Member Info for AGEOS

In a 17.09.2023 post regarding the “Pitfield diamond drill program”, I emphasised the importance of evaluating any assays from these three 500m cores, within the regional scale of the Fe-Ti mineralisation, as they would sample only a few hundred metres of what is a minimum 5000m thick stratigraphic sequence and 6km wide gravity/density anomaly. I concluded with the view that “of greater importance, will be the results of mineralogical analysis and metallurgical tests. The former will determine the mineral source of the TiO2 and of any other metals of significance, and will throw light on the probable two-phase metallogenesis, the first an Fe-Ti hydrothermal event, the second a Cu sulphide event. The latter tests will determine ore processing and feedstock as outlined in my 14.09.2023 post.”

Whilst the anticipated mineralogical analyses may be dismissed by most as of academic interest only, those better informed will appreciate, as stated in a June 2023 Australian Government strategic report, that “Establishing the timing and nature of mineralisation events is of vital importance in determining the development of mineral provinces”. As the May & September 2023 Presentations state and SB has repeatedly emphasised, Pitfield is a giant scale mineral system enriched with copper and titanium. Although the two principal metals are inferred to have been emplaced at different times as separate events, that has still to be confirmed, as has equally importantly, the structural and lithological controls determining the form and extent of potentially mineable ore deposits within the system. Mineralogical analysis of oriented diamond core-samples in thin-section from the current DD 500m holes, together with the forthcoming 2-phase RC drill program should assist greatly in that understanding.

As we are aware, the next, Q4 2023 RC drill program is designed to target the inferred high-grade Fe-Ti core, based it appears, primarily on the geophysical evidence but supported secondarily by the geochemical soil analyses. However note use of the word “inferred”. There are no comparable sedimentary-hosted Fe-Ti deposits elsewhere in the world and, as has been emphasised repeatedly, Pitfield is a unique mineralogical event and occurrence. The origins of the Titanium and how and when it was emplaced are as yet unknown, hence there must be some uncertainty as to where and in what form the most economically exploitable TiO2 ore deposits could be found.

To be continued

Appears to be a cut-off at around 300 characters. Anyone else having the same problem?

In a 17.09.2023 post regarding the “Pitfield diamond drill program”, I emphasised the importance of evaluating any assays from these three 500m cores, within the regional scale of the Fe-Ti mineralisation, as they would sample only a few hundred metres of what is a minimum 5000m thick stratigraphic sequence and

Appears to be a malfunction in transmission here so will try again.

In a 17.09.2023 post regarding the “Pitfield diamond drill program”, I emphasised the importance of evaluating any assays from these three 500m cores, within the regional scale of the Fe-Ti mineralisation, as they would sample only a few hundred metres of what is a minimum 5000m thick stratigraphic sequence and

Rupple thanks for the response.

You're right to suggest that TiO2, to which you could have added Cu, may not be the only prize at Pitfield. Pre-EEE exploration by BHP and CRA, produced widespread silver, nickel and zinc anomalies which are most likely to be part of the inferred later stage Cu sulphide mineralisation event. Such a mineral association, in a sedimentary host-rock environment, is the fourth most common source worldwide for silver prospects. CRA identified a copper/silver association over a 7km N-S distance, in the south of Pitfield, corresponding to a stratigraphic horizon in the Mt Scratch Siltstone, with values of up to 20 g/t Ag. Alone, not a commercial grade but certainly indicative of the potential for one, especially if co-hosted with Cu.

Since results of the imminent DD program will no doubt be eagerly awaited by the 'market' and inevitably be variably interpreted, it will be important to assess these within proportion and context of the regional scale of the Pitfield mineralised system. Those who have an understanding of the 3D geological structure, both stratigraphical and geophysical [magnetics + gravity/density], will be at an advantage in achieving that assessment.

“The drill programme will consist of three angled, 500m deep, diamond core drill holes focused on confirming the continuation of the high-grade titanium mineralisation discovered during the Company's maiden drill campaign.” [ref RNS 13.09.23.]. The drill pad locations are on the western edge of the target areas so if angled at 60 degrees E that achieves a maximum vertical depth of 430m and an eastward penetration of 250m into the >6km wide high-density core. Whatever the assay results, important as they will be in establishing TiO2 continuity or discontinuity over 500m DH, they will therefore be only a fractional indication of the regional system. The regional extent will become clearer with the “late 2023 RC drill campaign”.

