Bindi Metals (ASX:BIM) High grade antimony project acquisition
19 September 2024
Price Sensitive Announcement $
Highlights:
Mutnica Antimony-Copper Project:
– Historical rock assay data with up to 4.5% and 2.7% antimony
– Recent soil data with elevated copper and other base metals never followed up
Lisa Antimony-Gold Project:
– Historical data confirms the presence of historical high-grade antimony mines with reported mined grade of 5% to 20% antimony where approximately 60,000 tonnes of ore from shallow pits were produced between 1932 and 1951.
– Both projects display classic geological characteristics of carbonate replacement or Carlin style deposits.
– Strategically located near major European markets and with well-established modern infrastructure and a robust, skilled local mining workforce.
– China’s recent export ban on antimony has fuelled market disruption. China controls 55% of global antimony mining and most downstream processing, while Europe lacks domestic production, raising national security concerns/
Capital Raising:
– Firm commitments received from sophisticated and professional investors for a oversubscribed Placement to raise $2,000,000, which will be completed in two tranches.
– Funds raised to be used towards drilling and exploration at the Lisa Antimony-Gold Project and the Mutnica Antimony-Copper Project, exploration on the Company’s existing projects
and general working capital.
Overview:
Bindi Metals Limited has announced the acquisition of the Lisa Antimony-Gold Project and the Mutnica Antimony-Copper Project in Serbia, Europe pursuant to a binding tenement sale agreement (Tenement Sale Agreement). Lisa Project tenure is currently in application and covers approximately 30km² and Mutnica Project tenure is granted and comprises 50.5km²
Lisa Antimony Gold Project Previous Work
The Lisa prospect (Figure 1) is in the western portion of Serbia within the Western Tethyan Magmatic Belt which hosts many large gold, copper and other base metal deposits throughout Eastern Europe including the Rogozna project (5 Moz Au6) which is located only 50km to the southeast (Figure 1). Lisa is covered by the Ivanjica 1:100,000 geology map, featuring Carboniferous sericitic schists, Cretaceous metamorphosed limestones, volcanic sediments and Quaternary alluvial sediments (Figure 3).
Various historical summary reports indicate that antimony mineralisation has been mined, materially within the northern Lisa License, with reported grades from 5-20% antimony (estimated 60,000 tons of antimony ore at 5 to 20% anatomy over a region of 1.2M m2) from 1932 to 1951, with additional small-scale antimony mining from 1964 to 19821.
Antimony sulphide (stibnite) and oxide mineralisation has been confirmed by petrography work (Figure 2) and is observed at surface is interpreted to be hosted by Cretaceous-aged Senonian
limestones and associated with what is described as “metasomatic quartz” or “jasperoid” silica alteration with preference to impure calcareous marls and sandstones1a. The mineralised antimony- rich horizon is observed to range in thickness from 4 to 10m and has been faulted by post mineralisation tectonic events in places.
The licence also hosts the potential for gold mineralisation associated with the antimony. Previous work in the area notes the presence of gold locally with antimony up to 2.5g/t Au in hand sample and up to 87g/t silver1a. Petrography work from samples in 2004 identified free gold in samples from the
area (Figure 2).
The Lisa licence application was made in September 2021, and is prioritised under the previous Serbian previous law on Mining and Geological exploration. Legal advice has been received that the application has priority in obtaining approval and that the licence area was available for application (e.g. no overlapping claims). The application is likely to go to grant in the next 3 months.
Mutnica Antimony-Copper Project Previous Work
The Mutnica prospect (Figure 1) is in the eastern portion of Serbia within the Eastern Tethyan Magmatic Belt which hosts many large gold, copper and other base metal deposits throughout Eastern
Europe including the giant Cukaru Peki high sulphidation epithermal porphyry deposit with approximately 20Mt of contained copper which is located only 60km to the northeast (Figure 1).
In 2014 a research project was conducted in the area to investigate the nature of the antimony occurrences in the area at the Krceva Reka (“Kreva”) occurences7. Two occurrences were identified with significant antimony sulphide. At Kreva 1, variably silicified volcanic and sedimentary rocks were
sampled and assayed with at least 6 of the 11 samples returned significant assays over 1% antimony with highlight result of 4.5% antimony. At Kreva 2, located approximately 800m to the northwest, further antimony mineralisation was observed and assays returned with up to 0.86% and 1%
antimony (Figure 4). Interestingly some assays returned highly elevated gold up to 0.23 g/t Au (Table 2).
This research work concluded that the most significant concentrations of antimony sulphide (stibnite) are located at the contact between the Jurassic limestones and the red sandstone formation within which are hydrothermally silica-altered volcaniclastic breccias and jasperoids7.
The Mutnica area is also known to contain several copper occurrences within the sandstone with the most well known being the Javorac copper occurrence where historical assays vary between 0.37% Cu, 5 g/t Ag and 4.5%, 32 g/t Ag copper over a 1.4km strike (Figure 4, ASX AON Announcement dated 29 August 2023).
Figure 3: Lisa Antimony Project 100,000 Interpreted Geology Map and Mineral Occurrences
Company Notes:
Bindi Metals Chairman, Eddie King said: “We are excited to confirm the historical high-grade antimony mining within the Lisa permit and also high grades of antimony present at Mutnica. These historical antimony-rich regions, with evidence of shallow past production, is ideally situated to assist Europe as it faces growing supply chain vulnerabilities for critical metals. With antimony playing a critical role in both defence and renewable energy technologies, the acquisitions of these projects aligns with our focus to secure essential mineral resources.”
Full ASX Announcement: BIM ASX announcement – High Grade Antimony Project Acquisition – Sep 19, 2024 (marketindex.com.au)