OZZ Resources Acquires Prospective Leonora Tenements

THE BOURSE WHISPERER: OZZ Resources (ASX: OZZ) has acquired the Pinnacle Well project in the Leonora district of Western Australia.

OZZ Resources has entered a farm-in arrangement, under which it can earn a 75 per cent interest in the Pinnacle Well project by spending $750,000 on exploration over 2.5 years, followed by a Joint Venture.

The project covers an area of 95 square kilometres and is just 30km north of Leonora to the east of OZZ’s existing Mt Davis project.

The project area has had very limited drilling, despite the presence of a prospective greenstone belt.

Recent sampling and mapping have confirmed the presence of gold, base metal and molybdenum mineralisation in numerous locations across the Exploration Licence, which has recently been renewed for a five-year period and has no encumbrances.

“I am excited by the potential of the Pinnacle Well project, which has significant potential to host gold and base metal mineralisation,” OZZ Resources managing director Jonathan Lea said in the company’s ASX announcement.

“This acquisition, and the rapid start to our exploration efforts since listing, emphasises our commitment to our corporate strategy of focused assessment and improvement through portfolio regeneration.”




Email: admin@ozzresources.com.au


Web: www.ozzresources.com.au


Saturn Metals Raises $8M to Advance Apollo Hill

THE BOURSE WHISPERER: Saturn Metals (ASX: STN) has made exploration at the company’s 100 per cent-owned Apollo Hill gold project near Leonora in Western Australia a smidge easier by way of an $8 million raising.

Saturn Metals said the funds would enable it to continue resource definition, exploration drilling and metallurgical and other pre-development studies at Apollo Hill.

Drilling undertaken at Apollo Hill to date has exposed a wide mineralised corridor over a 3.5km strike length, including results in the North of the deposit where the current drill program is underway following up on earlier encouraging results.

A further resource upgrade is anticipated to be ready for the March quarter 2022, incorporating results from drilling Saturn has conducted since January 2021, when the resource estimate was last updated, and incorporating results from the company’s current metallurgical program.

“Saturn is delighted with the level of support shown in this successful raising,” Saturn Metals managing director Ian Bamborough said in the company’s ASX announcement.

“This puts the company in an excellent position to continue to expand the boundaries of our Apollo Hill gold system.

“Drilling this year has seen multiple strong intersections extending beyond the previous resource boundary.

“Higher grades within a lengthening mineralised corridor show the potential for next level discovery and a much bigger opportunity.

“In addition, this raising enables the company to fund other exciting activities in our exploration portfolio and step up our production orientated studies.

“With a healthy balance sheet, a strengthened register, and a robust resource and exploration base from which to grow, I look forward to delivering the results flow and an exciting year ahead for Saturn Metals and its shareholders.”




Email: info@saturnmetals.com.au


Web: www.saturnmetals.com.au


Blackstone Minerals Inks Canadian Nickel Sulphide MoU

THE BOURSE WHISPERER: Blackstone Minerals (ASX: BSX) announced making a strategic investment in Flying Nickel Mining Corp, a subsidiary of Vancouver-based Silver Elephant Mining Corp. (TSX: ELEF, OTCQX SILEF) in Canada.

Blackstone Minerals explained that Flying Nickel intends to list on the TSX Ventures Exchange (TSX-V) in early 2022 with its core asset being the Minago nickel sulphide project located southwest of Thompson in Manitoba, Canada.

Minago has a NI 43-101 compliant Measured and Indicated Resource of 44.23 million tonnes at 0.74 per cent nickel for 721.6 million pounds nickel, and Inferred resource of 19.55 million tonnes at 0.74 per cent nickel for 318.9 million pounds nickel.

The company described Minago as an advanced stage development asset with district scale exploration potential and excellent access to infrastructure including renewable hydro power.

Blackstone’s initial investment of C$2.98 million will earn a 6.85 per cent interest in the common equity of Flying Nickel.

Blackstone and Flying Nickel have also entered a Memorandum of Understanding, under which the companies will collaborate on the production of upstream and downstream nickel and cobalt concentrates and chemical products, potential offtake and / or joint ventures to meet demand from the growing electric vehicle battery industry.

“The known mineral endowment of the Minago asset in combination with the potential of the Ta Khoa district represents enviable scale, being highly sought after by OEMs, battery and cathode manufacturers,” Blackstone Minerals managing director Scott Williamson said in the company’s ASX announcement.

