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INFINITY MINING LIMITED — Capital/Financing Update 2022
Oct 16, 2022
65121_rns_2022-10-16_7ffc90bd-6e3f-4980-9190-643ff48270c0.pdf
Capital/Financing Update
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ASX Announcement – 17 October 2022
APPROVALS RECEIVED FOR MAIDEN
Infinity Mining Limited ABN 73 609 482 180 ASX Code: IMI
DRILLING AT TAMBOURAH SOUTH LITHIUM PROJECT
Directors
Joe Phillips Executive Director
Joe Groot Chief Executive Officer
Cameron McCall Non-Executive Director
Harley Groot Non-Executive Director
Dr Michael Kale Non-Executive Director
Mima Wirakara Company Secretary
Contact Details
Kings Row Office Park Building 01, Suite 1G 40-52 McDougall St Milton QLD 4064
Tel: +61 7 3221 1796
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Heritage survey now completed over neighbouring Riversgold (ASX: RGL) tenement, allowing access to Infinity’s Tambourah South tenement.
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Heritage survey already completed across Tambourah South for all drill pads and sumps.
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Programme of Work (POW) approvals received for the first 2,500m campaign.
Infinity Mining Limited (ASX: IMI) (the Company or Infinity ) is pleased to announce that its neighbouring tenement holder Riversgold (ASX: RGL) has now completed a Heritage survey over their property (see ASX Announcement here), which was needed to facilitate Infinity’s access into its Tambourah South tenement for the Company to complete its maiden drilling program during this calendar year.
Approvals have already been received from the Department of Mines, Industry Regulation and Safety for POWs covering drilling on Tambourah South’s 36 pegmatite dykes which have returned grades up to 2.635% Li2O[1] .
The identified surface pegmatite dykes make up over 2.6 kms of strike length. Currently two fertile pegmatite zones have been located in the South-western and the North-western parts of the tenement. Undulating to steep topography on the tenement varies the exposure of the surface pegmatite units. Recent field mapping has identified poorly exposed pegmatites under colluvium and alluvium suggesting that additional concealed pegmatites could also exist within and between these zones[2] .
1 See previous news releases Tambourah South Lithium Results host LiO2 grade up to 2.635% Li2O and Further Rock Sampling Has Identified Additional Lithium Bearing Pegmatites at Tambourah South .
2 See previous news release Further Rock Sampling Has Identified Additional Lithium Bearing Pegmatites at Tambourah South
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Joe Groot, CEO of Infinity Mining commented:
“We will shortly be in a position to mobilise our earthmoving equipment to commence drill site preparation at Tambourah South. I would personally like to thank the CEO of Riversgold, Julian Ford, for his diligence in completing this access clearance to facilitate this.
Over the course of the next two weeks, I will provide campaign progress details as well as definitive drilling updates for this project.”
On behalf of the Board of Directors, Mr Joe Phillips, Executive Chairman For more information please contact:
Joe Phillips Executive Chairman +61 7 3221 1796
[email protected]
Investor Relations – Australia
The Market Bull Hayley Corrigan
Competent Persons Statement
The information in this report that relates to Exploration Targets and Exploration Results is based on information compiled by Dr Darryn Hedger. Dr Hedger is the consultant to Infinity and is a Member of the AusIMM of whom have sufficient experience relevant to the styles of mineralisation under consideration and to the activity being reported to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Dr Hedger consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
Company Profile
Infinity Mining Limited holds 100% interest in 711km[2] of tenements in the Pilbara and Central Goldfields regions of Western Australia, comprising 10 exploration licences, 2 mining leases and 7 Prospecting licences. The tenements are located in highly prospective gold-copper-lithium terranes. Historically the Company has spent ~$5.5M on exploration of these tenements. The Company’s business strategy is to develop near-term gold targets in the Central Goldfields to support the longer-term investment needed to develop the Pilbara tenements (Lithium, Gold, Copper projects).
Caution Regarding Forward Looking Statements
Certain of the statements made and information contained in this press release may constitute forward-looking information and forward-looking statements (collectively, “forward-looking statements”) within the meaning of applicable securities laws. All statements herein, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future, including but not limited to statements regarding exploration results and Mineral Resource estimates or the eventual mining of any of the projects, are forward-looking statements. The forward-looking statements in this press release reflect the current expectations, assumptions or beliefs of the Company based upon information currently available to the Company. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and no assurance can be given that these expectations will prove to be correct as actual results or developments may differ materially from those projected in the forward-looking statements. Factors that could cause actual results to differ materially from those in forwardlooking statements include but are not limited to: unforeseen technology changes that results in a reduction in copper, nickel or gold demand or substitution by other metals or materials; the discovery of new large low cost deposits of copper, nickel or gold; the general level of global economic activity; failure to proceed with exploration programmes or determination of Mineral resources; inability to demonstrate economic viability of Mineral Resources; and failure to obtain mining approvals. Readers are cautioned not to place undue reliance on forward-looking statements due to the inherent uncertainty thereof. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties. The forward-looking statements contained in this press release are made as of the date of this press release and except as may otherwise be required pursuant to applicable laws, the Company does not assume any obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.