ActivEX Unveils High-Grade Gold Hits and Rare Earths Tenement in Q4 Push
ActivEX Limited reported robust exploration progress in Q4 2024, highlighted by significant high-grade gold intercepts at Mt Hogan and the securing of a rare earth elements tenement at Doonkuna. The company maintains a cautious cash position supported by a substantial loan facility.
- Completed 2,416m RC drilling at Mt Hogan with multiple high-grade gold intercepts
- Secured Doonkuna REE tenement targeting Early Triassic Westgrove Ironstone Member
- Aramac Project petrology reveals goethitic gossan indicating potential deeper sulphide mineralisation
- Cash on hand at $223,000 with $2.84 million unused loan facility from $5 million credit line
- Director Andrew Bald resigned; $72,000 in director fees paid during the quarter
Exploration Momentum at Mt Hogan
ActivEX Limited (ASX: AIV) has marked a significant milestone in its Queensland gold exploration portfolio with the completion of a 2,416-metre reverse circulation (RC) drilling program at the historic Mt Hogan Gold Mine during the December 2024 quarter. The drilling campaign confirmed multiple high-grade gold intersections, including standout results such as 5 metres at 13 grams per tonne (g/t) gold, highlighted by a 1-metre interval grading 50 g/t Au.
The Mt Hogan deposit, the largest historical gold producer in the Gilberton district with nearly 75,000 ounces extracted, hosts stacked mesothermal quartz-sulphide veins dipping southwest at approximately 20 degrees. The recent drilling has reinforced the presence of robust gold and silver grades within these veins, setting the stage for a planned HQ core drilling program in 2025 aimed at obtaining metallurgical samples and detailed structural insights.
Rare Earth Elements Focus with Doonkuna Tenement
In a strategic diversification, ActivEX secured the Doonkuna Exploration Permit (EPM 29159) in South Queensland, targeting the Early Triassic Westgrove Ironstone Member, a ferruginous sedimentary formation with promising rare earth element (REE) potential. The tenement acquisition underscores the company's commitment to critical minerals exploration, with plans underway for broad-spaced aircore drilling and comprehensive geological mapping in 2025.
The Westgrove Ironstone Member is notable for its iron-rich sandstones and siltstones, which may host REE minerals such as monazite and xenotime, enriched through lateritic weathering and hydrothermal processes. ActivEX’s approach includes a desktop review of historical data and satellite imagery to refine exploration targets, complemented by field traverses using portable XRF technology.
Aramac Project Insights and Future Survey Plans
Further north in Central Queensland, the Aramac Rare Earth Element Project has yielded encouraging petrological results. Analysis identified a goethitic gossan indicative of potential deeper sulphide mineralisation, supported by elevated assays of zinc, cobalt, and manganese. ActivEX has submitted an application for a Queensland Government-funded aeromagnetic and radiometric survey to enhance subsurface geological understanding, with results expected to guide targeted exploration activities in 2025 and 2026.
Financial Position and Corporate Developments
On the financial front, ActivEX reported a cash balance of $223,000 at quarter-end, supplemented by an unused $2.84 million portion of a $5 million loan facility provided by Star Diamond Developments Limited. Operating and investing cash outflows reflect ongoing exploration and evaluation expenditures, including $550,000 spent on exploration activities during the quarter.
The company also announced the resignation of Director Andrew Bald, effective 28 November 2024, with the board expressing gratitude for his contributions. Director fees paid during the quarter totaled $72,000, covering both executive and non-executive roles.
Outlook and Strategic Positioning
ActivEX’s diversified exploration portfolio across gold and critical minerals, combined with its prudent financial management, positions the company to capitalize on emerging opportunities in Queensland’s mineral-rich provinces. The upcoming core drilling at Mt Hogan and planned surveys at Aramac and Doonkuna will be critical in defining resource potential and advancing project value.
Bottom Line?
With high-grade gold results and rare earths tenement secured, ActivEX’s next drilling campaigns will be pivotal in shaping its growth trajectory.
Questions in the middle?
- What are the expected timelines and budgets for the upcoming HQ core drilling at Mt Hogan?
- How will ActivEX prioritize funding between gold and rare earth element projects given current cash constraints?
- What are the potential impacts of Director Bald’s resignation on strategic decision-making and project advancement?
