Blaze Minerals Limited (ASX: BLZ) ('Blaze' or the 'Company') is pleased to present its Activities Report for the June 2021 quarter.
Overview
Blaze holds a portfolio of exploration licenses in Western Australia which are highly prospective for nickel and base metals. The Company has been progressing its exploration activities across its nickel projects in the southwest of Western Australia. During the quarter the Company completed the acquisition of a number of base metals exploration targets in the Earaheedy Basin and at Big Bell South that the Company is working towards granted tenure to enable detailed exploration to commence.
PROJECT ACQUISITIONS
On 11 May 2021 the Company announced the acquisition of Iconic Minerals Pty Ltd (Iconic) and Hammerhead Exploration Pty Ltd (Hammerhead) who together own six tenement applications in the Earaheedy Basin in addition to one tenement at Big Bell South.
Hammerhead Exploration Applications
The Hammerhead applications were lodged in 2020 to cover the strike extensions of the prospective Frere Formation lower unconformity west of the Chinook and Magazine base metal occurrences of Rumble Resources Limited (ASX: RTR). In aggregate the Hammerhead tenure applications cover over 42 kilometres of strike of the prospective unconformity and the rocks lying directly underneath the Frere Formation granular ironstones. The tenements have not been explored in the sub-outcrop position of the Frere Formation ironstones, with only limited regional geochemical sampling undertaken by the Geological survey Survey of Western Australia.
Iconic Minerals Applications
The three Iconic tenement applications incorporate parts of the prospective Yelma Formation and minor Frere Formation. They also incorporate another major, conceptually prospective unconformity, the unconformity between the Archaean granitic basement and overlying Yelma Formation. RTR (ASX 19 April 2021) reported 'mineralisation (sulphide) comprises pyrite-sphalerite-galena with pervasive low temperature silica alteration (crypto-crystalline) hosted in variable siltstone, shale, marl and minor sandstone'. The Company is currently engaging with the Native Title claimants as a key aspect to the work to achieve granted tenure over the tenements at Earaheedy and Big Bell South. The Company is working to secure the tenements by the end of the calendar year.
JIMBERLANA NICKEL PROJECT
The Jimberlana Project is part of a strategic landholding in a highly prospective 'intrusive corridor'. The Company is exploring the Jimberlana tenement for large tonnage, disseminated style mineralisation within ultramafic portions of the intrusion. The GAIP survey has defined two chargeability anomalies within interpreted pyroxenite phases of the intrusion that supports the model of sulphide accumulation and mineralisation. These two anomalies are priority drill targets and will be drill tested following a heritage survey
The Jimberlana Norite is a sizeable differentiated mafic-ultramafic intrusion of the Widgiemooltha Suite and is known to be mineralised with nickel, copper and PGE sulphides at various localities. E63/2009 covers 18 kilometres of strike on the western end of the intrusive system. Blaze has interpreted three ultramafic 'core' intrusions on E63/2009 with the 'Eastern Core Complex' returning coincident nickel, copper and platinum group elements. The geochemistry was interpreted as evidence of the fertility of the Eastern Core Complex for nickel sulphide mineralisation hosted on the mafic/ultramafic contact (ASX Release 27 April 2021). On 19 May 2021 Blaze announced the completion of a Gradient Array IP survey over the western half of the Eastern Core Complex that had detected the presence of possible disseminated sulphide accumulations. The results showed a dyke-parallel moderately chargeable zone associated with a low-magnetic phase of the intrusion. This zone is interpreted to represent disseminated sulphide within a non-magnetic pyroxenite. Blaze interprets the two point-source chargeability anomalies as representing localised zones of increased sulphide abundance. The Company has lodged a Programme of Works and has scheduled a heritage survey in preparation for drilling two 'pipe' targets named Huginn and Munnin. Huginn is approximately 200m wide and Munnin is approximately 300m x 200m in dimension.
CORPORATE UPDATE
During the quarter the Company completed a placement of 50,000,000 fully paid ordinary shares, with 25,000,000 free attaching BLZO options at a price of $0.03 per share to raise $1,500,000 before costs. The placement was concluded in two tranches, with 50,000,000 shares issued in tranche 1 and the 25,000,000 attaching options issued in tranche 2 following the approval of shareholders which was granted at a general meeting on 9 July 2021.
Monies raised from the placement are to be applied to the exploration and development of the tenements acquired under the respective share sale agreements alongside the ongoing exploration of the Company's existing exploration assets and for working capital purposes. At a general meeting of shareholders held on 9 July the Company received approval to issue a total of 10,000,000 shares and 5,000,000 BLZO options to Directors Mathew Walker and Simon Coxhell on the same terms that were made available to investors in the placement that was announced to the ASX on 11 May 2021.
The Company engages Cicero Group Pty Ltd for accounting, administrative and company secretarial services at $9,000 per month (exclusive of GST). Mr Mathew Walker is a shareholder in Cicero Group Pty Ltd. Pursuant to section 1.2 (a) the exploration & evaluation expenditure of $154,000 incurred by the Company relates to the continuation of the Company's exploration work at Jimberlana, Binneridgie, Kirkalocka, Mukinbudin and Mt Day. Expenses relate to drilling, field expenses, legal, technical consultants, geological consultants and tenement administration & reporting.
This announcement has been authorised by the Board of Blaze Minerals Limited.
Contact:
David Wheeler
Tel: 08 6489 1600
Fax: 08 6489 1601
Email: info@blazelimited.com.au
BLAZE MINERALS LIMITED 
