Exploration round-up: Alkane advances targets at Northern Molong
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Exploration activity remains strong across Australia, with Alkane Resources, Artemis Resources and Ark Mines advancing gold, copper and rare earths opportunities through drilling, project funding and metallurgical test work.
Alkane Resources has continued exploration around the Boda-Kaiser deposits in New South Wales, with recent drilling and geophysical surveys highlighting further growth potential across the Northern Molong porphyry project.
The latest program included drilling between the Kaiser and Boda deposits and testing targets northeast of the resource area generated from induced polarisation and geochemical surveys. A diamond drill hole intersected a magmatic root zone to an intrusive-hydrothermal breccia, with further drilling planned to test extensions along strike and up-dip.
District exploration also targeted prospects within the Comobella Intrusive Complex, where drilling confirmed chargeability anomalies associated with pyrite-bearing monzonites and minor gold-copper mineralisation.
Meanwhile, a mobile magnetotellurics survey identified six high-priority porphyry targets north of Boda-Kaiser, including prospects at Driell Creek, Murga, Gollan North, One Tree and Old Station. Ground validation work is now underway.
Managing director and chief executive officer Nic Earner said the work continues to strengthen understanding of the broader system.
“These results continue to add to the understanding of the Boda–Kaiser project, showing the scale potential of the system and the possibility for further growth,” Earner said.
Artemis raises $8m for exploration push
Artemis Resources has secured firm commitments to raise $8 million through an oversubscribed placement, strengthening its balance sheet ahead of planned gold and copper exploration programs in Western Australia.
The placement attracted support from Australian and international institutional investors, high-net-worth investors, board members and management. Jupiter Asset Management cornerstoned the raising and is expected to increase its shareholding in Artemis to approximately 9.9 per cent upon completion.
Funds from the capital raising will be directed towards maiden drilling at the Cassowary copper-gold project in the Madura Province, as well as exploration programs across the company’s Pilbara gold projects. The placement was completed at $0.004 per share, in line with the company’s five-day volume weighted average price.
Chairman Simon Lill said the strong demand reflected confidence in Artemis’ exploration strategy.
“The strong support received for this placement, particularly from Jupiter Asset Management, is a significant endorsement of Artemis, our management team and the quality of our exploration portfolio,” Lill said.
Artemis said the funding positions the company to accelerate exploration and pursue resource growth opportunities across its portfolio.
Ark produces commercial rare earth concentrate
Ark Mines has successfully produced commercial-grade monazite and titanium products from metallurgical test work at its Sandy Mitchell project in north Queensland, marking a significant step towards potential future development.
Test work completed by IHC Robbins generated a monazite concentrate grading 54.8 per cent total rare earth oxides plus 1.49 per cent yttrium oxide from heavy mineral concentrate derived from Sandy Mitchell resource drilling samples. The study also produced a premium leucoxene product grading 73.5 per cent titanium dioxide, highlighting additional value potential within the project.
Ark said the results demonstrate the ability to generate saleable rare earth and titanium products using simple gravity processing methods. Further work is underway to optimise additional mineral product streams, with findings expected to support the project’s stage two metallurgical test work program.
Managing director Ben Emery said the results represent an important milestone for the project.
“This is a really important step forward for AHK’s Sandy Mitchell Project,” Emery said.
“Whilst there is still further metallurgical testwork to be completed, these results provide a level of confidence in the quality of the resource.”
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