Don't believe anything has changed with the earn-in agreement at Fontenoy with Earth AI. As per June quarterly update, the guidance was drilling at Fontenoy should occur in July/August with assay results Sept/Oct timeframe.
Sharing my timeline notes below from the June webinar:
______________________________________________________________
- $3.2M cash maintained through JV management fees from Newmont
- Cap raise only likely off the back of a discovery – they have enough funds to drill Blackrange again and Cobar
- Blackrange – LGM 100%
- Low-sulphidation Epithermal
- Drilling started 14th April
- Assays submitted around 9th May
- Assays expected in early July
- Very positive drill visuals mean they believe the have hit the high-grade mineralisation zone – very optimistic there will be mineralisation in the assays
- Bauloora - Newmont (Farm-in Agreement)
- Low-sulphidation Epithermal
- First phase drilling completed 9th March - mixed results
- Second phase drilling started 6th June
- 8-hole DD program – up to 1,300 metres
- Assays expected in August
- 29 km2 vein field at surface – grade is definitely there, we just need to hit it.
- May continue drilling at Bauloora again before end of year
- Fontenoy – Earth AI (Earn-in Agreement)
- Earth AI - PGE (Platinum Group Elements) results 27th Feb.
- Upcoming drilling in July/August – Earth AI testing drill planning
- Assays expected Sept/Oct
- Glenlogan – S2R (Farm-in Agreement)
- Porphyry
- S2 Resources planning drill program
- Assays expected Sept/Oct
- Binary nature of outcome – copper/gold porphyry giant – discrete 600m wide body that plunges for over 1km
- Same cover sequence as Cadia – undercover porphyry – elevated magnetic responses, discrete magnetic zone – looks like a textbook porphyry target – very high conviction – if it’s there they will hit it
- Drake – LGM 100%
- Low sulphidation Epithermal but possibly also porphyry deposits – big magmatic driver as well, have found porphyry D-veins (eg. Magmatic caldera)
- Strong gold and copper story – but very large mineralised area, spread widely so they will be taking careful approach, takes time
- Digitisation of historical data – update to market expected end June
- Q3/Q4 2024 – field campaigns and drill target identification
- Q4 possibly geophys surveys
- Unlikely to be drilled until first half 2025
- Cobar – LGM 100%
- Cobar-style deposit
- Coming back on the radar – lots of field work underway
- Doing geochem and geophys on this tenement
- Update to be released in June
- Possibly drill Cobar before end of year or early next year
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