Macarthur Minerals (ASX: MIO) has opened 26.83% higher after announcing the maiden ore reserve at the Lake Giles project, located in WA. The reserve totals 237mt of iron ore, supporting a 25-year mine life.
CEO Andrew Bruton commented:
“The release of the Maiden Ore Reserve Statement for the Lake Giles Iron Project will support a positive Feasibility Study for the project. Macarthur has worked hard over the course of the last 12 months to deliver this result, and the Company looks forward to releasing the Feasibility Study shortly.”
Frontier Resources (ASX: FNT) has opened 23.08% higher after announcing rock chip assays from the Gascoyne rare earths project in WA. A total of 134 rock chip samples were sampled, with a peak result of 8.01% total rare earth oxides (TREO).
Technical Director Brian Thomas said:
“These high tenor REE results are extremely exciting and again vindicates our early mover advantage in the Gascoyne Region securing such a highly prospective land package adjacent to Hastings world class Yangibana project.”
“The Lyons and Edmunds Projects are still very underexplored and with our rapidly evolving geological understanding I’m looking forward to a busy exploration schedule throughout 2022.”
SensOre (ASX: S3N) has opened 19.05% higher after agreeing lithium exploration terms with Deutsche Rohstoff.
Deutsche Rohstoff will aid with targeting, acquisition, and geological consulting for at least 8 lithium targets, worth $125,000 each for a total of $1m.
SensOre will hold an initial 30% stake, with Deutsche Rohstoff holding 70%. The two companies have agreed to a preliminary exploration budget of $4m, with $2.8m from Deutsche Rohstoff and $1.2m from SensOre.
CEO Richard Taylor commented:
“SensOre’s joint venture with Deutsche Rohstoff represents a further step in the evolution of our Company with our expansion into AI-enhanced lithium targeting, realising value from investment in the Data Cube.”
“We look forward to collaborating with Deutsche Rohstoff to find the mines of tomorrow to reinforce Europe and Australia’s supply chain of battery and critical minerals needed to underpin global energy transition demand.”
Aruma resources (ASX: AAJ) has opened 17.65% higher after reporting a high-grade gold discovery at the Salmon Gums project, located in WA.
Notable standouts include:
5m at 50.2g/t gold from 42m
3m at 83g/t gold from 42m
According to Undervalued Equity, gold grades higher than 5g/t are considered high-grade.
Commenting on the announcement, Managing Director Peter Schwann said:
“These bonanza and high-grade gold intersections clearly demonstrate the Salmon Gums Project’s potential to host multiple high-grade gold quartz vein and lode style orebodies similar to the high-grade Norseman and Scotia deposits, situated directly along strike in the same stratigraphy.”
Reach Resources (ASX: RR1) has opened 12.5% higher after investing $1.8m to gain a 10% stake in REEgenerate, an Australian private company that owns the Coconut Club rare earth element (REE) exploration project in Quebec, Canada.
REEgenerate has an option to fully acquire REEcycle, which has developed a patented process to reclaim 99% of all rare earth elements in discarded neodymium magnets. These magnets will come from end-of-life electric vehicles, window turbines, and other electronic waste.
“With their innovative (and proprietary) approach to recycling a pair of critical rare earth materials, the REEcycle team introduced the energy industry to an innovative way to turn waste into a domestic stream of rare earth elements,” says Scientific American.
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