Platina Resources to Expand WA Golden Footprint

/in , /by

THE BOURSE WHISPERER: Platina Resources (ASX: PGM) is set to widen its Western Australian gold presence by acquiring the Xanadu gold project, located in the Ashburton province of the state.

Platina Resources made a point of indicating the project is close to the multi-million-ounce Mt Olympus gold deposit of Kalamazoo Resources (ASX: KZR).

“Xanadu has immense appeal given the number and width of economic grade gold drill intercepts which have never been followed up with a systematic exploration campaign,” Platina Resources managing director Corey Nolan said in the company’s ASX announcement.

“The project has been the subject of a number of mainly shallow drilling programs and a historical gold heap leach operation.

“Our exploration strategy will initially comprise low-cost geophysics and geochemistry to build a deeper knowledge of the geological potential of the project and to define both shallow and deeper targets for drilling.”

Work by previous owners at Xanadu has identified a large alteration system with gold occurrences, which Platina believes outlines potential for discovery of a meaningful gold mineralising system.

The company will be targeting Telfer and Hemi-styles of intrusion related gold mineralisation as well as sediment-hosted Carlin type, found in Nevada USA.

“Whilst we believe there is significant potential to expand upon the known oxide mineralisation, the longer-term prize is targeting primary mineralisation within the alteration core of the system, which has never been tested by historical drill programs,” Nolan said.

Xanadu comprises seven prospecting licences and five exploration licences covering 498 square kilometres.

Platina expects logistics and operations to be low cost given access to the project is relatively easy from the regional mining centre of Paraburdoo, just 38km away.

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: admin@platinaresources.com.au

Web: www.platinaresources.com.au

 

New World Resources to Demerge US Cobalt Assets

/in , /by

THE BOURSE WHISPERER: New World Resources (ASX: NWC) is to spin its American cobalt projects into a new company.

New World Resources informed the market it intends to pursue a demerger of its portfolio of cobalt assets in North America, subject to shareholder and other requisite approvals.

The company came to this decision following a strategic review of its asset base considering the ongoing resource and exploration drilling program being carried out at the company’s high-grade Antler copper deposit in in Arizona, also in the USA.

The company believes its current focus at Antler detracts from the value of its cobalt assets, which it thinks should now sit in a separately listed vehicle specifically focused on progressing their exploration and development.

New World cited the recent rise of the global cobalt price, saying that since the start of 2021 the price of cobalt has risen by more than 50 per cent from ~US$33,000/tonne to ~US$50,000/tonne (London Metals Exchange).

This rising price is widely attributed to increasing demand for minerals that are integral in the production of electric vehicles, including cobalt.

Since 2017 New World has held a 100 per cent interest in two cobalt projects in the United States – the Colson cobalt-copper project in Idaho and the Goodsprings copper-cobalt project in Nevada.

Between 2017 and 2019 the company focused on, and undertook extensive exploration programs at, these projects.

The cobalt price peaked at more than US$95,000/tonne in mid-2018, and for a period the company’s market capitalisation exceeded $40 million, which is where it would like to be again.

 

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@newworldres.com

Web: www.newworldres.com

 

Black Cat Syndicate Scores Big Gold Hit at Fingals Mining Centre

/in , /by

THE DRILL SERGEANT: Black Cat Syndicate (ASX: BC8) announced enviable RC drilling results from Fingals Fortune, part of the Fingals Mining Centre, within the company’s Kal East gold project in Western Australia.

Black Cat Syndicate received assays from a further 25 holes of the 96-hole infill program that was designed to upgrade the Resource in areas of lower drill density.

Results have already demonstrated areas of high grades along the (down dip) western side of the planned Stage 1 open pit, in both potential open pit and underground positions.

The most recent results include:

21FIRC042
6 metres at 75.57 grams per tonne gold from 49m, including 3m at 142g/t gold from 50m;

21FIRC053
2m at 19.96g/t gold from 106m;

21FIRC035
3m at 8.97g/t gold from 111m;

21FIRC062
5m at 4.69g/t gold from 33m; and

21FIRC033
7m at 2.23g/t gold from 86m.

Black Cat Syndicate indicated all results will be incorporated into a Resource upgrade to be released in April 2021.

The main Fingals Fortune deposit remains open in all directions and at depth.

“The Fingals Mining Centre has the potential to contain a significant two stage open pit with an underground mine at depth plus additional nearby satellite pits,” Black Cat Syndicate managing director Gareth Solly said in the company’s ASX announcement.

“Accordingly, it is expected that this area will be a substantial oxide feed source for our future operations.

“The Fingals Fortune deposit hosts pockets of much higher-grade material that should provide upside on mining.

