Calidus Resources Banks $20M to Fund Growth Projects

THE BOURSE WHISPERER: Calidus Resources (ASX: CAI) has increased its fighting fund by the tune of $20 million via a share placement to professional and sophisticated investors through the issue of approx. 29.8 million shares at a price of 67 cents per share.

Calidus Resources said the placement resulted in new institutional shareholders joining the cause along with its largest shareholder, Alkane Resources (ASX: ALK), chipping in for $3 million in support.

The company has earmarked the proceeds of the Placement to be used to:

• Fund an expanded lithium exploration campaign on the Pirra Lithium Joint Venture;

• Costs associated with the proposed demerger of the Pirra Lithium Joint Venture that was announced in June.

• Gold exploration that will include: A Geophysical survey at Blue Spec West; Drilling programs at Blue Spec East, Blue Spec West, Marble Bar, Fieldings Gully and Klondyke Boulder; and Pursuit of potential earn-in’s on nearby known deposits held by third parties;

• Blue Spec early works including the finalisation of permitting, securing available accommodation units and installation of water and communications; and

• Warrawoona plant expansion works, aiming to increase current throughput by up to 20 per cent to 100,000 ounces per annum.

“I would like to thank existing shareholders for their continued support and welcome some new, high-quality institutions to our register,” Calidus Resources managing director Dave Reeves said in the company’s ASX announcement.

“Operations at Warrawoona continue to ramp up well with nameplate production due during this quarter.

“But with the initial cashflow committed to reducing debt, this additional capital will allow us to immediately accelerate our strategy to unlock our growth projects, which have potential to generate significant returns for shareholders.

“These growth projects include plans for drilling at lithium and gold prospects, commencing early works at Blue Spec and expanding the throughput of the Warrawoona Mill to treat fresh material at 20 per cent above nameplate capacity.”









Matsa Resources Reports New Drilling Results from Lake Carey Gold Project

THE DRILL SERGEANT: Matsa Resources (ASX: MAT) provided a market update on recent exploration drilling undertaken at the company’s Lake Carey gold project in the Eastern Goldfields of Western Australia.

Matsa Resources recently completed two diamond drill holes, one at the Fortitude North target and the other at the FF1 target.

The company explained a further eight diamond holes were also completed at the Devon target, however the results of this drilling were not available yet.

Assays received included:

9.4 metres at 3.27 grams per tonne gold from 120.8m at Fortitude North; and

1m at 6.57g/t gold from 148m at FF1.

“Over the last few months, we have been busy at our Lake Carey gold project completing a number of ground magnetic and soil geochem surveys in support of exploration drilling which also commenced during the quarter,” Matsa Resources executive chairman Paul Poli said in the company’s ASX announcement.

“The aircore drilling completed to date has already identified new gold in basement anomalism at Phantom Well and Wilga West that adds to our exploration pipeline.

“With a focus on developing the area near the Fortitude gold mine, I’m particularly pleased to say we have recommenced drilling at Fortitude North.

“As a result of the reinterpretation of the Fortitude North mineralising and grade shoot geometry model, we have planned a staged diamond drilling program starting with a hole completed down dip of the northern most high-grade intercept to target an interpreted high-grade shoot.

“We are thrilled that the drilling has confirmed the existence of a higher-grade shoot, so follow-on drilling will be undertaken.

“Notably, the results of this drilling returned a thicker, higher-grade intercept in comparison to previous drilling in that part of Fortitude North.

“What I really like about this intercept is that it has returned 36 per cent more gold than the previous drill hole.

“What also bodes well for this prospect is that these results demonstrate that grades appear to increase as the exploration gets deeper.

“As we develop and improve our geological understanding of the Fortitude North prospect, these types of results give me high confidence we can deliver another Fortitude Gold Mine type resource of between 400,000 and 600,000 ounces in the not too distant future.

“Lastly, at FF1 only one kilometre to the north of Fortitude North, we’ve completed the very first diamond drill hole where in 2020, we defined a large gold in basement anomaly and overlying channel sands.