“Large, disseminated nickel sulphide deposits of the size and grade of the Minago asset are difficult to find.

“The ongoing structural evolution of nickel supply chains and increasing demand for downstream nickel chemical products for the lithium-ion battery industry, is driving a unanimous view by analysts and the broader investment community that higher nickel prices are here to stay for longer.

“This means that large undeveloped opportunities such as Minago are primed to overcome previous barriers, including access to capital.

“The Flying Nickel Transaction provides Blackstone with opportunity to collaborate on the development of Minago, and confidence to inject future equity into the asset as it is progressively de-risked.

The Ta Khoa Refinery in Vietnam is a logical home for Minago concentrate.

“Manitoba, like Northern Vietnam is blessed with access to renewable hydro power.

“Shipping a high-grade concentrate minimises carbon footprint and is aligned with Blackstone’s commitment to best ESG practices and ambition to become a supplier of choice to the electric vehicle battery industry.”




Email: admin@blackstoneminerals.com.au


Web: www.blackstoneminerals.com.au


VRX Silica Strikes South Korea Offtake Deal

THE BOURSE WHISPERER: VRX Silica (ASX: VRX) has struck an offtake term sheet for the supply of silica sand from the company’s Arrowsmith North silica sand project in Western Australia.

VRX Silica will supply silica sand into the foundry industry in the Republic of Korea (South Korea) to offtake partners, Dong A Heung Eop Mining Co., Ltd (Dong A) and DongNam Corporation (DongNam).

The companies are leading suppliers of sand to the foundry industry in South Korea.

Dong A is based in Busan and has been an established South Korean supplier of foundry and resin coated sand (RCS) to the foundry industry since 1965.

DongNam, established in 1965, is a supplier of RCS and cast alloy products to Hyundai Motors.

The term sheet sets out detailed terms and conditions for the supply of an aggregate 200,000 tonnes per annum of AFS55 certified foundry sand for a period of four years, with volume to be split between Dong A and DongNam.

“The term sheet is a major milestone in the journey to develop our high-quality WA silica sand projects,” VRX Silica managing director Bruce Maluish said in the company’s ASX announcement.

“We are delighted with the calibre of our first offtake partners Dong A and DongNam, given their significant industry experience and high standing in the foundry industry in South Korea.

“Both companies have shown confidence in the quality of our foundry sand product from Arrowsmith North and are very keen to convert this term sheet into a secure, long-term supply agreement.

“The South Korean foundry industry is an extensive support service for the automobile and marine industries.

“VRX’s engagement with Dong A and DongNam will expand awareness of the quality of our product in this large and important Asian market and likely lead to further inquiries from parties keen to secure supplies of Arrowsmith North silica sand.

“Importantly, this maiden term sheet vindicates VRX’s strategy to take our time to ensure production of a highly sought-after product and to secure the right customers for our silica sand.

“Market demand for the high-quality foundry sand we can produce remains very strong and, having signed up two reputable partners, will only further strengthen our credibility and position in the marketplace.

“We acknowledge that this process has taken much longer than expected and thank our shareholders for their support and patience.

“Our focus now is on converting the term sheet with Dong A and DongNam into a binding offtake agreement while progressing talks with other parties involved in the foundry sand and glass-making industries.”





Email: info@vrxsilica.com.au


Web: www.vrxsilica.com.au



Impact Minerals Welcomes IGO to Broken Hill

THE BOURSE WHISPERER: Impact Minerals (ASX: IPT) has welcomed as a farm-in partner to the company’s Broken Hill nickel-copper-platinum group metals (PGM) project in New South Wales.

Impact Minerals will be dealing with IGO subsidiary company IGO Newsearch on just two tenements, EL7390 and EL8234, of Impact’s extensive tenement holdings at Broken Hill.

Impact considers the remaining tenements, which it owns 100 per cent, to be one of the most under-explored parts of Australia given the long history of mining at the nearby Broken Hill deposit itself.

Under the deal, IGO can spend $18 million over eight years to earn a 75 per cent interest in EL7390 and EL8234 in two stages: $6 million to earn a 51 per cent interest and a further $12 million to earn a further 24 per cent interest.

The farm-in and Joint Venture at Broken Hill will allow Impact to further increase its focus on its Western Australian projects, Arkun and in particular Doonia.

