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#GRX GreenX Metals LTD – Extension Of Option Agreement for Eleonore North
Extension Of Option Agreement for Eleonore North Gold Project
GreenX Metals Limited (GreenX or the Company) advises that it has agreed an extension of the Option Agreement (Agreement) with Greenfields Exploration Pty Ltd (GEX), to acquire up to 100% of the Eleonore North gold project (Eleonore North or the Project) in eastern Greenland, from 30 June 2024 to 15 July 2024, while GreenX and GEX negotiate to vary the commercial terms of the Agreement.
As previously announced, Eleonore North has the potential to host a reduced intrusion-related gold system” (RIRGS), analogous to large bulk-tonnage deposit types found in Canada including Donlin Creek, Fort Knox and Dublin Gulch.
Gold mineralisation has been documented at the high-priority Noa Pluton prospect within Eleonore North including:
· Geophysical “bullseye” anomaly 6 km wide co-incident with elevated gold mineralisation from historical geochemical sampling.
· Anomalous gold mineralisation associated with quartz veining exposed at surface over a length of up to 15 km.
· Historical sampling includes 4 m chip sample grading 1.93 g/t Au and 1.9% Sb (refer to Appendix 1 of the Company’s announcement on 10 July 2023).
Eleonore North has potential to host large scale, shallow, bulk tonnage gold deposits. Eleonore North remains underexplored, with the existence of a possible RIRGS being a relatively new geological interpretation based on the historical data. Initial field work consists of a seismic survey to determine the depth from surface to the Noa Pluton to aid in drill targeting.
Figure 1: Eleonore North licence area showing the 6km diameter geophysical anomaly co-incident with gold veining visible at surface over some 15km at the high priority Noa Pluton prospect
The Eleonore North license area contains other gold targets as well as copper, antimony and tungsten prospects. At Holmesø there is copper and antimony mineralisation outcropping at surface. Historical mapping and sampling in the 1970s at Holmesø show a prospective horizon between 15 m and 20 m thick, with per cent level grades for both metals.
Eleonore North provides GreenX with gold exposure in Greenland and complements GreenX’s existing exploration prospect in Greenland, the ARC. There are significant synergies with regards to personnel, logistics and equipment in having multiple exploration projects in Greenland. Field works were conducted during the 2023 field season at Eleonore North, with data collected from the seismic survey presently being analysed to inform follow-on exploration program design.
Greenland is a mining friendly jurisdiction with strong Government support for expanding its mining industry, simple laws and regulations, and a competitive fiscal regime.
The primary target in Eleonore North is the Noa Pluton, followed by the Holmesø prospect and its source intrusion. The Noa Veins provide a near-term drill target, however, the Company’s 2023 field work was focussed on determining the depth of the causative intrusion with greater precision using a passive seismic survey. Once analysed, this information will validate the magnetic interpretation, provide more certainty for a future exploration program, and help identify the size of the intrusion within the well-defined hornfels.
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Figure 2: Map of Greenland showing GreenX’s ARC and Eleonore North license areas |
Figure 3: Map showing prospects and geological features within the Eleonore North license areas |
–ENDS–
Competent Persons Statement
The information in this report that relates to exploration results were extracted from the ASX announcement dated 10 July 2023 which is available to view at www.greenxmetals.com.
GreenX confirms that (a) it is not aware of any new information or data that materially affects the information included in the original announcement; (b) all material assumptions and technical parameters underpinning the content in the relevant announcement continue to apply and have not materially changed; and (c) the form and context in which the Competent Person’s findings are presented have not been materially modified from the original announcement.
#FCM First Class Metals PLC – Operations update – Coco East and OnGold Earn-in
First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK listed metals exploration company seeking economic metal discoveries across its extensive land holdings, remains focused in northern Ontario, Canada, is pleased to announce that field work on the Coco East base / precious metal property is now underway.
Highlights
· Field work has commenced on the Coco East property, base metal potential
· The Earn-in deal with OnGold Invest Corp (“OnGold”) has been renegotiated, FCM has now acquired 100% of the property as a result the exploration work commitment has been removed.
Marc Sale First Class Metals CEO Commented:
“In true FCM fashion we are endeavouring to put as much of the available funds ‘into-the-ground’, though gold prices are soaring the Coco East property has real potential for base metals. However, the very anomalous gold in lake sediment samples on the OnGold property constitute a significant target which too demands follow-up when appropriate.’
Coco East
The Coco East block of 30 single cell claims covering ~6.3km² situated about 25km north of the town of Terrace Bay. Geologically the property is on the eastern sector of the Big Duck Lake Porphyry. The Big Duck Lake Porphyry contains a number of historic showings as well as the Coco Estelle gold deposit.
The one showing located within the Coco East property boundary, the Big Birch occurrence, where two pits are reported with a 5m spacing, striking east-west. The main pit exposes a 10cm-wide quartz and calcite vein and contains pyrite and possible chalcopyrite mineralisation; historic assay results have returned values of 0.56 g/t Au and 2.83 g/t Ag
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Figure 01 Showing the regional setting of the Coco East claim block with Ontario Mineral Index (OMI) showings.
During the 2022 field season, FCM collected 47 rock samples predominantly in the area of the Big Birch occurrence and historical drilling. Over the winter of 2022/23 six lake sediment samples were collected, Assays returned gold and silver grades that were generally in order of the historic samples,
Figure 02 Showing the main target areas, southern sector being gold and northern base metals.
The Coco East property not only has potential for precious metal targets but also base metals. The geophysical anomaly in the northern sector has been interpreted as a potential eastern continuation of the ‘zinc belt’ from the Winston Lake area.
The Winston Lake Mine closed at the end of the 1990s due to low zinc prices. The Winston deposit was mined between 1988 and 1998, producing approximately 3.3 million tonnes of 14 per cent zinc and one per cent copper.
Today, the critical mineral is hovering between US$2,500 and US$3,000 per tonne. Zinc is in demand for renewable energy technologies in wind, solar and battery storage, as well as for the galvanizing, construction and automotive sectors.
A mine feasibility study published in 2022 shows 2.35 million tonnes at 17.9 per cent zinc and 0.9 per cent copper. There are also some precious metals in the mix, including one million gold equivalent ounces at 13 grams per tonne. Source- Metallum Resources: NPV(8) increases to C$383M(1,2) with average EBITDA of C$102m pa(3) for Superior Lake Zinc Project – Junior Mining Network
The focus of the current field exploration programme will be the geophysical anomaly in the northern sector.
OnGold
The project is located roughly 21km southeast from the town of Manitouwadge, Ontario comprising of 163 single cell mining claims covering about 34km2. Limited previous exploration has been focussed to investigate several discreet magnetic anomalies thought to be associated with Ni-Cu-PGE mineralised mafic-ultramafic intrusions. Similar rock types comprise the Tyko, RJ, Smoke Lake and the recently discovered West Pickle massive sulphide discovery, see link below to the full report:
https://www.geologyontario.mndm.gov.on.ca/mndmfiles/afri/data/imaging/20000021101/20000021101_01.pdf
The 103ppb Au lake sediment sample collected by Emerald Geological Services ‘EGS’ in the winter of 2022/23 also now shows the gold potential of the area.
Figure 03 showing the extended North Hemlo claim block with the contiguous 100% owned OnGold claims.
FCM, as part of the due diligence process, conducted an extension lake sediment sampling campaign in April to March 2023 extending from the wider North Hemlo sampling programme. The initial results from this campaign have reported gold grades of up to 103ppb.
Bruce MacLachlan, Principle of EGS was quoted in a previous press release as saying, “To the best of our knowledge the 103ppb Au Lake sediment value is the highest lake sediment value collected in the Hemlo Belt outside of the deposit area”.
While at a very early stage, these initial results are extremely encouraging and add to the potential for the prospectivity of the property.
Figure 04 Showing geophysical targets identified by OnGold as well as location of the lake sediment samples with the very anomalous 103ppb Au result.
The terms of the revised Agreement, which is now a Purchase Agreement, not Earn-In as the property is now 100% controlled by FCM and the annual work requirements are removed:
Structure of Deal
FCM has assumed 100% of the claim block constituting the ‘OnGold deal’, being the previous executed Agreement.
· The claims cells will be transferred to First Class Metals Canada Inc.
· The existing 2% NSR on southern block with 50% buy back for $500k, remain as is but the buy back is transferred to FCM.
· OnGold to be granted a 2% NSR on northern block with 50% buy back of $500k.
· OnGold to be granted £100k shares in FCM subject to the publication of an FCA approved prospectus.
The amendments made to the original deal are advantageous for FCM, as they grant the company 100% control over the property. This development, if further exploration success ensues, is expected to significantly bolster future value potential as complete ownership will be retained solely by FCM.
The original deal is detailed in the RNS published 14 June 2023 polaris.brighterir.com/public/first_class_metals/news/rns/story/xlkm7gw
Admission of Shares
The Company has become aware that 300 ordinary shares of 0.1p each (“Shares”) that were issued in connection of the exercise of warrants announced on 23 January 2023, were not admitted to trading.
Application is therefore being made for 300 Shares to be admitted to trading on the Main Market of the London Stock Exchange which is expected to be on or around 1 July 2024. These shares rank pari passu with the existing Shares of the Company.
Following the issue of the 300 new Shares, the Company’s issued ordinary share capital shall consist of 82,046,029 Shares. This figure of 82,046,029 represents the total voting rights in the Company and should be used by shareholders as the denominator for the calculation by which they can determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority’s Disclosure Guidance & Transparency Rules.
Ends
For further information, please contact:
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James Knowles, Executive Chairman |
07488 362641 |
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|
Marc J Sale, CEO |
07711 093532 |
Novum Securities Limited
(Financial Adviser)
|
David Coffman/ George Duxberry |
www.novumsecurities.com |
(0)20 7399 9400 |
ECR Minerals #ECR – COO Mike Whitlow discusses the work at Blue Mountain, and provides a general operational update
ECR Minerals #ECR COO Mike Whitlow discusses the work at Blue Mountain, and provides a general operational update with Alan Green. Mike provides an update on work undertaken so far in 2024, before we discuss the trenching work at Blue Mountain, the relationship with the landowner, the gold resource identified by previous owners BlueKebble. We then look at the next steps at Blue Mountain, before Mike provides an update on the financial position, company assets and potential tax credits.
#FCM First Class Metals PLC – Operations Update – Field Work Commenced
First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK listed metals exploration company seeking economic metal discoveries across its extensive land holdings, remains focused in northern Ontario, Canada, is pleased to announce that field work is now underway.
Highlights
- Sunbeam property, porphyry focus:
o review and sampling of the Nuinsco core.
o review of historic TerraX core approximately 1,500m.
- Instructed Prospectair to commence a High-resolution magnetic survey of the Kerrs Gold property block.
- Zigzag Critical Metals Property-Exploration Permit application submitted.
