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#FDR First Development Resources – Selta Project Update
7th December 2023 / Leave a comment
Power Metal Resources plc (AIM:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, announces an exploration update for the First Development Resources Plc (“FDR”) Selta Project (“Selta” or the “Project”) located in the Northern Territory of Australia. Power Metal holds a 58.59% interest in FDR.
To develop the Company’s understanding of the Selta Project, FDR commissioned an Australian-based consultancy to complete a high-level geophysical and geographical information system (“GIS”) based desktop study (“the Study”) on the Selta Project’s mineral exploration potential and prospectivity to further develop target areas for follow-up field inspection on completion of the planned FDR initial public offering (“IPO”). The Study has now been received and the findings are reported below.
HIGHLIGHTS:
· Significant expansion of existing rare-earth element (“REE”) and lithium (“Li”) exploration target area, and generation of new target areas building on previous ground-based exploration and desk-based data reviews carried out by FDR.
· Following detailed compilation of historical drilling and surface geochemical data into comprehensive datasets, specific mineral exploration target areas were established for orogenic gold (“Au”) and base metals, including inferences on the potential for iron-oxide copper-gold (“IOCG”) and iron-sulphide copper-gold (“ISCG”) mineralisation within the Project area.
· Specifically, the Study has enhanced FDR’s understanding of the potential within target areas identified for REE mineralisation having a similar geological setting to Arafura Rare Earths Ltd’s (ASX: ARU) nearby Nolans Project, together with lithium-caesium-tantalum (“LCT”) pegmatites relating to the same fractionated granite intrusions sourcing REE, tin and tantalum mineralisation just to the south and east.
· The outputs from the Study have provided a more geologically focussed summation of the mineral prospectivity within Selta and provide an inventory of prioritised target areas across multiple minerals and metal styles An exploration strategy is now being developed to systematically test the identified targets.
Tristan Pottas, Chief Executive Officer of FDR, commented:
“FDR has continued to work proactively to advance its business interests in advance of the planned IPO which it hopes to resume as soon as Market conditions allow.
With the company’s Wallal Project in Western Australia fully prepared for drilling, our attention has turned to the Selta Project where previous mineral explorers identified a number of high-profile gold and base metal targets and paving the way for FDR to identity REE and LCT pegmatite targets. Our updated mineral target inventory has been significantly boosted with the findings announced today, including notably gold and base metals in historical drilling, along with the realisation that the province is also prospective for IOCG and ISCG targets.
At Wallal, we are drill ready and eagerly looking to commence deep drilling on high priority gold targets at the earliest opportunity, commencing with the magnetic bullseye Eastern Anomaly target which we believe bears striking geophysical similarity to the Havieron discovery made by Greatland Gold plc in the same Paterson province as Wallal.”
Sean Wade, Chief Executive Officer of Power Metal Resources PLC, commented:
“Our intended IPO for FDR is taking longer than anticipated due to stagnant market conditions for capital raisings. To keep the IPO process moving forward, FDR brought forward the study on Selta which was previously planned to be completed post-IPO. Working within the constraints of a tight budget, the team worked closely with experts in Australia to enhance our already compelling exploration case for the Selta Project.
I am confident that FDR’s updated exploration target areas add substantially to the investment case for FDR and will help to take the Company forward for obtaining funding to aggressively explore these target areas. We look forward to updating the market on FDR’s next steps in due course”.
BACKGROUND:
In preparation for FDR’s planned IPO and admission to the London markets, and to aid in planning focussed fieldwork upon listing, FDR commissioned Perth, Western Australia (“WA”), based consultancy Resource Potentials Pty Ltd (“ResPot”) to complete a geophysical and GIS-based desktop study on the mineral exploration potential of FDR’s Selta Project mineral exploration tenements located in the Central Arunta Region of Australia’s Northern Territory (Figure 1).
The Study undertaken by ResPot compiled publicly available historical exploration datasets to help assess the mineral deposit potential of Selta and generate and prioritise target areas for aggressive exploration post FDR’s IPO and included
– detailed compilation and review of historical mineral exploration reports and technical data sets;
– compilation, processing, imaging, digitisation and review of publicly available open-file company and government datasets consisting of drilling, geophysical, geochemical, and geological datasets, and results; and
– the Study also included establishing comprehensive modern data from historical drilling and surface geochemical sampling to advance the Study and highlight new target areas of interest.
Prior to the Study, FDR identified multiple uranium and REE targets within the Selta Project area and also highlighted the potential for lithium, gold and base-metal mineralisation. Prior fieldwork completed by FDR allowed for limited testing of lithium targets within the southern portion of the Project by identifying and sampling pegmatite outcrops, but the FDR technical team felt that considering the Project’s large size, complex geology and previous exploration history, a further modern and comprehensive data compilation and targeting study was warranted.
The Study has now identified the potential for multiple target minerals, including:
– REEs geologically similar to the Nolans Project and ionic clay type REE mineralisation in weathered fractionated granite;
– LCT-pegmatites;
– Lode gold in Lander Rock meta-sediment-volcanic greenstone belt; and
– Base metals in a skarn setting, specifically for tungsten, molybdenum tin and silver similar to the Molyhill Project tungsten deposit, held by Thor Energy PLC (ASX / AIM: THR), to the east.
The study also mentions the potential for IOCG and ISCG mineralisation surrounding intrusive bodies sourcing similar styles of mineralisation within the broader Arunta mineral province.
Figure 1: Selta Project regional setting in relation to existing deposits and known mineral occurrences.
SELTA PROJECT – DATA COMPILATION AND REVIEW
Concurrent with the Study, ResPot liaised with WA based Rock Solid Pty Ltd (“Rock Solid”) to help compile open-file surface and downhole drilling geochemical data from historical exploration reports and Northern Territory Geological Survey (“NTGS”) databases into edited and validated master databases which ResPot then incorporated into the Study.
A total of 10,622 drillholes were identified and integrated into a GIS database and Leapfrog workspace, of which 2,204 are within the boundaries of the Selta Project mineral exploration licences. The drillholes vary in depth from small vacuum holes to 178 m deep reverse circulation (“RC”) and diamond core drill holes which were completed by previous exploration companies looking predominantly for uranium, gold and base metals.
The data compilation by ResPot and Rock Solid remains on-going as additional datasets become uncovered and are integrated into FDR’s master databases.
