Latest news with #JORCCode
Cision Canada
3 days ago
- Business
- Cision Canada
Cannon Resources Announces Major Resource Expansion and Significant Development Momentum at Fisher East Nickel Project
Updated Resource, High-Grade Discovery, and Accelerated De-risking Underscore Fisher East's Strategic Value in the Global Critical Materials Supply Chain TORONTO and PERTH, Australia, June 18, 2025 /CNW/ - Cannon Resources Pty Ltd ("Cannon" or "the Company"), a Western Australia-based nickel exploration and development company backed by Kinterra Capital Corp. ("Kinterra"), is pleased to announce a significant update to its flagship Fisher East Nickel Project ("Fisher East" or "the Project"). This latest milestone includes a major increase in the Project's Mineral Resource Estimate (MRE), a high-grade discovery at depth, and ongoing permitting and technical progress—all of which position Fisher East as one of Australia's most actionable and strategically important undeveloped nickel sulphide assets. Fisher East offers a rare blend of high-grade, near-surface mineralisation, simple deposit geometry that supports conventional underground mining methods, and a relatively low initial capex requirement. The Project continues to demonstrate the scale, quality, and development readiness that investors and partners are increasingly prioritizing. Material Growth in Resource and Grade Since acquiring the Project in 2023, Cannon has delivered transformative growth. The updated JORC-compliant MRE now stands at 18.0 million tonnes at an average grade of 1.9% nickel. This represents a 250% increase in tonnage from the prior estimate, and a substantial uplift in contained nickel—from 134.1 thousand tonnes to 338.5 thousand tonnes. Importantly, the grade profile has also improved from 1.74% to 1.90%, reinforcing the Project's economic potential and resilience in a range of nickel price environments. Notes: Mineral Resources have been classified in accordance with the JORC Code. All material is classified as either Indicated or Inferred Mineral Resource. Reporting cut-off grade of 0.9% Ni has been applied. BD values were calculated using regression formulas based on BD (bulk density) measurements and interpolated. Material from oxide and transition zones was excluded from the statements. Rows and columns may not add up exactly due to rounding. This growth reflects not only the strength of the underlying geology but also Cannon's consistent execution of a targeted and technically rigorous exploration program. High-Grade Intercepts Extend Musket System at Depth In addition to the broader resource increase, Cannon has uncovered strong new evidence of depth extension at the Musket deposit. In May 2025, drillhole MFED239—a co-funded drillhole under the Government of Western Australia's Exploration Incentive Scheme—intersected an estimated four metres of massive and disseminated sulphide mineralisation grading approximately 4.0% nickel. Final assays for MFED239 are expected in July 2025. The intercept lies 320 metres down plunge of the current Musket resource model and offers compelling indications of both continuity and grade uplift at depth. A downhole electromagnetic (DHEM) survey conducted on the hole identified a strong off-hole conductor both up and down plunge, suggesting even greater potential for continued growth within the deeper portions of the Musket system. DHEM has been very successful at Fisher East in identifying conductors that have mineralisation, and additional drilling is being planned. "These results point to a larger and more robust mineral system than previously defined," said Chris O'Brien, Vice President and Project Director at Cannon. "We're seeing increasing grade with depth, strong geophysical continuity, and room to grow well beyond the current model. These fundamentals will support long-term value." Mineable, Resilient, and Commercially Attractive Fisher East includes multiple zones grading above 2.0% nickel, allowing for flexible mine sequencing and margin protection in volatile nickel price cycles. Its shallow depth and straightforward mineralogy contribute to a low capital intensity profile. In a market where clean, economic, and secure nickel supply is becoming increasingly scarce, Fisher East offers distinct advantages, including jurisdiction, scalability, and potential early value generation. Strategic Outlook: Path to Development With two major resource updates completed in under two years, a high-grade extension emerging at depth, and permitting and technical studies well underway, Cannon is entering the next phase of value creation. The Company has now initiated engagement with potential offtake partners and financing partners. "Our vision is to build a modern, resilient, nickel supply chain anchored in Tier-1 jurisdictions," said Cheryl Brandon, Co-Managing Partner at Kinterra. "Fisher East embodies the kind of high-grade, technically sound, and commercially viable project the market needs—and we're excited to support Cannon as it moves forward." Cannon will continue to release updates as assays for recent drillholes are received and technical milestones are achieved. A QA/QC summary for this release will be included in the upcoming technical appendix following final laboratory confirmation of results. About Cannon Resources Cannon Resources Pty Ltd is a Western Australia-based mineral exploration company focused on the development of the Fisher East Nickel Project. The Project comprises eleven granted exploration licenses covering a total of 330.6 km² in the North-Eastern Goldfields region and hosts four known nickel sulphide deposits: Musket, Camelwood, Cannonball, and Sabre. For more information, please visit About Kinterra Capital Kinterra is a Toronto-based private equity firm investing in the people, ideas, critical materials, and infrastructure shaping the modern economy. With deep sectoral expertise and long-term investment discipline, Kinterra partners with exceptional teams to unlock the full potential of world-class assets. Learn more at Disclaimer The mineral resource estimates in this release are based on Cannon's initial exploration findings and interpretation. These estimates are subject to change as additional data becomes available through further exploration and evaluation of the Project, and Cannon undertakes no obligation to update any of the contents of this release or to correct any inaccuracies that may become apparent following the date hereof. This release contains forward-looking statements, including, but not limited to, Cannon's exploration activities, project development initiatives, and potential partnership engagement. These statements are based on an assessment of present economic, technical, and operational conditions and on several assumptions regarding future events and actions that, as of the date of this release, are considered reasonable. Such forward-looking statements are not a guarantee of future performance and involve known and unknown risks, uncertainties, assumptions, and other important factors, many of which are beyond the control of Cannon. Cannon cannot and does not give any assurance that the results, performance, or achievements expressed or implied by the forward-looking statements contained in this report will actually occur, and readers are cautioned not to place undue reliance on these forward-looking statements. Cannon has no intention to update or revise forward-looking statements or to publish prospective financial information in the future, regardless of whether new information, future events or any other factors affect the information contained in this release.