- Ontario Junior Exploration Programme, (OJEP), application submitted for work on the North Hemlo Property.
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- Reconnaissance trip to the Quinlan lithium property.
- Planning for stripping programme at the Dead Otter trend, North Hemlo.
- Prospecting at Coco East
Marc Sale First Class Metals CEO Commented:
“I am, as ever, enthusiastic with the speed at which FCM has started the field season, all thanks to EGS support. The review of the Sunbeam Property core, the geophysics survey over Kerrs and the preparation for work at Dead Otter herald an exciting field season for First Class.”
Sunbeam Property historic core review
Whilst a review of the Nuinsco core was previously conducted by FCM through Emerald Geological Services (EGS), the identification of reportable gold values in the host rock – a felsic porphyry, has significant upside for a radicle re-rate of the potential for additional mineralisation on the Property. Accordingly, after exhaustive searching EGS located the TerraX core. TerraX undertook several short drill campaigns over many of the prospects on the Sunbeam property.
Background:
In 2010, TerraX drilled five diamond drill holes (SP10-01 to SP10-05) totalling 661.5m in the Pettigrew area. The first four holes targeted chargeability highs from an IP/Resistivity survey, results were anomalous but not ‘high grade’. The main structure was not drilled.
In 2011, TerraX drilled three holes (SP11-06 to SP11-08) spaced 50 m apart along the trend of quartz vein system and the mineralised zone encountered by Nahanni, the ‘Road Zone’. (In 1982, Nahanni Mines drilled an intersection at the Road zone of 4.8 g/t over 8.5m, including 15.8 g/t Au over 1.8m). The alteration zone in TerraX hole SP11-06 returned an intersection 1.11 g/t Au over 13.90 m.
At the WN12 occurrence, early 2012, three holes (SP12-14 to SP12-16) were drilled. The first two holes tested the 65m intermittently mineralised stripped outcrop with hole SP12-15 intersecting 18.0 g/t Au over 0.95m in the footwall zone.
At Roy, two holes, SP11-12 intersected 4.01 g/t Au over 1.85m. SP11-13 intersected 1.05 g/t Au over 3.78m, see figure 01.
Figures 01, TerraX core from the Roy zone showing gold grade in the porphyry ‘wall rock’.
The stripping at the Roy zone reported high grade gold intersections as well as gold in the porphyry, highlights previously reported:
- Results from the stripping at Roy have confirmed high grade gold assays up to 18.8 g/t gold (Au) / 0.3m channel sample at Roy.
Other highlights include:
- 6.27 g/t Au channel / 0.35m in mafic schist with quartz veinlets;
- 4.98 g/t Au channel / 0.5m in sheared porphyry; and
- 5.58g/t Au channel / 0.5m within a quartz vein.
The total number of samples for assay (with blanks and standards) will be in the order of 90+ samples, over 80 being new half core samples
Kerrs Gold property
Prospectair have been commissioned to undertake a low level hi-resolution magnetic survey over the property in late June / July.
The survey will be carried out with 50m traverse lines oriented in order to properly map the dominant magnetic/geological strike. Control lines will be flown perpendicular to traverse lines and at a 500 m line spacing. This gives a total survey distance of 736 l-km.
The road accessible Kerrs Gold Deposit consists of 36 units totalling approximately 665 hectares and lies 90 kilometres east-northeast of Timmins, in the Larder Lake Mining Division.
Geologically the Project is located in the Abitibi Greenstone Gold Belt. Initially drilled in the 1980’s, with further drilling in the early to late-2000’s and early 2011. The drilling database was used to calculate the 2011 historic resource estimate, with further drilling completed after the release of the estimate, see figure 02.
Figure 02 at property scale showing the significant historical sampling as well as the drill grid.
The Kerrs Gold deposit is considered a stratabound deposit, occurring at the contact of a thick, mafic pillow flow sequence overlying an ultramafic, magnetite-rich flow sequence. Drilling has traced the main zone eight hundred metres and remains open in both directions and at depth.
Gold mineralisation occurs as pyritized quartz vein replacement breccias enveloped by quartz fuchsite carbonate vein breccias averaging approximately 10m and alteration envelopes varying up to 40 m in thickness.
The Kerrs Gold historical resources estimate of 386,467 Oz Au was disclosed in “NI 43-101 Resource Estimation on the Kerr’s Gold Deposit, Matheson, Ontario” prepared for Sheltered Oak Resources Inc. by Garth Kirkham, P. Geo of Kirkham Geosystems Ltd. And dated June 10, 2011.
The Kerrs historic estimate is an inferred resource as defined in National Instrument 43-101. The table below shows the potential ounces with differing cut of grades. FCM would look at remodelling the resource in order to identify higher grade envelopes for targeting in any proposed future drilling.
| Kerrs Resources
Estimate Cut-Off Grade |
TONNES | GOLD (g/t) | Metal
(OZ.) |
| 0.5 | 7,041,460 | 1.71 | 386,467 |
| 1 | 5,237,213 | 2.04 | 342,856 |
| 1.5 | 3,375,361 | 2.47 | 268,468 |
| 2 | 1,936,189 | 3.04 | 188,972 |
| 2.5 | 1,165,664 | 3.57 | 133,778 |
| 3 | 818,171 | 3.94 | 103,622 |
Zigzag Exploration Permit
The updated exploration permit (“Permit”) for the Zigzag property has been submitted to the Ontario Ministry of Mines with the full support of Whitesand First Nation community.
The new Permit will allow further stripping and drilling along the main trend both to the easy and west of the ‘core 400m zone’. Importantly it will also allow initial stripping and if warranted allows for drilling on the southern, possibly subparallel trend.
Highlights from the pre-Christmas drilling included:
- Assay results from the recent drill programme are in line with and exceed the channel sample results.
- Selected highlights include:
- ZIG-23-01 4.3m @ 1.65% Lithium (Li20) including 1m at 2.93%
- ZIG-23-02 5.0m @ 1.5% Li20 including 0.2m @ 5.19% and 5.75m @ 0.21% Rb20
- ZIG-23-07 6.5m @ 1.09% Li20 including 0.5m @ 2.76%
- Elevated grades of several key technology critical metals present including: gallium (Ga), rubidium (Rb20), caesium (Ca) and tantalum (Ta).
- Significant upside for the expansion of the geochemical envelope along strike in both directions and down dip.
Ontario Junior Exploration Program (OJEP) 2024 Intake
The recently opened (8 May 2024) intake for OJEP closed on 5 June 2024. FCM has successfully submitted an application for the grant with the focus being the auriferous Dead Otter trend on the flagship North Hemlo property. FCM has twice been awarded the maximum OJEP grant of CAD$200,000.
Quinlan lithium prospect
The Quinlan property, containing ninety-eight claims covering about 20km2 is the subject of an earn in Option to Purchase agreement with Broken Rock Resources. The property contains an extremely anomalous lithium value from a lake sediment sampled collected during a government sampling programme. EGS recently undertook a reconnaissance exercise in order to ascertain the possibility of ground access rather than a helicopter supported field campaign.
Dead Otter trend, North Hemlo
The Dead Otter trend on the North Hemlo claim block extends for 3km from the historic showing in the northwest (3.1ppm Au and 0.59% Mo) to the ’19 grammer’ in the southeast. Other gold occurrences as well as anomalous ‘pathfinder’ elements are reported along thee 3km strike. The structure is discontinuous as outcrop is intermittent.
Figure 03, the Dead Otter trend at North Hemlo with the significantly anomalous geochemistry along 3km of strike.
FCM plans to undertake a stripping programme in the area of the Dead Otter showing, the ’19 grammer’ as well as one or two locations along strike.
Given the potential for ‘coarse gold’ in the Dead Otter sector of the structure FCM is identifying up to thirty samples for photon assay for gold with ALS Thunder Bay.
Other activities
McInnes Lake
EGS has elected not to continue with the Earn in Option over McInnes lake. After discussions FCM has agreed to cease negotiations.
Coco East
FCM also intends to undertake a reconnaissance / prospecting programme in the northern sector of the Coco Este property where we interpret the metalliferous belts extends from the west on to the property.
For further information, please contact:
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James Knowles, Executive Chairman |
07488 362641 |
|
|
Marc J Sale, CEO |
07711 093532 |
Novum Securities Limited
(Financial Adviser)
|
David Coffman/ George Duxberry |
www.novumsecurities.com |
(0)20 7399 9400 |
#FCM First Class Metals – KERRS GOLD PROPERTY EARN-IN AGREEMENT SIGNED
First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK listed metals exploration company seeking economic metal discoveries across its extensive Canadian, focused in north west Ontario land holdings, is pleased to announce the signing of the Kerrs Gold earn-in agreement.
Highlights
· The Kerrs Gold Project in Northeastern Ontario holds a historic resource estimate of 386,467 Oz (ounces) of Au (gold) as per the NI-43-101 standard.
· Located in the Timmins Mining Camp which is one of the most prolific camps for gold production in Canada. Nearby producing gold mines are operated by Newmont (Hoyle Pond & Hollinger) and McEwan Mining(Black Fox Complex).
· Accessible by road and close to existing mining and service infrastructure.
· Comprehensive historical data review with a view to creating a greater understanding of the resource and its potential is underway. Results from which will allow for the planning of an initial summer field campaign on the property
Marc Sale First Class Metals CEO Commented:
“The signing of this deal signifies two important events for FCM, firstly reinforcing the concept of identifying opportunities to add value then monetise, secondly the potential acquisition of the Kerrs Gold Project catapults FCM from an explorer to a company with a resource. Given the continuous rise in gold prices, with new all-time highs being reached, the opportunity to earn into Kerrs Gold is an incredibly appealing proposition for FCM”
Kerrs Gold Property Background
Further to the announcement of 3 April 2024 and prior to the expiry of the thirty day exclusivity agreement FCM has now executed an option to purchase agreement with the 100% owners of the Kerr gold property claims. The deal outline is summarised at the foot of this release.
On completion of the terms of the Agreement FCM will control 100% of the Kerrs Gold Project located in northeastern Ontario.
The road accessible Kerrs Gold Deposit consists of 36 units totalling approximately 665 hectares and lies 90 kilometres east-northeast of Timmins, in the Larder Lake Mining Division.
Geologically the Project is located in the Abitibi Greenstone Gold Belt, see Figure 01.
Figure 01 showing the district scale location of the Kerrs gold property as well as significant producing mines in the area.
The occurrence was discovered by Noranda in the late 1970’s and early 1980’s by following glacial dispersion trains ‘up-ice’ to the source. Drilling continued into the late 1980’s, with further drilling in the early to late-2000 and early 2011. The drilling database was used to calculate the 2011 historic resource estimate, with further drilling completed subsequent to the release of the estimate, see Figure 02.