A total of eight target areas have been identified by the Study. FDR’s technical team has identified a ninth target the updated target areas are presented in Figure 2. The exploration target areas have also been priority ranked for prospectivity by ResPot using a simple priority ranking between one (high) to three (low), and these exploration target areas have undergone detailed follow-up analysis by FDR’s in house technical team and given target area names as shown on Figure 2.
Target Area |
Target minerals |
Ranking |
Comments |
Ingallan |
LCT and REE |
1 |
Located in the extreme east of the Selta Project area, the Ingallan LCT and REE target covers outcropping Ennugan granite which is considered prospective for allanite-related REE mineralisation and has a potential for weathered granite ionic clay REE mineralisation. The Ennugan granite is of a similar age to the phosphate dykes hosting the nearby Nolans Project REE deposit mineralisation. To date, no drilling and very limited ground exploration has been carried out in this highly prospective target area. |
Hawkshead |
LCT and REE |
2 |
All four of these REE and LCT-pegmatite target areas are located on and around the contact zone between granites of the Yundurbulu suite and metasedimentary-volcanic rocks of the Lander Range greenstone belt. These target areas have been sparsely tested by historical drilling and historical drillholes within the Selta Project were not analysed for lithium (“Li”), caesium (“Cs”), tantalum (“Ta”),tin (“Sn”), tungsten (“W”), niobium (“Nb”) or REEs. Previous geochemical sampling by FDR in 2022 and 2023, plus historical stream sediment sampling by a former explorer returned low-level but anomalous results for key elements including Li, Cs, Nb, Sn, Ta, cerium (“Ce”) and yttrium (“Y”) within these target areas. Of note is the presence of historical tin workings to the west and near a granite contact, suggesting that the granite in this area may be fertile for LCT pegmatite and REE mineralisation. |
Spring Creek |
LCT |
3 |
|
Loora Creek |
LCT |
3 |
|
West Nintabrinna |
REE |
2 |
|
Lander West |
Gold (“Au”) |
1 |
Centred on a gravity ridge and topographic high, which corresponds to a greenstone belt of metasedimentary-volcanic rocks of the “the Lander Beds”, which cross the western part of the project area and is noted to contain multiple gold and base metal occurrences to the south and east of the Project. Historical exploration in the Lander West area has yielded drill intercepts of up to 1.9 g/t gold, alongside elevated arsenic and base metals. Previous drilling in this area has been shallow (42 m on average) and the area hosts multiple untested magnetic features and shallow geochemical anomalism never followed up by deeper drilling. |
Yundurbulu |
Gold (“Au”) |
2 |
Located in a similar geological environment to Lander West, the Yundurbulu area has been largely untested by previous explorers, data has been obtained for 153 historical shallow drillholes however the vast majority are <10 m deep. Approximately 500 m from the perimeter of the Selta Project is the historical “Black Knight” gold prospect, which yielded up to 6.58 g/t Au, and magnetic data suggests a continuation of the same linear feature hosting Black Knight to extend into the Selta exploration licences. |
Vaughan Springs |
Base metals |
3 |
Comprising part of the Vaughan Springs Dome, this target area is defined by an enigmatic ring-like magnetic anomaly feature. Very little surface sampling or effective drilling has been completed in this area, however a number of predominantly shallow vacuum holes have been drilled to depths < 11 m along with four deeper rotary air blast holes to depths of up to 112 m. Some historical drillhole samples returned elevated assay results for tungsten (“W”), silver (“Ag”), cobalt (“Co”) and zinc (“Zn”). ResPot has proposed a skarn style mineralisation model for this target area due to the proximity of granite, and historically drilled metasediments. In addition, ResPot have proposed the Vaughan Springs Target to be similar to other skarn style base metal deposits located to the east, such as the Molyhill Project. |
Western Creek |
Uranium |
2 |
The Study identified that historical uranium exploration across much of the Project area had tested prospective areas, and the potential for primary hard rock and secondary soft rock uranium deposits was low. FDR’s technical team have analysed historical exploration reports and located a potential roll front style uranium target area in the north of the Project area which was identified by Toro Uranium in 2010 and which remains untested. |
PROPOSED EXPLORATION STRATEGY AT SELTA
As part of the Study, the following exploration programmes are proposed:
· Further detailed interpretation and review to be carried out on the Ingallan LCT and REE target area, including field visits to collect rock samples, grids of soil geochemical surveying, and if results warrant then carry out follow-up RC drilling. In addition, possible Horizontal-to-Vertical Spectral Ratio (“HNSR”) passive seismic surveying over ionic clay REE target zones to test for weathering depth prior to drill testing.
· The Hawkshead, Spring Creek, Loora Creek and West Nintabrinna lithium and REE target areas in the southwest of the Project are proposed to receive field inspection and geochemical sampling of soils to identify targets for hard rock drill testing.
· Lander West geochemical soil sampling campaign is proposed to refine current target areas, the Yundurbulu Gold target area is almost wholly unexplored and therefore field teams will be deployed to carry out inspection and prospecting of the geology, with follow-up geochemical testing and then drilling if warranted.
· Drill testing on various walk-up targets, including the Vaughan Springs base metal magnetic ring target area, gold targets where shallow Au and pathfinder elements have been identified by shallow drilling but not yet followed up by deeper RC drilling into fresh bedrock, and LCT / REE pegmatite targets in outcrop, is a short to medium term aim of FDR.
· FDR is currently evaluating exploration possibilities for a roll front uranium target in the northwest of the Project.
Figure 2: Selta Project targets identified for further exploration located within FDR’s mineral exploration tenements (black outline).
FDR CORPORATE ACTIVITY
First Development Resources Plc (58.59% POW) holds strategic exploration projects in Western Australia and the Northern Territory and is fully prepared for an IPO listing at short notice subject to favourable market conditions and final regulatory approvals.
FDR EXPLORATION INTERESTS
FDR Australia holds the following mineral exploration licence interests:
Wallal Project in WA (Wallal Main – E45/5816 – 390km2 – granted, Wallal West 1-E45/5853 96km2 – granted, and Wallal West 2 – E45/5880 – 86km2 – granted).
A comprehensive geophysical review has identified three magnetic bullseye anomalies located under Phanerozoic sedimentary cover which are interpreted to have geological similarities major Au-Cu deposits within the Paterson Province, including Winu (Rio Tinto) and Havieron (Newcrest Mining-Greatland Gold joint venture).
FDR has secured a c. £110,000 Co-funding grant from the Western Australian government as part of their Exploration Incentive Scheme to be offset against the costs of Wallal drilling, and the Company has received all the necessary local approvals to commence drilling.
