Allkem Limited (ASX: AKE, " Allkem " or the " Company ") provides an update for its Mt Cattlin operation in Western Australia.
Recent results from Mt Cattlin mining operations, as well impacts from on-going labour shortages in Western Australia, have resulted in a review of production guidance for FY23.
Many Western Australian mining operations continue to suffer from a severe shortage and high turnover of staff which is exacerbated by COVID-19 related absences. At Mt Cattlin this has resulted in a further delay in pre-strip activities at the new 2NW pit.
Previous production guidance assumed that a small upper lens of mineralisation would provide ore for processing while the main ore zones are being exposed. Unfortunately, the mineralogy of this upper lens has not been amenable to processing through the plant as currently configured due to its fine-grained nature. This will lower production for the next 4-6 weeks while the main orebody is exposed by pre-stripping operations, at which time normal production levels will resume.
Consequently, Allkem currently anticipates that FY23 annual production at Mt Cattlin will be approximately 140-150kt compared to the previous guidance of 160-170kt. Production will be split approximately 15%, 20%, 30%, 35% across each respective quarter and with FY23 costs expected to be approximately US$900/t. As advised in the June Quarterly Report , ore grades will increase from 0.93-0.94% in the current year to 1.17% in FY24 which will have a beneficial impact on costs and production.
Mitigation actions at site are already well underway and include the mobilisation of an additional mining contractor, the replacement and upsizing of mining equipment with the existing mining contractor, the installation of magnetic ore sorters to allow the processing of low-grade stockpiles and advanced metallurgical test work on the fine-grained ore.
So far this quarter Allkem has sold two trial shipments for a total of 30,000 tonnes of low grade (~1.3%) spodumene concentrate at an average realised price of between US$500/t and US$600/t CIF. In order to offset the deferred delivery of SC6 spodumene volumes, Allkem is currently in advanced discussions with existing customers to substitute up to 100,000 tonnes of the lower grade material during the current half year.
Allkem commenced a three-phase resource extension program in mid-April that targets 147 holes for approximately 32,685 metres of reverse circulation (" RC" ) drilling.
The first two phases will target the immediate extension to mine-life at depth. The first phase aims to convert ~3.2Mt of resource from the inferred to indicated category. The second phase will test two pegmatite lenses of approximately 4.2Mt of existing inferred resource along strike and at depth in conjunction with a study to evaluate either the opencut or underground development of potential resource extensions.
As of this date of this announcement, 60 holes and approximately 14,000m of drilling had been completed and an update on results will be provided later in September. The current drilling program is expected to be completed towards the end of CY22 and results have not been incorporated in the 2022 Mineral Resource estimate.
Figure 1: Mt Cattlin Mineral Resource/Reserve and pit shells https://www.globenewswire.com/NewsRoom/AttachmentNg/5d84292f-3b9e-4c1f-90fb-7849d34027bd
The Mineral Resource Estimate at 30 June 2022 is presented in Table 1 and represents the combination of the 2018 Mineral Resource with a stand-alone 2021 2NW pit estimate, depleted for mining activities from 31 March 2021 to 30 June 2022. As in previous years the cut-off grade used was 0.4% Li 2 O whilst the pit shell used within which to estimate the Mineral Resource was generated at US$1,100/t at 6% Li 2 O concentrate grade (c.f. US$900/t in 2021).
Table 1: Mt Cattlin Mineral Resource at 30 June 2022
Notes: Reported at cut-off grade of 0.4% Li 2 O contained within a pit shell generated at a spodumene price of USD1,100 at 6% Li 2 0. The preceding statements of Mineral Resources conforms to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) 2012 edition. All tonnages reported are dry metric tonnes. Excludes mineralisation classified as oxide and transitional. Minor discrepancies may occur due to rounding to appropriate significant figures. RPEEE is defined as reasonable prospects for eventual economic evaluation.
The FY2022 Mineral Resource estimate takes into account both mining of resources from the current open pit mine and depletion of stockpiles, and includes results from the 2021 infill drilling results from the 2NW deposit. Remnant Mineral Resources under the backfilled 2SW pit has also been included as potential underground feed.
A description of the major factors that resulted in changes from the 2021 Mineral Resource to the 2022 Mineral Resource are as follows:
The Mineral Resource estimate, mining depletion and reporting was completed by Allkem staff. Allkem has assumed responsibility for the logging, sampling, analytical and quality assurance/quality control protocols currently in place for estimates and depletions.
Allkem has reviewed and updated the Mt Cattlin Ore Reserve, incorporating 2021 infill drilling results from the 2NW deposit, the depletion of the 2NE pit and evaluation of remnant deeper resource under the 2SW pit. Within this review, depleted mined material and site stockpiles at 30 June 2022 and material to be mined after this date are presented in accordance with JORC (2012) Ore Reserve Reporting.
Mt Cattlin's Ore Reserve at 30 June 2022 is presented in Table 3 and is based on the remaining Ore Reserves with the current mine design utilising the model from the 2021 Mineral Resource estimate with the application of modifying factors.
Like the 2021 annual review, modifying factors and mining reconciliation were reviewed by the Competent Person and reflect Allkem's continued strategy to utilise front-end optical sorters to upgrade and process low-grade stockpiled ore. A dilution factor of 17% applied to the Ore Reserve and a mining recovery of 93% of diluted material reflects the current practice of mining to horizontal flitches and benches.
At 30 June, 2022 the 2NW pit pre-strip had advanced such that first ore had daylighted in the pit floor in blasted stocks, approximately 70Kt of ore has been depleted at the period end.
Table 3: Mt Cattlin Ore Reserve as at 30 June 2022
Notes: Reported at cut-off grade of 0.4 % Li 2 O within current mine design. The preceding statements of Ore Reserves conforms to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) 2012 edition. All tonnages reported are dry metric tonnes. Reported with 17% dilution and 93% mining recovery. Revenue factor US$650/tonne applied. Minor discrepancies may occur due to rounding to appropriate significant figures.