Figure 02 at property scale showing the significant historical sampling as well as the drill grid
Kerrs Gold is considered a stratabound deposit, occurring at the contact of a thick, mafic pillow flow sequence overlying an ultramafic, magnetite-rich flow sequence. Quartz feldspar porphyry sills are spatially located above and below the breccia zones. This stratigraphy is synclinally folded with the deposit lying 350m to 425m below surface. Drilling has traced the main zone 800 metres and remains open in both directions and at depth.
Gold mineralisation occurs as pyritized quartz vein replacement breccias enveloped by quartz fuchsite carbonate vein breccias averaging approximately 10 m and alteration envelopes varying up to 40 m in thickness. Gold tenure is proportional to the pyrite content ranging up to 10% which is commonly disseminated and crystal aggregates in the sheeted, quartz vein replacement breccias. These breccias, averaging 31% quartz, exhibit reasonable correlation conforming to volcano-stratigraphic contacts as well as moderate to good continuity in grade correlations at the lower and upper boundaries of the vein breccia and alteration envelope assemblages.
The Kerrs Gold historical resources estimate of 386,467 Oz Au was disclosed in “NI 43-101 Resource Estimation on the Kerr’s Gold Deposit, Matheson, Ontario” prepared for Sheltered Oak Resources Inc. by Garth Kirkham, P. Geo of Kirkham Geosystems Ltd. And dated June 10, 2011.
FCM is reviewing the resource estimate with a view to it defining further exploration.
Whilst there was further drilling completed after the historic estimate was released FCM is not aware of any more recent resource estimates.
The resource estimation methods and parameters were as follows:
o Forty-one drill holes were utilized to interpolate the KBX Zone.
o Composite length of 2 m was chosen and composites were weighted by length.
o Sectional interpretations were wire-framed to create 3-D solids of the zones.
o Zones were coded to the composites, and the block model, to constrain the modelling process.
o Composites for the mineralised zone were used to interpolate into the blocks foreach zone.
o Ordinary kriging was used as the interpolator.
o Relative elevation modelling was used to guide the ellipse orientation that accounts for the variation in dip due to the synclinal structure.
o A minimum of two composites were used for each block and a maximum of two composites were used per drill hole; a maximum of 12 composites were used per hole.
o A cutting factor was applied for gold with outlier composites limited to 10 g/t Au based on cumulative frequency plots. A zero cut-off grade was used for the manual polygonal method.
The Kerrs historic estimate is an inferred resource as defined in National Instrument 43-101. The table below shows the potential ounces with differing cut of grades. FCM would look at remodelling the resource in order to identify higher grade envelopes for targeting in any proposed future drilling.
|
Kerrs Resources Estimate Cut-Off Grade |
TONNES |
GOLD (g/t) |
Metal (OZ.) |
|
0.5 |
7,041,460 |
1.71 |
386,467 |
|
1 |
5,237,213 |
2.04 |
342,856 |
|
1.5 |
3,375,361 |
2.47 |
268,468 |
|
2 |
1,936,189 |
3.04 |
188,972 |
|
2.5 |
1,165,664 |
3.57 |
133,778 |
|
3 |
818,171 |
3.94 |
103,622 |
FCM has already instigated a review of the historical information, particularly the drilling in order to fully appraise the potential of the resource. The review will also include a property-wide appraisal of the potential for further targets for prospecting as well as possible future drilling.
The Kerrs property is not currently permitted and once the data review has been completed in conjunction with ground appraisal a permit will be drafted for consultation with the local First Nations.
The Company plans an immediate review of the historical database to define target areas to both significantly expand the historic resource and to test for additional structures. The Company has yet to verify the historical data.
Terms of Deal
|
Due Date |
Share Payments |
Cash Payment (CAD) |
|
Upon signing the Agreement |
– |
$6,000 ($10,000 less $4,000 exclusivity deposit) |
|
Six months after effective date |
$10,000 |
|
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Within four months of signing the Agreement on the publication of a prospectus |
CAD20,000 in share value1 |
|
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On the 1st anniversary of the Effective Date |
CAD30,000 in share value1 |
$30,000 |
|
On the 2nd anniversary of the Effective Date |
CAD40,000 in share value1 |
$40,000 |
|
On the 3rd anniversary of the Effective Date |
CAD60,000 in share value1 |
$60,000 |
|
Total |
CAD150,000 in share value |
$150,000 |
1 Shares to be issued at the mid-price on the day of issue
Ends
For further information, please contact:
|
James Knowles, Executive Chairman |
07488 362641 |
|
|
Marc J Sale, CEO |
07711 093532 |
Novum Securities Limited (Financial Adviser)
|
David Coffman/ George Duxberry |
www.novumsecurities.com |
(0)20 7399 9400 |
#FCM First Class Metals PLC – Grant Receipt, Tax Refund & Kerrs Gold Exclusivity
First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK listed metals exploration company seeking economic metal discoveries across its extensive Canadian, focused in north west Ontario land holdings, is delighted to announce the following update in regard to the Ontario Junior Exploration Program (OJEP) Grant, Canadian Goods and Services Tax/Harmonized Sales Tax credit and an Exclusivity over the Kerrs Gold Property.
Highlights
- First Class Metals (FCM) has signed an exclusivity agreement with a Canadian vendor for the Kerr’s Gold Project in Northeastern Ontario. This project holds a historic resource estimate of 386,467 Oz (ounces) of Au (gold) as per the NI-43-101 standard
- CAD$200,000 OJEP Grant received from the Canadian Ministry of Mines for the Zigzag lithium & critical metals property.
- Goods and Services Tax (GST) /Harmonized Sales Tax (HST) credit for the year ending 2023. The amount received totalled CAD$212,780.03.
James Knowles Executive Chairman Commented:
“We are pleased to have swiftly completed the necessary paperwork that enabled the release of the grant funding for our Zigzag project from the OJEP team. Our dedicated geology team (Emerald Geological Services) in Canada demonstrated professionalism and worked diligently to ensure the documentation was completed promptly, aligning with the timelines for payment release by the Canadian Fiscal Year end on March 31, 2023.
Additionally, we are pleased to receive a GST/HST refund of $212,780.03 for the full year 2023. This refund further strengthens our financial position and provides us with confidence to pursue opportunities like the Kerrs Gold Property and the other recent additions to the portfolio. These payments also give us the confidence to start the planned 2024 field work program.
During times of uncertainty and market downturns, such as those we are currently witnessing with junior metal explorer stocks, there is indeed a unique opportunity for strategic investment. First Class Metals recognizes this opportunity and believes in the proactive approach of expanding its portfolio with quality assets available at distressed prices.
Entering into an exclusivity agreement for the Kerrs Gold Property fits this remit. Located in a highly productive gold mining district with numerous active mines, the property’s low-cost entry and substantial NI-43-101 historic reportable resource of 386,467 ounces of gold make it an incredibly exciting prospect, especially with the price of gold continuously reaching new all-time highs.
By capitalising on the market turbulence and acquiring undervalued assets, First Class Metals can fortify its portfolio and position itself for future growth. This approach allows the Company to benefit from potential appreciation in asset value as market conditions stabilise and improve.
Furthermore, First Class Metals understands the importance of divestment in a well-managed portfolio. When the time is right by selectively divesting certain assets, the Company can generate capital and maximise returns on investment. This disciplined approach to divestment ensures that First Class Metals remains agile and focused on maintaining a strong and balanced portfolio.”
OJEP Grant
FCM announced on the 120 March RNS we had been awarded a $200,000 grant from the OJEP Fund for work completed on the Zigzag property, we are pleased to confirm these funds have now been received. 1polaris.brighterir.com/public/first_class_metals/news/rns/story/ry7ooyr
GST/HST Refund 2023
We have received a GST/HST tax refund for the year ended 2023 for CAD$212,780.03. Goods and Services Tax (GST)/Harmonized Sales Tax (HST) is the Canadian direct equivalent of Value Added Tax (VAT) in the United Kingdom. This refund relates to the entire year of 2023.
Kerrs Gold Exclusivity
FCM has signed a thirty day exclusivity agreement and is currently in the process of finalising commercial terms with a Canadian vendor in respect of an ‘earn in’ to acquire 100% of the Kerrs Gold Property located in the Larder Lake Mining Division of Northeastern Ontario. The property holds a resource estimate of 386,467 Oz Au resource as per an historical NI-43-101 standard.
Ends
For further information, please contact:
| James Knowles, Executive Chairman | JamesK@Firstclassmetalsplc.com | 07488 362641 |
| Marc J Sale, CEO | MarcS@Firstclassmetalsplc.com | 07711 093532 |
Novum Securities Limited
(Financial Adviser)
| David Coffman/ George Duxberry | www.novumsecurities.com | (0)20 7399 9400 |
#FCM First Class Metals PLC – Sunbeam Property: High-Grade Gold Assay Results
First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK metals exploration company seeking large scale metal discoveries across its extensive Canadian Schreiber-Hemlo Sunbeam and Zigzag land holding is pleased to announce high-grade gold assays from channel sampling undertaken following the recently completed exploration at the Company’s 100% owned Sunbeam property (“the Property”).
The Property contains three subparallel mineralised structures, each identified over 10km traversing the property; these are inferred to continue to the northeast into the recently staked area where prospective structural features are inferred. FCM now commands a district scale land package of over 70km².
The Property hosts several sites of historic mine development and gold mining: the Sunbeam Mine, the Roy Development, and the Pettigrew Development. Multiple other gold occurrences are also known including the Road Zone, AL198 Zone, WN2 Occurrence and the Rubble Occurrence.
Given the discovery of significant gold within the tonalite to diorite porphyry which hosts the main mineralised structures across the property, First Class Metals will be moving swiftly to relog and assay core from previous drilling on the property for its potential gold endowment within any intervals of prospective porphyry which have not previously been assayed.
HIGHLIGHTS
· First Class Metals announced on 14 November 2023 the results from the Company’s recently completed channel sampling programme from the Roy prospect which confirmed high grade gold mineralisation in the vicinity of the old workings.
· Results from the stripping at Roy have confirmed high grade gold assays up to 18.8 g/t gold (Au) / 0.3m channel sample at Roy. Other highlights include:
o 6.27 g/t Au channel / 0.35m in mafic schist with quartz veinlets;
o 4.98 g/t Au channel / 0.5m in sheared porphyry; and
o 5.58g/t Au channel / 0.5m within a quartz vein.
· At Pettigrew channel and grab samples returned significant gold grades, including:
o 13.0 g/t Au grab sample from quartz rubble dug up beside the stripped outcrop.
o 3.5 g/t Au channel / 0.2m in a quartz vein with galena and chalcopyrite;
o 1.82 g/t Au channel / 0.75m in sheared porphyry; and
o 0.32 g/t Au channels / 3.95 m within sheared porphyry.
These results are considered very encouraging and typify this style of mineralisation.
· Mineralisation (up to 4.98 g/t Au over 0.5m) discovered in the porphyry at Roy which hosts the main mineralised structures has the potential to add a wider envelope (10m+) of alteration (silicification and ankeritisation) and gold mineralization. The discovery of gold within the sheared and altered porphyry could add significant upside to what was thought to be predominantly a high grade vein system hosted in mafic schist, from which the known historic production was mined.
