Australia
Comet Resources prepares to drill newly acquired project as copper is set for increasing demand
Comet Resources Ltd (ASX:CRL) is set to begin a drilling program at its newly acquired Barraba Copper Project in NSW once logistical conditions permit.
Several milestones were reached during the March quarter, such as the closure of the capital raising which received subscriptions for $650,000 under a placement of 65 million shares, together with one free attaching option exercisable at 2 cents per share.
Funds raised have supported the acquisition of the Barraba Copper Project, which was completed in April, including initial project works over the 2,365 hectares of exploration licences covering the project area that has never been systematically tested by modern exploration techniques.
The Barraba project sits along the Peel Fault line and encompasses the historical Gulf Creek and Murchison copper mines.
This region is known to host VMS style mineralisation containing copper, zinc, lead and precious metals.
Historical workings at Gulf Creek produced high-grade copper and zinc for..
Comet Resources Ltd (ASX:CRL) is set to begin a drilling program at its newly acquired Barraba Copper Project in NSW once logistical conditions permit.
Several milestones were reached during the March quarter, such as the closure of the capital raising which received subscriptions for $650,000 under a placement of 65 million shares, together with one free attaching option exercisable at 2 cents per share.
Funds raised have supported the acquisition of the Barraba Copper Project, which was completed in April, including initial project works over the 2,365 hectares of exploration licences covering the project area that has never been systematically tested by modern exploration techniques.
The Barraba project sits along the Peel Fault line and encompasses the historical Gulf Creek and Murchison copper mines.
This region is known to host VMS style mineralisation containing copper, zinc, lead and precious metals.
Historical workings at Gulf Creek produced high-grade copper and zinc for a short period around the turn of the 19th century, and this area will form a key part of the initial exploration focus.
Exploration program
The initial exploration program will include drill testing of areas below the historically identified deposits, plus high-level exploration targets delineated by an induced polarisation (IP) survey of parts of the license area that were never followed up.
Comet also intends to complement the drill testing with geophysics to provide additional information about potential parallel and blind lodes, in addition to the known historical lodes.
Copper outlook
The company believes that copper is set to see an increase in demand due to the global efforts to reduce emissions from the transport network as well as from generation of renewable electricity.
Copper is not only an important part of the batteries used in battery electric vehicles (BEVs), it is also used extensively in the electric motors that drive the wheels of BEVs.
It is also used intensively in the generation of electricity from renewables, such as solar and wind.
Comet believes that the Barraba project complements its existing Springdale graphite project due to their shared end uses in batteries for BEVs and better utilises available board and management resources with the aim of driving shareholder value.
Springdale Graphite Project
In addition to the Barraba Copper Project the company is also the 100% owner of the Springdale Graphite Project, 30 kilometres east of Hopetoun in WA.
Test work programs are currently underway to characterise the graphite and establish recoveries with results expected in Q2.
Managing dRead More – Source
Australia
S&P/ASX 200 flat at lunch but still on track for its sixth straight week of gains
S&P/ASX 200 (INDEXASX:XJO) is trading 1 point or 0.023% down to 5990 at 12.48 pm but is still up +4% so far this week and is on track for its sixth straight week of gains.
The S&P 200s drop follows the US share markets which were mixed on Thursday ahead of Friday's jobs report. Investors are also awaiting plans for the next round of US economic stimulus.
Top gainers on ASX today include Talisman Mining Ltd (ASX:TLM) (+12.24%), Rimfire Pacific Mining NL (ASX:RIM) (+16.67%), Canyon Resources Ltd (ASX:CAY) (+11.11%), Ironbark Zinc Limited (ASX:IBG) (+33.33%), De Grey Mining Limited (ASX:DEG) (+23.75%) and Brookside Energy Ltd (ASX:BRK) (+14.29%).
Proactive news headlines:
Technology Metals has $2 million raising backed by major Tinci Materials shareholder[hhmc]
Technology Metals Australia Ltd (ASX:TMT) has received commitments for a fully subscribed placement of up to 13.66 million shares at 15 cents per share to raise approximately $2.049 million before costs. The company is plea..
S&P/ASX 200 (INDEXASX:XJO) is trading 1 point or 0.023% down to 5990 at 12.48 pm but is still up +4% so far this week and is on track for its sixth straight week of gains.
The S&P 200s drop follows the US share markets which were mixed on Thursday ahead of Friday's jobs report. Investors are also awaiting plans for the next round of US economic stimulus.
Top gainers on ASX today include Talisman Mining Ltd (ASX:TLM) (+12.24%), Rimfire Pacific Mining NL (ASX:RIM) (+16.67%), Canyon Resources Ltd (ASX:CAY) (+11.11%), Ironbark Zinc Limited (ASX:IBG) (+33.33%), De Grey Mining Limited (ASX:DEG) (+23.75%) and Brookside Energy Ltd (ASX:BRK) (+14.29%).
Proactive news headlines:
Technology Metals has $2 million raising backed by major Tinci Materials shareholder
Technology Metals Australia Ltd (ASX:TMT) has received commitments for a fully subscribed placement of up to 13.66 million shares at 15 cents per share to raise approximately $2.049 million before costs. The company is pleased with the continued support of strategic domestic and international investors and welcomes an initial investment by Mr Xu Jinfu, chairman and major shareholder of Guangzhou Tinci Materials Technology Co Ltd. Tinci Materials is a leading manufacturer and marketer of battery materials.
Talisman Mining will start diamond drilling this month at Lucknow Gold Project, shares up
Talisman Mining Ltd (ASX:TLM) (OTCMKTS:TLSMF) is higher on news that diamond drilling will begin this month at Lucknow Gold Project in the historic Lucknow Goldfields of Central West NSW. The first diamond drill testing will target an interpreted high-grade gold lode offset position at Lucknow here historic production was in excess of 400,000 ounces at an average estimated mined grade of +100 g/t. Shares have been as much as 17% higher in early trade to 11.5 cents.