FDR has also agreed to contract DDH1 Drilling Ltd to undertake the phase I diamond drilling drill programme at Wallal, where FDR has already prepared the access and the drill pad locations in readiness for drilling. Recognising this progress, the early commencement of drilling is being considered alongside the work being undertaken to finalise the IPO listing.
Braeside West Project in WA (E45/5854 – 137km2 – one granted licence)
In-depth desktop analysis of historic exploration data is currently underway on the Braeside West Project, located in the northeast Pilbara region. A recent base-metal discovery by neighbouring company Rumble Resources Ltd (ASX: RTR) has enhanced the overall prospectively within the Braeside West Project area as it is hosted within a similar geological environment to that of Rumble Resources discovery.
Ripon Hills Project in WA (E45/5088 – 42km2 – one granted licence).
The Ripon Hills Project is also located in the northeast Pilbara Region and is prospective for base-metal and gold mineralisation associated with deep-seated north-south oriented fault structures which run through the Ripon Hills Project area. In-depth desktop analysis of historic exploration data is currently underway over the project.
Selta Project in the NT (EL 32737, EL 32738 and EL 32755 – 1,575km2 – three granted licences)
The Selta Project is located in an emerging mineral province of the Arunta, considered to be highly prospective for uranium and rare-earth element mineralisation, and now niobium (“Nb”) with the discovery of carbonatites on the WA side by WA1 (ASX: WA1). FDR recently completed an in-depth review study of all historical and new geological, geophysical and geochemical data, which also identified the potential for REE, gold and base-metal mineralisation, as well as the possibility of LCT pegmatites.
GLOSSARY
Allanite-Related REE Mineralisation |
Allanite is a mineral that is found in metamorphosed clay-rich sediments and granitic rocks as part of its chemical structure |
Base metals |
A common metal that is not considered precious, such as copper, tin, or zinc |
Diamond core drilling |
A commonplace method of drilling using a circular drill bit (with diamonds) to cut through the rock, and produce a long ‘core’ of rock for examination and testing. |
Fractionated Granite |
As granites, or other rocks which are formed from a magma cool, certain minerals crystallise from the melt at higher temperatures than others, this results in the granitic magma becoming more and more concentrated in certain elements over others. Under these conditions, the granite is ‘fractionated’ |
Geographical Information System (GIS) |
GIS is a system that creates, manages, analyses, and maps all types of data, allowing for the rapid, yet highly detailed and precise analysis of geographic data. |
Greenstone Belt |
Zones of variably metamorphosed volcanic sequences with associated sedimentary rocks that occur within ancient rocks. |
Horizontal-to-Vertical Spectral Ratio (“HVSR”) passive seismic surveying |
The horizontal-to-vertical spectral ratio (HVSR) passive-seismic method is a geophysical technique that uses seismic noise signals to estimate properties of unconsolidated, overburden sediments |
Ionic Clay |
A clay that is greatly enriched in rare-earth elements, through the absorption of such elements into the clay’s chemical structure |
Iron-oxide copper-gold (IOGC) |
A type of ore deposit that contain valuable concentrations of copper, gold, and uranium. They are hosted within iron oxide dominant gangue assemblages and are often associated with quartz veining and iron-rich rocks. |
Iron-sulphide copper-gold (ISCG) |
A type of ore deposit that contain valuable concentrations of copper, gold, and uranium. They are hosted within sulphide dominant ore that is present as veins, breccias (broken rocks) or replaces the original geology. |
lithium-caesium-tantalum (LCT) pegmatite |
A type of pegmatite that contains elevated volumes of lithium, caesium and tantalum; these pegmatites form the majority of the worlds hard rock lithium resources. |
Lode gold |
Lode gold is a type of gold deposit that forms as a vein in rock |
Meta-Sediment-Volcanic |
Metamorphosed (heated and squashed over geological time) rocks that were originally derived from sedimentary and volcanic rocks. |
Orogenic gold |
An orogenic gold deposit is a type of hydrothermal mineral deposit that is formed during syn- to late metamorphic stages of orogeny. These deposits are hosted by shear zones in orogenic belts, specifically in metamorphosed fore-arc and back-arc regions, their formation is strongly related to the structural geology (faults/shears) of the area, as hydrothermal fluids migrate through pre-existing and active discontinuities (faults, shear zones, lithological boundaries) generated by tectonic processes |
Rare-earth elements |
Rare-earth elements (REE) are a group of 17 metallic elements that are found in the Earth’s crust. They include the 15 lanthanides (lanthanum, cerium, praseodymium, neodymium, promethium, europium, gadolinium, terbium, dysprosium, holmium, erbium, thulium, ytterbium, and lutetium) and scandium and yttrium. These elements are called “rare” because they are difficult to extract from the earth’s crust and are not found in large quantities |
Reverse circulation (RC) drilling |
Reverse circulation drilling is a method of drilling that uses dual wall drill rods consisting of an outer drill rod with an inner tube. The hollow inner tubes allow the drill cuttings to be transported back to the surface in a continuous, steady flow. Unlike diamond drilling, it compiles sample rock cuttings instead of rock core. |
Roll front |
A roll-front uranium deposit is a type of uranium ore deposit that occurs in sandstones downstream from redox fronts or reduced/oxidized geochemical barriers. |
Skarn |
coarse-grained metamorphic rocks that form by replacement of carbonate-bearing rocks (containing calcium oxide), these can often contain metals such as tin, tungsten, manganese, copper, gold, zinc, lead, nickel, molybdenum and iron. |
Vacuum drilling |
A method of drilling through loose sediments, where material is vacuumed from the base of the hole for inspection and testing |
#FCM First Class Metals – Zigzag exploration update – drilling commences
6th December 2023 / Leave a comment
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 Schreiber-Hemlo, Sunbeam and Zigzag land holdings is pleased to announce a that drilling has commenced on the Zigzag property which is currently focussed on the lithium (Li), tantalum (Ta) rubidium (Rb) and gallium (Ga) potential.
Highlights:
· An Early Exploration Agreement (EEA) has been signed with Whitesand First Nation (WFN).
· A contract to undertake up to 500m of drilling has been signed with Rodren Drilling a Whitesand FN approved ‘service provider’.
· Channel sample results identify a >1% Li2O zone on the western portion of the ‘core’ 400m zone. Significant number of channel samples returned >1% Li2O, including:
Channel 7 2.36% lithium (Li2O) over 5.5m
· Drill operations have commenced on the Company’s Zigzag hard rock lithium (Ta/ Rb/ Ga) prospect.