· The reported historical drilling at Pettigrew was encouraging, with two holes returning significant gold assays including: Hole 57751: 19.4 g/t Au over 0.63m at 5.33m.
A further announcement will be made once the Company has decided on the most appropriate exploration programme to continue to advance the Company’s knowledge of the mineralisation at the Sunbeam Property. This is anticipated to culminate in drilling at Roy and Pettigrew.
Marc J Sale Chief Executive Officer commented: “Since we optioned Sunbeam in late 2022, we have made quick and significant progress in developing the Property both in terms of understanding the mineralisation and increasing its scale.”
“The channel results from Roy and Pettigrew are most encouraging and have identified drill targets at both locations. The auriferous porphyry hosing the shear zone at Roy and Pettigrew further enhances the significant potential that this Property can deliver.”
“As a result of the encouraging results from the recent stripping programs, FCM has staked 119 contiguous claims, along strike to the northeast I look forward to sharing further information on this Property, including our plans for the 2024 field season, as soon as possible.”
Background & Update
Since the announcement of the Sunbeam acquisition in early October 2022, FCM through Emerald Geological Services (EGS) have been working to advance the Property to drill ready status.
The pre-exploration phase included a review of historic core; however, recent work has identified the potential of the porphyry to host significant gold mineralisation, therefore further review of the Sunbeam (Nuinsco) core is now recommended with additional samples taken if warranted.
The Sunbeam Property is dominated by three mineralised structures, all of which host significant gold anomalism as well as historic development, including the Sunbeam high grade gold mine which operated until 1905 and reportedly produced multi ounce material.
In July 2021, Nuinsco reported grades up to 93.3g/t Au from a drill programme conducted predominantly in the vicinity of the Sunbeam Mine area. Significant results include:
o NS-21-01 – 3.98g/t Au over 0.6m (from 96.0m) within 3.39m of strongly gold anomalous deformation zone.
o NS-21-02 – 13.8g/t Au over 0.15m (from 80.85m) within 2.83m of strongly gold anomalous deformation zone.
o NS-21-03 – 93.3g/t Au over 0.44m (from 99.5m) within 3.19m of strongly anomalous deformation zone.
o NS-21-05 – 2.94g/t Au over 0.5m (from 118.5m) within 7.50m of strongly anomalous deformation zone.
Historical drilling at Pettigrew was also encouraging, with two holes returning significant gold assays including: Hole 57751: 19.4 g/t Au over 0.63m at 5.33m.
The Sunbeam Property contains three subparallel mineralised subparallel structures, each identified over 10km traversing the property; these are inferred to continue to the northeast into the new area of claims where prospective structural features are inferred. FCM now commands a district scale land package of over 70km².
Figure 1 showing the combined Sunbeam and English claims as well as the recent staking.
FCM has undertaken two stripping campaigns and the gold (Au) results from the second campaign at the Pettigrew zone are now available. Most of the samples were 1m in length or less, with a minimum of 0.2m and a maximum of 1.0 m. The Pettigrew results are similar to those from Roy, (previously reported) and have defined a broad zone of shearing, alteration, and mineralization, peaking at 3.5 g/t Au in channel samples and 13.0 g/t Au in grab samples (highest grade at Roy was 18.8 g/t Au).
Visible gold was identified in at least one sample at Roy during the sawn channel programme.
The results indicate the potential for both high-grade gold mineralization hosted in quartz veins and lower-grade gold mineralization hosted in sheared, altered porphyry or chlorite schist. Lithologies hosting the mineralization are often well-sheared and exhibit isoclinal or near-isoclinal folding.
Photo 1 Showing sheared mafic and felsic rocks hosting quartz veining. Note the Pettigrew shaft in the background.
At Roy there were a significant number of results exceeding 1ppm Au that define the anomalous structure over a strike of 100m between the existing shafts which remains open along strike. One sample of sheared porphyry reported 4.98ppm Au over 0.5m – as the porphyry is considered the host this is significant, as the potential mineralised package would be appreciably wider (10m+). FCM now intends to review the historic core again with the intention of sampling more of the porphyry hosting the mineralised shear zone.
At both Pettrigrew and Roy the high-grade gold mineralisation is hosted in quartz veining in sheared ‘mafics’ within a broader envelope of sheared, folded felsic to intermediate porphyry which often exhibits irregular quartz veining, silicification and ankerite alteration associated with up to 1% pyrite, and which also frequently contains anomalous gold concentrations as noted above.
Photo 2 showing quartz veining at Pettigrew containing galena (Pb) and chalcopyrite (Cu). The sample reported 3.5 g/t Au.
Photo 3 showing sheared, silicified and ankeritised porphyry with pyrite and quartz veining, 4.98 g/t Au / 0.5m channel.
Future work will focus on expanding the potential mineralisation with the sampling of any prospective porphyry.
The results from the channel sampling at Roy and Pettigrew, in conjunction with the encouraging geology encountered in the stripping at both locations (as well as the geology / geochemistry at the Sunbeam mine area) validate the Company’s efforts to bring the property to drill ready stage.
The ‘English claims have now been transferred 100% to First Class Metals Canada Inc. The Company now has 100% control of a potential district scale property block with multiple structures, hosting potentially high-grade gold bearing systems, extending over 72km². We believe this gives First Class Metals a true ‘District Scale’ gold project that could potentially host multiple significant gold deposits.
ENDS
For further information, please contact:
|
James Knowles, Executive Chairman |
07488 362641 |
|
|
Marc J Sale, CEO |
07711 093532 |
Novum Securities Limited
(Financial Adviser)
|
David Coffman/ George Duxberry |
www.novumsecurities.com |
(0)20 7399 9400 |
Qualified Person
The technical disclosures contained in this announcement have been drafted in line with the Canadian Institute of Mining, Metallurgy and Petroleum standards and guidelines and approved by Marc J. Sale, who has more than 30years in the gold exploration industry and is considered a Qualified person owing to his status as a Fellow of the Australian Institute of Mining and Metallurgy.
#GRX GreenX Metals LTD – Quarterly Activities Report December 2023
In July 2023 GreenX entered into an Option Agreement with Greenfields Exploration Limited (Greenfields) to acquire up to 100% of the Eleonore North Gold Project (Eleonore North) in eastern Greenland.
o 2023 field work at Eleonore North was focused on determining the depth of an intrusion within the project area by deployment of an array of seismic nodes. The nodes have been retrieved with the recorded data now being processed by a geophysics specialist consulting firm. Results from the seismic analysis, expected in the March 2024 quarter, will be used in the next phases of the exploration program at Eleonore North.
o During the quarter, GreenX visited the Geological Survey of Denmark and Greenland in Copenhagen and discussed general co-operation and data sharing in respect of the Eleonore North region. GreenX also met with specialised arctic logistics service providers having extensive experience in East Greenland.
o Eleonore North has the potential to host a “reduced intrusion-related gold system” (RIRGS), analogous to large bulk-tonnage deposit types found in Canada.
· In November 2022, the hearing for the claim against the Republic of Poland under both the Energy Charter Treaty and the Australia-Poland Bilateral Investment Treaty was concluded (Claim).
o Combined arbitration hearing took place in front of the Tribunal in London under the UNCITRAL Arbitration Rules.
o With completion of the hearing, the Tribunal will render an Award (decision) in due course.
o Damages of up to £737 million (A$1.3 billion / PLN4.0 billion) have been claimed including the assessed value of GreenX’s lost profits and damages related to both the Jan Karski and Debiensko projects, and accrued interest related to any damages.
· Cash balance as at 31 December 2023 was A$9.3 million.
Classification 2.2: This announcement contains inside information
GreenX Metals Limited (ASX:GRX, LSE:GRX) (GreenX or the Company) is pleased to present its Quarterly Activities Report for the period during and subsequent to 31 December 2023.
eleonore north gold project
In July 2023, GreenX entered into an Option Agreement (Agreement) with Greenfields to acquire up to 100% of the Eleonore North gold project in eastern Greenland.
Eleonore North has the potential to host a RIRGS, analogous to large bulk-tonnage deposit types found in Canada including Donlin Creek, Fort Knox and Dublin Gulch.
Gold mineralisation documented at the high-priority Noa Pluton prospect within Eleonore North.
· Geophysical “bullseye” anomaly 6 km wide co-incident with elevated gold mineralisation from historical geochemical sampling.
· Anomalous gold mineralisation associated with quartz veining exposed at surface over a length of up to 15 km.
· Historical sampling includes 4 m chip sample grading 1.93 g/t Au and 1.9% Sb (refer to Appendix 1 of the Company’s announcement on 10 July 2023).
Eleonore North has potential to host large scale, shallow, bulk tonnage gold deposits. Eleonore North remains underexplored, with the existence of a possible RIRGS being a relatively new geological interpretation based on the historical data. Initial field work consists of a seismic survey to determine the depth from surface to the Noa Pluton to aid in drill targeting.
Figure 1: Eleonore North licence area showing the 6km diameter geophysical anomaly co-incident with gold veining visible at surface over some 15km at the high priority Noa Pluton prospect
The Eleonore North license area contains other gold targets as well as copper, antimony and tungsten prospects. At Holmesø there is copper and antimony mineralisation outcropping at surface. Historical mapping and sampling in the 1970s at Holmesø show a prospective horizon between 15 m and 20 m thick, with per cent level grades for both metals.
Eleonore North provides GreenX with gold exposure in Greenland and complements GreenX’s existing exploration prospect in Greenland, the Arctic Rift Copper Project (ARC). There are significant synergies with regards to personnel, logistics and equipment in having multiple exploration projects in Greenland. Field works were conducted during the 2023 field season at Eleonore North, with data collected from the seismic survey presently being analysed to inform follow-on exploration program design.
Greenland is a mining friendly jurisdiction with strong Government support for expanding its mining industry, simple laws and regulations, and a competitive fiscal regime.
The primary target in Eleonore North is the Noa Pluton, followed by the Holmesø prospect and its source intrusion. The Noa Veins provide a near-term drill target, however, the Company’s 2023 field work was focussed on determining the depth of the causative intrusion with greater precision using a passive seismic survey. Once analysed, this information will validate the magnetic interpretation, provide more certainty for a future exploration program, and help identify the size of the intrusion within the well-defined hornfels.
|
|
|
|
Figure 2: Map of Greenland showing GreenX’s ARC and Eleonore North license areas |
Figure 3: Map showing prospects and geological features within the Eleonore North license areas |
ARCTIC RIFT COPPER PROJECT
The ARC project is an exploration joint venture between GreenX and Greenfields. GreenX can earn-in up to 80% of ARC by spending A$10 million by October 2026. ARC is targeting large scale copper in multiple settings across a 5,774 km2 Special Exploration Licence in eastern North Greenland. The area has been historically underexplored yet is prospective for copper, forming part of the newly identified Kiffaanngissuseq metallogenic province.