“We are extremely pleased to announce this joint venture with IGO, one of Australia’s most outstanding exploration and mining companies,” Impact Minerals managing director Dr Mike Jones said in the company’s ASX announcement.

“We had a number of approaches from major companies for a joint venture after our last major drill campaign at Broken Hill but chose IGO because of their technical capacity, in particular their deep penetrating EM systems capability and experience, and also the way they have approached our negotiations.

“We have established that a large amount of deep drilling will be required to further explore the exciting prospects we have generated at the project and it is appropriate that a well-funded partner with excellent credentials is brought in to help fund what could be quite significant expenditures going forward.

“The joint venture will also allow us to further increase our focus on our Western Australian projects where we have now secured a drill rig for our Doonia gold project and hope to be up and running by early December.

“In addition, we are increasingly excited about the lithium, rare earth and nickel-copper-PGM targets we identified recently at our Arkun project which is rapidly becoming a very significant project for Impact in a very under-explored part of Western Australia.”



Email: info@impactminerals.com.au

Web: www.impactminerals.com.au


Global Lithium Resources Granted New Marble Bar Landholding

THE BOURSE WHISPERER: Global Lithium Resources (ASX: GL1) has had tenements E45/5843 and E45/5812 granted, increasing the land position of the company’s Marble Bar Lithium Project (MBLP) by more than 91 square kilometres.

The tenements are located immediately to the north and east of the project’s Archer deposit and are prospective for lithium bearing pegmatites.

Global Lithium said it was looking forward to commencing exploration in the area as it ramps up activities at the MBLP following completion of a recent $13.6 million equity raising and introduction of Yibin Tianyi Lithium Industry Co Ltd (Yibin Tiianyi) as a cornerstone investor.







The company thanked the Nyamal Aboriginal Corporation (NAC) for working with it to enter into agreements enabling a pathway to exploration of these tenements in a constructive manner, adding that it looks forward to continuing to build the relationship over time.

“Global Lithium continues to deliver on the strategy set out when we listed on the ASX earlier this year,” Global Lithium Resources managing director Jamie Wright said in the company’s ASX announcement.

“The grant of these tenements is an important step for the company to continue to investigate the size potential for the MBLP, particularly given our current geological model which indicates potential for lithium bearing pegmatites in this new area.”




Email: info@globallithium.com.au


Web: www.globallithium.com.au


BlackEarth Minerals Inks JV Agreement to Produce Expandable Graphite

THE BOURSE WHISPERER: BlackEarth Minerals (ASX: BEM) has struck an Operational JV agreement with India-based private company Metachem.

BlackEarth Minerals informed the ASX the JV with Metacheman is determined to commence plant construction and the production of Expandable Graphite with planning already underway on site selection, executive recruitment and scheduling for other logistics and development matters.

The JV has eyes on the expandable graphite market, which it said is expected to grow in demand as fire retardant material and for further downstream use in the automotive, EV and alternative energy sectors.

The BlackEarth and Metachem JV plans to supply a material portion of all imports of expandable graphite into Europe – expansion plans being initiated to capture a greater share of worldwide demand.

Key elements of the JV are:

1. BlackEarth are to source, in conjunction with its Sales and Marketing partner LuxCarbon, high-quality graphite concentrate for treatment for the new expandable graphite plant;

2. Following completion of its own plant, BlackEarth will provide large and jumbo flake graphite to the JV;

3. Each JV partner proposes a 50/50 equity and profit share arrangement with CAPEX estimated to be US$3 to 3.5 million in total;

4. BlackEarth and LuxCarbon to provide end user and product technical advice to the Metachem operational team;

5. BlackEarth will manage sales, marketing and the growth of sales worldwide;

6. Estimated initial production to be 2,000 – 2,500 tonnes per annum growing to 4,000tpa, with plans to materially grow production;

7. BlackEarth estimates Gross JV Revenue of $9 million per annum in the first year, growing to approx. $17 million – upon production ramp up to 4,000tpa;

8. Production sites have been identified and appropriate economic, social and environmental conditions have initially been assessed as highly favourable. A decision on a preferred site within the Indian Special Economic Zone (“SEZ”) will be concluded in the short term; and

9. Company names and branding is currently being prepared with a detailed announcement due in the short term.

“The signing of this JV is an exciting development in the growth of our Company,” BlackEarth Minerals managing director Tom Revy said in the company’s ASX announcement.

“To form this JV with a world leader of Expandable Graphite production is a wonderful outcome and this event follows many months of discussions between the executive teams our two companies.