“Some of the best intercepts at Fingals Fortune are in the deepest parts of the Resource which support underground mining at the conclusion of surface mining.

“Our recent milling facility acquisition and progress on sourcing the other key components of a processing facility, position Black Cat as a near-term producer.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

 

Email: admin@blackcatsyndicate.com.au

 

Web: www.blackcatsyndicate.com.au

 

AVZ Minerals Drills Lithium From Roche Dure Pit Floor

/in , /by

THE DRILL SERGEANT: AVZ Minerals Limited (ASX: AVZ) declared further high-grade lithium and tin mineralisation results from drilling undertaken at the company’s Manono lithium and tin project in the Democratic Republic of Congo.

AVZ Minerals scored the results during Mineral Resource drilling of the Manono project from the last three of nine planned diamond drill holes at Roche Dure in previously undrilled areas beneath the historical pit which were previously inaccessible and under water during the earlier resource drilling programs.

All three holes were collared in fresh or slightly weathered pegmatite from the top of the hole, returning intersection of:

180 metres at 1.8 per cent lithium (Li2O) and 1,119ppm tin;
245.15m at 1.73 per cent Li2O and 926ppm tin; and
218.6m at 1.69 per cent Li2O and 1,152ppm Sn.

Having now completed this pit floor drilling program at Roche Dure, and having received all outstanding assays, AVZ indicated a new resource estimate is now underway to update the previous May 2019 Mineral Resources.

“The final assay results from these last three of the nine planned drillholes on the Roche Dure pit floor again show strong lithium mineralisation from the pit floor surface,” AVZ Minerals managing director Nigel Ferguson said in the company’s ASX announcement.

“Additionally, drilling also reported higher grade portions developing within the northern portions of the orebody, and that these may even coalesce both up dip and along strike.

“This may present as the start of a much higher-grade core which will need further investigation to determine the possibility of finding more significant tonnages of high-grade feedstock, apart from those at Carriere de L’Este, that could feed the plant in its early years of operation to shorten the pay-back period.”

“Now these assays have been reported they will be merged with our current database and we will re-run the geological resource model to reclassify that portion of the pit floor which was previously modelled as waste due to the lack of drilling information.

“Following on from the geology remodelling and coupled with the improvements to the plant design parameters, we will then check the previous mine design against the updated model to optimise the mine design, generate new ore reserves and revisit the DFS results.”

 

 

 

Email: admin@avzminerals.com.au

 

Web: www.avzminerals.com.au

 

Coda Minerals Commences Elizabeth Creek JV with Torrens Mining

/in , /by

THE BOURSE WHISPERER: Coda Minerals (ASX: COD) reached an important stage by meeting the Free-Carry Expenditure Limit under its Farm-in and Joint Venture Agreement with Terrace Mining, a wholly owned subsidiary of Torrens Mining (ASX: TRN) at the Elizabeth Creek copper project in South Australia.

Coda Minerals has spent $8.62 million on exploration to date at Elizabeth Creek, and accordingly, Coda and Torrens have now formed an unincorporated JV, under which each party will now contribute funding to continued exploration and feasibility work in accordance with their respective interests in the project.

Coda is the operator and majority owner of Elizabeth Creek, holding a 70 per cent interest with Torrens holding a 30 per cent interest.

“This is another significant milestone in the Agreement signed between Coda and Terrace in 2017,” Coda Minerals chief executive officer Chris Stevens said in the company’s ASX announcement.

“We have come an extremely long way since 2017, having achieved JORC 2012 Compliant Indicated Mineral Resource Estimates over the MG14 and Windabout deposits with a total Resource of 280,000 tonnes of copper equivalent now on our books.

“Our focus is now on proving up Emmie Bluff as we work to convert the previously announced JORC Compliant Exploration Target into a JORC Compliant Mineral Resource Estimate by the third quarter of this year.

“The Joint Venture Committee has now approved an exploration and feasibility budget to continue drilling and undertake the work required to deliver the Mineral Resource Estimate at Emmie Bluff as well as to test the highly prospective IOCG Target at Emmie Bluff Deeps and undertake an ambitious regional exploration programme across the Elizabeth Creek Tenure.

“We expect the drill rigs to be turning again at Elizabeth Creek before the end of this month and we are looking forward to what we expect to be a really busy and potentially transformational 6-8 months for the newly-formed Joint Venture as we take our Mineral Resource base at Elizabeth Creek to the next level and begin testing highly-prospective IOCG targets at depth.”