The results of work program announced last year have demonstrated the high-grade nature of the known copper sulphide mineralisation and wider copper mineralization in fault hosted Black Earth zones and adjacent sandstone units. The exact position of a native copper fissure at the Neergaard Dal prospect was also identified.
Analysis of this information is underway and will be key to future planned work programs.
DISPUTE WITH POLISH GOVERNMENT
In November 2022, the Company reported the conclusion of the Claim against the Republic of Poland under both the Energy Charter Treaty (ECT) and the Australia-Poland Bilateral Investment Treaty (BIT) (together the Treaties). The hearing took place in London in and lasted two weeks.
Following completion of the hearing, the Tribunal will render an Award (i.e., the legal term used for a ‘decision’ by the Tribunal) in due course with no specified date available for the Tribunal decision.
As previously advised, the arbitration and hearing proceedings in relation to the Claim are required to be kept confidential.
Details of the Claim
The Company’s Claim against the Republic of Poland is being prosecuted through an established and enforceable legal framework, with GreenX and Poland agreeing to apply the United Nations Commission on International Trade Law Rules (UNCITRAL) rules to the proceedings. The arbitration claims are being administered through the Permanent Court of Arbitration in the Hague.
The evidentiary hearing phase of the arbitration proceedings has now been completed in front of the Arbitral Tribunal. With completion of the hearing, the Arbitral Tribunal will render an Award in due course. There is no specified date for an Award to be rendered. The Company’s claims for damages against Poland are in the amount of up to £737 million (A$1.3 billion/PLN4.0 billion), which includes a revised assessment of the value of GreenX’s lost profits and damages related to both the Jan Karski and Debiensko projects, and accrued interest related to any damages. The Claim for damages has been assessed by independent external quantum experts appointed by GreenX specifically for the purposes of the Claim.
In July 2020, the Company announced it had executed the LFA for US$12.3 million with LCM. US$10.7 million of the facility has been drawn down to cover legal, tribunal and external expert costs as well as defined operating expenses associated with the Claim. The Company does not anticipate further material drawdowns in relation to the ongoing BIT and ECT Tribunal proceedings. The LFA is a limited recourse loan with LCM that is on a “no win – no fee” basis.
In September 2020, GreenX announced that it had formally commenced with the Claim by serving the Notices of Arbitration against the Republic of Poland. In June 2021, GreenX announced that it had formally lodged its Statement of Claim in the BIT arbitration, including the first assessed claim for compensation. The Company’s Statement of Reply, the last material filing to be made by the Company for the BIT arbitration proceedings, was submitted in July 2021. The Statement of Reply addresses various points raised by the Republic of Poland in their Statement of Defence. The Statement of Reply also contains a re-evaluation of the claim for damages based on responses to Poland’s Statement of Defence.
GreenX’s dispute alleges that the Republic of Poland has breached its obligations under the applicable Treaties through its actions to block the development of the Company’s Jan Karski and Debiensko projects in Poland which effectively deprived GreenX of the entire value of its investments in Poland.
In February 2019, GreenX formally notified the Polish Government that there exists an investment dispute between GreenX and the Polish Government. GreenX’s notification called for prompt negotiations with the Government to amicably resolve the dispute and indicated GreenX’s right to submit the dispute to international arbitration in the event of the dispute not being resolved amicably.
GreenX’s investment dispute with the Republic of Poland is not unique, with international media widely reporting that the political environment and investment climate in Poland has deteriorated since the change in Government in 2015. As a result, there are a significant number of International Arbitration claims being bought against Poland.
CORPORATE
Financial Position
GreenX had cash of A$9.3m as at 31 December 2023.
-ENDS-
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 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (‘MAR’). Upon the publication of this announcement via Regulatory Information Service (‘RIS’), this inside information is now considered to be in the public domain.
Forward Looking Statements
This release may include forward-looking statements. These forward-looking statements are based on GreenX’s expectations and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of GreenX, which could cause actual results to differ materially from such statements. GreenX makes no undertaking to subsequently update or revise the forward-looking statements made in this release, to reflect the circumstances or events after the date of that release.
Competent Persons Statement
The information in this report that relates to exploration results were extracted from the ASX announcement dated 10 July 2023 which is available to view at www.greenxmetals.com.
GreenX confirms that (a) it is not aware of any new information or data that materially affects the information included in the original announcement; (b) all material assumptions and technical parameters underpinning the content in the relevant announcement continue to apply and have not materially changed; and (c) the form and context in which the Competent Person’s findings are presented have not been materially modified from the original announcement
APPENDIX 1: TENEMENT INFORMATION
As at 31 December 2023, the Company has an interest in the following tenements:
|
Location |
Tenement |
Percentage |
Status |
Tenement Type |
|
Greenland |
Arctic Rift Copper Project (Licence No. 2021-07 MEL-S) |
–1 |
Granted |
Exploration Licence |
|
Greenland |
Eleonore North gold project |
–2 |
Granted |
Exploration Licence |
|
Jan Karski, Poland |
Jan Karski Mine Plan Area (K-4-5, K6-7, K-8 and K-9)2 |
–3 |
In dispute3 |
Exclusive Right to apply for a mining concession3 |
|
Debiensko, Poland |
Debiensko 1 |
–3 |
In dispute3 |
Mining3 |
Notes:
1 In October 2021, the Company announced that it had entered into an Earn-In Agreement (EIA) with Greenfields to acquire an interest of up to 80% in ARC. As at the date of this announcement, the Company held no beneficial interest in ARC, other than through the EIA.
2 In July 2023, the Company announced that it had entered into an Option Agreement with Greenfields to acquire an interest of up to 100% in Eleonore North. As at the date of this announcement, the Company held no beneficial interest in Eleonore North, other than through the Option Agreement.
3 GreenX formally commenced international arbitration claims against the Republic of Poland under both the ECT and the BIT in 2021. GreenX alleges that the Republic of Poland has breached its obligations under the Treaties through its actions to block the development of the Company’s Jan Karski and Debiensko projects in Poland. Refer to discussion of the Claim above. The Company has received notice from the relevant Polish authority that the Debiensko mining licence has been extinguished.
Appendix 2: Related Party Payments
During the quarter ended 31 December 2023, the Company made payments of A$241,000 to related parties and their associates. These payments relate to existing remuneration arrangements (director fees, consulting fees and superannuation of A$146,000 and the provision of a serviced office and company secretarial and administration services of A$95,000).
Appendix 3: Exploration and Mining Expenditure
During the quarter ended 31 December 2023, the Company made the following payments in relation to exploration activities:
|
Activity |
A$000 |
|
Greenland (Eleonore North and ARC) |
|
|
Project Management |
178 |
|
Exploration program, including sampling |
27 |
|
Transport costs (including equipment and fuel) |
5 |
|
Other (field supplies, equipment, fuel, satellite imagery, etc) |
1 |
|
Total as reported in the Appendix 5B (item 2.1(d)) |
211 |
There were no mining or production activities and expenses incurred during the quarter ended 31 December 2023.
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
|
Name of entity |
||
|
GreenX Metals Limited |
||
|
ABN |
Quarter ended (“current quarter”) |
|
|
23 008 677 852 |
31 December 2023 |
|
|
Consolidated statement of cash flows |
Current quarter |
Year to date |
|
|
1. |
Cash flows from operating activities |
– |
– |
|
1.1 |
Receipts from customers |
||
|
1.2 |
Payments for |
– |
– |
|
(a) exploration & evaluation |
|||
|
(b) development |
– |
– |
|
|
(c) production |
– |
– |
|
|
(d) staff costs |
(412) |
(787) |
|
|
(e) administration and corporate costs |
(574) |
(937) |
|
|
1.3 |
Dividends received (see note 3) |
– |
– |
|
1.4 |
Interest received |
159 |
252 |
|
1.5 |
Interest and other costs of finance paid |
– |
– |
|
1.6 |
Income taxes paid |
– |
– |
|
1.7 |
Government grants and tax incentives |
– |
– |
|
1.8 |
Other (provide details if material) (a) Business Development (b) Property rental and gas sales (c) Occupancy |
(105) 4 (236) |
(219) 10 (430) |
|
1.9 |
Net cash from / (used in) operating activities |
(1,164) |
(2,111) |
|
2. |
Cash flows from investing activities |
– |
– |
|
2.1 |
Payments to acquire or for: |
||
|
(a) Entities |
|||
|
(b) Tenements |
– |
– |
|
|
(c) property, plant and equipment |
(2) |
(2) |
|
|
(d) exploration & evaluation |
(211) |
(1,253) |
|
|
(e) investments |
– |
– |
|
|
(f) other non-current assets |
– |
– |
|
|
2.2 |
Proceeds from the disposal of: |
– |
– |
|
(a) entities |
|||
|
(b) tenements |
– |
– |
|
|
(c) property, plant and equipment |
– |
– |
|
|
(d) investments |
– |
– |
|
|
(e) other non-current assets |
– |
– |
|
|
2.3 |
Cash flows from loans to other entities |
– |
– |
|
2.4 |
Dividends received (see note 3) |
– |
– |
|
2.5 |
Other (provide details if material) |
– |
– |
|
2.6 |
Net cash from / (used in) investing activities |
(213) |
(1,255) |
|
3. |
Cash flows from financing activities |
– |
4,164 |
|
3.1 |
Proceeds from issues of equity securities (excluding convertible debt securities) |
||
|
3.2 |
Proceeds from issue of convertible debt securities |
– |
– |
|
3.3 |
Proceeds from exercise of options |
– |
– |
|
3.4 |
Transaction costs related to issues of equity securities or convertible debt securities |
(18) |
(154) |
|
3.5 |
Proceeds from borrowings |
– |
– |
|
3.6 |
Repayment of borrowings |
– |
– |
|
3.7 |
Transaction costs related to loans and borrowings |
– |
– |
|
3.8 |
Dividends paid |
– |
– |
|
3.9 |
Other (provide details if material) |
– |
– |
|
3.10 |
Net cash from / (used in) financing activities |
(18) |
4,010 |
|
4. |
Net increase / (decrease) in cash and cash equivalents for the period |
||
|
4.1 |
Cash and cash equivalents at beginning of period |
10,715 |
8,674 |
|
4.2 |
Net cash from / (used in) operating activities (item 1.9 above) |
(1,164) |
(2,111) |
|
4.3 |
Net cash from / (used in) investing activities (item 2.6 above) |
(213) |
(1,255) |
|
4.4 |
Net cash from / (used in) financing activities (item 3.10 above) |
(18) |
4,010 |
|
4.5 |
Effect of movement in exchange rates on cash held |
(2) |
– |
|
4.6 |
Cash and cash equivalents at end of period |
9,318 |
9,318 |
|
5. |
Reconciliation of cash and cash equivalents |
Current quarter |
Previous quarter |
|
5.1 |
Bank balances |
1,818 |
2,715 |
|
5.2 |
Call deposits |
7,500 |
8,000 |
|
5.3 |
Bank overdrafts |
– |
– |
|
5.4 |
Other (provide details) |
– |
– |
|
5.5 |
Cash and cash equivalents at end of quarter (should equal item 4.6 above) |
9,318 |
10,715 |
|
6. |
Payments to related parties of the entity and their associates |
Current quarter |
|
6.1 |
Aggregate amount of payments to related parties and their associates included in item 1 |
(241) |
|
6.2 |
Aggregate amount of payments to related parties and their associates included in item 2 |
– |
|
Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. |
||
|
7. |
Financing facilities Add notes as necessary for an understanding of the sources of finance available to the entity. |
Total facility amount at quarter end |
|
|
7.1 |
Loan facilities |
18,040* |
15,709 |
|
7.2 |
Credit standby arrangements |
– |
– |
|
7.3 |
