Accent Resources’ Exploration Pace Raises Questions on Next Resource Milestones
Accent Resources NL reports solid progress in its Magnetite Range and Norseman Gold projects during Q4 2024, supported by a robust cash position of $10.64 million. Key exploration milestones and new tenement applications set the stage for an active 2025.
- Completed geological logging of 18 geometallurgical diamond holes at Magnetite Range
- Metallurgical test work commenced at Bureau Veritas Perth laboratory
- New mining lease application submitted for Norseman Gold Project consolidation
- Four new exploration tenement applications lodged in Mid-West WA
- Strong cash balance of $10.64 million with $861,000 spent on exploration in the quarter
Exploration Momentum at Magnetite Range
Accent Resources NL (ASX: ACS) has reported significant advancement in its flagship Magnetite Range Project (MRP) during the December 2024 quarter. The company completed geological logging of 18 geometallurgical diamond drill holes, a critical step in refining the understanding of the deposit's characteristics. These cores have been delivered to Bureau Veritas in Perth, where metallurgical test work has commenced, including head grade analysis and Davis Tube Recovery testing, essential for assessing the economic viability of the magnetite resource.
Complementing this, waste rock characterisation studies are underway, with 13 samples collected from drill sump sites pending analysis. These studies will inform environmental management and mine planning strategies, reflecting Accent’s commitment to responsible resource development.
Strategic Tenement Expansion and Fieldwork
In parallel with drilling activities, Accent completed desktop prospectivity reviews and geological field reconnaissance across its Mid-West tenements, enhancing regional target generation. The company lodged four new exploration tenement applications (E59/2944, E59/2945, E59/2946, E59/2947) and one miscellaneous licence (L59/220), all pending grant. Environmental surveys and heritage clearance preparations are progressing to support planned 2025 reverse circulation percussion (RCP) drilling programs, indicating a well-structured exploration pipeline.
Norseman Gold Project Consolidation
Accent also advanced its Norseman Gold Project with a new mining lease application (M63/682) submitted to consolidate existing tenements. The project holds a JORC 2004 mineral resource of approximately 1.04 million tonnes at 1.8 g/t gold, equating to nearly 59,500 ounces, predominantly near surface. This consolidation aligns with conceptual mining plans and could streamline future development efforts.
Financial Position and Outlook
Financially, Accent Resources remains well-capitalised with $10.64 million in cash at quarter-end, despite $861,000 spent on exploration activities. The company also benefits from a $3.5 million unsecured loan facility from majority shareholder Rich Mark Development Group, maturing in 2029. This strong balance sheet underpins ongoing exploration and potential acquisitions, as Accent continues to assess new investment opportunities alongside its key shareholders.
Overall, Accent’s quarterly report reflects a company methodically advancing its resource base while maintaining financial discipline. The integration of metallurgical data, environmental groundwork, and strategic tenement management positions the company well for the next phase of exploration and development.
Bottom Line?
Accent Resources’ methodical progress and solid funding set the stage for pivotal exploration results and potential resource upgrades in 2025.
Questions in the middle?
- What will the metallurgical test results reveal about the Magnetite Range ore quality and processing potential?
- How will the pending tenement grants impact the company’s regional exploration strategy and resource growth?
- What are the timelines and prospects for advancing the Norseman Gold Project towards mining development?
