THE DAILY ROADHOUSE

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Barra Resources Finalises Mt Thirsty PFS

THE BOURSE WHISPERER: Barra Resources (ASX: BAR) released the long-awaited results for the Pre-Feasibility Study completed at the company’s Mt Thirsty cobalt-nickel project in Western Australia.

Venture Minerals Claims New VMS Discovery at Golden Grove North

THE DRILL SERGEANT: Venture Minerals (ASX: VMS) announced the discovery of Vulcan, a VMS target located along strike from the world class Golden Grove VMS mine.

Impact Minerals Cashed Up for Exploration Advance

THE BOURSE WHISPERER: Impact Minerals (ASX: IPT) has received firm commitments to raise just over $2.1 million.

Magnetic Resources Raises $3M to Feather Hawks Nest

THE DRILL SERGEANT: Magnetic Resources (ASX: MAU) has received binding applications for approximately $3 million via a placement of approximately 4.84 million new shares at 62 cents per share.

 

Magnetic Resources Raises $3M to Feather Hawks Nest

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THE DRILL SERGEANT: Magnetic Resources (ASX: MAU) has received binding applications for approximately $3 million via a placement of approximately 4.84 million new shares at 62 cents per share.

Magnetic Resources indicated the funds raised will be predominately used at the company’s Hawks Nest 9 project for additional drilling, metallurgical work, resource and scoping studies to advance the company’s gold projects.

“The past 12 months have seen the company define additional mineralisation both at depth and along strike at the Hawks Nest 9 project, with the company of the belief that additional drilling will result in a JORC resource being declared,” Magnetic Resources managing director George Sakalidis said in the company’s announcement to the Australian Securities Exchange.

“These funds will allow the company to undertake metallurgical and resource definition work with the view to initiating pre-feasibility studies later in the year.”

 

Web: www.magres.com.au

 

Venture Minerals Claims New VMS Discovery at Golden Grove North

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THE DRILL SERGEANT: Venture Minerals (ASX: VMS) announced the discovery of Vulcan, a VMS target located along strike from the world class Golden Grove VMS mine.

Venture Minerals described Vulcan as being analogous to Gossan Hill, the largest deposit in the Golden Grove Camp, with the new discovery hosting a similar sized geochemical copper anomaly sitting within Western Australia’s premier VMS district.

The company acquired the Golden Grove North project in 2018, since when it has utilised a systematic exploration approach, employing the latest techniques to explore for VMS style mineralisation.

Vulcan is the first VMS target to yield from that work program.

“This is an exciting VMS discovery by our Exploration Team along strike to a world class VMS Mine in Western Australia,”

“We look forward to generating further results on the Vulcan Target and yielding additional VMS targets at Golden Grove North for testing in the near future.”

 

Email: info@ventureminerals.com.au

Web: www.ventureminerals.com.au

 

Impact Minerals Cashed Up for Exploration Advance

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THE BOURSE WHISPERER: Impact Minerals (ASX: IPT) has received firm commitments to raise just over $2.1 million.

The raising is by way of a placement of 233.4 million share to sophisticated and professional investors at 0.9 cents per share.

Impact Minerals indicated it would be using the funds raised to fund new drilling at the company’s Broken Hill project targeting high-grade palladium and other platinum group metals at Red Hill, and other prospects, at a time of record prices for palladium and rhodium.

In addition, follow-up copper-gold focused work at Impact’s Commonwealth project, near Orange and along trend from the recent Boda discovery of Alkane Resources, including soil geochemistry surveys and ground geophysics, is also now fully funded and will commence as soon as practicable.

“With palladium at a record price of more than US$2,500 per ounce, and rhodium prices literally exploding above US$10,000 an ounce in the past week, Impact is pleased to now have the funds to aggressively return to exploration at our unique Broken Hill project,” Impact Minerals managing director Dr Mike Jones said in the company’s announcement to the Australian Securities Exchange.