Table 4: Mt Cattlin Ore Reserve as at 31 March 2021
Notes: Reported at cut-off grade of 0.4 % Li 2 O within current mine design. The preceding statements of Ore Reserves conforms to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) 2012 edition. All tonnages reported are dry metric tonnes. Reported with 17% dilution and 93% mining recovery. Revenue factor US$650/tonne applied. Minor discrepancies may occur due to rounding to appropriate significant figures.
A description of the major factors that resulted in changes from the 2021 Ore Reserve to the 2022 Ore Reserve is as follows:
The Ore Reserve does not take into account the infill drilling results from the 2NW deposit and the mine design has not been changed to take into account increase in Mineral Resources due to changes in pit shell. A revised mine design based on an updated Mineral Resource will be undertaken after the completion of the current major drilling programme.
Appropriate assessments and studies have been carried out and include consideration of and modification by realistically assumed mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors. These assessments demonstrate at the time of reporting that extraction could reasonably be justified.
RESOURCE AND RESERVE CONTROLS & GOVERNANCE
Allkem ensures that quoted Mineral Resource and Ore Reserve estimates are subject to internal controls and external review at both project and corporate levels. Mineral Resource and Ore Reserves are estimated and reported in accordance with the 2012 edition of the JORC Code.
Allkem stores and collects exploration data using industry standard software that contains internal validation checks. Exploration samples from drilling have certified reference material standards introduced to the sample stream at set ratios, typically 1 per 25 samples. These are reported as necessary to the relevant Competent Persons to assess both accuracy and precision of the assay data applied to resource estimates. In resource modelling, block models are validated by checking the input drill hole composites against the block model grades by domain.
Allkem engages independent, qualified experts on a commercial fee for service basis, to undertake Mineral Resource and Ore Reserve audits. Allkem internally reconciles the resource outcomes to validate both the process and the outcome. RPEEE has been tested against a Whittle Optimisation with only the revenue factor changed from USD 900 to 1,100.
The Company has developed its internal systems and controls to maintain JORC compliance in all external reporting, including the preparation of all reported data by Competent Persons who are members of the Australasian Institute of Mining and Metallurgy or a ‘Recognised Professional Organisation'. As set out above, the Mineral Resource and Ore Reserve statements included in this announcement were reviewed by suitably qualified Competent Persons (below) prior to their inclusion, in the form and context announced.
This release was authorised by Mr Martin Perez de Solay, CEO and Managing Director of Allkem Limited.
This investor ASX/TSX release ( Release ) has been prepared by Allkem Limited (ACN 112 589 910) (the Company or Allkem ). It contains general information about the Company as at the date of this Release. The information in this Release should not be considered to be comprehensive or to comprise all of the material which a shareholder or potential investor in the Company may require in order to determine whether to deal in Shares of Allkem. The information in this Release is of a general nature only and does not purport to be complete. It should be read in conjunction with the Company's periodic and continuous disclosure announcements which are available at allkem.co and with the Australian Securities Exchange ( ASX ) announcements, which are available at www.asx.com.au .
This Release does not take into account the financial situation, investment objectives, tax situation or particular needs of any person and nothing contained in this Release constitutes investment, legal, tax, accounting or other advice, nor does it contain all the information which would be required in a disclosure document or prospectus prepared in accordance with the requirements of the Corporations Act 2001 (Cth) ( Corporations Act ). Readers or recipients of this Release should, before making any decisions in relation to their investment or potential investment in the Company, consider the appropriateness of the information having regard to their own individual investment objectives and financial situation and seek their own professional investment, legal, taxation and accounting advice appropriate to their particular circumstances.
This Release does not constitute or form part of any offer, invitation, solicitation or recommendation to acquire, purchase, subscribe for, sell or otherwise dispose of, or issue, any Shares or any other financial product. Further, this Release does not constitute financial product, investment advice (nor tax, accounting or legal advice) or recommendation, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision.
The distribution of this Release in other jurisdictions outside Australia may also be restricted by law and any restrictions should be observed. Any failure to comply with such restrictions may constitute a violation of applicable securities laws.
Past performance information given in this Release is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance.
Forward-looking statements are based on current expectations and beliefs and, by their nature, are subject to a number of known and unknown risks and uncertainties that could cause the actual results, performances and achievements to differ materially from any expected future results, performances or achievements expressed or implied by such forward-looking statements, including but not limited to, the risk of further changes in government regulations, policies or legislation; the risks associated with the continued implementation of the merger between the Company and Galaxy Resources Ltd, risks that further funding may be required, but unavailable, for the ongoing development of the Company's projects; fluctuations or decreases in commodity prices; uncertainty in the estimation, economic viability, recoverability and processing of mineral resources; risks associated with development of the Company Projects; unexpected capital or operating cost increases; uncertainty of meeting anticipated program milestones at the Company's Projects; risks associated with investment in publicly listed companies, such as the Company; and risks associated with general economic conditions.
Subject to any continuing obligation under applicable law or relevant listing rules of the ASX, the Company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements in this Release to reflect any change in expectations in relation to any forward-looking statements or any change in events, conditions or circumstances on which any such statements are based. Nothing in this Release shall under any circumstances (including by reason of this Release remaining available and not being superseded or replaced by any other Release or publication with respect to the subject matter of this Release), create an implication that there has been no change in the affairs of the Company since the date of this Release.
The information in this announcement that relates to Exploration Results and Mineral Resources is based on information compiled by Albert Thamm, B.Sc. (Hons)., M.Sc. F.Aus.IMM, a Competent Person who is a Fellow of The Australasian Institute of Mining and Metallurgy. Albert Thamm is a full-time employee of Galaxy Resources Pty. Limited. Albert Thamm has sufficient experience that is relevant to the style of mineralization and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Albert Thamm consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.
