Critical Investment: Queensland Taps Into State’s Vast Mineral Reserves
World Mining Congress: Queensland to make $245 million critical investment
The 26th World Mining Congress (WMC) was held in Brisbane this week, the first time in 65 years the ‘prestigious’ international mining event has been held in Australia.
Taking to the stage at the city’s Convention and Exhibition Centre, Brisbane Premier Annastacia Palaszczuk took the opportunity to tell more than 3,000 delegates from 50-plus countries of the government’s strategy to oversee a $245 million investment into the state’s critical minerals sector.
Palaszczuk told the WMC that Queensland has an abundance of critical minerals which are needed to build the infrastructure required to transition to a net-zero emissions future.
Torque Metals divests non-core Bullfinch asset as it confirms Paris Project as preferred pathway
Western Australian gold explorer Torque Metals (ASX:TOR) has entered into a conditional binding sale agreement with TSX-V-listed Altan Rio Minerals (TSXV:AMO) to divest the Bullfinch Project located 34km north of Southern Cross.
Torque Metals reports that Bullfinch, which comprises 5 wholly owned exploration licences and a single exploration application covering 556km-square, is a non-core asset and its divestment will permit it to concentrate on the company’s flagship Paris Gold Project.
Paris lies in the same geological setting as Gold Fields’ (NYSE:GFI) St Ives mine along the Boulder-Lefroy Fault, which produces more than 350,000oz gold per year and has produced more than 10.5Moz since starting operation in the mid-1980s.
Forrestania Resources shares skyrocket following 63m-wide pegmatite at namesake project, WA
ASX-listed explorer Forrestania Resources (ASX:FRS) has logged a pegmatite up to roughly 63m wide in a maiden drilling program at the Calypso target within its Forrestania Project in Western Australia.
The company reports it has completed 14 reverse circulation (RC) drillholes at the prospect for 1,968m to define the extents of and investigate whether pegmatites identified from mapping and historical drilling host lithium mineralisation.
Pegmatites were intercepted in 13 of the 14 holes drilled, with multiple zones of ‘significant’ widths. The drilling covered areas of mapped pegmatite, geochemical anomalism, and historic pegmatite drill intercepts.
Polymetals Resources and Ocean Partners UK solidify offtake deal and $15 million prepayment facility for Endeavor Mine, NSW
Junior explorer Polymetals Resources (ASX:POL) has struck a binding term sheet with Ocean Partners UK to develop an unsecured $15 million prepayment funding facility for its underground Endeavor Mine in New South Wales.
The company says as part of the deal, a 5-year zinc and silver-lead offtake deal with the global trading firm will be valid for up to 36 months and will provide development funding and working capital for the restart of mining and processing operations at Endeavor.
Polymetals reports this agreement comes following a site visit by the company’s technical team and 2 board members, as well as the start of a mine restart study (MRS) at Endeavor, as announced by the company earlier this month (16 June 2023).
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The Weekly Wrap-Up with Harry Mulholland 30 June, 2023 by The Mining.com.au Weekly Wrap-Up
Mining.com.au is Australia’s leading online daily Mining news service, reaching hundreds-of-thousands of mining professionals, investors, and industry participants each month. The Weekly Wrap-Up with Harry Mulholland provides listeners with a recap of the mining headlines each week.
In this episode, Harry reports on news from Group 6 Metals (ASX:G6M), ABx Group (ASX:ABX), Polymetals Resources (ASX:POL), and Great Boulder Resources (ASX:GBR).