Marc J. Sale First Class Metals CEO commented:
“The signing of the EEA with Whitesand exemplifies the positive relationship FCM is building with the First Nations. This agreement has paved the way for FCM’s inaugural drill program, marking an exciting milestone for our company. We are thrilled to begin drilling at Zigzag, making it the first property where FCM will undertake drilling. This demonstrates our commitment to advancing our exploration efforts and emphasizes our dedication to responsible resource development.“
Figure 1 showing the Zigzag property with the recent sampling, both grabs and channels, focussing on the central portion of the claim block, where drilling has commenced.
An Early Exploration Agreement (EEA) has been signed between Whitesand First Nation and First Class Metals. Under the agreement FCM is allowed to undertake activities requiring and Exploration Permit, as awarded by the Province. FCM has agreed to support the Whitesand community.
Whitesand First Nation Economic Development representative commented:
“Whitesand First Nation is looking forward to working with First Class Metals, and the positive relationship that is evolving. We wish them luck on their drilling program and are excited to see what the New Year brings.“
Drilling Plan
The drill programme preparation commenced on Monday with core expected today, this maiden programme will be focussed in the central 400m to explore the areas of high channel sample results, particularly Channel 7.
Initially 7 drillholes of over 50m are planned with the provision for a deeper ‘step-back’ based on visual, encouragement. The basis for the drilling is the encouraging grab samples and channel sample results previously reported. Nine channels were cut with lengths of under 5m to over 10m, channel lengths were usually controlled by overburden and not necessarily by cessation of pegmatite geology.
Figure 2 showing the location of the channels relative to the ‘core 400m’ zone, drilling will extend further to the east of the channel sample area where >1% Li2O grabs samples were collected.
The results from the channels are very encouraging. It must be stressed that only hand stripping of vegetation was undertaken and often, exemplified by channels 5 and 7, the outcrop persisted but the vegetation cover was too onerous to be removed by hand.
The results have not only vindicated the grab samples in respect to the lithium oxide content but also highlighted again the presence of other important, critical minerals such as tantalum, gallium and rubidium.
Photo 2 Rodren equipment being mobilised to the Zigzag property
For further information, please contact:
James Knowles, Executive Chairman |
07488 362641 |
|
Marc J Sale, CEO |
07711 093532 |
|
Ayub Bodi, Executive Director |
07860 598086 |
First Equity Limited
(Financial Adviser & Broker)
Jonathan Brown |
0207 3742212 |
|
Jason Robertson |
0207 3742212 |
|
First Class Metals PLC – Background
First Class Metals is focussed on exploration in Ontario, Canada which has a robust and thriving junior mineral exploration sector. Specifically, the Hemlo ‘camp’ is a proven world class address for gold /VMS exploration. This geological terrane has significant production, both base / precious metals and a prolific number of exploration projects and numerous prospector’s ‘showings’.
FCM currently holds 100% ownership of seven claim blocks covering over 180km² along a 150km strike of the Hemlo-Schreiber-Dayohessarah greenstone belt which also contains the >23M oz shear hosted Hemlo gold mine operated by Barrick Gold. Late last year FCM completed the option to purchase the historical high grade (gold) Sunbeam past producing mine
The significant potential of the properties for precious, base and battery metals relate to: ‘nearology’ insomuch that all properties lie close to identified mineral anomalism, for example Palladium One’s RJ and Smoke Lake nickel projects are close to the FCM’s West Pickle Lake drill proven Ni-Cu project. This also demonstrates the second critical asset the properties hold: vector, anomalies, be they geological, geochemical, or geophysical that have demonstrated mineral potential extend on to FCM’s properties.
The inferred shear on the Esa property is being explored by neighbours both to the west and east where it crosses into their properties. Furthermore, the properties have not been extensively explored either historically or more contemporaneously. This is attributable to the overall lack of outcrop. However, modern exploration techniques are better able to ‘see through’ the ground cover and to identify anomalies.
Forward Looking Statements
Certain statements in this announcement may contain forward-looking statements which are based on the Company’s expectations, intentions and projections regarding its future performance, anticipated events or trends and other matters that are not historical facts. Such forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements sometimes use words such as ‘aim’, ‘anticipate’, ‘target’, ‘expect’, ‘estimate’, ‘intend’, ‘plan’, ‘goal’, ‘believe’, or other words of similar meaning. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Given these risks and uncertainties, prospective investors are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of such statements and, except as required by applicable law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
#FCM First Class Metals – ZIGZAG LITHIUM-HIGH GRADE CHANNEL SAMPLES
28th November 2023 / Leave a comment
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 Schreiber-Hemlo, Sunbeam and Zigzag land holdings is pleased to announce a further, significant, update on the progress on the Zigzag property which is currently focussed on the lithium and tantalum potential.
Highlights:
· Channel 7 2.36% lithium (Li2O) over 5.5m
including 2.5m at 3.44% Li2O.
· Channel sample results identify a >1% Li2O zone on the western portion of the ‘core’ 400m zone. Significant number of channel samples return more than >1% Li2O.
· Prospecting identifies mineralisation in a subparallel zone, assays pending.
Marc J. Sale First Class Metals CEO commented:
“The results from the channel samples have vindicated our enthusiasm to advance the potential of this property. The tenure of the spodumene and therefore the lithium reporting in the central sector of the property gives increased confidence in the prospectivity over the strike extensions. We are eagerly advancing the planning for drilling now the funds have been secured.”
Figure 1 showing the Zigzag property with the recent sampling, both grabs and channels, focussing on the central portion of the claim block.
The channel sampling was based on the visually encouraging results from the prospecting and associated grab samples.
The complete table of the grab samples was reported in a previous news release, however the 10 best ‘grabs’ are reproduced below.
Sample_No. |
Caesium Cs_ppm |
Gallium Ga_ppm |
Lithium Li_ppm |
Rubidium Rb_ppm |
Tantalum Ta_ppm |
F006543 |
92.6 |
107 |
17000 |
820 |
75.2 |
F006545 |
128 |
101 |
16500 |
1190 |
115 |
F006549 |
77 |
118 |
21200 |
302 |
80.6 |
F006573 |
85 |
112 |
17800 |
536 |
179 |
F006574 |
102 |
152 |
29700 |
404 |
57.3 |
F006576 |
81.7 |
124 |
22300 |
514 |
467 |
F006580 |
70 |
113 |
18500 |
650 |
145 |
F006583 |
36.5 |
108 |
20100 |
255 |
235 |
F006586 |
44.5 |
117 |
18300 |
846 |
724 |
F006592 |
66.9 |
153 |
27500 |
587 |
54.3 |
Table 1, showing the 10 highest grab samples along a 400m ‘core’ zone.