The location of the three drill pads as indicated in Fig 2 of the 13.09.23 RNS is, as stated, determined to confirm aspects of the March/April 2023 drill programme. Thus the most northerly is in the vicinity of Mt Scratch and appears to be positioned to target the Mt Scratch Magnetic stratigraphic unit, whilst that further south, and east of the Arrino and Baxter Mines, will possibly intersect the Beaconsfield Conglomerate at least in part. The most southerly, on the Thomas property, also appears to target the Mt Scratch Magnetic unit. So cumulatively the three holes will sample a few hundred metres of the minimum 5000m thick stratigraphic sequence and >6km wide gravity/density anomaly.

Of greater importance in my view, will be the results of mineralogical analysis and metallurgical tests. The former will determine the mineral source of the TiO2 and of any other metals of significance, and will throw light on the probable two-phase metallogenesis, the first an Fe-Ti hydrothermal event, the second a Cu sulphide event. The latter tests will determine ore processing and feedstock as outlined in my 14.09.2023 post.

AGEOS.

Continuation:

Extrapolation from ore tonnage to TiO2 resource is inevitably more problematic as it depends upon many, as yet unknown factors to be determined by the mineralogy. These factors will dictate the ore processing options and consequently the end products and their economics. Hence the importance of the mineralogical analyses and metallurgical tests to be applied to samples from the imminent diamond-drill program. If the primary titanium source proves to be ilmenite and/or hemo-ilmenite, the sale value of the resulting TiO2 feedstock [“ unprocessed” or “processed”] will be the main determinant of the Pitfield prospect's market capitalisation.

For illustrative purposes, 1M tonnes of ore @ 5% TiO2 grade [>10% is possible within the core] equals 50K tonnes of unprocessed feedstock, which if of ilmenite with 50% TiO2 [the Yandanooka HM Sands ilmenite contains >55% TiO2] would ideally produce a “processed feedstock” at “synthetic rutile grade” of approximately 26,225 tonnes @ 95% TiO2. Feedstock of equivalent grade has been selling in the US at around $2500 per ton during Q2 2023 in what was described as a depressed market. Based on these criteria 1M tonnes of Pitfield ore would produce synthetic rutile grade feedstock valued at $65.5million, which implies a forward value of many billions of dollars for the potential total feedstock resource.

Add to that the potential for copper and other metals, especially in the high-density core, and the prospects for Pitfield appear very promising. This is still in initial discovery phase but has the potential for very substantial gains in market capitalisation during the coming months.

AGEOS

Since, as stated in this most recent Sept 13th RNS, it is Empire's strategy over the coming months to “confirm the scale of this giant, titanium-enriched mineral system and to provide more information about key parameters such as mineralogy, grades, tonnage potential and geological controls on the thickest, higher-grade mineralisation.” [ref page 1 highlights] it seems timely to make an initial estimate of the potential ore tonnage and possible TiO2 resource based on the recent gravity survey and combined results to date.

The high-density core, as shown in Fig 2 and as stated on page 2 of the RNS is a “regional scale feature, covering an area 30km in length and up to 6km wide” As half of the length is 5-6km wide and half is 2-5km wide, an average width of 4km is appropriate for calculations. Thus the high-density core of 30 x 4km occupies an area of 120 sq km, and for 100m of depth would provide an ore tonnage of 30,000 x 4,000 x 100m x 2.7sp gr [specific gravity of a mineralised siltstone] = 324M tonnes. As we do not as yet have access to the 3D inversion model which we are told indicates extension of the core to 6km depth, without sight of the subsurface geometry it would be premature to speculate on the potential tonnage below 100m. However, the scale of the core clearly implies a potential resource in billions rather than hundreds of millions of tonnes, even within the depth limitations imposed by open-pit mining.

Whilst the validity of such a calculation may seem highly questionable it should be borne in mind that this is a regional mineralised system in which the Fe-Ti minerals are disseminated throughout the host-rocks due to widespread permeation of mineralising fluids within a closed sedimentary basin. Continuity of mineralisation is to be expected and is evidenced by the drill program at Mt Scratch,. Of the 18 holes within the 2000 x 800m area drilled, all showed substantial intercepts at TiO2 grades consistently within the 4.50-5.00% range, and with a cut-off at 4.17% continuity no doubt extended well beyond those intercepts, albeit at lower grades. Continuity of higher grades, as indicated by the higher density of the core gravity anomaly, is therefore anticipated.

To be continued

The Proactive interview of Aug 29th relating to the Aug 29th RNS included the following statement by SB:

“This [ie Pitfield] is an amazing discovery of quite unique geology....lots of geoscientists want to get involved and want to study and understand this more.....we're on the cusp of finding a unique globally significant titanium deposit.”

