Total
0
Shares
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Less than a month after gaining ownership of the Cummins Range Rare Earth Project, Sagon Resources has already announced a globally significant maiden resource for it
  • The maiden 2012 inferred mineral resource for its project has been estimated and is equivalent to more than 147 million kilograms of rare earth oxides
  • Sagon says Cummins Range is above Northern Minerals’ Brown Range project in terms of tonnage and grade
  • It also stated that it’s ranked in the top five Australian rare earths projects
  • Sagon is up 36.4 per cent and is selling shares for 7.5 cents apiece

Cummins Range, Rare Earth Project, Sagon Resources has already been announced as a “globally significant” maiden resource.

On September 27, Sagon purchased 100 per cent of Cummins Range for $500,000 cash and an issue of $500,000 worth of shares.

The maiden 2012 inferred mineral resource for its project has been estimated at 13 million tonnes at 1.13 per cent of total rare earth oxides (TREO), which is equivalent to more than 147 million kilograms of TREO.

According to Sagon, this puts Cummins Range above Northern Minerals’ Brown Range Project in terms of tonnage and grade.

Sagon now believes it is in the top five of Australian rare earth projects on the ASX.

“We are pleased to commence with a significant maiden JORC 2012 resource which
benchmarked against peers offers Sagon an exciting platform to move forward with,” Sagon Executive Director Jeremy Robinson said.

“The Cummins Range ore-body is open along strike and at depth and we believe we can materially expand the resource and look forward to the upcoming drilling program,” he added.

Sagon considers the mineralisation at Cummins Range to have significant potential for expansion. The resource remains open along strike and at depth with significant scope to expand the resource with no active exploration recorded since 2012.

Cummins Range is located 130 kilometres south-west of Halls Creek in the Kimberley region of Western Australia. It is one of two known rare earth bearing carbonatites in Australia.

Stage one of the drilling program for the project will include a large diameter PQ drill core which will provide samples for metallurgical test work and to assess the grade at Cummins better.

Sagon is continuing to collate and review all previous data and with the upcoming planned passive seismic survey, it is expecting to enable better targets for extensional drilling around the known resource.

Currently, the resource has been compiled by a leading Perth based mining and resource consultants, Auralia Mining Consultants. It is based on the previous drilling between 2007 and 2011.

These previous drilling results have been reviewed and are now reported in accordance with JORC 2012 standards.

The drilling program and passive seismic survey are planned to commence by the end of the year.

Following this announcement, Sagon is in a trading pause and will be until a further announcement.

Sagon is up 36.4 per cent and is selling shares for 7.5 cents apiece at 2:54 pm AEDT.

SG1 by the numbers
More From The Market Herald

" Albion Resources (ASX:ALB) eyes maiden drilling program at Lennard Shelf

Albion Resources (ALB) has received heritage clearance for its maiden drilling program at Pilbara East which is expected to kick off this month.
Sunshine Gold (ASX:SHN) - Managing Director, Damien Keys

" Sunshine Gold (ASX:SHN) confirms copper-molybdenum system at Titov

Sunshine Gold (SHN) has confirmed a large-scale copper-molybdenum system at the Titov prospect at Ravenswood West.
Sunrise Energy Metals (ASX:SRL) - CEO, Sam Riggall

" Sunrise Energy Metals (ASX:SRL) advances self-titled battery project

Sunrise Energy Metals (SRL) spent much of the September quarter focused on progressing its Sunrise Battery Materials Project in NSW.
Alexium International Group (ASX:AJX) - CEO, Bob Brookins

" Alexium International Group (ASX:AJX) achieves record sales

Alexium International Group (AJX) achieved its best ever sales over Q1 FY22, with cash receipts also hitting a new high.