“It is promising to see an alteration zone of 19 metres in the core, which indicates strong fluid movement and suggests a fertile package of rocks.

“I’m looking forward to developing FF1’s story with more drilling and also drilling the untested large bullseye magnetic anomaly only a couple of hundred meters to the north.”








Tim Davidson Meeka Metals (ASX: MEK) August 2022

Meeka Metals (ASX: MEK) is enjoying exploration success at the company’s gold and rare earth projects in Western Australia. Managing director Tim Davidson zoomed into The Resources Roadhouse to tell Wally Graham how the company hopes to build on this foundation.

Aurumin Hits Big Gold at Two Mile Hill

THE DRILL SERGEANT: Aurumin Limited (ASX: AUN) received assay results for a second hole of a recently completed reverse circulation (RC) and diamond drilling program at the company’s 100 per cent-owned Central Sandstone gold project in Western Australia.

Aurumin is conducting the drilling with the aims of both extending and better defining its previously reported Inferred underground Mineral Resource Estimate (MRE) of 14.2 million tonnes at 1.1 grams per tonne gold for 500,000 ounces of gold at Two Mile Hill.

Results from hole SN_TM_RD_22_0004 included a total intersection of:

224 metres at 1.5 grams per tonne gold from 229.6m down hole.

Highlights within this larger interval include:

49.6m at 2g/t gold from 269m;

20.2m at 2.6g/t gold from 325.2m;

12m at 3.7g/t gold from 381.4; and

9m at 2.2g/t gold from 427.2m.

“We are very happy with how Sandstone is progressing,” Aurumin managing director Brad Valiukas said in the company’s ASX announcement.

“We have been expanding our tenement footprint, looking for new deposits and advancing the currently inferred 500,000 ounces gold Two Mile Hill underground deposit with deep holes.

“This is another great result from Two Mile Hill.

“Like many other companies, we are frustrated by laboratory turnaround times on assays.

“We look forward to further results and, expect to see results for the final two diamond holes of the four hole program, this month.

“We continue to see the Two Mile Hill underground deposit as a key part of the project going forward, with the scale to potentially underpin future production.”








Sunshine Gold Continues Broad Copper Zone Growth at Ravenswood

THE DRILL SERGEANT: Sunshine Gold (ASX: SHN) received assay results from drilling recently undertaken on the Bank and Titov East prospects that are part of a 15 kilometres long mineralised corridor at the company’s Ravenswood West project in Queensland.

Sunshine Gold reported assay results have been returned for a five-hole reconnaissance RC drilling program at the Bank copper-gold-silver-molybdenum target, from which two holes, 22BKRC004 and 22BKRC005 contained increasing copper grades toward the end of hole, which the company interpreted to be suggesting a strengthening copper trend to the south of current drilling.

Further assay results were received from broad step off drilling at the Titov Main copper-gold-silver-molybdenum target that extended the length of mineralised zone to over 500 metres.

Titov Main is now defined to depths of 350m with an average intercept thickness of 81m.

Sunshine said assay results from hole 22TVRC012 had also confirmed continuity of a high-grade footwall zone the company had identified in previous drilling campaigns.

“The five RC hole reconnaissance program at the Bank has given us a solid vector to another porphyry copper-gold-silver-molybdenum system,” Sunshine Gold managing director Damien Keys said in the company’s ASX announcement.

“The 70 metres thick intercept of copper mineralisation at the end of 22BKRC005 is a fantastic result from limited drill metres and will allow us to effectively test the Bank in our September drilling campaign.

“The results from the eastern end of Titov Main have returned more solid copper and molybdenum mineralisation.

“Titov is a significant mineral system, now delineated over 500 metres of strike, to depths of 350 metres with an average intercept thickness of 81 metres.

“The next round of pending results will incorporate those drilled into a strong IP conductor at Titov Main.

