Announcement • Jun 12
Coolabah Metals Limited has completed a Follow-on Equity Offering in the amount of AUD 20 million. Coolabah Metals Limited has completed a Follow-on Equity Offering in the amount of AUD 20 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 57,142,858
Price\Range: AUD 0.35 Announcement • May 27
Coolabah Metals Limited has filed a Follow-on Equity Offering in the amount of AUD 20 million. Coolabah Metals Limited has filed a Follow-on Equity Offering in the amount of AUD 20 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 57,142,858
Price\Range: AUD 0.35 Announcement • Mar 31
Coolabah Metals Ltd. Announces Multiple, Very High-Grade, Shallow Silver- Lead-Zinc Drilling Intercepts At Pinnacles Demonstrate Open Pit Potential Alongside Underground Development Options Coolabah Metals Limited shared assay results received from 27 previously drilled diamond holes from the Pinnacles Ag-Pb-Zn Mine (Pinnacles). The core had been drilled over the preceding two years and recently processed by the Company. The majority of drilling intercepts reported are within the sulphide zone of the Pinnacles ore body, with weathering generally limited to a maximum depth of 20m. The small fraction of ore within the weathered zone at Pinnacles has historically been directly shipped to smelters. Multiple drill holes sit outside of the existing JORC 2012 MRE, which illustrates the potential to significantly expand on the current Resource which stands at: 6.0Mt at 10.9% ZnEq (133g/t Ag, 3.3% Pb, 4.7% Zn & 0.5g/t Au), which includes the high-grade Perseverance Deposit of 3.5Mt at 12.3% ZnEq (166g/t Ag, 4.1% Pb, 4.5% Zn & 0.5g/t Au). Mineralisation at the Pinnacles Mine includes two parallel lodes, consisting of: - a silver rich lead lode; and - an underlying zinc rich lode with copper and gold occurrences. The two lodes are spatially related but distinct from each other and generally separated by 5m - 10m. Each lode is folded in a `sine wave' pattern, with significant thickening at each fold. The mineralisation is open in multiple directions including the known lodes that plunge to the south-east. Due to the degree of structural complexity relative to drilling density to date, the true width of the mineralisation for the historical intercepts reported is not yet known. Coolabah is aware of >1,100m further historical (unassayed) drill core at Pinnacles and is in the process of undertaking geological logging and customary QA/QC processes prior to preparing samples for assay. The Company intends on submitting samples for assay immediately on completion of its planned public listing. The Company is planning a targeted infill drilling program at Pinnacles, targeting further delineation of shallow ore potentially amendable to near term open pit operations. The Company will keep the market informed of material developments with regards to Pinnacles drilling and historical assay results as they become available. The Pinnacles Ag-Pb-Zn Mine is a stratiform silver rich Broken Hill Type sulphide deposit which lies approximately 15km south-west of the main Broken Hill Lode (Rasp Mine). The Pinnacles Deposit was discovered in the 1880s and has been mined intermittently from underground and open cut, more recent drilling by the owner resulted in discovery of the high-grade Perseverance lode adding significantly to the high-grade resource. An MRE of 6.0Mt at 10.9% ZnEq (133g/t Ag, 3.3% Pb, 4.7% Zn & 0.5g/t Au) was reported for the Pinnacles Mine in accordance with the JORC Code in June 2024. In addition, Pinnacles has a current Exploration Target reported in accordance with JORC 2012 of approximately 6.0 - 15.0Mt at 40 - 125g/t Ag, 3.0 - 6.0% Pb, 2.0 - 4.0% Zn. Investors are cautioned that the potential quantity and grade of Exploration Targets are conceptual in nature, there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. The Exploration Target is derived from historical drilling which enabled extrapolation of the mineralised domains beyond the limits of the Inferred Resource. The Company intends to commence near mine exploration shortly which will focus on extending the near surface mineralisation along with the down dip and along strike extensions of the known deposit with the view to convert the Exploration Target into a Mineral Resource. Mining and processing at the Pinnacles Mine have been undertaken intermittently since 1884. Most recently mining of oxidised and fresh ore from the Edwards Pit began in 2007 through to 2022 when it was placed on care and maintenance. Mining was conducted using traditional small scale open pit drill and blast method (to a depth of approximately 40m) at a rate of about 10,000t per month in oxide ore and 2,000-3,000t per month in fresh ore. Historical underground mining has been completed at the Consols and Fisher/Pinnacles lodes. During the course of recent mining oxide ore from the Consols lode was direct shipped to the Port Pirie smelter for use as flux. Fresh ore was processed on site in a flotation plant to produce both silver-lead and zinc concentrates which were sold to different smelters in Australia and overseas. These historical operations, together with supporting metallurgical test work show that the ore recovery is typically 88% lead and 75% silver (to the lead concentrate), and 88% zinc to the zinc concentrate. 
