Michael Philipps

Xanadu Mines has identified key follow-up targets at its Red Mountain project in Mongolia after returning positive copper and gold results from near-surface in a discovery drill campaign across four prospects. The company recorded epithermal gold extensions in shallow mineralisation at its promising Target 33 prospect, with assay highlights showing a 41m hit grading 1.07 grams per tonne gold from 34m.

With niobium-related news again rattling the ASX market this week, Lycaon Resources is getting closer to launching its hunt for the lustrous metal in Western Australia’s West Arunta region after scheduling heritage surveys for next month. Recent discoveries by WA1 Resources and Encounter Resources have demonstrated the potential for the West Arunta region to host significant niobium and rare earths mineral systems.

Strickland Metals is convinced it has one hand wrapped around the tail of a “significant-scale” mineralised system at its Rogozna gold and base metals project in Serbia after step-out drilling spat out a new suite of solid results. The company plans to quickly follow up the positive assays from its Medenovac prospect, with a 10,000m diamond drill campaign set to kick off this week.

Surging uranium prices have prompted Toro Energy to release an updated scoping study into its Lake Maitland project in Western Australia, with the new data showing a bulging EBITDA of more than $2.3 billion during its 17.5-year mine life. The latest figures assume prices of US$85 (AU$128.50) per pound of uranium oxide and US$5.67 (AU$8.57) per pound of vanadium oxide.

Lithium Universe has cleared another key component in its plans to develop the proposed Bécancour lithium refinery in Canada after the successful completion of two environmental field studies at the site. In February, the company secured a prime location for its proposed refinery after executing an option agreement to purchase a commercial property in the province of Quebec.

Reach Resources’ mission to find the mineralisation source at its Wabli Creek project in Western Australia’s Gascoyne region appears to have paid off, with samples chipped off the bedrock at the site returning 17.65 per cent niobium oxide. A recent geophysical data review at the operation identified an oval-shaped magnetic intrusive it believes is linked to the source of niobium, yttrium and rare earths mineralisation.

A comprehensive analysis study by Askari Metals has identified seven new lithium pegmatite targets at the company’s Uis project in Namibia, with a detailed mapping and rock sampling campaign already underway. Management says its recently-discovered K10 pegmatite has an interpreted strike length of 3.1km, the GP target has an estimated length of 2.4km and its Tawny prospect extends for 2.2km.

A four-stage plan has allowed Reach Resources to consolidate its share position, negotiate a farm-in deal, raise cash and focus its attention on multiple targets at its Wabli project in WA’s Gascoyne region. The strategic repositioning comes hot on the heels of the company identifying a magnetic intrusive it believes may be linked to the source of niobium, yttrium and rare earths at Wabli Creek.

ASX-listed Aurumin will focus its attention on its flagship Sandstone gold project in Western Australia’s Mid West region after completing the last of its strategic divestments near Southern Cross in a deal with Kula Gold. The company has entered into a binding term sheet for Kula to acquire an initial 51 per cent interest in the Mt Palmer project for $250,000 in cash or shares.