American Rare Earths Limited (Broken Hill Prospecting)
American Rare Earths Limited (Broken Hill Prospecting)
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Australian explorer BPL will update the scoping study on its Thackaringa cobalt project and advance the PFS at the Copi heavy mineral sands project - both in NSW -after raising nearly $A1M through the placement of 12.4M shares at 8cps to sophisticated and professional investors.
CEO Trangie Johnston says strong investor support for the placement reflects international and domestic interest in Thackaringa due to growing world demand for lithium batteries.
BPL has named former KBL Mining head Anthony 'Trangie' Johnston as CEO as it transitions from exploration into development of its Copi North heavy mineral sands and Thackaringa cobalt projects in NSW.
The appointment follows the retirement of MD Dr Ian Pringle on April 30.
An independent scoping study has ascribed $A45.2M net operating cash flow after costs on revenues of $163.6M from heavy mineral sands concentrates production at the $26.2M total capex Copi North deposit J/V in Australia’s W New South Wales’ Murray Basin over its first 46-months.
Manager Broken Hill Prospecting is planning more drilling at Copi North next month to expand the resource base from the current 5-years to an 8-10 year mine life before beginning a PFS.
Scoping study envisages a relatively low cost $26.6M start for the Copi North heavy minerals sands project, producing $45.2M net cash flow over its 1st 46-months
Australian developer BPL established a maiden mineral resource of 15Mt at 3.7% heavy minerals at its Magic heavy MS deposit in the Murray Basin of NSW, following its 11.6% Mt at 6.9% resource at the nearby Copi North deposit.
It says the Magic ilmenite-rutile-zircon-leucoxene placer deposit, lying at an average 12m depth below friable sand, silt and clay 110km south of Broken Hill, could be developed sequentially to the relatively high-grade Copi North deposit.
Broken Hill Prospecting will target a feasibility study within 15 months after attracting a $A2M JV investment from unlisted Australian mining investor Relentless Resources in two heavy mineral sand projects in western NSW.
Relentless will make staged payments of $A2M to earn 50% in the search for titanium and zirconium at Copi North and Magic deposits. BPL meanwhile will apply its recent share placement funds to its three 100% HMS tenements.
Cobalt resources at Broken Hill Prospecting’s Thackaringa project have increased 70%, following the definition of a maiden JORC inferred resource at the Railway deposit.
A resource of 14.9Mt at 1.83lb/tonne for 27Mlb cobalt has been established at Railway.
This takes the total inferred resource at Thackaringa, in New South Wales, Australia, to 35.7Mt at 1.85lb/t for 66Mlb cobalt.
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