Nine channels were cut with lengths of under 5m to over 10m, channel lengths were usually controlled by overburden and not by diminished outcrop. A total of 80 samples were submitted to the laboratory for analysis, these included, where exposed not only the pegmatite but one, one metre sample in the host rock, which is in general mafic volcanics to the north and granitic rocks to the south.
The samples can therefore be easily segregated into four broad categories: mafic, pegmatitic, granitic pegmatites and granite.
Figure 2 showing the location of the channels relative to the ‘core 400m’ zone.
The results from the channels are very encouraging. It must be stressed that only hand stripping of vegetation was undertaken and often, exemplified by channels 5 and 7, the outcrop persisted but the vegetation cover was too onerous to be removed by hand. Accordingly it is felt that with mechanical stripping many of these channels could be extended. Additionally it is also likely that ‘gaps’ in the outcrop continuity might also be exposed as being pegmatite when exposed with mechanical stripping. The current permit allows both stripping and drilling.
The results have not only vindicated the grab samples in respect to the lithium oxide content but also highlighted again the presence of other important, critical minerals such as tantalum, gallium and rubidium.
Channel |
Length (metres) |
Lithium (Li20%) |
Tantalum (Ta205) ppm |
Gallium (Ga) ppm |
Rubidium (Rb20) ppm |
3 |
2.4 |
0.81 |
170 |
80 |
2000 |
Includes |
1.00 |
1.31 |
170 |
90 |
2920 |
3 |
3.1 |
1.52 |
60 |
90 |
1820 |
Includes |
0.9 |
2.54 |
100 |
110 |
2550 |
and |
0.5 |
2.05 |
40 |
100 |
950 |
4 |
1.8 |
1.85 |
220 |
90 |
1740 |
5 |
2.2 |
0.96 |
130 |
90 |
1280 |
Includes |
0.8 |
1.39 |
100 |
100 |
940 |
6 |
2.00 |
1.96 |
160 |
110 |
1170 |
7 |
5.5 |
2.35 |
150 |
120 |
1740 |
Includes |
2.5 |
3.43 |
170 |
140 |
1270 |
8 |
1.8 |
1.03 |
110 |
80 |
2070 |
Includes |
0.5 |
1.43 |
90 |
90 |
1050 |
9 |
1.9 |
1.15 |
290 |
80 |
1400 |
Includes |
0.6 |
2.19 |
500 |
80 |
1010 |
9 |
3.7 |
1.14 |
150 |
100 |
1290 |
Includes |
1.9 |
1.41 |
160 |
100 |
1710 |
Photo 1 showing the extent of outcrop exposed by hand stripping. Also not the change in rock type from mafic volcanics (closest) to granitic-pegmatite.
Hand stripping and channel sampling does not allow continuous sampling of the structure as it is obscured by soil, moss and other vegetation. It is believed that once mechanical stripping is undertaken the continuity of outcrops will be further enhanced.
Photo 2 showing sample of the spodumene rich pegmatite
Further prospecting and exploration
Prospecting and soil sample lines were conducted to the south of the ‘main’ pegmatite zone.
A subparallel structure has been identified to the south. Sample results are pending but visual evidence suggest a second pegmatite or a splay may exist to the south of the main zone which has been the current focus of exploration.
For further information, please contact:
James Knowles, Executive Chairman |
07488 362641 |
|
Marc J Sale, CEO |
07711 093532 |
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Ayub Bodi, Executive Director |
07860 598086 |
First Equity Limited
(Financial Adviser & Broker)
Jonathan Brown |
0207 3742212 |
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Jason Robertson |
0207 3742212 |
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First Class Metals PLC – Background
First Class Metals is focussed on exploration in Ontario, Canada which has a robust and thriving junior mineral exploration sector. Specifically, the Hemlo ‘camp’ is a proven world class address for gold /VMSexploration. This geological terrane has significant production, both base / precious metals and a prolificnumber of exploration projects and numerous prospector’s ‘showings’.
FCM currently holds 100% ownership of seven claim blocks covering over 180km² along a 150km strike of the Hemlo-Schreiber-Dayohessarah greenstone belt which also contains the >23M oz shear hosted Hemlo gold mine operated by Barrick Gold. Late last year FCM completed the option to purchase the historical high grade (gold) Sunbeam past producing mine
The significant potential of the properties for precious, base and battery metals relate to: ‘nearology’ insomuch that all properties lie close to identified mineral anomalism, for example Palladium One’s RJ and Smoke Lake nickel projects are close to the FCM’s West Pickle Lake drill proven Ni-Cu project. This also demonstrates the second critical asset the properties hold: vector, anomalies, be they geological, geochemical, or geophysical that have demonstrated mineral potential extend on to FCM’s properties.
The inferred shear on the Esa property is being explored by neighbours both to the west and east where it crosses into their properties. Furthermore, the properties have not been extensively explored either historically or more contemporaneously. This is attributable to the overall lack of outcrop. However, modern exploration techniques are better able to ‘see through’ the ground cover and to identify anomalies.
#FCM First Class Metals – Exploration Agreement signed with Netmizaaggamig Nishnaabeg First Nation
27th November 2023 / Leave a comment
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 Schreiber-Hemlo, Sunbeam and Zigzag land holdings is pleased to announce the signing of an Exploration Agreement (‘EA’) with the Netmizaaggamig Nishnaabeg First Nation (“NNFN” or “the Community”) covering the North Hemlo, Esa & Sugar Cube Properties.
Highlights
· Under the signed Exploration Agreement, the Company will continue to conduct mineral exploration with the support of the Community. The agreement promotes unity and a mutually beneficial and respectful relationship between First Class Metals and the Netmizaaggamig Nishnaabeg First Nation.
· The EA allows for the exploration of the North Hemlo, Esa & Sugar Cube Properties which are located within the Traditional Territories of the Netmizaaggamig Nishnaabeg First Nation.
· The Exploration Agreement recognizes and respects the Aboriginal and Treaty rights and interests of the Community with their constitutional and other legal rights.
· The Exploration Agreement is in line with the First Class Metals’ commitment to build sincere relationships with First Nation Communities. We have an active interest and respect for all people, and we understand the social, environmental, and economic implications of our activities.