The information in this announcement that relates to the 30 June 2022 Mt Cattlin Ore Reserve is based on information compiled by Keith Muller, B. Eng. (Mining), M. Eng. (Mining), F.Aus.IMM (CP Mining), a Competent Person who is a Fellow of the Australasian Institute of Mining and Metallurgy. Keith Muller is a full-time employee of Galaxy Resources Pty. Ltd. Keith Muller has sufficient experience that is relevant to the style of mineralization and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Keith Muller consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.
The scientific and technical information contained in this announcement has been reviewed and approved by Albert Thamm, as it relates to geology, exploration, drilling, sample preparation, data verification and the depleted Mineral Resource and Keith Muller, BEng Mining, M. Eng. F.Aus.IMM (CP Mining) as it relates to the Mineral Reserve, mining methods and infrastructure; mineral processing, recovery methods, market studies, permitting, environmental and social studies, capital and operating cost estimates and economic analysis.
Not for release or distribution in the United States
This announcement has been prepared for publication in Australia and may not be released to U.S. wire services or distributed in the United States. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction, and neither this announcement or anything attached to this announcement shall form the basis of any contract or commitment. Any securities described in this announcement have not been, and will not be, registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States except in transactions registered under the U.S. Securities Act of 1933 or exempt from, or not subject to, the registration of the U.S. Securities Act of 1933 and applicable U.S. state securities laws.
Appendix 1 – JORC 2012 Table 1 Disclosure is available at www.allkem.co
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Allkem Limited (ASX|TSX: AKE) ("Allkem" or "the Company") will release its September Quarter Activities Report on Friday, 21 October 2022.
Managing Director and CEO, Mr. Martín Pérez de Solay and Chief Sales and Marketing Officer, Christian Barbier will conduct a live webcast briefing at 10:00 am AEDT on the same day.
To pre-register your details and join the webcast briefing, please follow the link on the homepage of Allkem's website, www.allkem.co . Written questions may be submitted via the webcast and playback of the briefing and Q&A session will also be available on the company's website.
This release was authorised by Mr Martin Perez de Solay, CEO and Managing Director of Allkem Limited.
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Allkem Limited (ASX|TSX: AKE, " Allkem" or the " Company" ) and the International Finance Corporation (" IFC ") have agreed on a non-binding term sheet for a project financing facility (" IFC loan ") for the wholly Allkem owned Sal de Vida Project located in Catamarca Province, Argentina.
Managing Director and CEO, Martin Perez de Solay said, "We are already in a strong financial position to self-fund the Sal de Vida project however we saw an opportunity to further improve the financing structure for Sal de Vida and partner with IFC, an institution with decades of experience providing finance and sustainable business solutions in the mining space."
"Sal de Vida is expected to generate significant economy-wide benefits that will improve the fiscal outlook, economic performance and social outcomes at national, regional and local community levels."
IFC's proposed investment comprises a US$200 million debt package, including up to US$100 million from IFC for a tenor of up to 9 years and the remainder funded by a syndicate of commercial banks.
The IFC loan and its key terms reflect current market conditions for this facility type, loan size, tenor and region.
IFC's proposed financing structure will provide Sal de Vida with a diversified international lender group in a syndicated loan agreement at the asset level and will help de-risk the capital structure of the project.
IFC's Performance Standards are globally recognised as a benchmark for environmental and social risk management in the private sector. IFC has eight Performance Standards: Risk Management, Labour, Resource Efficiency, Community, Land Resettlement, Biodiversity, Indigenous People and Cultural Heritage.
A robust and detailed environmental assessment was conducted by IFC, including the assessment of brine extraction and water usage and the associated monitoring and mitigation plan. Allkem technical teams participated in the process and will work to implement the IFC's Environmental and Social Action Plan (ESAP).
IFC technical assessment through senior consulting firms validated the project scope, cost and schedule and has provided a detailed risk analysis to ensure proper mitigation plans are established.
Subject to finalisation of facility terms, legal due diligence, approval from the Allkem Board of Directors, approval by IFC Management and World Bank Group Board of Directors the facility is expected to close before the end of 2022.
IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. Working in more than 100 countries, IFC uses their capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2022, IFC committed a record $32.8 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of current global issues. For more information, visit www.ifc.org .
The Sal de Vida Stage 1 Project is designed to produce 15ktpa of predominately battery grade lithium carbonate. The 2022 Feasibility Study estimated capital expenditure to be US$271 million and cash operating costs of US$3,612 per tonne. Construction commenced in January 2022.
Stage 1 project economics include pre-tax Net Present Value of US$1.23 billion at a 10% discount rate, pre-tax internal rate of return of 50% and a payback period of 1.75 years from the start of commercial production.
As at 30 June 2022, Allkem had US$664 million of free cash and cash equivalents available for the development of Sal de Vida and its other growth projects.
This release was authorised by Mr Martin Perez de Solay, CEO and Managing Director of Allkem Limited.
This investor ASX/TSX release ( Release ) has been prepared by Allkem Limited (ACN 112 589 910) (the Company or Allkem ). It contains general information about the Company as at the date of this Release. The information in this Release should not be considered to be comprehensive or to comprise all of the material which a shareholder or potential investor in the Company may require in order to determine whether to deal in Shares of Allkem. The information in this Release is of a general nature only and does not purport to be complete. It should be read in conjunction with the Company's periodic and continuous disclosure announcements which are available at allkem.co and with the Australian Securities Exchange ( ASX ) announcements, which are available at www.asx.com.au .
This Release does not take into account the financial situation, investment objectives, tax situation or particular needs of any person and nothing contained in this Release constitutes investment, legal, tax, accounting or other advice, nor does it contain all the information which would be required in a disclosure document or prospectus prepared in accordance with the requirements of the Corporations Act 2001 (Cth) ( Corporations Act ). Readers or recipients of this Release should, before making any decisions in relation to their investment or potential investment in the Company, consider the appropriateness of the information having regard to their own individual investment objectives and financial situation and seek their own professional investment, legal, taxation and accounting advice appropriate to their particular circumstances.
