Our Portfolio
Our Portfolio of Projects & Investments
Project
Porphyry Peak Project (Utah, USA)
Deal: Option agreement which provides Opal with 100% rights to acquire the Project.
Minerals Focus: Copper, Silver, Zinc, Gold.
Description: The Porphyry Peak Project includes two high-grade prospects: the Horn Silver Mine Prospect, once the highest-grade silver mine in the USA, and the Copper Mountain Prospect.
Key Features: 101 Patented Mining Claims - approximately 6.3 km² (1,566 acres). The project’s silver and zinc-rich oxide and sulphide mineralisation presents a near-term growth opportunity, with extensive areas yet to be drilled. The Copper Mountain Prospect has shown promising copper and gold results, including 54m @ 1.4% Cu and 0.19 g/t Au from 46m in drill hole FR18-007*.
Status: Advanced exploration with drill ready targets.
Project
Wheal Ellen & Mount Torrens Projects (South Australia, Australia)
Ownership: 100% ownership of Wheal Ellen and Mount Torrens, two polymetallic assets in the Kanmantoo Trough, SA.
Minerals Focus: Gold. Silver, Lead, Zinc.
Description: Wheal Ellen located 12km south of Hillgrove Resources Kanmantoo Mine. High-grade, polymetallic mineralisation with significant drilling results including:
WHRC033: 4m @ 138.4 g/t Ag, 2.87 g/t Au, 13.5% Zn, and 6.4% Pb from 111m.
WHRC032: 3m @ 118.5 g/t Ag, 1.5 g/t Au, 7.8% Zn and 5.5% Pb from 98m.
WHDD003: 4m @ 88.0 g/t Ag, 2.8 g/t Au, 10.1% Zn, and 7.0% Pb from 167m.
Key Features: Wheal Ellen serves as the primary development engine supported by Mount Torrens, an advanced satellite project with an existing historical Inferred Mineral Resource of:
700,000t @ 6.4% Pb, 1.6% Zn and 41g/t Ag.
Status: Two tenements under application. Gold and silver, in conjunction with high grade lead and zinc, provides a unique "stacked" metal value.
Investment
Olympus Project (WA, Australia)
Olympus Project: Sale to Hawk Resources (ASX:HWK) - see announcement here.
Minerals Focus: Scandium, PGEs, REEs and Nickel-Copper
Description: Hawk has the option over the project. Upon exercising Opal will receive: 20% Free-Carry + $150k cash + $500k shares + $500k options + up to $5.25M in Milestones
Status: Hawk’s next steps at Olympus will be:
Obtain permit to enter Ngaanyatjarra land.
Lab analysis of soil and lag sampling to verify historical scandium results.
Systematic drilling program to determine continuity and thickness of mineralisation.
Investment
Olympus Project - Adjacent Tenure (Western Australia, Australia)
Olympus Project (Adjacent Tenure): Opal partnered with Wascan Pty Ltd to peg the ground immediately south of the Olympus Project.
Minerals Focus: Scandium, PGEs, REEs and Nickel-Copper.
Description: Opal presented the opportunity to peg the southern extension of the scandium-rich anomaly immediately south of the Olympus Project to the principals of Wascan Pty Ltd. Wascan agreed to fund all pegging and administrative costs. In return, Opal will retain a 44% ownership interest in the project.
Status: Two tenements have been applied for and registered by the WA Government. Opal and Wascan are now seeking a partner to advance the project.
*FR18-007 Drill hole source – AL8 ASX Announcement, 14/11/2018
**EL6281 Annual Report for the period 11th August 2017 to 10th August 2018 – August 2018. (8.64Mt @ 0.88g/t Au, 7.27g/t Ag)
Competent Persons Statements
The information on this website to which this statement is attached that relates to Exploration Results, Exploration Targets or Mineral Resources is based on, and fairly reflects, information and supporting documentation prepared by Patrick Say, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy.
Mr Say is a substantial shareholder and Director of Opal Resources and holds securities in the Company. Mr Say has a minimum of five years’ experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.
Mr Say consents to the inclusion of the matters based on his information in the form and context in which it appears.
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