Bubalus Resources Quarterly Activities Report - June 2024
BUBALUS RESOURCES LIMITED (BUS) Share Update July 2024 Thursday 25th
Bubalus Resources Announces Key Developments in Exploration Projects
Bubalus Resources Limited (ASX: BUS) has released its quarterly activities report for June 2024, highlighting significant progress in its exploration projects, particularly at the Nolans East and Yinnietharra sites.
Instant Summary:
- Heritage Authority Certificate received for Nolans East REE Project.
- Drilling to test 8 priority targets from 22 delineated REE targets at Nolans East.
- Further sampling at Yinnietharra advancing lithium anomalism.
- Continued stakeholder engagement at Coomarie for on-ground activities.
Nolans East Project
The Nolans East Project, located 15km southeast of the Nolans Bore deposit owned by Arafura Resources Limited, has made significant strides. During the quarter, Bubalus Resources received its Heritage Authority Certificate (HAC) from the Aboriginal Areas Protection Agency (AAPA), allowing the company to commence drilling operations. This follows an extensive heritage survey completed earlier this year.
The drilling program will focus on 8 priority targets out of 22 identified through a comprehensive surface sampling campaign. These targets were refined by Sugden Geoscience and are expected to yield promising results, given the high levels of rare earth elements (REE) detected in initial samples.
Yinnietharra Project
At the Yinnietharra Lithium Project, Bubalus has continued its systematic soil sampling program. The focus has been on mapping subcrop or regolith variations at the Malinda East Prospect, which could indicate weathered pegmatites. Infill sampling over two other lithium-in-soil anomalies has also been completed, with results pending.
The company is actively engaging with the Wajarri Yamatji Aboriginal Corporation to negotiate a cultural heritage protection agreement, which is crucial for advancing the project.
Coomarie Project
The Coomarie Project, located near the border of Western Australia and the Northern Territory, continues to be a focus of stakeholder engagement. The project area is known for its REE mineralization, controlled by faults at unconformities between older metamorphic rocks and younger sediments. Bubalus is planning a comprehensive field program once all necessary clearances are obtained.
Other Projects
Limited exploration activities were conducted at the Amadeus and Pargee Projects during the quarter. However, these projects remain a part of Bubalus' long-term exploration strategy.
Corporate and Financial Updates
Bubalus ended the quarter with cash reserves of approximately $2.89 million. The company has 402 shareholders and 36,364,250 ordinary fully paid shares on issue, with the top 20 shareholders holding 49.89% of the total issued capital.
The receipt of the Heritage Authority Certificate for Nolans East is a significant milestone for Bubalus Resources. This development allows the company to proceed with its drilling program, which could lead to substantial discoveries of rare earth elements. The ongoing activities at Yinnietharra and stakeholder engagement at Coomarie also indicate a robust exploration strategy. These advancements are likely to positively impact Bubalus' stock, as investors gain confidence in the company's ability to execute its exploration plans.
Investor Reaction:
Investors and analysts have reacted positively to the news, with many highlighting the strategic importance of the Nolans East Project. The receipt of the HAC is seen as a critical step forward, and the potential for new discoveries has generated optimism. Analysts also note the company's proactive engagement with stakeholders, which is crucial for long-term project success.
Conclusion:
Investors should keep a close eye on Bubalus Resources as it progresses with its exploration activities. The commencement of drilling at Nolans East and the advancement of the Yinnietharra Project are key developments that could significantly enhance the company's value. Staying informed about these projects will be essential for making informed investment decisions.