This Release does not constitute or form part of any offer, invitation, solicitation or recommendation to acquire, purchase, subscribe for, sell or otherwise dispose of, or issue, any Shares or any other financial product. Further, this Release does not constitute financial product, investment advice (nor tax, accounting or legal advice) or recommendation, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision.
The distribution of this Release in other jurisdictions outside Australia may also be restricted by law and any restrictions should be observed. Any failure to comply with such restrictions may constitute a violation of applicable securities laws.
Past performance information given in this Release is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance.
Forward Looking Statements Forward-looking statements are based on current expectations and beliefs and, by their nature, are subject to a number of known and unknown risks and uncertainties that could cause the actual results, performances and achievements to differ materially from any expected future results, performances or achievements expressed or implied by such forward-looking statements, including but not limited to, the risk of further changes in government regulations, policies or legislation; the risks associated with the continued implementation of the merger between the Company and Galaxy Resources Ltd, risks that further funding may be required, but unavailable, for the ongoing development of the Company's projects; fluctuations or decreases in commodity prices; uncertainty in the estimation, economic viability, recoverability and processing of mineral resources; risks associated with development of the Company Projects; unexpected capital or operating cost increases; uncertainty of meeting anticipated program milestones at the Company's Projects; risks associated with investment in publicly listed companies, such as the Company; and risks associated with general economic conditions.
Subject to any continuing obligation under applicable law or relevant listing rules of the ASX, the Company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements in this Release to reflect any change in expectations in relation to any forward-looking statements or any change in events, conditions or circumstances on which any such statements are based. Nothing in this Release shall under any circumstances (including by reason of this Release remaining available and not being superseded or replaced by any other Release or publication with respect to the subject matter of this Release), create an implication that there has been no change in the affairs of the Company since the date of this Release.
Competent Person Statement Any information in this announcement relating to Sal de Vida scientific or technical information, production targets or forecast financial information derived from a production target is extracted from the ASX Announcement entitled "Sal de Vida capacity increased to 45ktpa in two stages" released on 4 April 2022 which is available to view on www.allkem.co and www.asx.com.au. The Company confirms that all the material assumptions underpinning the scientific or technical information, production targets or the forecast financial information derived from a production target in the original market announcement continue to apply and have not materially changed.
Not for release or distribution in the United States This announcement has been prepared for publication in Australia and may not be released to U.S. wire services or distributed in the United States. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction, and neither this announcement or anything attached to this announcement shall form the basis of any contract or commitment. Any securities described in this announcement have not been, and will not be, registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States except in transactions registered under the U.S. Securities Act of 1933 or exempt from, or not subject to, the registration of the U.S. Securities Act of 1933 and applicable U.S. state securities laws.
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Allkem Limited (ASX|TSX: AKE the Company ) is pleased to provide an update on the resource extension drilling program currently underway at its Mt Cattlin spodumene operation in Western Australia.
The drilling program consists of three phases as described below:
Phase 1 – drilling within the US$900 2NW pit shell converting resource to reserve (planned 49 holes, 11,120 metres). Underway – ~77% complete.
Phase 2 – drilling to the north and down dip of the US$900 2NW pit shell to test resource extensions outside of the US$900 2NW pit (planned 80 holes, 19,125 metres) and within the US$1,100 pit shell. Underway – ~55% complete.
Phase 3 – drilling in the SW of the mine tenements to test additional targets and prospects (18 holes, 2,440 metres). To be undertaken in late 2022/early 2023.
Allkem commenced a three-phase resource extension program in mid-April that targets 147 holes for approximately 32,685 metres of reverse circulation (" RC" ) drilling.
As of 14 September, 81 holes drilled for a total of 19,177 metres were complete and assay results for 47 drillholes were available.
Highlights from the assays of the upper pegmatite include:
All significant assays are tabulated in the appendix.
Figure 1: Intercepts to the north of the US$1,100 whittle shell show potential for mineral resource expansion .
Highlights from the lower pegmatite include:
Pegmatite mineralisation to this point generally aligns with the existing geological model and of those assays returned to date and lithia (Li 2 O) content is consistent with historic (pre-2022) assays in the North West pit area of Mt Cattlin. Given the tendency for "pinch and swell" in pegmatite mineralisation, definitive conclusions are not possible at this stage, however geological logging and assay results to date are highly encouraging.
A typical cross section at northing 224160E (MGA 94) in Figure 1 shows ongoing thick pegmatite development down dip from the US$650 (Ore Reserve) pit shell and the USD 1,100 Whittle shell.
All drill hole collars for assay results are presented in Figure 2 and Appendix: Table 1.
Given the executed orientation of the drilling, assay intercepts reported are broadly true width.
Figure 2: Drilling progress as of 14 September 2022 and location relative to USD 1,100 pit shell and current NW pit design and cut-back.
The Phase 1 resource infill program at 2NW pit is on target for completion by the end of October and Perth based consultants Entech have been appointed to project manage an open pit, cut-back feasibility level study and execution.
Planning is underway for follow-up reverse circulation and diamond drilling, for the purposes of extension, geotechnical and metallurgical studies.
The study is anticipated to commence in October and aims to convert in-situ mineral resources (as announced on 25 August 2022) to Ore Reserves for scheduling, mine planning and detailed pit design in a NW pit.
Additionally, a scoping study continues to evaluate the potential for either opencut or underground development of further resource extensions from Phase 2 drilling.
On completion of the drilling at the NW pit, the focus will shift to Phase 3 and further definition in the SW part of the reasonable prospects of eventual economic extraction (RPEEE) footprint and lead to programs that test pegmatite continuity in areas previously not included in resource and mineral resource modelling. These programs will continue towards the end of the year and extend onto exploration leases as conditions and permitting allows.
This release was authorised by Mr Martin Perez de Solay, CEO and Managing Director of Allkem Limited.