The interest of the geoscience community is primarily concerned with understanding the metallogenesis. ie the process by which the metalliferous system was emplaced and the origins and characteristics of the metalliferous fluids involved in the hydrothermal injection. Whilst this may appear to be solely of academic interest it will be important in guiding future drilling programs and will contribute to the metallurgical testing essential for ore-processing evaluation.

To this end the imminent diamond drill program will be of prime importance as it will, as stated by SB provide the oriented core samples necessary for such test work,

AGEOS.

Those who have read and understood my previous posts regarding Pitfield will be aware that the August 29th RNS confirmed targets, as predicted in my Aug 8th post, which are stratiform and tabular, and inclined steeply in conformity with the stratigraphic sequence. Confirmation, at least at or near surface, is shown diagrammatically in the map [Fig 3] showing linear NNW-SSE gravity highs in excess of 2.6 mgal which is inferred as being indicative of very high-density rocks within a regional gravity core feature. The orientation and surface expression of those gravity highs conforms with the outcrop stratigraphy as depicted in the Regional Geological Map on page 17 of the May 2023 Presentation and which was the basis for my detailed July 16th post. That conformity would suggest that the high density mineralisation indicated by the gravity highs is, in part at least, lithologically controlled ie is confined to those strata which have the physical and chemical properties most conducive to mineralisation.

However, on page 6 of the Aug 29th RNS there is an important reference to 3D inversion modelling having indicated that “the western and eastern margins of the body are both essentially vertical indicating an important structural control crossing the east-dipping sedimentary beds which host the Fe-Ti oxide mineralisation.” This implies that whilst lithological control may still be important locally, resulting in localised ore-bodies, at the regional scale it was probably the NNW-SSE oriented near-vertical faults shown on the Regional Geological map which were the conduits for the regional hydrothermal mineralisation. This has important implications for the potential depth, [minimum of 6km from 3D modelling] and extent of the regional mineralisation, as these faults could be lateral offshoots from the ultra-deep intra-plate Darling Fault which forms the eastern boundary of Pitfield. Such a structural scenario would conform with recent Ti isotope research which indicates that a high incidence of ilmenite and titanomagnetite with substantial oxide crystallisation could be an early product of the fractionation of alkaline magmas in intraplate settings. This is in sharp contrast to the vast majority of world-wide magmatic Fe-Ti oxide deposits which occur within the igneous rocks from which they have differentiated, and underlines the claim that the Pitfield Fe-Ti mineral domain hosted by sedimentary rocks is unique.

Given the scale, both in area and potential depth, of the Fe-Ti mineralisation as indicated by high rock-density/gravity anomalism, coupled with the potential for copper mineralisation especially in areas of weak magnetic susceptibility where martitization has probably produced hemo-ilmenite, it seems inexplicable that the market capitalization has declined. Presumably the significance of this latest RNS has eluded many and traders have consequently prevailed, at least in the short term.

AGEOS.

The next RNS will most probably be released shortly and will be based on the results of the recent airborne gravity gradiometer survey [AGG] at Pitfield.

From the survey criteria mentioned in the August 2nd RNS I anticipate that the gravity data obtained from the AGG survey will be integrated with the known magnetics data to produce a prospectivity map for the area, which will form a basis for planning the drill program. The prospectivity map should reveal stratiform targets, tabular in form, within a steeply inclined stratigraphic sequence, the targets being those regions, at surface and extending in depth, exhibiting high gravity gradients coincidental with relatively high or low magnetics.

AGEOS

Thanks Chicken for the detailed response; much appreciated. Despite numerous online searches in Spanish & English I've not located the original article you have quoted so if you relocate the link please let me know. The Associacion Colombiana de Mineria website doesn't appear to have any link to a July 4th meeting either. However, the extract and translation you provided does appear to imply that Agnico, at least, were actively involved in progressing the Canadian [TSM ie Towards Sustainable Mining] Standard via Minera Monte Aguila [MMA the JV operating company] to the ANZA Project at the time Jonathan Osorio made his presentation.

Implementation of the TSM Standard would require involvement of indigenous mining interests and of community to a much greater extent than has been the norm to date. Interestingly, Royal Road Minerals who have title to the Guintar and Margaritas concession forming the western margin of ANZA, recently re-acquired the 50% interest they had previously shared in a JV with Mineros S A, so they now have 100% of what they describe as a major porphyry copper, gold and silver prospect. They too are implementing the TSM Standard and Agnico have a >20% share holding in the company.