“Now that we have signed off on this JV, we will shortly move to our preferred site in India and also conclude the recruitment of senior executives in India to manage the planning, construction and development phase.

“Having an offtake partner prepared to buy all initial production has also given us confidence to move forward with plant expansion plans so that we can increase production and sales over the medium term, whilst minimising operational risk.

“With first year sales projected to be almost $9 million for the JV, we expect to start receiving a steady and strong cash flow during 2022 which will also contribute to the planned development of our Maniry site in Madagascar; consistent with our initial fast-track to cash flow strategy.”




Email: info@blackearthminerals.com.au


Web: www.blackearthminerals.com.au


Westgold Lodges Bidder’s Statement for Gascoyne Resources Takeover to Lukewarm Response

THE BOURSE WHISPERER: The battle for Gascoyne Resources (ASX: GCY) between Firefly Resources (ASX: FFR) and Westgold (ASX: WGX) entered a new chapter this morning with Westgold releasing its Bidder’s Statement.

Westgold presented its case, saying in its Statement that it, “is aware of the current Firefly Scheme with Gascoyne and presents this Offer as a value accretive alternative to join with a well-funded, debt free and growth orientated Western Australian gold producer.”

“Our Strategy and Offer Westgold’s strategy is to keep Dalgaranga running at full capacity, managed by the current Gascoyne operating team and contractors, to increase gold output by supplementing the ore feed with higher grade ore from our existing Cue mines.

“Westgold has three operating hubs across the Murchison and is seeking to expand its business by acquiring Dalgaranga.

“The combined company will become one of the top 5 Australian domestic gold producers creating a wealth of opportunities for stakeholders.”

Gascoyne informed the market that it had seen the Westgold Bidder’s Statement and that, “alongside its financial and legal advisers, are currently reviewing the Bidder’s Statement and Gascoyne expects to be in a position to issue its Target’s Statement by no later than 29 October 2021”.

“The Company continues to recommend that shareholders REJECT the Westgold Offer and take no action in response to all correspondence from Westgold.

Gascoyne also made reference to Westgold’s announcement to the ASX on 15 October 2021 which directed shareholders to a separate statement on its website, the “Westgold Statement”.

“The Westgold Announcement was indicated to have been made in response to Gascoyne’s announcement regarding a revised Business Plan for Dalgaranga (refer to Gascoyne ASX announcement of 13 October 2021),” Gascoyne said.

“Gascoyne considers that key aspects of the Westgold Statement are misleading and strenuously refutes the statements made by Westgold that the revised Business Plan escalates operational and financial risk to the Company.”

Whichever way this goes in the end, it is currently making for compelling observance.




Email: admin@gascoyneresources.com.au


Web: www.gascoyneresources.com.au


Ramelius Resources Makes Welcome Advances for Apollo Consolidated Takeover

THE BOURSE WHISPERER: Ramelius Resources (ASX: RMS) provided Apollo Consolidated (ASX: AOP) shareholders something to blow their morning coffee over by announcing a takeover bid.

Ramelius Resources reported entering into a Bid Implementation Agreement (BIA) with Apollo Consolidated that will result in the former acquiring all issued ordinary shares of the latter by way of an off-market takeover offer.

Under the terms of the offer, Apollo shareholders will receive cash consideration of 34 cents and 0.1375 Ramelius shares for each Apollo share held, valuing each Apollo share at 56 cents that, based on the 3 day volume weighted average price (VWAP) of Ramelius shares up to and including 15 October 2021 of $1.60, implies a total equity value for Apollo of approximately $163 million.

In response, the Apollo Consolidated Board of Directors unanimously recommended that Apollo shareholders accept the Offer, in the absence of a superior offer.

Ramelius’ takeover of Apollo makes sense when one considers Apollo’s primary asset being the 100 per cent-owned Lake Rebecca project in Western Australia, located just outside of Kalgoorlie.

Apollo holds approximately 160 square kilometres of granted tenure within a greenstone belt on the eastern margin of the Norseman-Wiluna Greenstone Belt.

This belt lies at the southern end of the Laverton Tectonic Zone, a regionally important structural corridor that hosts multiple major gold camps.

Apollo has taken Lake Rebecca to an attractive stage, with three main deposits currently defined, Rebecca, Duke and Duchess.

Rebecca hosts the high-grade Jennifer Lode and adjoining mineralised surface.