This investor ASX/TSX release ( Release ) has been prepared by Allkem Limited (ACN 112 589 910) (the Company or Allkem ). It contains general information about the Company as at the date of this Release. The information in this Release should not be considered to be comprehensive or to comprise all of the material which a shareholder or potential investor in the Company may require in order to determine whether to deal in Shares of Allkem. The information in this Release is of a general nature only and does not purport to be complete. It should be read in conjunction with the Company's periodic and continuous disclosure announcements which are available at allkem.co and with the Australian Securities Exchange ( ASX ) announcements, which are available at www.asx.com.au .
This Release does not take into account the financial situation, investment objectives, tax situation or particular needs of any person and nothing contained in this Release constitutes investment, legal, tax, accounting or other advice, nor does it contain all the information which would be required in a disclosure document or prospectus prepared in accordance with the requirements of the Corporations Act 2001 (Cth) ( Corporations Act ). Readers or recipients of this Release should, before making any decisions in relation to their investment or potential investment in the Company, consider the appropriateness of the information having regard to their own individual investment objectives and financial situation and seek their own professional investment, legal, taxation and accounting advice appropriate to their particular circumstances.
This Release does not constitute or form part of any offer, invitation, solicitation or recommendation to acquire, purchase, subscribe for, sell or otherwise dispose of, or issue, any Shares or any other financial product. Further, this Release does not constitute financial product, investment advice (nor tax, accounting or legal advice) or recommendation, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision.
The distribution of this Release in other jurisdictions outside Australia may also be restricted by law and any restrictions should be observed. Any failure to comply with such restrictions may constitute a violation of applicable securities laws.
Past performance information given in this Release is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance.
Forward-looking statements are based on current expectations and beliefs and, by their nature, are subject to a number of known and unknown risks and uncertainties that could cause the actual results, performances and achievements to differ materially from any expected future results, performances or achievements expressed or implied by such forward-looking statements, including but not limited to, the risk of further changes in government regulations, policies or legislation; the risks associated with the continued implementation of the merger between the Company and Galaxy Resources Ltd, risks that further funding may be required, but unavailable, for the ongoing development of the Company's projects; fluctuations or decreases in commodity prices; uncertainty in the estimation, economic viability, recoverability and processing of mineral resources; risks associated with development of the Company Projects; unexpected capital or operating cost increases; uncertainty of meeting anticipated program milestones at the Company's Projects; risks associated with investment in publicly listed companies, such as the Company; and risks associated with general economic conditions.
Subject to any continuing obligation under applicable law or relevant listing rules of the ASX, the Company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements in this Release to reflect any change in expectations in relation to any forward-looking statements or any change in events, conditions or circumstances on which any such statements are based. Nothing in this Release shall under any circumstances (including by reason of this Release remaining available and not being superseded or replaced by any other Release or publication with respect to the subject matter of this Release), create an implication that there has been no change in the affairs of the Company since the date of this Release.
The information in this announcement that relates to Exploration Results and Mineral Resources is based on information compiled by Albert Thamm, B.Sc. (Hons)., M.Sc. F.Aus.IMM, a Competent Person who is a Fellow of The Australasian Institute of Mining and Metallurgy. Albert Thamm is a full-time employee of Galaxy Resources Pty. Limited. Albert Thamm has sufficient experience that is relevant to the style of mineralization and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Albert Thamm consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.
Any information in this announcement that relates to Mt Cattlin's Mineral Resources and Reserves is extracted from the report entitled "Mt Cattlin Resource, Reserve and Operations Update" released on 25 August 2022 which is available to view on www.allkem.co and www.asx.com.au . The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the Mineral Resources estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement.
Not for release or distribution in the United States
This announcement has been prepared for publication in Australia and may not be released to U.S. wire services or distributed in the United States. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction, and neither this announcement or anything attached to this announcement shall form the basis of any contract or commitment. Any securities described in this announcement have not been, and will not be, registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States except in transactions registered under the U.S. Securities Act of 1933 or exempt from, or not subject to, the registration of the U.S. Securities Act of 1933 and applicable U.S. state securities laws.
APPENDIX 1 – DRILL HOLE INFORMATION AND ASSAY RESULTS
T able 1: Drill hole collar and orientation as surveyed
All significant intercepts with a minimum cut-off 0.4% Li 2 O%; minimum 4m interval; maximum 2m of internal waste are presented separately in Tables 2 and 3 below.
Table 2: Significant intercepts - upper pegmatite body (61)
Table 3: Significant intercepts - lower pegmatite body (62). Minimum cut-off 0.4% Li 2 O%; minimum 4m interval; maximum 2m of internal waste
APPENDIX 2 – RESOURCE AND RESERVE TABLES
Mt Cattlin Mineral Resource at 30 June 2022
Notes: Reported at cut-off grade of 0.4% Li 2 O contained within a pit shell generated at a spodumene price of USD1,100 at 6% Li 2 0. The preceding statements of Mineral Resources conforms to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) 2012 edition. All tonnages reported are dry metric tonnes. Excludes mineralisation classified as oxide and transitional. Minor discrepancies may occur due to rounding to appropriate significant figures. RPEEE is defined as reasonable prospects for eventual economic evaluation.
Mt Cattlin Ore Reserve at 30 June 2022
Notes: Reported at cut-off grade of 0.4% Li 2 O within current mine design. The preceding statements of Ore Reserves conforms to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) 2012 edition. All tonnages reported are dry metric tonnes. Reported with 17% dilution and 93% mining recovery. Revenue factor US$650/tonne applied. Minor discrepancies may occur due to rounding to appropriate significant figures.
Section 1: Sampling Techniques and Data
Section 2: Reporting of Exploration Results
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Allkem Limited (ASX|TSX: " Allkem ," the " Company ") advises that Mr Peter Coleman has been appointed as a Director of Allkem effective 3 October 2022 and will assume the role of Chair from Martin Rowley who has indicated he will retire from the Board at the close of the 2022 Annual General Meeting (" AGM ") to be held on 15 November 2022.