Other (please specify) |
– |
– |
|
7.4 |
Total financing facilities |
18,040* |
15,709 |
|
|
|||
|
7.5 |
Unused financing facilities available at quarter end |
2,331 |
|
|
7.6 |
Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. |
||
|
On 30 June 2020, the Company executed a Litigation Funding Agreement (LFA) for US$12.3 million (*now worth A$18.0 million with the movement of the A$ compared to the $US) with LCM Funding UK Limited a subsidiary of Litigation Capital Management Limited (LCM), to pursue damages claims in relation to the investment dispute between GreenX and the Polish Government that has arisen out of certain measures taken by Poland in breach of the Energy Charter Treaty and the Australia – Poland Bilateral Investment Treaty (BIT). LCM will provide up to US$12.3million (~A$18.0 million), denominated in US$, in limited recourse financing which is repayable to LCM in the event of a successful Claim or settlement of the Dispute that results in the recovery of any monies. If there is no settlement or award, then LCM is not entitled to any repayment of the financing facility. In return for providing the financing facility, LCM shall be entitled to receive repayment of any funds drawn plus an amount equal to between two and five times the total of any funds drawn from the funding facility during the first five years, depending on the time frame over which funds have remained drawn, and then a 30% interest rate after the fifth year until receipt of damages payments. |
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|
8. |
Estimated cash available for future operating activities |
$A’000 |
|
8.1 |
Net cash from / (used in) operating activities (item 1.9) |
(1,164) |
|
8.2 |
(Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) |
(211) |
|
8.3 |
Total relevant outgoings (item 8.1 + item 8.2) |
(1,375) |
|
8.4 |
Cash and cash equivalents at quarter end (item 4.6) |
9,318 |
|
8.5 |
Unused finance facilities available at quarter end (item 7.5) |
2,331 |
|
8.6 |
Total available funding (item 8.4 + item 8.5) |
11,649 |
|
8.7 |
Estimated quarters of funding available (item 8.6 divided by item 8.3) |
8 |
|
Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. |
||
|
8.8 |
If item 8.7 is less than 2 quarters, please provide answers to the following questions: |
|
|
8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? |
||
|
Answer: Not applicable |
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|
8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? |
||
|
Answer: Not applicable |
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8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? |
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|
Answer: Not applicable |
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Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered. |
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Compliance statement
1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters disclosed.
Date: 31 January 2024
Authorised by: Company Secretary
(Name of body or officer authorising release – see note 4)
Notes
1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.
2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.
3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.
4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – eg Audit and Risk Committee]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”.
5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.
ECR Minerals #ECR – Review of Lolworth Project
ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to provide the following overview of its Lolworth Project in Queensland. The 2023 field work season concluded with soil sampling which, together with exploration work already undertaken, has provided the Company with a solid overview of the project area and, importantly, a guide for the next phase of exploration this year.
HIGHLIGHTS
- Reedy Creek returned best rock chips of 22g/t with stream samples of 205 PPM.
- Gorge Creek returned rock chips of 75g/t with stream samples of 1395 PPM.
- Butterfly Creek reported stream samples of 962 PPM.
- An overview of soil, rock chip and stream sediment sampling indicate that the best-ranking gold prospects so far may be Flaggy Creek, Butterfly Creek and Gorge Creek West areas. Other prospects identified but yet to be explored in more detail include Brumby Creek and Gorge Creek East where our soil sampling campaign demonstrated sporadic anomalous gold.
- Laboratory results have been received for soil sampling completed at Flaggy Creek and Reedy Creek West. Peak gold results in soils at Flaggy Creek include 0.41 g/t Au, 0.19 g/t Au and 0.13 g/t Au. The results align to an obscure North-Easterly trend. Anomalous peak results of lead within these soils correlate adjacent to previous rock-chipped gold-bearing veins. Best results from soil sampling at Reedy Creek West were 2.01 g/t Au. Early interpretations of geochemistry results show these are near to a possible geological boundary.
- Previous pan concentrate sampling identified Oaky Creek to be carrying good values of Niobium and Tantalum (Nb-Ta) mineralisation. Follow-up soil sampling led to specific outcropping areas that are yet to be sampled and mapped.
- Similar geological rock types associated with Nb-Ta mineralisation at Oaky Creek have been noted to exist within the eastern boundary of the Lolworth tenements. No modern exploration has been undertaken within this region before.
ECR Technical Director Adam Jones commented: “We took on Lolworth as a ‘greenfield’ project and, with some 900 square km of ground to explore, we believed that it was within a geological province that had every potential for significant discoveries for ECR Minerals. Our work in 2023 has gone some way to endorse that, proving that gold exists in multiple places within the project area. Our soil sampling results back up the high-grade stream sedimentary samples and rock chips reported in 2023. By definition work at surface, whilst early stage, is designed to predict what may occur in greater concentrations at deeper levels and the widespread presence of gold in our sample results increases our confidence in both the prospectivity and potential scale of the Lolworth resource.”
Mike Whitlow Chief Operating Officer said: “The conclusion of the 2023 field work season at Lolworth has given us a solid platform from which to plan the next stage of our reconnaissance programme. We have identified several locations to hone in on and we believe that there are still other gold sources that can be followed up over in the coming year. Alongside the gold, we also have found the presence of the sought after Niobium-Tantalum Rare Earth minerals and, whilst this is only an initial indication, we expect this story will continue to develop. Our work for the 2024 season in Queensland is likely to include trench sampling and drill target generation. Additionally, we look forward to updating shareholders as operations continue In Victoria.”
OVERVIEW OF GOLD EXPLORATION TO DATE
The Lolworth Project is located approximately 120km west of the historic gold mining centre of Charters Towers, North Queensland, Australia. The project consists of three exploration tenements (EPM27901, EPM27902 and EPM27903) covering over 900 square kilometres of ground where numerous Gold, Niobium and REE anomalies have been identified within the project. The operations are being explored by LUX Exploration Pty Ltd, a wholly-owned subsidiary of ECR.
Exploration has been undertaken by methods of stream sampling (heavy pan concentrate sampling), rock chip (outcrop mapping) and soil sampling over prospective ridgelines. The Lolworth Project covers over 900 km2 of exploration ground. The host rocks have undergone some degree of alteration by intrusive rocks and pegmatites and hence are favourable for exploring for multiple commodities. Approximately 700km2 of the project has now been initially explored by stream sampling. Gold, Niobium-Tantalum and REE (in particular Neodymium) are the main commodities discovered from the stream sampling programmes. The gold prospects of interest are named Gorge Creek West, Gorge Creek East, Reedy Creek, and of recent discovery Flaggy Creek, Butterfly Creek and Reedy Creek West. The main focus of Niobium-Tantalum exploration has been at Oaky Creek. See Figure One for locations in the project area. Best results from exploration to date are included in Table One below.
Figure One: Lolworth Project Prospects
All gold prospects have been found from following up positive stream sampling results and now are targeting the hill slopes above such streams, looking for the source of the gold. The directors consider the results to be outstanding. Visible gold has often been found in creeks that have had no modern exploration. Best results to date include 1395 ppm Au (Gorge Creek), 962 ppm Au (Butterfly Creek), 594 ppm Au (Reedy Creek). Multiple clusters of gold mineralisation have been found in specific streams of Flaggy Creek, Gorge Creek West, Reedy Creek West and Butterfly Creek. This has led to outcrop sampling and mapping and soil sampling firstly at Flaggy Creek and Gorge Creek West. Further detailed work has been planned for Reedy Creek and Butterfly Creek and will include geological mapping and outcrop sampling and detailed soil sampling. The ridgeline between Reedy Creek and Butterfly Creek which the gold bearing creeks are draining from is an area over 1km in strike length to explore in detail.
NIOBIUM-TANTALUM AND REE EXPLORATION
Critical listed minerals Niobium-Tantalum (Nb-Ta) and other REE (Neodymium) have been discovered in the Oaky Creek drainage system. High Niobium and Tantalum results from pan concentrate sampling in the headwaters of Oaky Creek led to the completion of a regional soil sampling programme over the adjacent hillslopes. Results from this show the best Niobium concentrations in soils (up to 146 ppm Nb) (see RNS September 25 2023 here). A mapping and sampling programme over the immediate outcrop of the best Niobium results is planned for 2024. Elevated Nb-Ta and REE results are associated with a mapped pegmatitic intrusive complex. The same type of rock outcrop has been noted to occur on the eastern province of the Lolworth Project area. The field team will access the streams within this eastern province to investigate the potential for gold and critical minerals.
FLAGGY CREEK AND REEDY CREEK WEST SOIL SAMPLING RESULTS
Results from a soil sampling programme centred around a cluster of gold bearing creeks discovered by pan concentrate sampling at Flaggy Creek (previously called Woolshed Creek) and Reedy Creek West has been received. Initial rock chip and outcrop mapping at one notable hillslope at Flaggy Creek were reported last October (see RNS 31st October 31 2023 here). Best results from rock chip and outcrop mapping included 4.66 g/t Au, 3.97 g/t Au and 3.28 g/t Au. Gold has also been discovered in quartz fragments that is lying on the nearby surface, indicating gold veinlets in a primary source is nearby. Where visible, the quartz veining at Flaggy Creek is running in groups of narrow veins that lie parallel to each other. The veins can be traced along the surface for 70 metres before passing under soil cover. The anecdotal evidence from surface scree and fragments shows the parallel veins to be in a zonation of up to 100m wide. The potential size of this zonation is what makes Flaggy Creek an attractive gold exploration target. The soil sampling programme has been completed north and south of these discovered veins, the target being to discover any gold values in soils that are potentially hiding other parallel gold veins hiding under the shallow soil cover. The best gold results from the soil sampling were 0.41 g/t Au, 0.19 g/t Au and 0.13 g/t Au (see Table Two), highlighting three ‘spot’ anomalies which lie along a discrete north-easterly trend. (see Figure Two). This north-easterly trend also correlates to the upper source line of the gold found in the surrounding streams. Interestingly, lead is elevated in the soil immediately surrounding the known gold bearing veins and is now looked at being a pathfinder element to the proximity to gold veins. Lead results are also elevated in previous best gold results from rock chipping. The best gold result from this soil sampling is located to the north-east of the already mapped veins. ECR has not mapped these new anomalous areas and will extend mapping and sampling of visible outcrop to these new areas this year.
