Quarterly Exploration Wrap: Gold studies, a uranium resource, and three rare earths-niobium discoveries

Meeka unveils robust feasibility study for its 1.2Moz Murchison gold project
GTI Energy delivers maiden resource for Lo Herma project in Wyoming’s prolific Powder River Basin uranium production district
Bindi lands three REE-niobium discoveries as maiden field work wraps up in Canada

It’s a wrap for the September quarter. Here are some of the latest highlights from a few ASX small and midcaps on their activities for the three months to the end of September.

Meeka Metals (ASK: MEK)

During the quarter, the company released its long-awaited feasibility study for the Murchison gold project, outlining a “flexible and straightforward” development strategy for the untapped 1.2Moz resource.

The study forecast average gold production of 80,000ozpa for eight years with a peak output of 103,000oz in the sixth year of operation. MEK expects to recover 663,000oz over 9.3 years with processing of stockpiles to continue for more than a year after mining ceases.

Key financial estimates include undiscounted free cash flow of $521 million, NPV of $371 million and IRR of 56% (all pre-tax) with payback achieved within 16 months of process plant commissioning.

MEK also completed a gravity survey and resumed drilling in the Murchison with first assays from previously lightly drilled areas on the periphery of the Turnberry resource expected this month.

Post quarter end, MEK raised $3.5 million to keep the drill rigs turning and progress the project through to a “shovel-ready” development stage. The company also plans to lodge key mining approvals this period.

Maximus Resources (ASX: MXR)

A 250% increase in contained gold at the Wattle Dam project was the headline milestone in what proved to be a busy quarter for the company.

Previously mined by Ramelius Resources (ASX: RMS) from 2006 until 2012, Wattle Dam now hosts 5.4Mt @ 1.45g/t gold for 251,500oz with MXR indicating the large mineralised system remains still open in all direction and is limited only by drilling.

Assays are pending from drilling recently completed at Hilditch, one of the “highly prospective” regional deposits in the company’s Spargoville tenements with an early stage resource of 132,000t @ 1.77g/t gold for 7511oz.

MXR also completed targeted soil mapping at Spargoville with priority drill targets identified at Pinnacles, Kandui and Le-Bar.

Lithium-focused drilling will soon begin at the company’s Lefroy project under the joint venture formed with Korea Mine Rehabilitation and Mineral Resources Corporation (KOMIR) which has invested $US3 million (~$4.8 million) to earn a 30% interest.

GTI Energy (ASX: GTR)

The company posted a major milestone during the quarter with declaration of a maiden resource of 4.12Mt @ 630ppm U3O8 for 5.71Mlbs contained metal for its Lo Hermo project in Wyoming.

It lifts GTI Energy’s total inferred resources in Wyoming’s prolific Powder River Basin uranium production district to 7.37Mlbs U3O8.

Following the maiden resource for Lo Herma, the company increased its exploration target for the project by roughly 25% to 5.32-6.65Mt @ 500-700ppm U3O8 for 5.87-10.26Mlbs contained metal.

Permitting is under way for the next drilling campaign. Some targets will be generated from aerial geophysics data collected from Lo Herma, Green Mountain and Loki West.

During the quarter, GTI Energy also achieved carbon neutrality through the Australian Government’s Climate Active Program. This certification is applicable to both its Australian head office and US field operations.

Bindi Metals (ASX: BIM)

Maiden field work, including detailed geophysics, was completed at the Schryburt Lake REE-niobium project in Ontario, Canada during the quarter, yielding discoveries at Blue Jay, Blackbird and Hummingbird.

High-grade mineralisation was reported at Blue Jay with up to 3.6% TREO and 0.7% niobium associated with a 650m wide thorium anomaly and magnetic low.

Resampling of historical trenches at the Goldfinch prospect confirmed a hit of 7.6m @ 0.3% niobium and rock chips of 1.8% niobium, as well as previously unknown REE mineralisation up to 0.3% TREO, including 130ppm scandium.

The mineralisation at Goldfinch is thought to be associated with a 1000m wide thorium radiometric anomaly and prominent magnetic high.

BPH Energy (ASX: BPH)

Following shareholder approval, the company and its investee Advent Energy settled its acquisition of a 10% interest in hydrogen technology company Clean Hydrogen Technologies Corporation for $US1 million in early August.

The purchasers also struck an agreement with Clean Hydrogen to convert a $US950,000 loan into an additional 9.5% interest.

BPH now has a 15.6% interest in Clean Hydrogen, while Advent’s holding is 3.9%.

Clean Hydrogen will use the investment to design, build, produce and test a reactor capable of delivering a minimum 3.2kg and as high as 15kg of hydrogen per hour. It also plans to submit at least two new patents in an agreed geography which is relevant to the production of hydrogen from proprietary technology,

In early September, BPH confirmed it had received binding commitments to raise $1,9 million via a placement, Everblu Capital Corporate and 62 Capital acted as joint lead managers.

Meeka Metals, Maximus Resources, GTI Energy, Bindi Metals and BPH Energy are Stockhead advertisers.