Significant Zinc Mineralisation (266m @ 0.76% Zn) reported in historical drilling
TMT Project Acquired
Perth, Mar 23, 2023 AEST (ABN Newswire) - Belararox Limited (
ASX:BRX) has entered into a binding agreement to acquire 100% of the shares in Fomo Ventures No 1 Pty Ltd (ACN 139 758) (Fomo) (Binding Agreement) that, by virtue of a wholly owned subsidiary based in Argentina, hold 100% of the Toro - Malambo - Tambo (TMT) Base Metals and Cu-Au Porphyry Project in Argentina (TMT Project) (Fomo Transaction).
As part of the broader Fomo Transaction, the Company will enter into royalty deeds with the Fomo shareholders (the Vendors) with respect to a 1% net-smelter-royalty payable, in aggregate between the shareholders, at the TMT Project (Royalty Deeds) and a services agreement with Condor Prospecting Australia Pty Ltd (Condor) to provide exploration in Argentina and marketing services (Services Agreement).
Key terms of the Binding Agreement, Royalty Deeds and the Services Agreement (the Agreements) are set out in Appendix 1* of this Announcement.
The BRX securities to be issued under the Binding Agreement and the Services Agreement are subject to the approval of shareholders of BRX.
Under the Services Agreement, BRX can pay Condor in BRX shares up to a total value of USD $1.0m for services and direct exploration expenditure on the tenements carried out in the first 12 months reducing cash outflow. Shares issued will be voluntary escrowed until 30 June 2024.
Renowned geologist and country manager Jason Ward will be responsible for the execution of the exploration programmes at the TMT Project.
Significant intercepts from diamond drilling completed in 2013 by Votorantim at the Toro target include:
o ARRLSDD00001 - 266m @ 0.76% Zn, 14.6ppm Ag, 0.05ppm Au, 0.04% Cu & 0.09% Pb from 56m* including:
- 72m @ 1.00% Zn, 12.3ppm Ag, 0.07ppm Au, 0.02% Cu & 0.13% Pb from 56m including:
- 6m @ 3.94% Zn, 52.3ppm Ag, 0.35ppm Au, 0.12% Cu & 0.27% Pb from 56m*;
- 2m @ 8.59% Zn, 112.0ppm Ag, 0.63ppm Au, 0.25% Cu & 0.63% Pb from 58m*;
and
- 2m @ 3.27% Zn, 34.8ppm Ag, 0.15ppm Au, 0.08% Cu & 0.08% Pb from 126m*.
o 140m @ 0.86% Zn, 20.4ppm Ag, 0.05ppm Au, 0.06% Cu & 0.08% Pb from 182m* including:
- 52m @ 1.02% Zn, 7.0ppm Ag, 0.04ppm Au, 0.01% Cu & 0.09% Pb from 184m*;
- 2m @ 4.41% Zn, 41.0ppm Ag, 0.34ppm Au, 0.05% Cu & 0.12% Pb from 186m*;
- 2m @ 3.33% Zn, 9.1ppm Ag, 0.07ppm Au, 0.03% Cu & 0.08% Pb from 220m*;
and
- 16m @ 1.29% Zn, 11.2ppm Ag, 0.07ppm Au, 0.03% Cu & 0.08% Pb from 268m*.
o 10m @ 1.19% Zn, 53.7ppm Ag, 0.17ppm Au, 0.40% Cu & 0.03% Pb from 318m*.
- 2m @ 1.16% Zn, 7.7ppm Ag, 0.04ppm Au, 0.04% Cu & 0.22% Pb from 56m*.
o ARRLSDD00003 - 22m @ 1.25% Zn, 41.2ppm Ag, 0.31ppm Au, 0.24% Cu & 0.27% Pb from 10m* including:
- 6m @ 1.72% Zn, 135.9ppm Ag, 1.00ppm Au, 0.80% Cu & 0.78% Pb from 10m*.
*Intersection calculated using Below Detection Limit BDLs of 0.50 ppm Ag & 0.005 ppm Zn. Note: all Cu, Pb & Zn values exceed BDL
- Significant intercepts from the Sonoma drill holes completed in 1996/1997 at the Toro target include:
o DDH 1 - which included:
- 24m @ 2.4% Zn, 38.8ppm Ag, 0.18ppm Au & 0.07% Cu from 24m; and
- 60m @ 2.4% Zn, 118ppm Ag, 0.32ppm Au & 0.28% Cu from 114m.
o DDH 3 - 18m @ 0.9% Zn, 74.5ppm Ag, 0.13ppm Au & 0.08% Cu from 125m.
o RC 5 - 32m @ 1.4% Zn, 30.3ppm Ag & 0.11ppm Au from 32m including:
- 6m @ 6% Zn, 136.5ppm Ag, 0.2ppm Au & 0.2% Cu from 34m.
- Significant rock chip assays from 133 samples collected by Votorantim across multiple locations at the Toro target, produced an average grade of: 0.84% Zn, 81ppm Ag, 0.11ppm Au, 0.10% Cu, & 0.58% Pb. Note: Any samples that resulted in a BDL were excluded from the averaging calculation. With peak assay values of: 13.30% Zn, 1,980ppm Ag, 2.56ppm Au, 1.90% Cu, & 12.1% Pb
Managing Director, Arvind Misra, commented:
"Our due diligence has identified historic core drill results undertaken at the southern end of the TMT project. These finds add further credence to our belief that this asset, located in a region known to be mineral-rich, is highly prospective for zinc, an in-demand clean energy metal used in processes to reduce carbon emissions.
We will continue to progress our Toro-Mambo-Tambo acquisition process over the coming weeks with the aim of closing the transaction soon after obtaining shareholder approval. Once this work is done, the on-the-ground team we have assembled with Condor to undertake exploration activities in Argentina will get to work. For now, we look forward to further updating the market on the process and exploration activities over the coming weeks."
*To view all details, tables and figures, please visit:
https://abnnewswire.net/lnk/584PJ44W
About Belararox Limited
Belararox Limited (ASX:BRX) is a mineral explorer focused on securing and developing resources to meet the surge in demand from the technology, battery and renewable energy markets. Our projects currently include the potential for zinc, copper, gold, silver, nickel and lead resources.
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