“We eagerly await the outstanding assay results and have already commenced follow up drill planning at the Bank, and our first drilling at Gagarin copper-gold-silver-molybdenum and Wilburs Hill gold.”








Jennifer Neild Peak Minerals (ASX: PUA) August 2022

Peak Minerals (ASX: PUA) is enjoying exploration success across the company’s portfolio of copper projects in Western Australia. CEO Jennifer Neild zoomed into The Resources Roadhouse to bring Wally Graham up to speed on the company’s recent and upcoming activities.

Ausgold Gold Intercepts Further Expand KGP Potential

THE DRILL SERGEANT: Ausgold (ASX: AUC) announced new gold hits from the company’s 100 per cent-owned Katanning Gold Project (KGP) in Western Australia.

Ausgold’s latest drilling results follow the recent release of a Pre-feasibility Study (PFS) which demonstrated strong economics for the KGP that was backed up by a maiden 1.28 million ounce Ore Reserve.

The company explained the new drilling at the KGP is designed to add to the near-surface Resource and further expand the scale of the current Ore Reserve.

Reverse circulation (RC) drilling of 41 holes targeted gold mineralisation within the KGP that intercepted several zones of gold mineralisation both at depth and near-surface.

High-grade extensions to the Jinkas lode identified further potential beneath the current optimised pits, with drill results including:

4m at 17.05 grams per tonne gold from 207m, including 2m at 33.86g/t gold from 208m; and

7m at 6.99g/t gold from 133m including 2m at 23.3g/t gold from 133m.

The company expects near-surface mineralisation intercepted within the Central Zone will extend beyond the current Resource adding high-grade mineralisation within multiple zones of gold mineralisation.

Results include:

8m at 2.04g/t gold from 8m, including 5m at 2.96g/t gold from 10m; (Jackson)

5m at 2.98g/t gold from 31m, including 2m at 6.82g/t gold from 34m; (Jackson)

8m at 1.83g/t gold from 31m, including 2m at 6.26g/t gold from 37m; (Jinkas)

5m at 2.59g/t gold from 36m, including 3m at 3.8g/t gold from 38m; and (Jackson)

8m at 1.5g/t gold from 92m, including 2m at 4.33g/t gold from 96m (White Dam)

“Ausgold is clearly demonstrating the potential of the Katanning Gold Project with the recent PFS delivering a large 1.28 million ounces Ore Reserve and these high-grade results from new drilling,” Ausgold managing director Matthew Greentree said in the company’s ASX announcement.

“It is pleasing to continue this momentum with near surface high-grade gold intersected as well as expanding the depth potential which remains open.

“Both add to the significant multi-million-ounce Resource potential of the project.

“The KGP is now shaping up to be one of the largest free-milling undeveloped gold projects in Western Australia.”









Miramar Resources Reports Solid Gold Results from Highway Target

THE DRILL SERGEANT: Miramar Resources (ASX: M2R) reported drill results from the company’s 80 per cent-owned Gidji JV project, located north of Kalgoorlie in the Eastern Goldfields of Western Australia.

Miramar Resources’ latest Gidji drilling results come from the Highway target, the fourth large aircore gold footprint the company has outlined at the project since listing in 2020.

Results from the Highway target include:

5m at 0.87 grams per tonne gold from 48m, including 1m at 1.87g/t gold;

1m at 2.9g/t gold from 52m;

4m at 2.95g/t gold from 48m, including 3m at 3.78g/t gold;

8m at 0.77g/t gold from 48m, 4m at 1.13g/t gold; and

1m at 2.53g/t gold from 51m.

“The new results from the Highway target emphasise the significant gold potential at Gidji being realised by Miramar through systematic exploration,” Miramar Resources executive chairman Allan Kelly said in the company’s ASX announcement.

“Over the last 18 months, we have outlined four large new gold targets at Gidji, each at least one kilometre long, and with multiple bedrock aircore intersections including several high-grade gold results.

“Despite straddling the Goldfields Highway and being located less than a 10-minute drive from Kalgoorlie, the Gidji project has clearly not been effectively explored until now.