Netmizaaggamig Nishnaabeg First Nation Commented-
“NNFN has a long history of productive engagement with the mining industry and supports mining activity in areas that are mutually beneficial to the First Nation and to its industry partners. We commend the importance First Class Metals places on engagement with our community, and its commitment to protect our lands and waters. FCM’s pro-active engagement with NNFN is a model for other companies seeking to work in our territory.”
Marc J Sale, First Class Metals CEO Commented–
“I am extremely pleased that the efforts to establish a transparent honest relationship with NetmizaaggamigNishnaabeg First Nation and their representatives has culminated in the signing of this agreement and I look forward to working with the Community as we progress First Class’s exploration areas. Now this EA has been granted we intend to imminently start a stripping program on the Esa Property, with the intention of bringing it to a true ‘drill ready status”
For further information, please contact:
James Knowles, Executive Chairman |
07488 362641 |
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Marc J Sale, CEO |
07711 093532 |
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Ayub Bodi, Executive Director |
07860 598086 |
First Equity Limited (Financial Adviser & Broker)
Jonathan Brown |
0207 3742212 |
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Jason Robertson |
0207 3742212 |
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#FCM First Class Metals Plc – MCKELLAR & ENABLE GRANTING OF EXPLORATION PERMITS
20th November 2023 / Leave a comment
First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK metals exploration company seeking economic metal discoveries across its extensive Canadian Schreiber-Hemlo, Sunbeam and Zigzag land holdings is pleased to announce that its 100% owned subsidiary First Class Metals Canada Inc. (“FCMC”) has received notification from the Ontario Province of the granting of two further Exploration Permits.
The permits are effective for a period of three years until expiry on the 16th November 2026. The permitted activities are: stripping, trail cutting and diamond drilling,
HIGHLIGHTS
- Exploration permits for Enable and McKellar received from the Ontario Ministry of Mines.
- FCMC now holds six exploration permits over properties of great merit.
- The area covered by valid exploration permits has expanded significantly, encompassing nearly 200km² of land. Within this vast area, we have identified numerous priority drill targets across each of our properties. These targets hold immense potential for exploration and discovery.
Enable
The Enable property is transected by a regional structural contact with an inferred extent of 5km, within the property, with proven mineralisation. Historical showings on the property include Perch Lake reporting 1.85ppm Au. FCM has validated that assay as well as several hundred metres away identified outcrop with assays up to 7ppm Au and 80ppm Ag. Further work, initially stripping is warranted.
McKellar
The ~12.5km² McKellar property only 25km from Marathon and adjacent to highway I17 contains a plethora of historic showings including gold, silver (Old Pic silver mine historical reports over 20oz Ag) a REE bearing diatreme and importantly a >400m mineralised trend, open along strike, containing >4% zinc (Zn) As well as associated anomalies in lead and copper. Previous work by Noranda postulated this anomalous structure was a potential VMS – volcanic massive sulphide.
Marc J. Sale, CEO of FCM commented:
“I am gratified and humbled that the relationship with the First Nations with whom we interact has been recognised in the granting of these Permits. Currently we now have six permits, along with three Memorandums of Understanding (MoUs) and an Exploration agreement signed with four separate First Nation groups. I would also like to extend my thanks to the staff of the Ontario Ministry of Mines for their diligent work in issuing the permits.
These permits will enable us to conduct focused exploration efforts, with the ultimate aim of further refining delineating drill targets and commencing drilling operations. The mutual respect and collaboration we have fostered with the First Nations is of utmost importance to us, and we are honoured to have made such significant progress across the majority of our portfolio.”
Other currently active Permits include:
- Sunbeam (two Permits), gold focus. Stripping and channel sampling completed across thee zones of interest, results still outstanding for the Sunbeam & Pettigrew areas.
- Zigzag, hard rock lithium/critical metals. Channel sampling results pending
- Esa, predominately gold. Extensive soil sampling campaign across the 4.5km shear pending.
- North Hemlo, gold base / battery metals. Exploration plan for stripping on the Dead Otter Trend in progress.
For further information, please contact:
James Knowles, Executive Chairman | JamesK@Firstclassmetalsplc.com | 07488 362641 |
Marc J Sale, CEO | MarcS@Firstclassmetalsplc.com | 07711 093532 |
Ayub Bodi, Executive Director | AyubB@Firstclassmetalsplc.com | 07860 598086 |
First Equity Limited
(Financial Adviser & Broker)
Jonathan Brown | 0207 3742212 | |
Jason Robertson | 0207 3742212 |
First Class Metals PLC – Background
First Class Metals is focussed on exploration in Ontario, Canada which is considered a top global destination forexploration with a robust and thriving junior mineral exploration sector. Specifically, the Hemlo ‘camp’ is a proven worldclass address for gold /VMS exploration. This geological terrane has significant production, both base / precious metals anda prolific number of exploration projects and numerous prospector’s ‘showings’.
ECR Minerals #ECR – Interview – Back to Victoria
16th November 2023 / Leave a comment
ECR Minerals #ECR – Interview – Back to Victoria. Andrew Scott talks to Nick Tulloch and Adam Jones about the rationale behind the return to drilling activities at Victoria following the exceptional drilling results fromSouthern Cross Gold (ASX: #SXG) at the Sunday Creek project & restart of work by Falcon Metals Ltd (ASX: #FAL) north of Bendigo Adam is speaking live from Kuboid Hill at Creswick
#BRES Blencowe Resources – SPG Test Work Completed
30th October 2023 / Leave a comment
Successful Completion of Orom-Cross Graphite Project SPG Test Phase
Recent testwork has confirmed the quality of Orom-Cross graphite concentrate to generate a high purity SPG product with excellent battery characteristics
Highlights:
· Blencowe has successfully completed critical next-step metallurgical test work with initial stage SPG (“spheronised purified graphite”) upgrading now completed.
· Test work was completed by two separate graphite technical experts to ensure quality control and quality assurance:
o Leading Chinese graphite laboratory at Wuhan University, which realised SPG values of 99.96 wt%C.
o Leading American graphite firm American Energy Technology, which generated SPG with purity values of 99.99 wt%C.
· These results prove that Orom-Cross graphite can upgrade into one of the purist SPG products, which will strengthen offtake negotiations and ultimately deliver more value to the project.
· Additional metallurgical test work proceeding with samples of uncoated SPG and other flake sizes distributed to potential off-takers and battery manufacturers.