 

 

 

Email: info@codaminerals.com

 

Web: www.codaminerals.com

 

 

Miramar Resources Extends Runway deposit at Gidji

/in , /by

THE DRILL SERGEANT: Miramar Resources (ASX: M2R) informed the market of some interesting drilling results achieved at the company’s 80 per cent owned Gidji Joint Venture project north of Kalgoorlie, Western Australia.

Miramar Resources recently carried out diamond drilling at 8-Mile target, which it claims has confirmed the presence of the Runway Porphyry 60 metres north of the nearest diamond hole while intersecting visible gold in a quartz vein within the hanging wall sediments.

Drill holes GJDD001 and GJDD002 both intersected an intrusive unit which the company has interpreted to represent an extension of the unit that hosts the 314,000 ounces Runway deposit, located immediately south of the Gidji project boundary.

Both holes also intersected numerous quartz/sulphide veins in the hanging wall sandstone unit with several specks of visible gold observed in hole GJDD002 at 124.7m downhole.

Miramar Resources executive chairman Allan Kelly said the first two holes intersected the same geological sequence seen at Runway, to the south.

“Importantly, both holes intersected the Runway porphyry at a shallower depth to that seen to the south, lending weight to the idea of a southerly plunge,” Kelly said in the company’s ASX announcement.

“The fact that we are seeing visible gold and widespread alteration and sulphide mineralisation in our first two diamond holes has us very excited about the potential of this target.”

Miramar’s phase 2 aircore drilling program is progressing, with over 50 per cent of holes completed to date.

Results from EOH samples for phase 1 have recently been received and have upgraded the newly named Piccadilly target, which has a strike length of approximately 850m and remains open along strike.

The company is currently infilling the first phase aircore drilling over this target.

“We look forward to completing these two drill programs and reporting results from both the diamond and aircore drilling across the various targets,” Kelly said.

“We still have about 50 per cent of the project tenements yet to be granted, and these areas hold additional highly prospective targets.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

 

Email: info@miramarresources.com.au

 

Web: www.miramarresources.com.au

 

 

Firefly Resources Drilling Enhances Melville Gold Deposit

/in , /by

THE DRILL SERGEANT: Firefly Resources (ASX: FFR) reported initial assay results from a recent grade control drilling program undertaken within the company’s 100 per cent-owned Yalgoo gold project in Western Australia.

Firefly Resources completed the drilling on the Melville gold deposit where it had recently announced a JORC 2012-compliant Indicated and Inferred Mineral Resource Estimate of 196,000 ounces, from which it immediately launched into a close-spaced grade control program to follow up on the broad, shallow mineralisation observed in the deeper resource-focused drilling.

Assay results include:

FMGC0340
8 metres at 3.39 grams per tonne gold from surface, including 2m at 8.79g/t gold;

FMGC0342
7m at 3.08g/t gold from surface including 3m at 7.24g/t gold; and

FMGC0341
8m at 1.48g/t gold from surface including 3m at 2.75g/t gold.

Firefly said the assays it has had returned so far have confirmed the presence of an extensive blanket of shallow gold mineralisation extending over 100s of metres both along and across strike above the primary Mineral Resource.

“The assays received so far from the Grade Control drilling further reinforce the strength, quality and tenor of the shallow gold mineralisation at the cornerstone Melville deposit, which sits within the shadow of several regional processing plants,” Firefly Resources managing director Simon Lawson said in the company’s ASX announcement.

“Shallow, high-grade gold mineralisation has been delineated over 100s of metres both along- and across strike and from surface in many of our drill-holes, really driving home the opportunity not just at Melville but potentially across our other target areas across the extensive Yalgoo gold project.

“In many gold deposits, the shallow material overlying the primary Mineral Resource is considered to be waste and is removed returning little economic value.

“In the case of Melville, virtually the entire blanket of shallow material is mineralised, in some cases with some impressively high-grade zones – albeit interspersed with lower grade areas.

“It’s also important to note that drilling deliberately tested the margins of the resource to help close off the mineralisation in these areas for the purposes of future open pit mine designs.

“We are focused on delivering value from all the key targets within the Yalgoo project and we started that journey with the recent release of a maiden JORC-2012-compliant MRE for Melville, where 80 per cent of that resource was classified as higher confidence Indicated ounces.

“These Grade Control results build on that resource by focusing on near-surface ounces that would likely be mined first in any open-pit mining scenario.

“We will provide an independently reviewed JORC 2012-compliant MRE for those shallow ounces once we get all of the assays back and collate the results.”

 

 

 

Email: info@fireflyresources.com.au

 

Web: www.fireflyresources.com.au

 

 

Genesis Minerals Drills New Gold Zones

/in , /by

THE DRILL SERGEANT: Genesis Minerals (ASX: GMD) reported new results from ongoing resource extension, in-fill and exploration drilling underway at the company’s Ulysses gold project in Western Australia.