“With only a handful of deeper holes completed to date, and many more planned, we look forward to continuing to uncover the full potential of the Gidji JV project.”

Miramar is set to commence a 12,000m aircore drilling campaign over the Boorara North target, which includes a further 4km long underexplored segment of the Boorara Shear Zone.

The company has interpreted th local geology of the Boorara North target to match that of the Paddington and Panglo deposits, and the Marylebone-Blackfriars-Highway area, and believes it has potential for gold and/or nickel sulphide mineralisation.








Alto Metals Hits Further High-Grade Gold at Indomitable

THE DRILL SERGEANT: Alto Metals (ASX: AME) announced further high-grade gold results from ongoing drilling at the Indomitable Camp, within the company’s 100 per cent-owned Sandstone gold project in Western Australia.

Alto Metals reported recent drilling has extended known mineralisation outside the current resource Indomitable Camp Inferred Mineral Resource of 1.7 million tonnes at 1.3 grams per tonne gold for 74,000 ounces (based on an A$2,000 pit shell) with 28 of 29 RC holes intersecting gold

Results include:

20 metres at 6.9 grams per tonne gold from 35m, including 1m at 97.8g/t gold from 38m;

10m at 3.2g/t gold from 69m, including 2m at 11.3g/t gold from 72m;

10m at 2.8g/t gold from 27m, including 1m at 19.5g/t gold from 34m; and

10m at 1.1g/t gold from 8m and 4m at 9.1 g/t gold from 83m, including 1m at 27.1g/t gold from 84m.

“These new results from our ongoing drill program at Indomitable have again delivered multiple, shallow high-grade gold results in oxide, outside the current resource, with SRC674 a particular a standout result of 20 metres at 6.9 grams per tonne gold from just 35 metres depth,” Alto Metals managing director Matthew Bowles said in the company’s ASX announcement.

“Shareholders can look forward to further results in the near term following the recently completed first pass drilling over the Indomitable East prospect and we have now moved the rig to the exciting Musketeer target.

“Indomitable is consistently delivering shallow, high-grade gold results and we are looking forward to incorporating all of these results into the updated mineral resource estimate planned for the end of the year.”








BlackEarth Minerals Reports High-Grade Mineral Resources

THE DRILL SERGEANT: BlackEarth Minerals (ASX: BEM) announced an increase to the graphite inventory, by both tonnes and grade at the company’s 100 per cent-owned Maniry graphite project in Southern Madagascar.

BlackEarth Minerals explained the increase came via completion of an upgraded JORC Code-compliant Mineral Resource estimation for the Razafy Northwest (NW) graphite deposit consisting of an Indicated and Inferred Mineral Resource of 5.3 million tonnes at 8.5 per cent total graphitic carbon (TGC) at a 3 per cent TGC cut-off grade for 452,000 tonnes of contained graphite.

The majority of the Mineral Resource, 3.1 million tonnes at 8.6 per cent TGC for 266,000 tonnes contained graphite has been classified in the higher confidence Indicated classification, with the remainder classified as Inferred.

Total Mineral Resources for the Maniry project now stand at 40 million tonnes at 6.5 per cent TGC for approx. 2.7 million tonnes contained graphite.

“We have again added both grade and tonnes to our Maniry graphite inventory,” BlackEarth Minerals managing director Tom Revy said in the company’s ASX announcement.

“The current plan within the DFS is to run the first stage (years 1-3) of the project using high-grade feed material sourced from Razafy NW.

“The more we explore in the area, the more we are excited about the real potential of the area and the value enhancement it can ultimately bring to our Maniry graphite project.

“The current resources at the project are within an exploration target of 260-280 million tonnes of TGC.

“We will continue to invest in exploration in the future to continually grow our resource base and demonstrate the true potential of this project.

“Since listing the company in January 2018, we have developed a resource base of over 40 million tonnes from zero, and will continue to build on this existing resource.”