“Our previous drilling there has delivered exceptional grades of all six platinum group metals (palladium, platinum, rhodium, ruthenium, osmium and iridium) not to mention gold, nickel and copper as well.

“We are looking forward to getting the drill bit turning at Red Hill as soon as possible where we returned drill grades of 1.2 metres at 254 grams per tonne palladium and 4.6 grams per tonne rhodium – exceptional PGM grades on a world scale.

“The company is also about to commence re-assays of key drill intercepts, for rhodium, which is not routinely assayed for.

“With this new funding, Impact is also now in a position to push forward with follow-up work on our exciting Commonwealth project targets along trend and close to the recent Boda discovery in the copper-gold rich Lachlan Fold Belt, currently one of the hottest exploration footprints in Australia.

“We will have boots on the ground there shortly to complete soil geochemistry surveys and subsequently ground geophysical surveys to define targets for drilling later in the year.”

 

Email: info@impactminerals.com.au

Web: www.impactminerals.com.au

 

Barra Resources Finalises Mt Thirsty PFS

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THE BOURSE WHISPERER: Barra Resources (ASX: BAR) released the long-awaited results for the Pre-Feasibility Study completed at the company’s Mt Thirsty cobalt-nickel project in Western Australia.

Barra Resources declared Mt Thirsty has now claimed the number one position of Australia’s ‘most advanced genuine cobalt project’.

Nickel is not forgotten and has emerged as a useful by-product with a cobalt-nickel value split of 71 per cent to 29 per cent.

The study has scaled up the project to a 1.8 million dry tonnes per annum feed rate to produce 19100 tonnes of cobalt and 24800 tonnes of nickel as a Mixed Sulphide Product (MSP) over a 12 year mine life.

The project boasts an estimated maiden JORC 2012 Probable Ore Reserve of 18.8 million dry tonnes at 0.13 per cent cobalt and 0.54 per cent nickel.

The release of the study results coincides with a cobalt price that is forecast to rise by investment banks surveyed by the company as demand for electric vehicle batteries continues to grow and other cobalt supply growth options limited.

The Mt Thirsty Joint Venture (MTJV) has identified the highest value development path to be a farm-in from a large global firm, eager to secure a guaranteed sustainable source of cobalt.

The direct project expenditure for the MTJV now reverts to a minimum while the partnering strategy is pursued as planned.

The MTJV is now re-engaging with several major Australian and international mining, trading and refining firms who have all identified a high quality PFS as their minimum investment criteria.

“This study is the culmination of 18 months’ work by the MTJV,” Barra Resources managing director and CEO and MTJV PFS manager Sean Gregory said in the company’s announcement to the Australian Securities Exchange.

“I am confident that the PFS has been completed to a very high standard by global engineering houses that will stand up to the most detailed scrutiny from potential project partners.

“We are now looking forward to engaging with these large global firms who are eager to secure a guaranteed sustainable source of cobalt for electric vehicle batteries.”

 

Email: info@barraresources.com.au

Web: www.barraresources.com.au

 

Stavely Minerals Takes Out 2020 Craig Oliver Award at RIU Explorers Conference

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THE CONFERENCE CALLER: Stavely Minerals (ASX: SVY) was named winner of the 202 Craig Oliver award on Day two of the 2020 RIU Explorers Conference in Fremantle.

The award is given to the ASX-listed resources company that is considered by the judging panel to exemplify an all-round excellence in several fields over the past year, including exploration, mining, corporate, market results, environment and community.

Accepting the award in front of a packed ballroom at The Esplanade Hotel, Stavely Minerals executive chairman Chris Cairns said he was blown away at receiving the gong.

“It is an honour to receive this award on behalf of the team at Stavely,” Cairns said.

“I must also acknowledge the outstanding list of other nominees for this year’s award.

“I think the phenomenal achievements currently being made across the Australian mining and exploration industry including some very exciting news of discoveries on both sides of the country and the incredible performance of the mid-tier gold sector in recent years is testament to the industry’s tenacity and resilience.”