Chickenlegs:

re your post of yesterday could you please supply details sufficient to access the source of your statement that “Agnico are on record, in the public domain, that they are at the start of a JV with Minera Monte Aguila a couple months after care/maintenance was announced to us. “ If, as stated, this would be a significant development and the information would be much appreciated.

The Agnico Eagle 1st Quarter 2023 Results released April 27th has no reference to ANZA or Colombia and the company website still refers to ANZA as a “50/50 JV with Newmont under option from Orosur Mining Inc” Also there have been no recent updates in the Medellin Herald on such developments at ANZA, as far as I'm aware.

Hamodeh82, sorry but I do not and cannot give investment advice. It is illegal to do so in the UK without appropriate registration.

Kullybahia, impossible to answer in the terms you have requested. There is no universal “grade of TiO2 considered economic for the purpose of mining” just as there is none universally applicable for gold or copper, contrary to what you quote from whatever source. Such grades can be estimated but only for a defined project, since economically viable grades depend upon many variables. If you have read today's post surely the last paragraph alone would have highlighted sufficient variables to question the notion of there being a definable “economic grade of TiO2” for Pitfield at this stage. There are 28 proposed and exploration-phase 'hard-rock' titanium prospects in W Australia with JORC-based grades ranging from 3.3% to 13.7% TiO2, and 112 heavy mineral sand deposits of c1% TiO2 [% of sand not concentrate] which are economic. Pitfields grade range is from 4.25% to 5.57% TiO2 [4.17% cut-off; 10% max] from 21 holes to date, but as repeatedly emphasised it cannot be compared to any other TiO2 resource; it is unique.

Thanks for the responses. With regard to the copper prospect I would refer you to my June 13th post on the subject as I don't want to repeat what has previously been posted. What I would reiterate is that the Cu mineralization appears to have been part of a second and later hydrothermal event which also included the martitization process ie alteration of magnetite to hematite, hence the 0.02 – 0.06% Cu throughout the system. Circumstances within which Cu might concentrate locally into significant economic deposits are described in that June 13th post. Whilst the anticipated drilling program will prioritize the TiO2 prospect it is possible that significant Cu intercepts could arise especially in graphite or carbonate rich strata within that area. That still leaves 60-70% of the Pitfield acreage open for additional copper prospecting.

Manlord, re your second query. Yes as you imply it appears that initial evaluation of the potential of Pitfield was based on historical data, mainly from CRA, hence the focus on Cu, which CRA had identified in 1993, as a 7km Cu in auger anomaly supported by soil and stream sediment sampling. The 1%+ TiO2 component of the multi-element assays from those samples must have been a part of the total database but was 'invisible' and only revealed when EEE digitized the database, as reported in the July 3rd RNS. Not an unknown occurrence in the industry and easily countered now by big-data mining using AI.

Hope that answers your queries adequately.

Continuation:

I began this post with reference to Pitfield being “a unique mineralized system” an aspect to be emphasised, and which has been by SB, emphatically so, as a “newly recognised type of strata-bound sedimentary rock-hosted titanium deposit”. As such there is little of relevance, and ample scope for misunderstanding, from comparison with other TiO2 prospects which will be either heavy mineral [HM] sands or igneous intrusive-hosted 'hard-rock' sources. Likewise for the main TiO2 resource which initial work as reported in this latest RNS, is confirmed as ilmenite, Comparison with other ilmenite deposits is at this stage largely pointless as the physical and chemical properties of the mineral from different sources may differ markedly, and consequently require specific separation and production processes with differing economics. Ilmenite from HM sands has often been subject to weathering, resulting in addition of trace-elements detrimental to TiO2 production processing, whilst igneous rock derived ilmenite may incorporate Mn, Mg and Cr into the lattice with similar consequences. Detailed analysis of the ilmenite from Pitfield will be awaited with considerable interest as a “unique mineralized system” has the potential to produce a unique ilmenite, hopefully of high purity and specially suited to Ti metal production rather than TiO2 feedstock for pigment applications. Titanium metal is superior to all base-metals in many respects but its use is severely constrained by the high energy costs of production. If the Pitfield ilmenite metallurgy proves conducive to Ti metal production then the possibility arises of an Australian government-backed strategic initiative towards combining a solar power facility with the TiRO Process which I referred to in my June 6th post [paragraph 4].

If you have persevered thus far but have queries, feel free to ask for clarification, preferably today as I prefer to avoid the week-day posting melee. Most appear uninterested in, or choose to ignore, my contributions, I'm sure.

AGEOS.

Continuation:

With that 3D picture in mind, you have the structural basis on which to mentally superimpose the magnetic and mineralogical models both of which are causally related to the former.

