Latest news with #Xplor
Mercury
a day ago
- Business
- Mercury
AZ9 builds on Mongolian copper-nickel discovery
One of Australia's top mining journalists, Kristie Batten, writes for Stockhead every week in her regular column placing a watchful eye on the movers and shakers of the small cap resources scene. Asian Battery Metals (ASX:AZ9) believes it may have made a significant copper-nickel-platinum group element discovery at its Oval project in Mongolia. AZ9, which listed on the ASX last year, was previously focused on its more advanced graphite and lithium projects in Mongolia, though Oval was selected to be part of BHP's Xplor exploration accelerator in 2023. The company used the US$500,000 of funding provided by the program to drill Oval. In October 2024, AZ9 reported a hit of 8.8m at 6.08% copper, 3.19% nickel, 1.63 grams per tonne platinum, palladium and gold (E3) and 0.11% cobalt, or 12.57% copper equivalent from 107.2m. Since then, the company has been focused on expanding the scale of the discovery. Earlier this month, AZ9 reported an intersection of 8.7m at 2.44% copper, 1.52% nickel, 1.4g/t E3 and 0.06% cobalt from 112.8m, including 2m at 3.72% copper, 3.82% nickel, 1.65g/t E3 and 0.16% cobalt, 130m down-dip of a previous intercept. The results suggest semi-continuous mineralisation extends over 800m, including North Oval and the Oval gabbroic intrusion. Planning underway The recent focus for AZ9 has been electromagnetics to define targets for the next round of drilling. 'Electromagnetic is the go-to tool for this type of mineralisation, so we brought Gap Geophysics, the Australian company, to the field, and they are working currently,' AZ9 managing director Gan-Ochir Zunduisuren told Stockhead. 'Based on that work, we're hoping that we'll have multiple targets to drill on top of whatever we have from our ground EM work.' On Friday, AZ9 announced that the ground-based fixed loop electromagnetic survey at Oval was halfway through but had already resulted in 29 conductive plates being modelled across four target zones. Six priority one plates have been identified with strong geophysical responses. The focus of the remainder of the program is the deeper zones and step-out targets, including MS1, MS2 and Quartz Hill targets. Zunduisuren said the program to date had delivered the results the company were hoping for. 'I think the next stage of drilling is going to be quite instrumental for us,' he said. Drilling is set to resume in early August, while the first round of metallurgical test work results will also be released this quarter. 'The strategy for this year is to really show the size and the extent of the mineralisation to get the feeling of how large the potential is, and if we can get that by the end of the year, next year we're going to drill for a resource,' Zunduisuren said. 'We have very limited historic information. This is a brand new area, even in Mongolia, in the southwest part where we are working. 'I don't think there have been any historic magmatic mafic intrusion-related copper and nickel sulphide systems before, so this is brand new in this sense, so we really have to do everything from ground up. 'That's why we certainly believe that there is definitely a potential for camp-scale or clusters of orebodies within a few kilometres or a few tens of kilometres from each other.' Mongolia still emerging Despite Mongolia being home to Rio Tinto's massive Oyu Tolgoi copper-gold mine, Zunduisuren said it was still misunderstood as a destination. 'The last round of real investor interest was in the early 2000s,' he said. 'That's when we had a big flow of investment from Australia and Canada, especially in the gold space in Mongolia, and then the copper space. 'Knowing all the moving parts there, I think Mongolia will probably become quite interesting for investors over the next few years.' Zunduisuren said Mongolia was a mature mining destination with the right regulatory frameworks in place to support the industry. 'Infrastructure wise, it's vastly improved over the last 15 years,' he said. 'Just based on that, it's way better positioned to attract investment than 15 years ago.' The ASX's only other Mongolia-focused copper player, Xanadu Mines, is set to disappear shortly after accepting a $180 million takeover offer. Xanadu accepted the 8c per share offer – a 57% premium – and the acquirer Bastion Mining moved to compulsory acquisition on Friday. It will result in one less copper developer on the ASX, a space which is already reasonably thin. 'I think the key for larger institutional investors or corporates, they're definitely looking, of course, and observing how we progressing further,' Zunduisuren said. 'To really make their minds up, there's two things that need to be there. One is a quantity. The other is quantity. 'With our current results, we have shown there's definitely a quality of the product there, but we need to show the quantity and that's the whole strategy of this year's exploration.' At Stockhead we tell it like it is. While Asian Battery Metals is a Stockhead advertiser at the time of writing, it did not sponsor this article. Originally published as Kristie Batten: Asian Battery Metals eyes scale-up of copper-nickel discovery
Zawya
14-03-2025
- Business
- Zawya
Australia: BHP earns right to take 75% stake in Cobre's Botswana projects
Mining conglomerate BHP has taken a right to acquire a 75% stake in Australia. The deal follows Cobre's selection in BHP's Xplor programme in January last year in which the smaller rival received $500,000 to accelerate exploration plans in its Kalahari copper projects in the African nation. The agreement sees at least $5m of committed funding to be paid to Cobre within two years of its commencement date, with a planned budget of $7m for exploration expenditure starting next month. "The partnership with BHP will provide us with the funding and support necessary to implement a technology-driven work programme designed to discover the Tier 1 deposits we believe may be hosted in our Kitlanya East and West projects," Cobre chief executive, Adam Woolridge said. All rights reserved. © 2022. Provided by SyndiGate Media Inc. (
Yahoo
11-03-2025
- Business
- Yahoo
Impact Minerals to acquire landholding near Broken Hill, Australia