Other companies nominated this year for the 2020 Craig Oliver Award were:

Alkane Resources (ASX: ALK)
A gold producer with a multi-commodity exploration and development portfolio.

Alkane’s projects are predominantly in the Central West region of New South Wales, but extend throughout Australia.

Bellevue Gold (ASX: BGL)
A West Australian gold explorer advancing the historic Bellevue gold mine.

In its day, the Bellevue mine was one of Australia’s highest-grade gold mines, producing 800,000 ounces at 15 grams per tonne gold from 1986 to 1997.

Gold Road Resources (ASX: GOR)
A gold producer with Tier 1 mine and exploration projects in the underexplored and highly prospective Yamarna Greenstone Belt in Western Australia’s north-eastern Goldfields.

Gold Road officially opened the Gruyere gold mine (50:50 JV with Gold Fields) late last year.

Image Resources (ASX: IMA)
Australia’s newest minerals sands mining company, operating at its high-grade, zircon-rich Boonanarring project in the infrastructure rich North Perth Basin.

RIU Explorers Conference managing director Stewart McDonald told the packed auditorium Stavely Minerals was a deserved winner of the 2020 Craig Oliver Award.

“While all five nominees have all notched up significant achievements throughout 2019, Stavely Minerals was the one that really stood out not only in terms of its exceptional exploration success but also in terms of acquisitions, share market activity and leadership,” McDonald said.

“I congratulate Chris and the Stavely team with this prestigious win.”

 

 

THE DAILY ROADHOUSE

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Saturn Metals Confirms High-Grade Mineralisation at Apollo Hill

THE DRILL SERGEANT: Saturn Metals (ASX: STN) announced the first results from the 2020 reverse circulation (RC) drilling campaign underway at the company’s 100 per cent-owned Apollo Hill gold project in Western Australia.

Matsa Resources Extends Fortitude North Mineralisation

THE DRILL SERGEANT: Matsa Resources (ASX: MAT) has received early results from diamond drilling at Fortitude North, located within the company’s Lake Carey gold project in Western Australia.

Ardiden Identifies High-Grade Gold Hits in Pickle Lake Review

THE DRILL SERGEANT: Ardiden Limited (ASX: ADV) scored well from a recently completed review of historical drillhole data at the company’s Pickle Lake gold project in Ontario, Canada.

Alloy Resources Acquires New Exploration Pipeline Via Dingo Resources

THE BOURSE WHISPERER: Alloy Resources (ASX: AYR) has entered into a binding Heads of Agreement to acquire unlisted public company Dingo Resources Limited.

 

Alloy Resources Acquires New Exploration Pipeline Via Dingo Resources

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THE BOURSE WHISPERER: Alloy Resources (ASX: AYR) has entered into a binding Heads of Agreement to acquire unlisted public company Dingo Resources Limited.

Alloy Resources explained that Dingo has the right to acquire two mineral exploration projects in Western Australia which Alloy believes will revitalise its pipeline of exploration projects and offer new opportunities for exploration success.

“We have been looking for the right opportunity to revitalise the company’s pipeline of projects and these high-quality exploration plays have the potential to be ‘company makers’ for Alloy,” Alloy Resources executive chairman Andy Viner said in the company’s announcement to the Australian Securities Exchange.

“Through Dingo, we are pleased to be acquiring two fantastic exploration opportunities in Western Australia.

“To complement our JV with Rio Tinto in the Paterson, we are now purchasing a project from Rio in the West Musgrave region which has a well-defined target.

“In addition, we have also secured a large landholding right in the middle of Sandfire’s Bryah Basin exploration areas which has numerous early stage copper-gold targets.

“This year is going to be incredibly busy for Alloy and we look forward to delivering on this huge potential for both existing shareholders and new investors.”

The Morgan Range project is located in the West Musgrave belt of Western Australia and encompasses similar geology to the large Nebo-Babel and Succoth nickel-copper deposits, located some 50 kilometres to the south west, which have been the subject of a recently completed Pre-feasibility Study by Oz Minerals in Joint Venture with Cassini Resources.

