drilling were announced on 6 July 2018, and the relevant announcement can be viewed here:
https://polaris.brighterir.com/public/ecr_minerals/news/rns/story/xp0773w
As previously announced, gold mineralisation at Blue Moon is associated with sandstone plus dykes intruding the sandstone and adjacent to it.
MGA’s 2018 diamond drilling did not obtain fresh sample from beneath the oxide zone. The twelve reverse circulation (RC) holes completed recently (BBM004-15) aimed to intercept the sandstone on 50 metre spacing across three sections and to gain samples from beneath the oxide zone.
BBM004 & 6 intercepted the host sandstone beneath the oxide zone. Logging recorded estimates of up to 4% pyrite and 2% arsenopyrite with minor quartz. No visible gold was seen in these samples.
The base of the oxide zone was at 64 metres in BBM007 within the host sandstone. Visible gold was seen in three samples (3 metres @ 13.4 g/t gold from 57 to 60 metres). It is possible these are elevated gold values as a result of supergene enrichment close to the base of the oxide zone.
Table A
Significant intersections from Q1 2019 RC drilling at the Blue Moon gold prospect
EL5433, Victoria, Australia
NB: intersections reported are apparent width.
Hole ID | From | To | Interval (m) | Grade g/t gold | |||||
BBM007 | |||||||||
51 | 66 | 15 | 3.81 | ||||||
Inc | 55 | 66 | 11 | 5.13 | |||||
Inc | 55 | 61 | 6 | 8.32 | |||||
Inc | 57 | 59 | 2 | 17.87 | |||||
BBM006 | 169 | 180 | 11 | 2.42 | |||||
Inc | 170 | 173 | 3 | 3.88 | |||||
Inc | 176 | 180 | 4 | 2.21 | |||||
& | 199 | 203 | 4 | 1.19 | |||||
BBM004 | 85 | 101 | 16 | 0.28 | |||||
Inc | 85 | 86 | 1 | 2.15 | |||||
& | 90 | 91 | 1 | 1.02 |
Table 2: Hole details
HoleID | Easting | Northing
|
Elevation |
Zone |
Hole Depth |
Dec | AziMag | ||||||||
BBM004 | 326158 | 5922563 | 166 | 55 | 120 | -80 | 179 | ||||||||
BBM006 | 326158 | 5922569 | 166 | 55 | 210 | -90 | 179 | ||||||||
BBM007 | 326158 | 5922565 | 166 | 55 | 78 | -61 | 179 |
COMPETENT PERSON STATEMENT
The information in this announcement that relates to Exploration Results is based on information compiled by Dr Rodney Boucher of Linex Pty Ltd. Linex Pty Ltd provides geological services to Mercator Gold Australia Pty Ltd, including the services of Dr Boucher, who has a PhD in geology, is a Member and RPGeo of the Australian Institute of Geoscientists and is a Member of the Australian Institute of Mining and Metallurgy. Dr Boucher has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Dr Boucher consents to the inclusion in the announcement of the material based on his information in the form and context in which it appears.
MARKET ABUSE REGULATIONS (EU) No. 596/2014
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (MAR). Upon the publication of this announcement via Regulatory Information Service (RIS), this inside information is now considered to be in the public domain.
FOR FURTHER INFORMATION, PLEASE CONTACT:
ECR Minerals plc | Tel: +44 (0)20 7929 1010 | |
David Tang, Non-Executive Chairman | ||
Craig Brown, Director & CEO | ||
Email:
info@ecrminerals.com |
||
Website: www.ecrminerals.com | ||
WH Ireland Ltd | Tel: +44 (0)161 832 2174 | |
Nominated Adviser | ||
Katy Mitchell/James Sinclair-Ford | ||
SI Capital Ltd | Tel: +44 (0)1483 413500 | |
Broker | ||
Nick Emerson |
ABOUT ECR MINERALS PLC
ECR is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd has 100% ownership of the Avoca, Bailieston, Creswick, Moormbool and Timor gold exploration licences in central Victoria, Australia and the Windidda gold project in the Yilgarn region, Western Australia.
ECR has earned a 25% interest in the Danglay epithermal gold project, an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines. An NI43-101 technical report was completed in respect of the Danglay project in December 2015 and is available for download from ECR’s website.
ECR’s wholly owned Argentine subsidiary Ochre Mining has 100% ownership of the SLM gold project in La Rioja, Argentina. Exploration at SLM has focused on identifying small tonnage mesothermal gold deposits which may be suitable for relatively near-term production.