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5 stories mentioning ASX:AR1Updated 5m ago

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Asia

Austral Resources Australia Confirms Presence of Large Mineral System at Queensland Prospect; Shares Down 6%

Austral Resources Australia (ASX:AR1) confirmed the presence of a large mineral system during maiden drilling at the Canyon prospect, within its Mt Kelly district exploration portfolio in Queensland, according to a Friday filing with the Australian bourse.Drilling intersected 24 meters at 1.03% copper, including 14 meters at 1.6% copper, 57 meters at 0.44% copper, and 29 meters at 0.36% copper, with mineralization open in multiple directions, the filing said.The company will undertake follow-up drilling to define the dimensions of the mineral system and higher-grade zones, per the filing.Shares fell 6% in morning trade on Friday.

ASX:AR1
Asia

Austral Resources' Queensland Copper Project Restart on Track, Secures SAG Mill, Shares Down 4%

Austral Resources (ASX:AR1) said all major workstreams for the refurbishment and restart of its Rocklands Copper Project in Queensland are progressing in accordance with its planned schedule and budget, according to a Thursday Australian bourse filing.The company said an unused 4.75-megawatt SAG mill was secured and purchased, with delivery to the site planned by late July, while existing ball milling, flotation, and concentrate handling infrastructure were confirmed suitable for the planned 3 million tonne per year processing capacity.GR Engineering Services (ASX:GNG) was appointed to complete engineering design and construction of front-end modifications, with front-end engineering design on track for completion in July, the filing added.A metallurgical test work program is advancing using confirmatory drill core from Rocklands, while a western operations mining campaign is underway at Flying Horse and Mt Clarke, initially providing oxide feed to Mt Kelly while exposing future sulphide feed for Rocklands, it added.The company's shares fell 4% in recent Thursday trade.

ASX:AR1ASX:GNG
Asia

Austral Resources Identifies Copper, Gold, Silver Mineralization at Queensland Project

Austral Resources (ASX:AR1) said it has received final gold and silver assays from the Snow Queen prospect of its Cameron River Project in Queensland, according to a Wednesday Australian bourse filing.The results were up to 10 meters at 7.5% copper, 9.3 grams per tonne (g/t) silver, and 0.3 g/t gold from 35 meters, including four meters at 16% copper, 16.2 g/t silver, and 0.5 g/t gold from 38 meters."We look forward to further assay results and follow-up drilling as exploration activities continue across the Cameron River Project," said Chief Operating Officer Shane O'Connell.

ASX:AR1
Asia

Austral Resources Says Initial Drilling at Queensland Prospect Encounters High-Grade Copper Intersection; Shares Rise 9%

Austral Resources Australia (ASX:AR1) said initial drilling at the Snow Queen prospect, part of the Cameron River project in Queensland, encountered a high-grade copper intersection, according to a Wednesday Australian bourse filing.This included an intercept of 10 meters at 7.5% grade of copper from 35 meters, confirming the presence of high-grade mineralization, per the filing.The company's shares rose past 9% in recent trading on Wednesday.

ASX:AR1
Asia

Austral Resources Australia Completes Settlement of Lady Loretta from Glencore

Austral Resources Australia (ASX:AR1) said it has completed the settlement of Lady Loretta, after receiving $40 million from Glencore under the transaction terms, according to a Thursday Australian bourse filing.The company said about AU$14.4 million of the proceeds have been applied to cash back the estimated rehabilitation bond, with Austral assuming progressive rehabilitation obligations.Under the transaction terms, Austral will pay Glencore a 2.5% net smelter return royalty on all copper oxide and sulphide production from the Lady Loretta tenements, along with an offtake agreement for all copper products derived from the tenements, the filing added.The Lady Annie expansion, known as Annie Deeps, is to be activated with drilling commencing in the third quarter, while a strategic pit wall cutback to grow the company's ore supply pipeline will commence in the second quarter, the filing added.The cash proceeds from the settlement move Austral to a debt-free position, strengthening its balance sheet, it added.

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