The discovery – which entailed an alteration associated with IOCG mineralisation being picked up in exploration hole 25P38D001 – is significant, given that this is the first time that such mineralisation has been successfully detected using ANT.

Within this hole, Castile found one zone of distal silica-hematite alteration measuring between 253 and 277 metres – which suggests the possibility of mineralisation to the north, a zone of strong magnetite replacement of jasper with pyrite in a parasitic fold between 395.35 and 396.2 metres (which repeats the structural setting at Castile’s Rover 1 deposit), and chlorite alteration and associated disseminated magnetite with elevated copper up to 30 times background (max 770ppm) between 580.9 and 612.35 metres down hole.

The company is now aiming to build on this with a downhole magnetic survey in 25P38D001 which will seek to further constrain the magnetic source, plus an ANT survey to determine another target to drill into this initial discovery at Pathfinder 38.

Managing director Mark Hepburn said he was pleased to have completed work which had proved the value of ANT technology at Pathfinder 38.

“This successful intersection of IOCG mineralisation in 25P38D001 will prove invaluable, by allowing Castile to benchmark ANT survey results to know geology to further refine targeting for high-value Rover 1 style deposits under cover,” he said.

“Our Rover 1 Project is ready for development, and we will continue to seek out additional inventory within our Rover Mineral Field for our ‘hub and spoke’ strategy with our aggressive exploration program using the ANT technology.

“Hole 25P38D001 was 50% funded by the NT Government as part of the Geophysics and Drilling Collaboration program being run by the Northern Territory Geological Survey and we thank them for their continued support.”

Castile shares have been trading at 5.3 cents.

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During the test work, which was carried out in collaboration with Central South University (CSU) of Hunan, solid and co-precipitation methods were assessed concerning the production of LMFP CAM. Five batches were produced.

The LMFP batteries were produced through this, using manganese sulphate in solution, which was then processed into LMFP CAM.

The development, the company said today, now makes Firebord one of only a few companies outside China to have produced such batteries.

Firebird signed an agreement with CSU in October 2024 to precipitate this collaborative work; managing director Peter Allen has today said this was an important first step in that team-up agreement between the two.

“The commencement of testwork and first production of LMFP batteries with CSU is an exciting and transformative step forward for Firebird in the commercialisation of our LMFP cathode materials, which will ultimately be distributed directly into global battery markets,” Mr Allen explained.

“Manganese sulphate is a critical element within LMFP and our manganese processing knowledge and IP enables Firebird to drive significant value by co-precipitation.

“We expect our process to translate into substantial cost advantages in sulphate production by bypassing the manganese sulphate crystallisation process, which is the largest component of our operating costs.

“This streamlined approach not only reduces costs but also results in a superior qualityLMFP product, strengthening our position as a cost-effective, high-quality leader.”

Firebird shares moved up after the news, and at 11:39am in Sydney they were trading at 9.9 cents – a rise of 7.61% since the market opened.

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During October, Tempest an exploration drilling program at Remorse which was initially chasing a base metal anomalism. However, it intersected thick, high-grade magnetite in the ‘footwall’ of the focal geological sequence.

Intercepts from this reverse circulation (RC) drilling included 32 metres at 30.0% iron (Fe) from 96 metres (including seven metres at 37% Fe); and 16 metres at 32.6% Fe from 93 metres; and 20 metres at 32.3% from 120 metres.

Multiple magnetite units were mapped, with up to six mapped at the surface, and testing in particular concentrating on the northern-most zone, which shows the most economic potential, featuring up to 27 metres true thickness and composite grades in excess of 30% iron with maximum grades of up to 39% iron.

Tempest is now looking ahead to a suite of other initiatives to assess the validity of this target, including metallurgical test work, approvals for future works including environmental studies, economics, and infrastructure studies, as well as plans for further drilling.

Tempest shares spiked upwards after the news, and at 10:31 AEDT they were trading at 0.6 cents – a rise of 20% since the market opened.

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The samples were taken from the project’s Northern Star soil anomaly, which stretches across an area of one kilometre by one kilometre, and where exploration is focused on a copper, gold, lead, and arsenic soil anomalism picked up from historic sampling work.

Mineralisation in the area is also indicated through the presence of quartz veins, quartz breccias, and gossanous outcrops – the latter hosting iron and malachite – found there.

TechGen will be building its exploration around the anomaly area in the first half of 2025, with targets there including IOCG, shear hosted, and intrusive copper-gold systems with potential antimony and lead associations.

Managing director Ashley Hood said the uncovering of this historic anomaly had been a game changer for the company.

“Recent sampling and mapping have validated this historical target, with new assay results from recent rock chip sampling at Mt Boggola returning outstanding and very encouraging high-grade numbers,” he said.

“These results are from an area of historic widespread soil anomalism, showing promising indications of potential IOCG style mineralisation supported by a gravity anomaly andcoincident structural faulting.

“The company plans to further test the Northern Star Anomaly area with close-spaced gravity and the latest IP geophysical surveys, scheduled for early next year when the weather conditions are more conducive to safely conducting these surveys.”

TechGen has been trading at 3.3 cents.

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That 432kg sample produced magnetite concentrate of 69% Fe with a 45% recovery – grades that exceed the benchmark 62% Fe fines price.

“While ultimately the prices received will depend on offtake agreements, the contemporary spot market, and future economic conditions, this differential has been relatively consistent over a long time,” MGU announced to the market.

But the price differential for a higher grade magnetite is quite significant – it attracts a premium of 75 per cent above the benchmark fines iron price.

And MD Neil Goodman says that’s not the end of the process, he still believes the concentrate iron grade has the potential to be further improved.

“The Buena Vista Iron Project continues to prove that it can deliver an exceptionally high grade DRI (Direct Reduced Iron) product,” he said.

“This bulk test work confirms that this premium product can be readily produced using standard flow sheet designs at a production scale.

“The concentrate iron grade can be further increased – and deleterious element content decreased – by passing the material through a floatation circuit.

“The comparative economics of this is being considered before a decision is made on this additional processing stage. With the DRI (Direct Reduced Iron) grades already achieved it is not required, but may increase the premium paid for the product.”

Testing was done by the Perth-based laboratory ALS using an industry standard flowsheet, including passing it through a series of low intensity magnetic separators (LIMS) to grind it prior to separation of the magnetite particles.

The concentrate will now be made available to potential end users for their testing.

The news today backs up the 68.3% Fe previously achieved and announced to the market on June 7. At that time a 200kg sample from Buena Vista was tested by ALS, to mimic the long run head grade based on a five-year mine schedule from the initial mining area.

The project’s Scoping Study was completed last year.

The sample consisted of broken ore collected from existing stockpiles. They were selected from 20-30 centimetres below the surface so there could be no contamination. An pXRF geochemical analyser and a magnetic susceptibility meter was used to ensure the samples grades averaged those defined in Buena Vista’s initial mining are pit model.

Magnum Mining and Exploration had over a million dollars in cash and equivalents at hand at the end of June. It has an agreement with V Capital Consulting and 2×1.Digital Private to raise at least US$210 million to fund its planned green pig iron plant in Saudi Arabia.

Magnum has been trading at 1.4 cents.