The 3D Magnetics Model is shown diagrammatically in figures 2 and 3 of the July 11th RNS, with the proviso as previously posted, that Fig 3 should be labelled A1 – A as A is N of Mt Scratch. That is important as the Long Section shows the magnetics as intermittent and relatively shallow in that direction. If you superimpose Fig 2 onto the geological map it will be apparent that the high magnetic susceptibility area, coloured in red, coincides with the SW outcrop of that part of the stratigraphic sequence which includes the Beaconsfield Conglomerate and the Magnetic and Siltstone portions of the Mt Scratch Formation. Furthermore, the orientation of the 'Long Section' which is presumably the plane of maximum depth of magnetic susceptibility, is itself parallel to the 'strike' of the strata. 'Strike' , a frequently misused term and concept, is the orientation which is at 90 degrees to the maximum inclination of a planar surface, in this case the bedding planes of the strata. The consequent conclusion is that the magnetic susceptibility [within the range measured] may be confined to the Beaconsfield Conglomerate and the Magnetic and Siltstone sections of the Mt Scratch Formation, hence the surface area of 30km x 8km max, but down to a depth of at least 6km.

Since the Magnetics Model is presumed to highlight those areas of Fe/Ti hydrothermal mineralization where remnant magnetite persists after martitization [ie alteration of magnetite to hematite due to a secondary hydrothermal event], it is concluded, as stated in the July 11th RNS that “this magnetics anomaly appears to be coincidental with the currently known extent of the ilmenite mineralization”, ilmenite having been identified as being the main titanium oxide mineral. Thus, the Magnetics Model is assumed to be a proxy for the titanium mineralization, at least as far as the current field data indicates. It does not however exclude the possibility of further TiO2 mineralization beyond the limits of that Model, as I surmised in paragraph five of my July 6th post. TiO2 mineralization could exist anywhere in the Yandanooka sedimentary sequence where martitization was sufficient to eliminate magnetite and produce a hemo-ilmenite of only weak magnetic susceptibility. Further drilling, especially in the “eastern corridor”, as mentioned in the July 3rd RNS [page 4] will elucidate that possibility.

To be continued

The July 11th RNS provided further evidential support for the potential of a major TiO2 resource at Pitfield and subsequent interviews with SB have been notable for the strength of his conviction that this is a unique mineralized system of global significance. For the CEO and his geotechnical team to assert such confidence at this stage in a project, is itself of significance, as it is a fundamental tenet in the mining industry that all conclusions are probabilistic and it is only when the 'mine-face hits the pay-dirt' that any certainty can be assumed.

To comprehend the basis for their conclusions and to provide a factual context for understanding some aspects of this latest RNS it is necessary to appreciate three aspects of the geology of Pitfield; the geological structure , the significance of the magnetics and thirdly the mineralogy.

With regard to the structure, EEE will probably provide a 3D model in due course but in the meantime the geological map on page 17 of the May 2023 Presentation will suffice. Even better if you can print an enlarged copy. For those unfamiliar with such maps, it shows the inferred outcrop of the various rock-units and faults figured in the key [lower left box] with the rock-units listed in order of age [oldest, Archean, at base], and therefore in order of stratification. As a structural geologist I can, from the evidence at surface, infer the structure in depth, ie envisage the 3D disposition of the strata, and as in the June 6th post [click on my name and scroll down] describe it as probably a steep sided syncline. So, if you concentrate on the lower third of the map, try and envisage the sequence of strata on the left margin [from Arrowsmith Sandstone to Beaconsfield Conglomerate] as plunging vertically downward and then curving back upwards to impinge against the wall of the Darling Fault [black line on right-hand edge] with only part of the Beaconsfield Conglomerate breaking surface adjacent to the fault. As mentioned in my June 13th post, the Yandanooka sequence [the collective name for the sequence of strata, from Lower Arrowsmith to Mt Scratch Magnetic, inclusive] is 5000m thick [ie the dimension at 90 degrees to the stratification] so the syncline is probably at least c10,000m deep, an inference confirmed by SB in interview.

There are local variations such as in the northern half, where sections of the sequence have been pushed eastwards along low-angled thrust faults, and in the region east of the Arrino and Baxter Mines, where the lowermost strata appear to infill depressions in the Archean basement, but these apart, the synclinal structure extends throughout the 40km[NNW-SSE] x 15km [E-W] extent of the Pitfield prospect. The syncline continues further N and S but is confined to the E by the Darling Fault, a major crustal dislocation tens of km in depth, and to the W by a steeply inclined contact with ancient Archean metamorphic basement rocks.

To be continued