Battery Minerals turns focus to Australian exploration activities
Battery Minerals (ASX: BAT) was successful in further implementing a strategy focused on exploring its numerous Australian gold and base metal assets in an active June quarter.
In a key move, the company successfully completed the sale of its Mozambique projects, where it held a 100% interest in 4 licences, including the Montepuez and Balama graphite projects.
The company received a total consideration of $500,000 in cash and 12,065,500 ordinary shares in Tirupati Graphite (TPG) upon completion of the sale.
Under the terms of the sales agreement, Battery Minerals says its major shareholding in Tirupati gives it ongoing exposure to the development of TPG’s world class Mozambican projects. TPG also has growing graphite production across its existing operations in Madagascar, where production capacity recently reached 30,000 tonnes per annum (tpa) and is forecast to hit 84,000tpa by the end of 2024 and 400,000tpa by 2030.
Most notably, the closure of the Mozambique sale, has allowed Battery Minerals to turn more of its attention on its gold and base metal assets in Victoria and Western Australia.
Stavely-Stawell project focus
The majority of the company’s focus in the June quarter was targeted on its 100%-owned Stavely-Stawell gold-copper project in Victoria.
The company undertook diamond drilling activity at the Coxs Find, Coxs Find North, Frankfurt and Cosmopolitan Prospects with a targeted program aimed at testing multiple intrusion-related gold targets in the White Rabbit District.
A highlight was the successful identification of visible gold and features consistent with an Intrusion-Related Gold System (IRGS) in maiden diamond drilling at Cox Find.
Subsequent to quarter end, Battery Minerals was able to define a wide and open target zone, including 27m at 0.62 grams per tonne gold and 8m at 0.79 grams per tonne gold amongst aircore results from 61 holes and 2,771 m of drilling at the Frankfurt Prospect.
The company is planning to use those results in target definition for a proposed diamond drilling program in the future. The results also confirmed the potential evidence of multiple IRG targets in the White Rabbit District.
IP Geophysics study
Battery Minerals’ White Rabbit District exploration work included an induced polarisation (IP) geophysics survey across Coxs Find, Coxs Find North and Frankfurt.
The 19.4-line kilometres survey was conducted along an oblique, northeast trending local grid at Coxs Find, Coxs Find North and Frankfurt, to help crosscut the main geological fabric and enabling efficient logistics.
Azura Project plans
On the other side of the country, Battery Minerals is planning to undertake a drilling program at its 100% owned Azura, copper-nickel-gold project in WA.
The company is proposing a program of 6 diamond holes for 1,170m, which is aiming to test priority electromagnetic and geochemical targets.
Battery Minerals has already received heritage clearance and is undertaking additional environmental permitting in relation to flora and fauna, ahead of being fully permitted to commence drilling activity.
The company completed a successful placement and fully underwritten share purchase plan to raise approximately $2 million during the quarter to support its exploration work.