The latest results include assays from the recently identified Puzzle North prospect and the Orient Well deposit.

Puzzle North results include:

21USRC852
16 metres at 1.61 grams per tonne gold from 101m to end of hole;

21USRC853
106m at 0.71g/t gold from 10m, including 16m at 1.54g/t gold from 37m;

21USRC855
41m at 1.2g/t gold from 38m, including 10m at 2.77g/t gold from 62m; and

21USRC855
14m at 2.44g/t gold from 106m to end of hole.

Drilling at Orient Well returned:

21USRC836
37m at 1.07g/t gold from 60m, including 8m at 2.02g/t gold from 70m;

21USRC838
21m at 0.81g/t gold from 121m, including 7m at 1.34g/t gold from 135m;

21USRC839
5m at 2.97g/t gold from 40m; and

21USRC839
1m at 67.8g/t gold from 67m.

Genesis Minerals said the results had continued to highlight the upside potential across the Ulysses project, including the potential to expand existing Resources (including all deposits within the recently acquired Kookynie group of tenements) and make new discoveries.

“The fact that we are continuing to generate exciting results on multiple fronts is testament to the enormous upside at Ulysses,” Genesis Minerals managing director Michael Fowler said in the company’s ASX announcement.

“Recent drilling has identified an exciting new area at Puzzle North, where our initial shallow drilling has already defined a significant zone of shallow mineralisation that already looks like it has the makings of a new deposit.

“We have also firmed up a significant exploration target along the Puzzle granite greenstone contact which could well yield further discoveries.

“The 189,000 ounces Orient Well deposit is also continuing to grow, with successful in-fill and extensional drilling delivering some exciting results.

“Drilling will continue to systematically unlock the broader potential at Ulysses over the coming months, laying the foundations for a further resource upgrade later this year.

“Our development studies are continuing with the Feasibility Study due this quarter.”

 

 

 

Email: info@genesisminerals.com.au

 

Web: www.genesisminerals.com.au

 

 

Matsa Resources Confirms Devon Resource at Lake Carey

/in , /by

THE DRILL SERGEANT: Matsa Resources (ASX: MAT) released a Mineral Resource Estimate for the company’s Lake Carey gold project in Western Australia.

Matsa Resources has confirmed the Initial Devon Mineral Resource Estimate of 80,000 ounces at 4.1 grams per tonne gold, comprising the Devon pit and Olympic prospects.

Although the resource includes only the Devon Pit and the Olympic prospects, the company declared potential exists for expansion as further exploration is conducted across at the Devon project area.

In addition to known structural offsets, the soil sampling conducted by Matsa over the past 6 months has highlighted a number of gold in soil anomalies that are yet to be drill tested.

“The shallow high-grade nature of mineralisation at Devon pit, in particular, lends itself to a potential cutback mining scenario with minimal pre strip requirements, early access to ore and mining studies have commenced,” Matsa Resources said in its ASX announcement.

“The grade and mineralisation are expected to be amenable to both open pit and underground mining methods and may provide a logical add-on to the established mining plan at Fortitude Stage 2.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: reception@matsa.com.au

 

Web: www.matsa.com.au

 

Musgrave Minerals Extends Big Sky Gold Anomaly

/in , /by

THE DRILL SERGEANT: Musgrave Minerals (ASX: MGV) reported further assay results from regional aircore drilling at the Big Sky prospect within the company’s Cue gold project in Western Australia’s Murchison district.

The Big Sky prospect sits along a newly defined gold corridor south-west of the Lena on Musgrave’s 100% owned ground at Cue.

Recent aircore drilling has now linked Targets 5 and 20 to define a continuous regolith gold anomaly with a strike extent over 1.2 kilometres that has been named Big Sky.

The gold mineralisation remains open to the north and south and down dip.

New intersections include:

21MUAC049
30 metres at 5.8 grams per tonne gold from 30m, including 6m at 27.7g/t gold from 30m; and

21MUAC041
12m at 4.1g/t gold from 42m.

“The aircore drilling is continuing to define strong continuous regolith gold mineralisation along the new gold corridor south-west of Lena under thin transported cover,” Musgrave Minerals managing director Rob Waugh said in the company’s ASX announcement.

“The high-grade, strong continuity and near surface nature of the mineralisation is extremely encouraging.

“The regolith gold dispersion is over a broad area with RC follow-up drilling, testing basement targets scheduled to commence next week.

“We currently have three exploration drill rigs on site and a significant drilling program planned for the remainder of 2021.

“RC drilling is also continuing at White Heat.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@musgraveminerals.com.au

 

Web: www.musgraveminerals.com.au