In April 2021, Apollo announced an updated JORC Mineral Resource Estimate (MRE) for the project of:

29.1 million tonnes at 1.2 grams per tonne gold for 1.1 million ounces of gold, 74 per cent of which is in an Indicated category.

Ramelius owns and operates the Mt Magnet, Edna May, Vivien, Marda, Tampia and Penny gold mines, all in Western Australia.

Ore from the high-grade Vivien underground mine, located near Leinster, is hauled to the Mt Magnet processing plant where it is blended with ore from both underground and open pit sources at Mt Magnet.

The Penny project is currently under development with first ore scheduled for late FY22.

Ramelius sees Lake Rebecca as a highly attractive opportunity to ultimately develop a greenfields mining operation in one of the world’s premier gold mining jurisdictions.

The project’s existing 1.1 million ounce Resource provides a strong platform from which Ramelius can pursue the commercial development of a mining operation which fits its criteria in terms of scale and asset quality.

The Lake Rebecca tenement package offers the potential to continue expanding the existing MRE, with a view to both expanding any future operation or extending mine life.

“Lake Rebecca is an outstanding opportunity for Ramelius to add a key growth asset to its portfolio of producing assets at Mount Magnet and Edna May,” Ramelius Resources managing director Mark Zeptner said in the company’s ASX announcement.

“The Apollo team has done an excellent job advancing Lake Rebecca to its current stage of development and have clearly demonstrated its potential for development into a high-quality gold mine in a tier-one gold mining jurisdiction.

“Subject to the offer being successful, Ramelius is looking forward to ramping up the drilling program across the tenement package to expand the existing resource and ultimately developing Lake Rebecca into a cornerstone producing asset within our portfolio.

“Our strategic target for the project is to identify a pathway to a mine life of 10 years at a run rate of at least 100,000 ounces per annum.

“We also look forward to welcoming Apollo shareholders as Ramelius shareholders and encourage Apollo shareholders to accept the offer as soon as possible.”

“The offer follows a period of significant corporate interest in Apollo and delivers an excellent result for our shareholders who, over the years, have seen Lake Rebecca transition from a greenfield exploration play to its status as a potential future stand-alone, long-life production asset,” Apollo Consolidated managing director Nick Castleden added.

“Ramelius brings excellent credentials in the business of taking new gold projects online and has ample experience, personnel, and funding to take the project forward.

“Lake Rebecca is clearly an excellent fit for Ramelius’ >250,000oz/pa production profile, and the Ramelius shares that Apollo shareholders will receive offer the stability of a multi-project production house while maintaining exposure to the upside as Lake Rebecca progresses along the path to development.

“The offer provides compelling value to shareholders with the circa 60 per cent cash component providing value certainty plus equity in a proven and well respected West Australian gold miner.

“We look forward to joining Ramelius’ existing shareholders to participate in the next stages of the journey.”




Email: reception@rameliusresources.com.au


Web: www.rameliusresources.com.au


Corazon Mining Exercises Option to Acquire Miriam Nickel Project

THE BOURSE WHISPERER: Corazon Mining (ASX: CZN) was up early this morning exercising its Option to Acquire 100 per cent of the Miriam nickel sulphide project near Coolgardie in Western Australia’s Goldfields.

Corazon Mining took an option to acquire the Miriam project sometime around July, subject to completion of due diligence, which it has now completed and subsequently exercised its option to acquire the project making the agreed Stage 1 consideration payment to the vendors of $125,000.

Corazon considers Miriam a highly prospective nickel exploration project, representing a strategic addition to the company’s portfolio of nickel sulphide assets that includes the Lynn Lake nickel sulphide project in Canada where the company is currently undertaking its next phase of drilling.

The Miriam project comprises five Prospecting Licence applications (P15/6135 to P15/6139 inclusive) and is located approximately 10 kilometres south-southwest of Coolgardie on an ultramafic trend that hosts Auroch Minerals’ (ASX: AOU) Miriam and Nepean nickel deposits.

Having exercised its option to acquire the project, Corazon is now working to secure the granting of the tenement applications before commencing on-ground exploration programs.

This work should culminate in a first phase of drilling, targeting the Miriam nickel deposit, as well as other known nickel occurrences along the Miriam Trend.

Past exploration results, including drilling and geophysics, will be integrated into the company’s drill targeting exercise.




Email: info@corazon.com.au


Web: www.corazon.com.au