Figure Two: Flaggy Creek Exploration Update
A soil sampling programme was also completed over the headwaters of three gold bearing creeks that drain into the western side of Reedy Creek. Previous pan concentrate sampling revealed plenty of visible gold backed up with good laboratory results within these creeks. One spot gold anomaly of 2.01 g/t Au was picked up in the soil sampling results. An abrupt boundary where background higher values of lead concentration in soil is higher in the southern half of the soil sampling (see Figure Three). Early interpretations show this boundary is likely coincide with a geological boundary. Field staff reported the nearby soil to be red (from iron) and contain quartz float which are evidently from nearby quartz veins. Mapping and sampling of all quartz veining within the anomalous area and near the geological contact will be completed this year.
Figure Three: Reedy Creek West Exploration Update
Table One. Some of the best results from exploration at the Lolworth Project to date (see previous announcements).
NOTE: (1 ppm Au = 1 g/t Au)
| PROSPECT | EXPLORATION METHOD | Easting | Northing | Au g/t | Pb ppm | Announcement Date |
| Gorge Creek | Stream Sampling | 314342.3 | 7749643 | 1395 | n/a | 23/03/23 |
| Butterfly Creek | Stream Sampling | 310193.5 | 7749951 | 962 | n/a | 20/11/23 |
| Butterfly Creek | Stream Sampling | 310289 | 7750626 | 594 | n/a | 8/8/23 |
| Reedy Creek | Stream Sampling | 310475.6 | 7751531 | 205 | n/a | 23/03/23 |
| Gorge Creek West | Stream Sampling | 314025 | 7751352 | 152.5 | n/a | 12/12/22 |
| Butterfly Creek | Stream Sampling | 310247.8 | 7750052 | 139 | n/a | 20/11/23 |
| Reedy Creek | Stream Sampling | 309411.5 | 7750724 | 138 | n/a | 8/8/23 |
| Reedy Creek West | Stream Sampling | 308154.7 | 7751007 | 128 | n/a | 25/9/23 |
| Reedy Creek West | Stream Sampling | 308394.7 | 7751332 | 60.9 | n/a | 25/9/23 |
| Reedy Creek | Stream Sampling | 310359.1 | 7752184 | 51 | n/a | 01/02/23 |
| Reedy Creek | Rock Chip | 309345.6 | 7750941 | 22.00 | 104 | 15/8/23 |
| Gorge Creek West | Rock Chip | 313557.5 | 7751157 | 13.75 | 14250 | 23/10/23 |
| Gorge Creek East | Rock Chip | 314942.4 | 7751994 | 8.02 | 199 | 20/10/23 |
| Flaggy Creek | Rock Chip | 298711.6 | 7760551 | 6.05 | 267 | 31/10/23 |
| Flaggy Creek | Rock Chip | 298696.6 | 7760564 | 5.96 | 751 | 31/10/23 |
| Flaggy Creek | Rock Chip | 298694 | 7760685 | 4.73 | 542 | 01/02/23 |
| Flaggy Creek | Rock Chip | 298697.5 | 7760694 | 4.66 | 480 | 31/10/23 |
| Flaggy Creek | Rock Chip | 298694.4 | 7760683 | 3.97 | 91 | 31/10/23 |
| Flaggy Creek | Rock Chip | 298705.1 | 7760729 | 3.28 | 685 | 31/10/23 |
| Flaggy Creek | Rock Chip | 298701.1 | 7760710 | 3.19 | 3270 | 31/10/23 |
| Gorge Creek West | Rock Chip | 313268.9 | 7751424 | 3.13 | 375 | 20/10/23 |
| Flaggy Creek | Soil Sampling | 298875.9 | 7760698 | 0.41 | 8 | This announcement |
| Flaggy Creek | Soil Sampling | 313239 | 7751347 | 0.39 | 12 | This announcement |
| Flaggy Creek | Soil Sampling | 313198.6 | 7751347 | 0.32 | 11 | This announcement |
| Flaggy Creek | Soil Sampling | 299071.3 | 7761011 | 0.19 | 4 | This announcement |
| Flaggy Creek | Soil Sampling | 313267 | 7751305 | 0.18 | 17 | This announcement |
| Flaggy Creek | Soil Sampling | 313295.6 | 7751171 | 0.13 | 18 | This announcement |
| Flaggy Creek | Soil Sampling | 298434.6 | 7760314 | 0.13 | 12 | This announcement |
| Reedy Creek West | Soil Sampling | 308349.2 | 7751205 | 2.01 | n/a | This announcement |
Table Two. Latest Gold results above reportable levels (>0.01 ppm Au) for Soil Sampling at Flaggy Creek and Reedy Creek, Lolworth Project.
NOTE: (1 ppm Au = 1 g/t Au)
| PROSPECT | SAMPLEID | EASTING
(GDA94 Zone 55) |
NORTHING
(GDA94 Zone 55) |
Au ppm |
| Reedy Creek West | LWL3650 | 308349.2 | 7751205 | 2.01 |
| Reedy Creek West | LWL3610 | 308190.5 | 7751091 | 0.03 |
| Reedy Creek West | LWL3616 | 308317 | 7751089 | 0.02 |
| Flaggy Creek | LWL3400 | 298875.9 | 7760698 | 0.41 |
| Flaggy Creek | LWL3439 | 299071.3 | 7761011 | 0.19 |
| Flaggy Creek | LWL3179 | 298434.6 | 7760314 | 0.13 |
| Flaggy Creek | LWL3394 | 298908.6 | 7760741 | 0.09 |
| Flaggy Creek | LWL3438 | 299105.6 | 7760974 | 0.09 |
| Flaggy Creek | LWL3493 | 299497.2 | 7761071 | 0.07 |
| Flaggy Creek | LWL3038 | 298725.4 | 7760724 | 0.05 |
| Flaggy Creek | LWL3487 | 299377.4 | 7761287 | 0.05 |
| Flaggy Creek | LWL3408 | 299380 | 7760838 | 0.04 |
| Flaggy Creek | LWL3007 | 298717.2 | 7760799 | 0.03 |
| Flaggy Creek | LWL3029 | 298626 | 7760805 | 0.03 |
| Flaggy Creek | LWL3039 | 298703.8 | 7760737 | 0.03 |
| Flaggy Creek | LWL3068 | 298698.7 | 7760697 | 0.03 |
| Flaggy Creek | LWL3359 | 299052.5 | 7760806 | 0.03 |
| Flaggy Creek | LWL3374 | 298983.1 | 7760815 | 0.03 |
| Flaggy Creek | LWL3403 | 298790.9 | 7760822 | 0.03 |
| Flaggy Creek | LWL3448 | 299056.1 | 7760954 | 0.03 |
| Flaggy Creek | LWL3452 | 299193.7 | 7760809 | 0.03 |
| Flaggy Creek | LWL3009 | 298760.6 | 7760774 | 0.02 |
| Flaggy Creek | LWL3014 | 298715.6 | 7760777 | 0.02 |
| Flaggy Creek | LWL3033 | 298712.5 | 7760755 | 0.02 |
| Flaggy Creek | LWL3043 | 298617.3 | 7760787 | 0.02 |
| Flaggy Creek | LWL3110 | 298730 | 7760585 | 0.02 |
| Flaggy Creek | LWL3123 | 298549.3 | 7760597 | 0.02 |
| Flaggy Creek | LWL3268 | 298863.9 | 7760492 | 0.02 |
| Flaggy Creek | LWL3380 | 298948.6 | 7760771 | 0.02 |
| Flaggy Creek | LWL3402 | 298819.2 | 7760780 | 0.02 |
| Flaggy Creek | LWL3453 | 299228.1 | 7760773 | 0.02 |
| Flaggy Creek | LWL3464 | 299386.8 | 7760934 | 0.02 |
| Flaggy Creek | LWL3468 | 299325.6 | 7761125 | 0.02 |
REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON
This announcement has been reviewed by Adam Jones, Technical Director of Exploration at ECR Minerals plc. Adam Jones is a professional geologist and is a Member of the Australian Institute of Geoscientists (MAIG). He is a qualified person as that term is defined by the AIM Note for Mining, Oil and Gas Companies.
FOR FURTHER INFORMATION, PLEASE CONTACT:
| ECR Minerals plc | Tel: +44 (0) 20 7929 1010 | |||
| David Tang, Non-Executive Chairman
Nick Tulloch, Managing Director Andrew Scott, Director |
||||
| Email: | ||||
| Website: www.ecrminerals.com | ||||
| WH Ireland Ltd | Tel: +44 (0) 207 220 1666 | |||
| Nominated Adviser
Katy Mitchell / Andrew de Andrade |
||||
| SI Capital Ltd | Tel: +44 (0) 1483 413500 | |||
| Broker | ||||
| Nick Emerson | ||||
| Novum Securities Limited | Tel: +44 (0) 20 7399 9425 | |||
| Broker
Jon Belliss |
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| Brand Communications | Tel: +44 (0) 7976 431608 | |||
| Public & Investor Relations | ||||
| Alan Green | ||||
ABOUT ECR MINERALS PLC
ECR Minerals is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”) has 100% ownership of the Bailieston and Creswick gold projects in central Victoria, Australia, has eight active exploration tenements and two in application (Ballarat and Tambo).
ECR also owns 100% of an Australian subsidiary LUX Exploration Pty Ltd (“LUX”), which has three approved exploration permits covering 946 km2 over a relatively unexplored area in Lolworth Range, Queensland, Australia. The Company has also submitted a license application at Kondaparinga which is approximately 120km2 in area and located within the Hodgkinson Gold Province, 80km NW of Mareeba, North Queensland.
Following the sale of the Avoca, Moormbool and Timor gold projects in Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX) and the subsequent spin-out of the Avoca and Timor projects to Leviathan Gold Ltd (TSX-V: LVX), Mercator Gold Australia Pty Limited has the right to receive up to A$2 million in payments subject to future resource estimation or production from projects sold to Fosterville South Exploration Limited.
ECR holds a 90% interest in the Danglay gold project; an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines, which has a 43-101 compliant resource. ECR also holds a royalty on the SLM gold project in La Rioja Province, Argentina and can potentially receive up to US$2.7 million in aggregate across all licences
#SVML Sovereign Metals LTD – Result of AGM
The Annual General Meeting (AGM) of Sovereign Metals Limited (Company) (ASX:SVM, AIM:SVML) was held today, 24 November 2023, at 10.00am (AWST).