Executive Chairman Cameron Pearce commented:
“The ultimate pre-qualification test for all graphite is how the concentrate upgrades to the 99.95% SPG product that then gets coated before going into the anode within the lithium-ion battery, and I am delighted to present these outstanding results above, which indicate that exceptional SPG products will be produced from Orom-Cross. Not only are we at the highest levels on most relevant indicators but testing has shown we can deliver other valuable products from waste material generated within the process which further strengthens our commercial model.”
Mr Pearce added “We are into one of the most important aspects of our Definitive Feasibility Study, where these tests ultimately prove the quality of the various end products we will produce, and therefore determine offtake interest and contracts. Passing these tests with flying colours is further proof that Orom-Cross is a standout project, and in a world where graphite is becoming increasingly under the spotlight as the supply chain tightens, this is of significant value.”
Blencowe Resources Plc (“Blencowe” or the “Company”), is pleased to announce that additional test work on its Orom-Cross graphite project in Northern Uganda has been completed by two leading graphite technical specialist laboratories in both China and United States. Wuhan University in conjunction with Qingdao Jinhui Graphite Co., Ltd in China and American Energy Technologies Company (AETC) in Illinois are both industry experts in the field of upgrading graphite concentrate to uncoated battery-ready SPG product. This work is critical to understanding the commercial potential of the fines concentrate specifically for utilisation as anode materials in the lithium-ion batteries for EVs (electric vehicles) and wider rechargeable battery markets.
In line with this testwork flow sheet, graphite concentrate, which is comprised of robust and thick natural flakes, was first purified then converted into a range of value-added graphite products, with a major focus on the production of spherical uncoated and spherical surface-coated materials intended for use in lithium-ion battery anodes.
Wuhan University in conjunction with Qingdao Jinhui Graphite Co., Ltd (one of the largest SPG producers in China) have completed preliminary assessment of Orom-Cross fine concentrates with the generation and subsequent testing of uncoated SPG products, following the recent 100t pilot test program. The resultant testwork has delivered an uncoated SPG product with a 99.96% purity and outstanding size distribution and characteristics. The samples generated by Wuhan University have been forwarded to battery manufacturers for coating and initial battery testing.
In parallel Blencowe also commissioned AETC to complete an assessment of the SPG potential of the Orom-Cross product. This testing was completed at the AETC facilities in Chicago utilising their Thermal Conversion Process. The value-added downstream processing of concentrate from Orom-Cross has occurred in accordance with the inverted flow sheet practiced by AETC which is unique in the market. Blencowe chose AETC to undertake comparable testwork in part due to its capacity to deliver the uncoated, coated and battery testwork within a non-acid production process. Producing SPG products in a non-acid process would have profound environmental advantages that would boost Orom-Cross’s ESG credentials substantially.
After purifying the material using high temperature (but no acid or alkaline treatment) to a level of 99.99 wt% C, AETC subjected it to spheroidisation and classification. The resultant graphite has a very impressive tap density (read ‘energy density’) of 1.1 g/cm3, with a surface area of <10 m2/g. Both of these indicators highlight an extremely high grade end product.
The uncoated graphite was tested in the industry-standard CR2016 coin cells v. Li/Li+ counter electrode at C/10 charge-discharge rate. The material was seen to deliver very impressive reversible capacity of 367.58 mAh/g which is defined as “near theoretical” electrochemical performance, considering that theoretical capacity is 372 mAh, and hardly any graphite has been able to achieve this historically in practical applications. This indicator alone ranks Orom-Cross graphite as high as any other SPG product elsewhere.
The uncoated material was also surface-coated to form CSPG (“coated spheronised purified graphite”), which is the ultimate form of battery-ready graphite that goes into the anode. Application of surface coating makes batteries that use such graphite safer; additionally, graphite anodes which are composed of surface-coated graphite tend to have lower irreversible capacity loss, a key property linked to management of electrolyte levels inside an operating lithium-ion battery.
The coated material was put into batteries and subjected to short and long-term cycling. The carbon-coated version of this graphite displayed excellent electrochemical performance, with a reversible capacity loss and reversible capacity constituting near theoretical electrochemical behaviour which positions the material from Blencowe into the class of super-premium anode grade graphite for use in lithium-ion battery anodes.
The long-term cycling of this material has retained an excellent stability of performance characteristics as a function of cycle life, having scored a very low 1.39% degradation. Testwork suggests that Orom-Cross graphite can support 1,438 cycles while the United States ABC requirement for EV batteries is 1,000 charge-discharge cycles. Therefore, with nearly 50% additional cycles, the Orom-Cross material is again highlighting its premium quality and is ideally suited for application in the lithium-ion battery anodes.
It is worth noting that the non-spherical portion of Blencowe’s graphite (which accounted for approximately 25.6% of feed into the AETC spheroidising process) generated expanded delaminated graphite and spheroidisation process rejects, which were formulated into the composition of alkaline, lead acid batteries and an electrically conductive can coating. In all instances, the non-spherical portion of Blencowe’s material offered outstanding performance, positioning Blencowe for cost leadership in that there is a strong likelihood that near 100% of all the graphite which enters a downstream processing circuit will find use in value-added applications within batteries.
Blencowe is now proceeding with additional metallurgical test work with additional samples of uncoated SPG and other flake sizes distributed to potential off-takers and battery manufacturers for upgrades to large flake as well as opportunities for utilisation of SPG wastes.
For further information please contact:
Blencowe Resources Plc Sam Quinn |
www.blencoweresourcesplc.com Tel: +44 (0)1624 681 250
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Investor Relations Sasha Sethi |
Tel: +44 (0) 7891 677 441
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Tavira Financial Jonathan Evans |
Tel: +44 (0)20 3192 1733 jonathan.evans@tavira.group
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First Equity Limited Jason Robertson |
Tel: +44(0)20 7330 1833 |
ECR Minerals #ECR – MD Nick Tulloch discusses the Hurricane Project & Cancellation of Share Options
23rd October 2023 / Leave a comment
ECR Minerals MD Nick Tulloch discussed the cancellation of the Hurricane project option, how the opportunity was overpriced and way too big for the company. In contrast Kondaparinga is over twice the size, the costs are negligible and it could be a potential replacement for Hurricane.
Looking at the portfolio, Nick believes Lolworth has huge upside, plus there are a number of other opportunities. The team are looking for sensible assets to get a decent return.
As part of the housekeeping process, management share options have been cancelled, Nick explains that they simply don’t make sense at current levels. In summary, the new team now have their feet under the table. Nick says ECR is a small company with a v wide portfolio and a good team. Going forward all decisions will be underscored by value. Seeking the right opportunity at the right price.
