Amid a turbulent start to the 2023 financial year, those companies dedicated to delivering resource growth are showing there is plenty of long-term value up for grabs for the savvy investor.
With this week’s Mineral Resource Estimate (MRE) and Ore Reserve Estimate (ORE) upgrade, Core Lithium (ASX: CXO) has increased the mine life at its Finniss project near Darwin to 12 years – more than 50% since releasing its DFS in July 2021.
Artemis Resources (ASX: ARV) reported excellent results from its diamond and RC drilling program as it works toward a new resource model at the Carlow Castle project in the West Pilbara; BMG Resources (ASX: BMG) is closing in on a maiden resource at the Abercromby gold project near Wiluna; and St George Mining (ASX: SGQ) is cracking on with the maiden diamond drilling program at its Paterson Project in the Paterson Province.
In other news:
- Vimy resumes drilling at Alligator River project, NT
- BLK Auto NZ registers first JAC battery-powered trucks, commences Auckland trials
- FBR completes $1.9 million strategic placement to Brickworks
The Finniss MRE and ORE were based on the results from 2021 drilling season. The MRE increased by 28% to 18.9Mt at 1.32% Li2O, with the measured and indicated categories increasing by an impressive 61% to 13.2Mt at 1.4% Li2O. The ORE increased by 43% to 10.6Mt at 1.3% Li2O.
Increasing the life of mine to 12 years adds to the significant momentum building at Finniss. Development and mining activities at the project are progressing well and Core said it is on track for export of first spodumene concentrate by the end of the calendar year.
Core non-executive chairman Greg English said that the MRE and ORE upgrade was a tremendous outcome and, as 2022 drilling campaigns continue, shareholders could look forward to further upgrades to the Finniss Resource.
“Most of the deposits at Finniss – including BP33, Carlton, Hang Gong, Ah Hoy and Sandras – remain open at depth and along strike and we are confident in the potential to deliver further significant increases to the Finniss resource and reserve position,” he said.
The latest round of drilling results from Artemis’ Carlow Castle project defined an emerging major copper-gold zone at the Crosscut zone.
Artemis said the results, together with assays pending for 12 outstanding holes, would contribute to a new resource model for the Greater Carlow project.
Artemis Executive Director Alastair Clayton said that there is potential to extend Crosscut further to the north and south, significantly increasing the footprint of the Carlow Area.
“We believe that the exploration team has delivered what could be a game changing result for the future of the Greater Carlow Project,” he said.
BMG has substantially completed the first two holes of its third major diamond drilling campaign at the Abercromby gold project near Wiluna.
The 3,700m program is focused on infill and extensional drilling at the Capital prospect, where the company is eyeing a maiden Resource.
Company managing director, Bruce McCracken, said that drilling demonstrated strong potential to further expand the mineralised envelope at Abercromby, which more than doubled during the previous campaign.
“Diamond drilling at Abercromby continues 24/7, with encouraging early geological observations from two completed holes indicating that prospective alteration has been intersected in the predicted extensions of the East and West gold lodes,” he said.
“We look forward to updating investors as our drilling progress continues and results come to hand.”
St George has now completed five holes of its maiden 18-hole diamond drilling campaign, testing a number of compelling copper and gold targets at its Paterson Project.
This week the company reported visual copper sulphide and local quartz veining in the latest three completed holes, indicating locally intense alteration and hydrothermal veining with multiple zones of sulphides.
The company said investors can expect further updates from assays in coming weeks.
St George executive chairman John Prineas said the five holes completed to date indicate the exploration program is headed in the right direction.
“These are great looking rocks to host the styles of mineralisation we are targeting,” he said.
“Considering the very widely spaced drilling that is being undertaken in this program, early geological observations of the drill core are very encouraging.”
