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Firebird Metals Ltd (ASX: FRB) has ticked off a key milestone in its plan to establish a plant producing battery-grade manganese sulphate (MnSO4) in China, inviting a group of shareholders to view the sites around which it will be established in the Hunan province city of Jinshi.
Firebird executives took the shareholders and institutional investors on a tour of the company’s operational pilot plant, as well as the city’s port and High-Tech Industrial Park, the latter being the proposed site for Firebird’s plant, which is set to be completed late in the third quarter of 2024.
The visit also included meetings with members of the Jinshi government, in addition to engineering firm China National Chemistry Southern Construction and Investment Co Ltd (also known as China Chemical) – which has signed a non-binding cooperation agreement to develop and construct the high-grade manganese plant.
The agreement – also signed within the quarter – is an important milestone in the progression of Firebird’s plans for the plant, which is moving through preliminary design work and due diligence for equipment suppliers, with a feasibility study to be completed in the next few weeks.
China National Chemical Engineering Group Corporation (CNCEC) – a conglomerate of which China Chemical is a subsidiary – also runs Jinshi High-Tech Industrial Park, underscoring the importance of this agreement.
Firebird had a cash position of $6.1 million at the end of the quarter.
Lincoln Minerals Ltd (ASX: LML) has also enjoyed a strong quarter, doubling the total resource at its Kookaburra Graphite Project (KGP) in South Australia to 12.8 million tonnes at 7.6 percent total graphitic carbon (TGC), yielding 973,000 tonnes of contained graphite.
The upgrade confirms KPG as the second largest graphite resource on the Eyre Peninsula.
One particular section of the project which gained focus during this quarter was the Kookaburra Gully deposit, where a mineral resource upgrade (MRE) was achieved through 127 holes of drilling.
According to the MRE, Kookaburra Gully now stands at 3.5 million tonnes at Mt 11.7 percent TGC for total of 412,000 tonnes of contained graphite at 2 percent TGC cut-off.
Within this update was an increase in size and thickness of the high-grade core (starting at surface) to 2.9 million tonnes at 13.6 percent TGC from the previous estimation of 2 million tonnes at 15.2 percent TGC.
As well as Kookaburra Gully, the total mineral resource estimate for KGP includes the Koppio and Kookaburra Gully SW Extended deposits.
Lincoln ended the quarter with a cash flow of $987,000 for future operating activities.
Meanwhile Geopacific Resources Ltd (ASX: GPR) has spent much of the quarter boosting the 1.56-million-ounce Woodlark Gold Project in Papua New Guinea, with a revised feasibility study set to begin mid-calendar year 2024.
In preparation for the study, Geopacific has undertaken mining optimisations for Kulumadau, Busai, and Woodlark King, the main gold deposits that comprise the Woodlark resource, which in total sits at 45.56 million tonnes at 1.07 grams per tonne for 1.56 million ounces, of which 93.4% is in the measured and indicated categories.
The company held $2.55 million in cash and cash equivalents by the end of the quarter, as bonds repayable of $5.3 million, a PNG GST receivable balance of $4.6 million and $17 million of Project long lead equipment assets.
West-Australian focused gold explorer Yandal Resources Ltd (ASX: YRL) had a mixed quarter, with drilling work at its Ironstone Well – Barwidgee Gold Project was somewhat slowed down due to rain, although results from the first three holes at the Oblique prospect confirmed that the mineralisation extends 500 metres north of any previous drilling there.
Intercepts from the 4,500 metre program of drilling included 15 metres at 1.7 grams per tonne of gold from 74 metres, including 3 metres at 5.3 grams per tonne from 79m; and 3 metres at 1.5 grams per tonne from 66 metres.
Oblique was also subject of a drone magnetic survey, and Yandal also rolled out a ground gravity survey over the northern half of the project, also commencing a soil sampling program to test emerging gold targets and also look for other commodities.
Yandal was also happy to report a successful placement, which raised $2.5 million before costs and was both oversubscribed and evident of support from major shareholders and new investors.
This contributed to the company’s overall holding of $7.3 million in cash and cash equivalent by the end of the quarter.