#SVML Sovereign Metals LTD – Initial Director’s Interest Notice
20th October 2023 / Leave a comment
Initial 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 30/9/2001.
Name of entity Sovereign Metals Limited |
ABN 71 120 833 427 |
We (the entity) give ASX the following information under listing rule 3.19A.1 and as agent for the director for the purposes of section 205G of the Corporations Act.
Name of Director |
Francis (Frank) Eagar |
Date of appointment |
20 October 2023 |
Part 1 – Director’s relevant interests in securities of which the director is the registered holder
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.
Number & class of securities
500,000 ordinary fully paid shares
1,000,000 unlisted performance rights subject to the “Definitive Feasibility Study Milestone” expiring on or before 31 October 2025
500,000 unlisted performance rights subject to the “Grant of Mining Licence Milestone” expiring on or before 31 March 2026
700,000 unlisted performance rights subject to the “Final Investment Decision Milestone” expiring on or before 30 June 2026
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Part 2 – Director’s relevant interests in securities of which the director is not the registered holder
In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust
Name of holder & nature of interestNote: Provide details of the circumstances giving rise to the relevant interest.
Not applicable |
Number & class of Securities
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Part 3 – 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 |
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Nature of interest
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Name of registered holder (if issued securities)
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No. and class of securities to which interest relates
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Initial notification/Amendment |
Initial |
LEI |
213800NSPXSASTENFQ34 |
Place of transaction |
Australian Securities Exchange (ASX) |
#SVML Sovereign Metals – Key Mgmt Appointments for Development at Kasiya
16th October 2023 / Leave a comment
· Appointment of experienced African based mining executive, Mr Frank Eagar, as the new Managing Director and CEO
· Existing Managing Director Dr Julian Stephens to transition to Non-Executive Director
· Key technical appointments of experienced African engineering, social and environmental teams to work on project optimisation and advancing the development of the Kasiya Project
· Management changes bring a strong track record of successful large-scale project development in southern Africa
Sovereign Metals Limited (ASX:SVM; AIM:SVML) (the Company or Sovereign) is pleased to announce the appointment of Mr Frank Eagar as Managing Director and Chief Executive Officer (CEO), effective from 20 October 2023.
Mr Eagar has over 20 years’ experience in the financing, permitting, development and operation of mining projects with a strong focus in southern Africa.
Mr Eagar is a Chartered Accountant who has gained extensive corporate, commercial and technical experience in the mining sector throughout his career. Mr Eagar has previously held a number of senior executive positions in the resources sector, more recently with African mining focused private equity firm AMED Funds, which included acting as Chief Financial Officer (CFO) for AMED’s controlled company, Central Copper Resources PLC (Central Copper).
Prior to Central Copper, Mr Eagar was the CEO (and prior to that the CFO) of Baobab Steel Limited (Baobab) another AMED controlled company, where he managed the completion of a Definitive Feasibility Study (DFS) and a joint venture with the World Bank’s IFC to procure strategic investors and raise project finance for Baobab’s US$1 Billion, fully permitted, integrated 500ktpa Steel and Vanadium Project in Mozambique.
Mr Eagar joined Sovereign in December 2022 as General Manager in Malawi, where he has already expanded the team with a focus on Malawian nationals, developed strong relationships with Government and demonstrated a clear understanding of the Kasiya Project and its development landscape.
Sovereign has also made several key technical appointments as the Company transitions into project optimisation and development of the Kasiya Project and is poised to become a significant supplier of natural rutile and graphite. These key appointments bring a strong track record of successful large-scale project development and operations management, as well as extensive experience in southern Africa.
These management changes come at an important time for the Company as it transitions from the Pre-Feasibility Study (PFS) into the next phase of project optimisation, community and stakeholder engagements and ultimately the completion of a DFS.
Effective from 20 October 2023 current Managing Director, Dr Julian Stephens, will transition to a Non-Executive Director of Sovereign, remaining as a consultant assisting and supporting the incoming technical and management team.
Dr Stephens has been Managing Director of Sovereign since June 2016 and has been instrumental in the Company’s growth and development. He first identified rutile mineralisation in Malawi and then led the team that discovered Sovereign’s world-class Kasiya rutile-graphite deposit.
The Board would like to take this opportunity to thank Dr Stephens for his significant contribution to the Company and look forward to his continual involvement with Sovereign as the Company continues the development of the Kasiya Project.
Dr Julian Stephens commented: “It has been a privilege to lead Sovereign through the discovery and early study phases and it is now a logical time for leadership transition as the Company continues through the next phases of development. I am extremely proud of the significant achievements our team has accomplished during my time. With the appointment of Frank as MD and CEO, plus the technical team enhancements, I am confident that the Company is in very good hands and in a strong position to establish itself as a globally significant supplier of natural rutile and graphite.”
Incoming Managing Director, Mr Frank Eagar commented: “Securing Rio Tinto as a strategic investor alongside the completion of the high-quality PFS, provides the foundation for what will be an extremely exciting time in the Company’s development story. I am very honoured and look forward to taking on my new role as MD and CEO. The Kasiya Project is multi-generational, has the potential to deliver a valuable, long-term source of low-CO2 critical minerals and generate substantial economic and socio-economic returns.”
Sovereign’s Chairman Ben Stoikovich commented: “Today’s management changes and appointments mark a pivotal step for the Company as it lays the foundation for project optimisation and development. With Rio Tinto’s investment and the release of a world-class PFS, the Company is entering an exciting new phase. I would like to thank outgoing MD, Julian Stephens, who has done a tremendous job in the discovery of Kasiya, a truly once-in-generation deposit, and growing Sovereign to where it is today. The Company is looking forward, in collaboration with Rio Tinto, to conducting the optimisation review, progressing to the Definitive Feasibility Study and delivering the significant potential of Kasiya to all stakeholders.”
Details of Mr Eagar’s remuneration are included in Appendix A.
ENQUIRIES
Dr Julian Stephens (Perth) +61(8) 9322 6322 |
Sam Cordin (Perth) |
Sapan Ghai (London) |
Nominated Adviser on AIM and Joint Broker |
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SP Angel Corporate Finance LLP |
+44 20 3470 0470 |
Ewan Leggat Charlie Bouverat Harry Davies-Ball |
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Joint Brokers |
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Berenberg |
+44 20 3207 7800 |
Matthew Armitt |
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Jennifer Lee |
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Tavistock PR |
+44 20 7920 3150 |
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