In welcoming Peter to the Allkem Board, current Chair Martin Rowley commented, " Peter is an outstanding successor to the Allkem Chair, having demonstrated throughout his career the attributes necessary to guide Allkem through its next growth phase. He is ideally suited to lead the Company's successful delivery of its strategy to triple production by 2026 and maintain at least 10% of global market share in the medium term. The Board and I are delighted to welcome Peter ."
CEO and Managing Director, Martin Perez de Solay said, " I would also like to congratulate Peter and welcome him to Allkem and the Board. Peter brings a wealth of knowledge and experience that will be highly beneficial as we continue to grow Allkem ."
Peter Coleman said, " I am very pleased to be joining a company with such an outstanding portfolio of operating and development assets and that operates with such a strong commitment to sustainability and shared value for all stakeholders. I look forward to working with the Board, management team and all employees to continue the success that Allkem has achieved to date ."
Mr. Coleman is the former Chief Executive Officer and Managing Director of Woodside Energy Group Limited, Australia's largest independent gas producer, having served in that role from 2011 until his retirement in June 2021.
Prior to joining Woodside, Mr. Coleman spent 27 years with the ExxonMobil group in a variety of roles, including Vice President – Asia Pacific from 2010 to 2011 and Vice President – Americas from 2008 to 2010.
Mr. Coleman is currently a Non-Executive Director of NYSE listed Schlumberger Limited (since 2021) and is the Chair of Infinite Green Energy, an unlisted Australian green hydrogen renewable energy company (since August 2021). He is also the Chair of H2EX, an unlisted Australian hydrogen exploration start-up (since April 2022) and the Chair of DIRECT Infrastructure, an unlisted Australian-based offshore wind developer (since June 2022).
Since 2012 Mr. Coleman has been an adjunct professor of corporate strategy at the University of Western Australia Business School and, has Chaired the Australia Korea Foundation since 2016. He is the recipient of an Alumni Lifetime Achievement Award from Monash University and a Fellowship from the Australian Academy of Technological Sciences and Engineering. Mr. Coleman has been awarded Honorary Doctoral degrees in Law and Engineering from Monash and Curtin Universities respectively and, was awarded the Heungin Medal for Diplomatic service by the republic of South Korea.
Mr. Dylan Roberts has been appointed joint Company Secretary and Mr. Rick Anthon will retire from his role as joint Company Secretary effective from this announcement. Mr. Roberts joins Mr. John Sanders as the joint Company Secretaries for Allkem.
This release was authorised by Mr Martin Perez de Solay, CEO and Managing Director of Allkem Limited.
This investor ASX/TSX release (Release) has been prepared by Allkem Limited (ACN 112 589 910) (the Company or Allkem). It contains general information about the Company as at the date of this Release. The information in this Release should not be considered to be comprehensive or to comprise all of the material which a shareholder or potential investor in the Company may require in order to determine whether to deal in Shares of Allkem. The information in this Release is of a general nature only and does not purport to be complete. It should be read in conjunction with the Company's periodic and continuous disclosure announcements which are available at allkem.co and with the Australian Securities Exchange (ASX) announcements, which are available at www.asx.com.au.
This Release does not take into account the financial situation, investment objectives, tax situation or particular needs of any person and nothing contained in this Release constitutes investment, legal, tax, accounting or other advice, nor does it contain all the information which would be required in a disclosure document or prospectus prepared in accordance with the requirements of the Corporations Act 2001 (Cth) (Corporations Act). Readers or recipients of this Release should, before making any decisions in relation to their investment or potential investment in the Company, consider the appropriateness of the information having regard to their own individual investment objectives and financial situation and seek their own professional investment, legal, taxation and accounting advice appropriate to their particular circumstances.
This Release does not constitute or form part of any offer, invitation, solicitation or recommendation to acquire, purchase, subscribe for, sell or otherwise dispose of, or issue, any Shares or any other financial product. Further, this Release does not constitute financial product, investment advice (nor tax, accounting or legal advice) or recommendation, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision.
The distribution of this Release in other jurisdictions outside Australia may also be restricted by law and any restrictions should be observed. Any failure to comply with such restrictions may constitute a violation of applicable securities laws.
Past performance information given in this Release is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance.
Not for release or distribution in the United States
This announcement has been prepared for publication in Australia and may not be released to U.S. wire services or distributed in the United States. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction, and neither this announcement or anything attached to this announcement shall form the basis of any contract or commitment. Any securities described in this announcement have not been, and will not be, registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States except in transactions registered under the U.S. Securities Act of 1933 or exempt from, or not subject to, the registration of the U.S. Securities Act of 1933 and applicable U.S. state securities laws.
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Allkem Limited (ASX|TSX: " Allkem ," the " Company ") advises Deputy Chair, Mr Rob Hubbard will retire from the Board effective 3 October 2022.
Mr Hubbard was appointed as a Director of Allkem Limited ("formerly Orocobre ") in November 2012 and was appointed as Chair in July 2016. Following the merger with Galaxy Resources Limited (" Galaxy ") in 2021, Mr Hubbard assumed the role of Deputy Chair.
Mr Hubbard has been a key member of the Board and has provided invaluable stability, guidance and leadership over his tenure. Since his appointment as a director of the Company the market capitalisation of Allkem has increased from ~A$180 million to over A$10 billion recently. Together with Martin Rowley, as Chairman of Galaxy, Rob was pivotal to the transformational merger which created Allkem, a business which now has an envied global portfolio of production and development assets.
"I am proud to have been involved in the Allkem journey over my ten years on the Board. The last decade has seen many years of growth and wealth creation for our shareholders. It has given me great pleasure to be involved in a company that has not only provided a material increase in shareholder value but also embraced sustainability as a keystone of its strategy and shared value for all stakeholders. Building a company with the global ambitions of Allkem is a relay not a marathon and I am confident we are in the best of hands with my Board colleagues and Martin Perez de Solay's leadership," Mr Hubbard said.