The principal target is a strong historical aerial electro-magnetic anomaly (TEM) selected by Rio Tinto Exploration (RTX) for pegging, which has now been optioned to Dingo.

The Bryah Basin project is located approximately 80 kilometres north of Meekatharra in the Gascoyne district of Western Australia.

The project comprises five early stage Exploration Licences covering 260 square kilometres.

 

Email: info@alloyres.com

Web: www.alloyres.com

 

Saturn Metals Confirms High-Grade Mineralisation at Apollo Hill

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THE DRILL SERGEANT: Saturn Metals (ASX: STN) announced the first results from the 2020 reverse circulation (RC) drilling campaign underway at the company’s 100 per cent-owned Apollo Hill gold project in Western Australia.

Saturn Metals is currently drilling at Apollo Hill as part of its efforts to rapidly expand and improve the newly discovered high-grade hanging wall zone and to grow and improve the project’s current Mineral Resource.

High-grade, thick and shallow intersections were achieved in the latest step out drill hole:

AHRC0330
8 metres at 12.9 grams per tonne gold from 126m within 14m at 7.75g/t gold from 120m, and;

5m at 8.03g/t gold from 111m.

These intersections follow on from recently released results of:

AHRC0312
12m at 9.98g/t gold from 269m and 11m at 3.2g/t gold from 208m in hole

Saturn Gold believes the results combine to provide important evidence of the repeatability of high-grade mineralisation in the Apollo Hill hanging walls.

The latest results also provide an important vector for additional discovery with several high-grade stacked lodes now interpreted.

As before, the new intersections sit outside, but adjacent to, the current Mineral Resource of 24.5 million tonnes at 1g/t gold for 781,000 ounces of gold and highlight the potential to increase the grade, quality and scale of the resource.

“These excellent results have provided strong evidence of the repeatability of high-grade mineralisation in this thick mineralised corridor,” Saturn Metals managing director Ian Bamborough said in the company’s announcement to the Australian Securities Exchange.

“Drilling continues to show the potential for significant resource improvement and growth immediately adjacent to the initial Apollo Hill zone.

“Key vectors for additional discovery are now apparent.

“Drilling continues with two rigs focussed on follow up drilling around this important zone and several assays are pending.

“We look forward to the ongoing results flow and to including the new information into our next resource update currently scheduled for mid-2020.”

 

Email: info@saturnmetals.com.au

Web: www.saturnmetals.com.au

 

Matsa Resources Extends Fortitude North Mineralisation

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THE DRILL SERGEANT: Matsa Resources (ASX: MAT) has received early results from diamond drilling at Fortitude North, located within the company’s Lake Carey gold project in Western Australia.

Matsa Resources originally planned for a four0hole drilling program, however it ended up completing seven drill holes (20FNDD02 – 20FNDD08) and has to date received assay results for only two of these.

Drilling was designed to test the strike extent of gold mineralisation the company had previously intersected by diamond and RC drilling in 2018 and 2019.

Drilling at the time was limited to only the northern end of a 1,500 metre long basement gold anomaly discovered by Matsa’s aircore drilling in 2018.

“All seven diamond drill holes intersected alteration and veining which appear to be a continuation of the mineralised zone,” Matsa Resources said in its ASX announcement.

“This program has tested only half of the 1,500m basement gold anomaly.”

Key intercepts include:

20FNDD02
4 metres at 13.63 grams per tonne gold from79m, including 1m at 10.2g/t gold from 81m and 1m at 42.9g/t gold from 82m; and

20FNDD04
10.3m at 3.48g/t gold from 124.6m, including 6.5m at 4.79g/t gold from127m, including 1m at 13.9g/t gold from 127m.

“Originally only four drill holes were planned but due to the presence of distinctive and highly prospective alteration and veining, the program was expanded to seven drill holes,” Matsa explained.

“Further drilling is planned over the remaining strike extent of the anomaly and to test the resource potential of this discovery.”

 

Email: reception@matsa.com.au

Web: www.matsa.com.au