The resolutions voted on were in accordance with the Notice of AGM previously advised to shareholders. All resolutions were decided on and carried by way of poll.
In accordance with Section 251AA of the Corporations Act 2001 and ASX Listing Rule 3.13.2, the details of the poll and proxies received in respect of each resolution are set out in the below summary.
ENQUIRIES
|
Dylan Browne Company Secretary info@sovereignmetals.com |
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Nominated Adviser on AIM and Joint Broker |
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SP Angel Corporate Finance LLP |
+44 20 3470 0470 |
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Ewan Leggat Charlie Bouverat Harry Davies-Ball |
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Joint Brokers |
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Berenberg |
+44 20 3207 7800 |
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Matthew Armitt |
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Jennifer Lee |
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Tavistock PR |
+44 20 7920 3150 |
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Resolution |
Number of Proxy Votes |
Number and Percentage of Votes cast on the Poll |
Voting Method and Result |
|||||
|
For |
Against |
Abstain |
Proxy’s Discretion |
For |
Against |
Abstain |
||
|
1. Remuneration Report |
5,664,686 |
22,000 |
19,101,151 |
2,471,598 |
9,795,986 |
22,000 |
19,101,151 |
Carried on vote by poll |
|
2. Re-election of Director – Mr Ian Middlemas |
23,241,037 |
1,546,800 |
– |
2,471,598 |
27,372,337 |
1,546,800 |
– |
Carried on vote by poll |
|
3. Re-election of Director – Dr Julian Stephens |
23,241,037 |
1,546,800 |
– |
2,471,598 |
27,372,337 |
1,546,800 |
– |
Carried on vote by poll |
|
4. Renewal of Employee Incentive Equity Plan |
19,359,686 |
10,000 |
5,418,151 |
2,471,598 |
23,490,986 |
10,000 |
5,418,151 |
Carried on vote by poll |
|
5. Issue of Performance Rights to a Director – Mr Benjamin Stoikovich |
4,116,886 |
1,569,800 |
19,101,151 |
2,471,598 |
8,248,186 |
1,569,800 |
19,101,151 |
Carried on vote by poll |
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6. Issue of Performance Rights to a Director – Mr Mark Pearce |
4,116,886 |
1,569,800 |
19,101,151 |
2,471,598 |
8,248,186 |
1,569,800 |
19,101,151 |
Carried on vote by poll |
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7. Issue of Performance Rights to a Director – Mr Nigel Jones |
4,116,886 |
1,569,800 |
19,101,151 |
2,471,598 |
8,248,186 |
1,569,800 |
19,101,151 |
Carried on vote by poll |
|
8. Approval of Additional 10% Placement Capacity |
24,715,837 |
72,000 |
– |
2,471,598 |
28,847,137 |
72,000 |
– |
Carried on vote by poll |
Issue of Performance Rights
Following the shareholder approval of resolutions 5 to 7 today, the Company has issued 1,750,000 unlisted performance rights to Directors as disclosed in the Notice of AGM as follows:
· 700,000 performance rights subject to the “Grant of Mining Licence Milestone” that have no exercise price and expire 31 March 2026; and
· 1,050,000 performance rights subject to the “Final Investment Decision Milestone” that have no exercise price and expire 30 June 2026.
Following the issue of these performance rights, the Company has the following securities on issue:
· 563,003,401 fully paid ordinary shares;
· 34,549,598 unlisted options exercisable at A$0.535 each on or before 21 July 2024;
· 9,110,000 unlisted performance rights subject to the “Definitive Feasibility Study Milestone” expiring on or before 31 October 2025;
· 3,150,000 unlisted performance rights subject to the “Grant of Mining Licence Milestone” that have no exercise price and expire 31 March 2026; and
· 4,150,000 unlisted performance rights subject to the “Final Investment Decision Milestone” that have no exercise price and expire 30 June 2026.
Change of Directors’ Interest Notices are provided below.
Appendix 3Y
Change of Director’s Interest Notice
Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.
Introduced 30/09/01 Amended 01/01/11
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Name of entity SOVEREIGN METALS LIMITED |
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ABN 71 120 833 427 |
A)
We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.
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Name of Director |
Benjamin Stoikovich |
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Date of last notice |
29 September 2023 |
Part 1 – Change of director’s relevant interests in securities
In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust
Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.
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Direct or indirect interest |
Direct and Indirect
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Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.
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Selwyn Capital Limited (beneficial interest)
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Date of change |
24 November 2023 |
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No. of securities held prior to change |
(a) 4,190,000 (b) 600,000 (c) – (d) – |
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Class |
(a) Ordinary Fully Paid Shares (b) Unlisted Performance Rights subject to the “Definitive Feasibility Study Milestone” expiring 31 October 2025 (c) Unlisted Performance Rights subject to the Grant of Mining Licence Milestone” expiring 31 March 2026 (d) Unlisted Performance Rights subject to the “Final Investment Decision Milestone” expiring 30 June 2026 |
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Number acquired |
(c) 350,000 (d) 500,000 |
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Number disposed |
Not applicable |
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Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation
|
Not applicable – see nature of change below |
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No. of securities held after change |
(a) 4,190,000 (b) 600,000 (c) 350,000 (d) 500,000 |
|
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back |
Issue of Performance Rights following shareholder approval |
Part 2 – Change of director’s interests in contracts
Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.
|
Detail of contract |
Not applicable |
|
Nature of interest
|
Not applicable |
|
Name of registered holder (if issued securities)
|
Not applicable |
|
Date of change |
Not applicable |
|
No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed
|
Not applicable |
|
Interest acquired |
Not applicable |
|
Interest disposed |
Not applicable |
|
Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation
|
Not applicable |
|
Interest after change |
Not applicable |
Part 3 – +Closed period
|
Were the interests in the securities or contracts detailed above traded during a +closed period where prior written clearance was required? |
No |
|
If so, was prior written clearance provided to allow the trade to proceed during this period? |
Not applicable |
|
If prior written clearance was provided, on what date was this provided? |
Not applicable |
|
Initial notification/Amendment |
Initial |
|
LEI |
213800NSPXSASTENFQ34 |
|
Place of transaction |
Australian Securities Exchange (ASX) |
Appendix 3Y
Change of Director’s Interest Notice
Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.
Introduced 30/09/01 Amended 01/01/11
|
Name of entity SOVEREIGN METALS LIMITED |
|
ABN 71 120 833 427 |
B)
We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.
|
Name of Director |
Mark Pearce |
|
Date of last notice |
29 September 2023 |
Part 1 – Change of director’s relevant interests in securities
In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust
Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.
|
Direct or indirect interest |
Direct and Indirect
|
|
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.
|
· Mr Mark Pearce and Mrs Natasha Pearce <NMLP Family A/C> (trustee and beneficial interest) · Apollo Group Pty Ltd (director and indirect shareholder) · Crystal Brook Investments Pty Ltd (director and beneficial interest)
|
|
Date of change |
24 November 2023 |
|
No. of securities held prior to change |
(a) 4,520,842 (b) 300,000 (c) – (d) – |
|
Class |
(a) Ordinary Fully Paid Shares (b) Unlisted Performance Rights subject to the “Definitive Feasibility Study Milestone” expiring 31 October 2025 (c) Unlisted Performance Rights subject to the Grant of Mining Licence Milestone” expiring 31 March 2026 (d) Unlisted Performance Rights subject to the “Final Investment Decision Milestone” expiring 30 June 2026 |
|
Number acquired |
(c) 250,000 (d) 400,000
|
|
Number disposed |
Not applicable
|
|
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation
|
Not applicable – see nature of change below
|
|
No. of securities held after change |
(a) 4,520,842 (b) 300,000 (c) 250,000 (d) 400,000 |
|
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back |
Issue of Performance Rights following shareholder approval |
Part 2 – Change of director’s interests in contracts
Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.
|
Detail of contract |
Not applicable |
|
Nature of interest |
Not applicable |
|
Name of registered holder (if issued securities) |
Not applicable |
|
Date of change |
Not applicable |
|
No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed
|
Not applicable |
|
Interest acquired |
Not applicable |
|
Interest disposed |
Not applicable |
|
Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation
|
Not applicable |
|
Interest after change |
Not applicable |
Part 3 – +Closed period
|
Were the interests in the securities or contracts detailed above traded during a +closed period where prior written clearance was required? |
No |
|
If so, was prior written clearance provided to allow the trade to proceed during this period? |
Not applicable |
|
If prior written clearance was provided, on what date was this provided? |
Not applicable |
|
Initial notification/Amendment |
Initial |
|
LEI |
213800NSPXSASTENFQ34 |
|
Place of transaction |
Australian Securities Exchange (ASX) |
Appendix 3Y
Change of Director’s Interest Notice
Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.
Introduced 30/09/01 Amended 01/01/11
|
Name of entity SOVEREIGN METALS LIMITED |
|
ABN 71 120 833 427 |
C)
We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.
|
Name of Director |
Nigel Jones |
|
Date of last notice |
29 September 2023 |
Part 1 – Change of director’s relevant interests in securities
In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust
Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.
|
Direct or indirect interest |
Indirect
|
|
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.
|
Redbeck Partners Ltd (beneficial interest) |
|
Date of change |
24 November 2023 |
|
No. of securities held prior to change |
(e) 225,000 (f) 300,000 (g) – (h) –
|
|
Class |
(e) Ordinary Fully Paid Shares (f) Unlisted Performance Rights subject to the “Definitive Feasibility Study Milestone” expiring 31 October 2025 (g) Unlisted Performance Rights subject to the Grant of Mining Licence Milestone” expiring 31 March 2026 (h) Unlisted Performance Rights subject to the “Final Investment Decision Milestone” expiring 30 June 2026 |
|
Number acquired |
(c) 100,000 (d) 150,000 |
|
Number disposed |
Not applicable |
|
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation
|
Not applicable – see nature of change below |
|
No. of securities held after change |
(a) 225,000 (b) 300,000 (c) 100,000 (d) 150,000
|
|
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back |
Issue of Performance Rights following shareholder approval |
Part 2 – Change of director’s interests in contracts
Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.
|
Detail of contract |
Not applicable |
|
Nature of interest
|
Not applicable |
|
Name of registered holder (if issued securities)
|
Not applicable |
|
Date of change |
Not applicable |
|
No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed
|
Not applicable |
|
Interest acquired |
Not applicable |
|
Interest disposed |
Not applicable |
|
Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation
|
Not applicable |
|
Interest after change |
Not applicable |
Part 3 – +Closed period
|
Were the interests in the securities or contracts detailed above traded during a +closed period where prior written clearance was required? |
No |
|
If so, was prior written clearance provided to allow the trade to proceed during this period? |
Not applicable |
|
If prior written clearance was provided, on what date was this provided? |
Not applicable |
|
Initial notification/Amendment |
Initial |
|
LEI |
213800NSPXSASTENFQ34 |
|
Place of transaction |
Australian Securities Exchange (ASX) |