Allkem Chairman Martin Rowley commented, " I would like to personally thank Rob for his contribution to the success of the Company over the decade he has been involved. When we first spoke in early 2021 both of us saw the huge potential of a merger of Orocobre and Galaxy but it took Rob's guidance and diplomacy as Chair of Orocobre to ensure the successful outcome. Sitting on the Board of Allkem together we have developed a very strong relationship with Rob providing invaluable support to me and the Board in his role as Deputy Chair. I am proud to call him a friend and I wish him and his family the very best in his life after Allkem ."
CEO and Managing Director, Martin Perez de Solay said, " It has been a pleasure to work with Rob who has made a significant contribution to the Company across many areas of the Company.
"Rob has been a driving force in the development of sustainability practices and reporting and has been instrumental in the improvement of governance systems throughout the business. He leaves the company in a very strong position and well placed for the planned development and growth of its world class asset portfolio. I sincerely thank Rob for his astute guidance and enduring support and wish him well in his future endeavours."
This release was authorised by Mr Martin Perez de Solay, CEO and Managing Director of Allkem Limited.
This investor ASX/TSX release ( Release ) has been prepared by Allkem Limited (ACN 112 589 910) (the Company or Allkem ). It contains general information about the Company as at the date of this Release. The information in this Release should not be considered to be comprehensive or to comprise all of the material which a shareholder or potential investor in the Company may require in order to determine whether to deal in Shares of Allkem. The information in this Release is of a general nature only and does not purport to be complete. It should be read in conjunction with the Company's periodic and continuous disclosure announcements which are available at allkem.co and with the Australian Securities Exchange ( ASX ) announcements, which are available at www.asx.com.au .
This Release does not take into account the financial situation, investment objectives, tax situation or particular needs of any person and nothing contained in this Release constitutes investment, legal, tax, accounting or other advice, nor does it contain all the information which would be required in a disclosure document or prospectus prepared in accordance with the requirements of the Corporations Act 2001 (Cth) ( Corporations Act ). Readers or recipients of this Release should, before making any decisions in relation to their investment or potential investment in the Company, consider the appropriateness of the information having regard to their own individual investment objectives and financial situation and seek their own professional investment, legal, taxation and accounting advice appropriate to their particular circumstances.
This Release does not constitute or form part of any offer, invitation, solicitation or recommendation to acquire, purchase, subscribe for, sell or otherwise dispose of, or issue, any Shares or any other financial product. Further, this Release does not constitute financial product, investment advice (nor tax, accounting or legal advice) or recommendation, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision.
The distribution of this Release in other jurisdictions outside Australia may also be restricted by law and any restrictions should be observed. Any failure to comply with such restrictions may constitute a violation of applicable securities laws.
Past performance information given in this Release is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance.
Not for release or distribution in the United States
This announcement has been prepared for publication in Australia and may not be released to U.S. wire services or distributed in the United States. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction, and neither this announcement or anything attached to this announcement shall form the basis of any contract or commitment. Any securities described in this announcement have not been, and will not be, registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States except in transactions registered under the U.S. Securities Act of 1933 or exempt from, or not subject to, the registration of the U.S. Securities Act of 1933 and applicable U.S. state securities laws.
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If successful, a drilling program will be planned over the best targets.
The prospective electrical EC anomaly1 below the Eden Pan where the Bitterwasser Clay Mineral Resource is situated, is strongly indicative of brine activity at depth of around 50 meters but remains to be tested. The anomaly has confirmed that an Electro Conductive survey method is an efficient geological tool to identify brine pools for follow up targeted drilling.
All authorisations and permissions have been granted, following a comprehensive consultation process with communities in the Bitterwasser area.
It is expected that a minimum of 2,000 line-kilometres will be flown and that the survey will be able to penetrate to a depth of 300 meters, which is well within the reach of the inferred basement of the Bitterwasser Half-Graben basin2.
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Green Technology Metals Limited (ASX: GT1) (GT1 or the Company) is pleased to announce that it has executed a binding agreement with Landore Resources Limited (Landore) to buyback and extinguish 50% (1.5%) of the 3% net smelter royalty (NSR) interest over the Root Project. The consideration for the purchase is comprised of C$2 million cash payment to extinguish 1.5% of the Root Project NSR. The transaction is conditional on GT1 and Landore finalising and executing an Extinguishment Agreement, which is expected to occur before 21 October 2022.
Commenting on the execution of the agreement with Landore, GT1 CEO, Luke Cox, said:
“The buyback of 50% of the Royalty Deed is another significant milestone for the company as GT1 rapidly advances the Root projectandclearlyindicatesourteam’sconfidenceinthepotentialoftheProject.ThisisjustanotherstepforwardforGT1 as we build our pre-eminent vertically integrated lithium business in Ontario and North America and will deliver greater value to shareholders over the long term.”
GT1 is a North American focussed lithium exploration and development business. The Company’s Ontario Lithium Projects comprise high-grade, hard rock spodumene assets (Seymour, Root and Wisa) and lithium exploration claims (Allison and Solstice) located on highly prospective Archean Greenstone tenure in north-west Ontario, Canada.
All sites are proximate to excellent existing infrastructure (including hydro power generation and transmission facilities), readily accessible by road, and with nearby rail delivering transport optionality.
Seymour has an existing Mineral Resource estimate of 9.9 Mt @ 1.04% Li2O (comprised of 5.2 Mt at 1.29% Li2O Indicated and 4.7 Mt at 0.76% Li2O Inferred). Accelerated, targeted exploration across all three projects delivers outstanding potential to grow resources rapidly and substantially.
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Similar Lithology Intersected at Madube Pan to that of Eden Pan
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- Livent Corporation (NYSE: LTHM) today announced it will release its third quarter 2022 earnings on Tuesday, November 1, 2022, after stock market close via PR Newswire and the company's website at: http:www.livent.com .