De Grey Mining higher again after defining major gold extension at Hemi discovery
De Grey Mining Limited (ASX:DEG) (OTCMKTS:DGMLF) (FRA:DGD) has continued a run of share price gains with drilling defining a major extension of Brolga zone at the Hemi gold discovery in WAs Pilbara region. This extension of the Brolga intrusion defined by initial shallow aircore drilling is approximately 1,000 metres long by 200 metres wide and enhances the potential to expand near-surface open pit resources. Results include 16 metres at 2.4 g/t from 40 metres, 8 metres at 2.2 g/t from 52 metres and 4 metres at 5.0 g/t from 60 metres.
Musgrave Minerals rises on defining large new gold targets at Lake Austin JRead More – Source
Australia
St George Mining steps-up Mt Alexander drilling after identifying large nickel-copper sulphide target
St George Mining Ltd (ASX:SGQ) has stepped up the pace of drilling at Mt Alexander in WA after identifying a large conductive feature at Fish Hook prospect through magnetotelluric (MT) and audio-magnetotelluric (AMT) surveys.
The new conductive feature is below the high-order nickel-copper soil anomaly at Fish Hook and is modelled to dip to the northwest, consistent with the known ultramafic stratigraphy elsewhere in the Cathedrals Belt.
Seven reverse circulation (RC) reconnaissance drill holes have been completed at Fish Hook but were too shallow to intersect the new conductive feature, which commences 250 metres below surface.
Additional drilling is planned to test this compelling target for nickel-copper sulphides.
“Exciting time”[hhmc]
Executive chairman John Prineas said: “Diamond drilling of the deeper MT conductive targets will start shortly and we are excited to have another high-quality target to drill at the Fish Hook prospect.[hhmc]
“The resource drill-out at Stricklands..
St George Mining Ltd (ASX:SGQ) has stepped up the pace of drilling at Mt Alexander in WA after identifying a large conductive feature at Fish Hook prospect through magnetotelluric (MT) and audio-magnetotelluric (AMT) surveys.
The new conductive feature is below the high-order nickel-copper soil anomaly at Fish Hook and is modelled to dip to the northwest, consistent with the known ultramafic stratigraphy elsewhere in the Cathedrals Belt.
Seven reverse circulation (RC) reconnaissance drill holes have been completed at Fish Hook but were too shallow to intersect the new conductive feature, which commences 250 metres below surface.
Additional drilling is planned to test this compelling target for nickel-copper sulphides.
“Exciting time”
Executive chairman John Prineas said: “Diamond drilling of the deeper MT conductive targets will start shortly and we are excited to have another high-quality target to drill at the Fish Hook prospect.
“The resource drill-out at Stricklands is also underway and we look forward to completing the scoping study for what we believe could be a low-capex, high-margin mining operation at Stricklands.
“This is an exciting time for St George Mining.”
Diamond rigs due on-site
The first of two diamond drill rigs is due to arrive at the site this weekend with the second diamond drill rig also expected shortly.
Diamond drilling will focus on testing the new, deeper conductive features identified by the MT/AMT surveys with targets at Investigators prospect the first of the deeper nickel-copper sulphide targets to be drilled.
Six metallurgical drill holes will also be completed by diamond drilling at the Stricklands prospect as part of the scoping study into a potential mining operation.
Map of the Cathedrals Belt showing areas of planned drilling and overlaying interpreted geology and magnetics.
Additional MT/AMT Survey
Modelling of the remaining MT/AMT survey data is progressing and further results are expected next week.
Drill targets will be designed for West End and FairRead More – Source
Australia
Technology Metals has $2 million raising backed by major Tinci Materials shareholder
Technology Metals Australia Ltd (ASX:TMT) has received commitments for a fully subscribed placement of up to 13.66 million shares at 15 cents per share to raise approximately $2.049 million before costs.
The company is pleased with the continued support of strategic domestic and international investors and welcomes an initial investment by Mr Xu Jinfu, chairman and major shareholder of Guangzhou Tinci Materials Technology Co Ltd.
Tinci Materials is a leading manufacturer and marketer of battery materials.
Funds to progress vanadium project[hhmc]
Funds raised will be used to progress development of the Gabanintha Vanadium Project in WA, including advancing environmental work in support of the preparation of an Environmental Review Document.
Participants in the placement will receive a 1 for 2 free attaching option exercisable at 25 cents per share on or before June 15, 2022.
The strategic investors offer a wealth of experience and contacts in technology metals key customer markets ..
Technology Metals Australia Ltd (ASX:TMT) has received commitments for a fully subscribed placement of up to 13.66 million shares at 15 cents per share to raise approximately $2.049 million before costs.
The company is pleased with the continued support of strategic domestic and international investors and welcomes an initial investment by Mr Xu Jinfu, chairman and major shareholder of Guangzhou Tinci Materials Technology Co Ltd.
Tinci Materials is a leading manufacturer and marketer of battery materials.
Funds to progress vanadium project
Funds raised will be used to progress development of the Gabanintha Vanadium Project in WA, including advancing environmental work in support of the preparation of an Environmental Review Document.
Participants in the placement will receive a 1 for 2 free attaching option exercisable at 25 cents per share on or before June 15, 2022.
The strategic investors offer a wealth of experience and contacts in technology metals key customer markets as well as significant operational experience and investments within the rapidly emerging battery metals markets.
Placement capacity
The placement will be conducted under the companys current placement capacity in line with ASX Listing Rule 7.1 and 7.1A:
- Read More – Source
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