Impact Minerals has announced the acquisition of a significant 675km² landholding adjacent to its existing position near the Broken Hill silver-lead-zinc deposit in New South Wales, Australia. This acquisition involves a deal with New Frontier Metals (NFM) to acquire its subsidiary BHA No. 1, which owns the Broken Hill East Project, comprising tenements EL8434 and EL8435. In exchange, NFM will receive A$275,000 ($173,370) worth of Impact shares based on a 14-day volume-weighted average price as of 7 March 2025, and will be subject to a six-month voluntary escrow. The completion of this transaction is expected to occur this week. This acquisition builds on Impact's previous research under the BHP Xplor programme, solidifying its position as a major ground-holder south of Broken Hill. Research funded by the Xplor programme included mapping and sampling 655 rock chip samples across 99 mafic sills at Broken Hill, focusing on copper, lead, zinc and iron. Additionally, detailed magnetic interpretation of the south Broken Hill area and geophysical case studies over the Dora East discovery were conducted. With 100% ownership of tenements now covering 1,770km² and more than 100km of strike, Impact is well-positioned for future exploration. The company is currently focused on completing the pre-feasibility study for the Lake Hope High Purity Alumina project in Western Australia. However, a portion of the funds from the current rights issue announced last month will be directed towards developing key copper targets for drilling, which includes conducting ground geophysics over a newly identified sub-basin. The Broken Hill region is witnessing renewed exploration interest. Recent activity includes Broken Hill Mines' purchase of the Rasp Mine and Pinnacles deposit, and South32's joint venture north of the Broken Hill mine. This interest is driven by rising silver prices and long-term demand for zinc and lead. In May 2024, German investor Susanne Bunnenberg increased her stake in Impact Minerals by acquiring an additional 450.2 million shares, raising her interest from 15.83% to 16.85%. "Impact Minerals to acquire landholding near Broken Hill, Australia" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
10-03-2025
- Business
- Yahoo
BHP to invest $25m in Cobre's Kitlanya projects in Botswana
BHP has entered into an earn-in agreement with Cobre to invest up to $25m (A$39.6m) in exploring copper-silver deposits at the Kitlanya projects in Botswana. This investment focuses on Cobre's Kitlanya East and Kitlanya West copper projects on the Kalahari Copper Belt's basin margins. The agreement follows Cobre's participation in the 2024 BHP Xplor programme, which funded a seismic survey at Kitlanya West. Under the agreement, BHP will provide a minimum of $5m within two years, with a planned budget of $7m for exploration at the Kitlanya projects, starting in April 2025. The exploration will include deep diamond drilling and 2D seismic surveys to evaluate the mineral system for Tier 1 copper deposits. Drilling mobilisation is set for April 2025, targeting areas identified in the 2024 seismic programme. BHP will also have an option to earn a 75% interest in the Kitlanya projects by investing $25m, including the initial $5m. Cobre Botswana will serve as the operator during the earn-in phase, receiving an annual management fee of at least $250,000. The agreement excludes Cobre's Ngami and Okavango copper projects, which Cobre will continue to develop independently. Cobre CEO Adam Wooldridge said: 'This significant transaction with BHP is a major moment in time for Cobre as a company as well as a testament to the success of BHP's Xplor programme. 'The partnership with BHP will provide us with the funding and support necessary to implement a technology-driven work programme designed to discover the Tier 1 deposits we believe may be hosted in our Kitlanya East and West projects. Independently, Cobre will continue advancing its Ngami and Okavango copper projects. 'This combined strategy provides exposure to potential Tier 1 discoveries, a development opportunity at Ngami and short-term discoveries on our Okavango project.' Upon forming a 75:25 joint venture (JV), BHP may offer Cobre a loan for its share of JV expenses until the final investment decision. The JV is also subject to an agreement which specifies that, should a participant's share in the venture decrease to less than 10%, the other participant will have the right to buy that party's interest at its fair market value. An additional $10m is payable to Cobre if a JORC-compliant mineral resource is declared at the Kitlanya Projects. If the agreement ends during the earn-in phase, with BHP funding at least $20m, BHP will receive a 2% net smelter royalty on the Kitlanya Projects. Cobre can buy back 50% of this royalty under specific conditions. BHP Group exploration officer Tim O'Connor said: 'We are thrilled to continue our partnership with one of the BHP Xplor alumni, Cobre Limited, through this agreement. This collaboration reflects our excitement for the exploration potential in Botswana and underscores the high standard of partnerships we see coming out of the BHP Xplor programme. 'The Kitlanya projects in Botswana represent an exciting opportunity to uncover Tier 1 copper-silver deposits, and we are pleased to contribute our expertise and resources to this venture.' "BHP to invest $25m in Cobre's Kitlanya projects in Botswana" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Reuters
09-03-2025
- Business
- Reuters
BHP earns right to take 75% stake in Cobre's Botswana projects
March 10 (Reuters) - Mining conglomerate BHP ( opens new tab has taken a right to acquire a 75% stake in Australia's Cobre's ( opens new tab Kitlanya projects in Botswana in exchange for $25 million in funding for exploration activities, the copper explorer said on Monday. The deal follows Cobre's selection in BHP's Xplor program in January last year in which the smaller rival received $500,000 to accelerate exploration plans in its Kalahari copper projects in the African nation. The agreement sees at least $5 million of committed funding to be paid to Cobre within two years of its commencement date, with a planned budget of $7 million for exploration expenditure starting next month. "The partnership with BHP will provide us with the funding and support necessary to implement a technology-driven work programme designed to discover the Tier 1 deposits we believe may be hosted in our Kitlanya East and West projects," Cobre Chief Executive Adam Woolridge said. Get a look at the day ahead in U.S. and global markets with the Morning Bid U.S. newsletter. Sign up here.