The company will subsequently host a webcast conference call on Tuesday, November 1, 2022 , at 4:30 p.m. ET that is open to the public via Internet broadcast and conference call.
Internet broadcast: http://www.livent.com .
Dial-in telephone numbers: U.S. / Canada : (888) 330-2454 International: (240) 789-2714 Conference ID # 4348515
A replay of the call will be available via the Internet and telephone from November 1, 2022 until November 15, 2022 .
Internet replay: http://www.livent.com U.S. / Canada : (800) 770-2030 International: (647) 362-9199 Conference ID # 4348515
About Livent For nearly eight decades, Livent has partnered with its customers to safely and sustainably use lithium to power the world. Livent is one of only a small number of companies with the capability, reputation, and know-how to produce high-quality finished lithium compounds that are helping meet the growing demand for lithium. The company has one of the broadest product portfolios in the industry, powering demand for green energy, modern mobility, the mobile economy, and specialized innovations, including light alloys and lubricants. Livent has a combined workforce of approximately 1,100 full-time, part-time, temporary, and contract employees and operates manufacturing sites in the United States , England , India , China and Argentina . For more information, visit livent.com .
Media contact: Juan Carlos Cruz +1.215.299.6170 juan.carlos.cruz@livent.com
Investor contact: Daniel Rosen +1.215.299.6208 daniel.rosen@livent.com
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Sandy MacDougall, CEO of Noram Lithium Corp. ("Noram" or the "Company"(TSXV: NRM | OTCQB: NRVTF | Frankfurt: N7R) is pleased to announce the appointment of Dr. Vahid Sohrabi, Senior Hydrogeologist/Geochemist to the Advisory Board.
Founder and CEO Mr. MacDougall states: "As we accelerate and finalize a new updated resource model and subsequent prefeasibility study in Q4 of 2022, we are pleased to add Dr. Sohrabi to Noram's advisory board, and add further strength to our technical team in the important components of hydrogeology and geochemistry. Dr. Sohrabi, is a respected leadervas a hydrogeologist/geochemist and geoscientist, and brings an extensive ESG-friendly environmental, groundwater, surface water and soil-related global expertise. We look forward to Dr. Sohrabi's significant contributions in assisting the Company with the completion of the upcoming prefeasibility and definitive feasibility studies of the Zeus Lithium Deposit."
Dr. Sohrabi is a Senior Hydrogeologist/Geochemist at Ecoventure and has more than 19 years of experience in the field of environmental services in Canada and internationally. He earned his Ph.D. with a major in hydrogeology/geochemistry from the University of Waterloo, Ontario, Canada.
Dr. Sohrabi has been involved in numerous mining/oil and gas/environmental projects including different resource projects in the O&G and Mining industries. His hydro-geochemical knowledge and environmental management expertise have been instrumental in a wide array of resource projects in different stages of their lifecycle, including the design of feasibility studies of mines and mineral processing units.
More recently Dr. Sohrabi has been involved in several lithium projects and played a major role in the feasibility study of lithium brine projects in the Middle East by contributing to the field program testing design, the onsite trial management, the result evaluations and the decision-making for ongoing activities of such deposits, in addition to the final mine development planning.
Noram Lithium Corp. is a well-financed, development-stage junior mining company based in Vancouver, Canada. The company's flagship asset is the Zeus lithium project, located in Clayton Valley, Nevada. The Zeus project contains a current NI 43-101 measured and indicated resource estimate of 363 million tonnes grading 923 ppm lithium, and an inferred resource of 827 million tonnes grading 884 ppm lithium utilizing a 400 ppm Li cut-off.
In December, 2021, a robust PEA indicated an after-tax net present value (8 per cent) of $1.3-billion (U.S.) and an internal rate of return of 31 per cent using $9,500 (U.S.) per tonne lithium carbonate equivalent (LCE). Using the LCE long-term forecast of $14,000 (U.S.) per tonne, the PEA indicates an after-tax NPV (8 per cent) of approximately $2.67-billion (U.S.) and an IRR of 52 per cent at $14,250 (U.S.) per tonne LCE.
Noram is aggressively advancing its Zeus lithium project through the development-stage level towards the completion of a prefeasibility study in Q4 2022.
Please visit our website for further information: www.noramlithiumcorp.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Founder, Chief Executive Officer and Director
For additional information please contact:
President and Chief Operating Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking information which is not comprised of historical facts. Forward-looking information involves risks,uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes statements regarding, among other things, the completion transactions completed in the Agreement. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, regulatory approval processes. Although Noram believes that the assumptions used in preparing the forward-looking information in this news release are reasonable, including that all necessary regulatory approvals will be obtained in a timely manner, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Noram disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable securities laws. *Updated Lithium Mineral Resource Estimate, Zeus Project, Clayton Valley, Esmeralda County, Nevada, USA (August 2021) **Preliminary Economic Assessment Zeus Project, ABH Engineering (December 2021).
Click here to connect with Noram Lithium Corp. (TSXV: NRM | OTCQB: NRVTF | Frankfurt: N7R) , to receive an Investor Presentation
BMM has engaged a highly capable team to conduct the first phase of its exploration program at the Gorge Project, who has a demonstrable record in the district, as well as strong relations with the First Nations communities in the area.
The Company has commenced mapping and sampling of the entire project area. This is planned to be followed by trenching and soil analysis. Subject to favourable results, BMM intends on drilling throughout the fall and winter as the appropriate drilling targets are identified.
Managing Director Ross Cotton commented:
“I would like to thank our dedicated team on the ground who have not wasted a moment to get our work project underway. I also again thank our team in both Australia and Serbia who have worked tirelessly to move BMM forward. We are extremely excited about our strategic move into a Tier 1 mining Jurisdiction in Ontario, Canada. The initial results were a great start for the Company, we look to build on these results as we embark on our planned mapping, sampling and trenching programs.”
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This article includes content from Balkan Mining, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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