New Straits Times
10-06-2025
- Business
- New Straits Times
Niche Capital Emas unit signs JV with EMSB for gold exploration at KK hill in Kelantan
KUALA LUMPUR: Niche Capital Emas Holdings Bhd's wholly owned subsidiary, Niche Capital Mining (Sejana) Sdn Bhd (NCMSSB), has entered into a joint venture agreement with Enrich Mining Sdn Bhd (EMSB) to develop, operate and exploit the "KK Hill" area, which spans 97.12 hectares in Jeli, Kelantan. This follows the memorandum of understanding (MoU) signed with EMSB, which grants exclusive rights to undertake gold exploration works over a 3,255 hectare area in Kelantan known as Sejana Project. "EMSB agrees to grant NCMSSB the exclusive rights for five years upon fulfilment of the conditions precedent, or for any other period mutually agreed by both parties, whichever is later. "NCMSSB shall pay to EMSB a tribute of eight per cent of the gold produced, within 30 days from the payment of royalty to the State Authority under the Mineral Enactment," it said in a filing with Bursa Malaysia today. The group stated that, according to RSC Consulting Ltd's report dated July 19, 2024, and prepared in accordance with the JORC Code (2012), the estimated in-situ mineral resources amount to approximately 7.64 million tonnes of ore, with an average gold grade of 0.69 grams per tonne, containing about 169,300 ounces of gold. "This JORC-compliant mineral resources will significantly enhance the group's mining business prospects," it said. – BERNAMA
Yahoo
29-05-2025
- Business
- Yahoo
Kalgoorlie Gold Mining completes initial farm-in at Pinjin Gold Project
Kalgoorlie Gold Mining has reached a significant milestone with the completion of its initial farm-in at the Pinjin Gold Project. The company has now secured a 75% interest in the project's key tenures including the areas hosting the Kirgella Gift and Lighthorse discoveries. The successful farm-in at Pinjin South and Kirgella covers tenures that encompass the Kirgella Gift and Providence mineral resources, the Lighthorse discovery and the entire mineralised Lighthorse corridor. This corridor is notable for extending north to gold mineralisation and anomalism at Wessex, which is situated less than 1km from the Anglo-Saxon open-pit gold mine, currently under care and maintenance by Hawthorn Resources. The transaction involved a $1.65m (A$2.56m) cash settlement for ownership in multiple tenures including E 28/2654, E 28/2655, E 28/2656, E 31/1127 and several P 31 parcels. According to the agreement, the vendors will be free carried until a positive bankable feasibility study has been delivered and a decision to mine is made. At that point, they must choose to either contribute their share of costs or convert their interest into a 2% net smelter royalty. Kalgoorlie Gold managing director Matt Painter said: 'This marks a major milestone for the company. We are incredibly proud of the KalGold team's achievements since commencing the farm-in at Pinjin. 'In less than two years, the company has defined over 75,000oz of gold in a near-surface Mineral Resource following JORC Code (2012) guidelines, at Kirgella Gift and Providence. Beyond this, we have defined gold mineralisation and anomalism across multiple prospects throughout the tenement package, including the hugely prospective Lighthorse and Wessex prospects.' The company is now awaiting assay results from its recent large-scale aircore drill programme, which targeted areas north and south of the Lighthorse discovery. The outcomes of these assays will significantly influence Kalgoorlie Gold Mining's future exploration strategy. With the key tenure at the Pinjin project now under its control, Kalgoorlie Gold Mining is preparing to ramp up its exploration efforts. The company plans to accelerate aircore, reverse circulation and diamond drilling activities at Pinjin. Additionally, Kalgoorlie Gold Mining is considering targeted geophysical programmes to detect alteration zones, structures and mineralisation. The objective is to discover new high-priority target areas, make further gold discoveries and increase the mineral resource inventory. "Kalgoorlie Gold Mining completes initial farm-in at Pinjin Gold Project" 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. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
21-05-2025
- Business
- Yahoo
Power Minerals partners with EDEM for niobium carbonatite project in Brazil
Power Minerals has formed a strategic partnership with Brazilian mining company EDEM to advance the Santa Anna niobium carbonatite project in Goiás State, Brazil. The move follows a binding letter of intent signed earlier this month for an exclusive option to acquire the project. EDEM discovered the Santa Anna project in 2021 and is currently the project vendor. Under the strategic partnership, Power Minerals will focus on exploring and developing the Santa Anna project's critical minerals, while EDEM will concentrate on the project's phosphate potential. Both companies will also explore other collaborative opportunities within EDEM's project portfolio. Power Minerals will conduct due diligence for the acquisition, which could boost the company's profile as a South American-focused clean energy metals explorer and developer. EDEM will provide technical support and an auger drill rig for Power Minerals' upcoming due diligence drilling campaign at a fraction of the usual cost. Power Minerals managing director Mena Habib said: 'This strategic partnership offers strong benefits to Power and EDEM. The chance to secure a project opportunity such as Santa Anna is rare, and being able to tap into the expertise, knowledge and local network of EDEM would certainly help us accelerate work on the project, if our due diligence stacks up and we move ahead with its acquisition. 'EDEM has been looking for a partner to work with on this project and can provide Power with support that would vastly increase our ability to move Santa Anna forward and deliver value to our shareholders. We are already seeing the fruits of this partnership with significant cost savings across the drilling, staff and laboratory analysis.' Santa Anna has a comprehensive drilling database and is prospective for rare earth elements (REEs) and phosphate, with significant REE mineralisation identified in preliminary assessments. The project's extensive undrilled areas offer further exploration potential. Exploration permits are in place, and Power Minerals plans to conduct at least 2,000m of reverse circulation drilling to confirm an exploration target as per the 2012 JORC Code. Power Minerals has also completed a $1.3m (A$2.02m) placement to fund niobium, gallium and REE exploration. Following successful initial drilling and acquisition completion, Power Minerals intends to delineate a maiden JORC-compliant mineral resource estimate. In August 2024, Power Minerals closed the acquisition of the Lítio niobium project in Brazil from Ita Iron Mineracao after completing legal due diligence. "Power Minerals partners with EDEM for niobium carbonatite project in Brazil" 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. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
07-05-2025
- Business
- Yahoo
Astral Resources updates MRE for Spargoville Gold Project in Western Australia
Astral Resources has announced an updated mineral resource estimate (MRE) for its Spargoville Gold Project in Western Australia (WA), now reporting 139,000oz of contained gold. This update is part of a series of acquisitions, including the Spargoville, Mandilla and Feysville gold projects near Kambalda, that have expanded Astral's gold resources to a consolidated 1.76 million ounces (moz). The Spargoville Gold Project, located 70km south of Kalgoorlie, has been integrated into Astral's portfolio following the company's takeover of Maximus Resources. Located in the Coolgardie Domain of the Kalgoorlie Terrane, the Spargoville Gold Project is positioned strategically near the St Ives gold camp. The project's MRE has been recalculated using the financial assumptions from its recent Mandilla update, resulting in a revised estimate of three million tonnes (mt) at 1.4 grams per tonne (g/t) gold. Independent consultancy Widenbar and Associates prepared the updated MRE in accordance with the JORC Code (2012 Edition). The estimate includes the Wattle Dam Gold Project, Eagles Nest, Hilditch, Larkinville and 5B deposits. Astral plans to commence drilling in the area surrounding the Hestia deposit at Mandilla this quarter, with a more extensive drilling programme set for the September quarter of 2025. The revised figures are based on a lower cut-off grade of 0.39g/t gold, constrained within pit shells determined by a gold price of A$3,500 ($2,265)/oz. Additionally, the updated MRE reflects the same cost assumptions that will be used in an upcoming Mandilla pre-feasibility study (PFS). The acquisitions have, together, significantly bolstered Astral's Group MRE to 50mt. Astral Resources managing director Marc Ducler said: 'With compulsory acquisition of the outstanding shares in Maximus having now been completed, we considered that it was important to set our own baseline for the recently acquired Mineral Resources at the Spargoville Gold Project. 'Astral's standard approach when testing the Mineral Resources for reasonable prospects for economic extraction (RPEE) includes a first step of regularising the block model, which is the process of varying the size of the block model shapes to approximate the size of the earth-moving machinery likely to be used in open-pit mining. 'This serves to more accurately reflect the amount of dilution likely to be experienced during open-pit mining and provides a good base for the subsequent optimisations used to identify the potentially economic portion of the mineralisation models.'
