Magnetic Resources Identifies New Horizons and Feeder Zones at Hawks Nest 9

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THE DRILL SERGEANT: Magnetic Resources (ASX: MAU) reported the latest drilling results from a comprehensive 465 RC-hole program completed at the company’s Hawks Nest prospect, located near Laverton in Western Australia.

Magnetic Resources said the drilling carried out in the central part of Hawks Nest 9 (HN9) demonstrated there to be a distinct bend in the shear zone from SSE to SSW as well as a considerable thickening of the mineralised zone within an altered silicified porphyry.

This porphyry has been delineated over a 400-metre strike length, is open and plunges shallowly to the NNE, and greatly thickens from commonly being 2m to 5m in width up to 10m to 57m.

This newly identified silicified porphyry crosscuts the NNW-trending near-surface flat-dipping mineralisation.

The company has interpreted this may represent a feeder zone of the entire three kilometres-long HN9 shallow-dipping sequence.

Some of the thicker gold-mineralised zones encountered within this porphyry include:

MHNRC497
28 metres at 0.645 grams per tonne gold from 4m;

MHNRC541
57m at 0.5g/t gold from 13m including 27m at 0.69g/t gold from 43m;

MHNRC179
14m at 0.7g/t gold from 25m;

MHNRC211
11m at 1.82g/t gold from 18m;

RFR-31
12m at 1.96g/t gold from 16m in hole; and

MHNRC179
14m at 0.7g/t gold from 25m.

Magnetic believes the newly discovered multiple shallow dipping extensive zones at HN9 could be a potential indicator for deeper mineralisation because all the numerous nearby large deposits in the region including Wallaby (7Moz), Sunrise Dam (10Moz) and Jupiter (1.3Moz) have persistent internal shallow-dipping mineralised lodes that are often called shear zones.

The company also noted that many discoveries in recent times have been made by drilling below 100m because historical drilling was far too shallow.

At HN9 the average hole depth is only 43m providing plenty of scope for upside potential.

“With the Australian gold price at record levels of $2,249 the HN9 project being only 15 kilometres northwest of the Granny Smith operations owned by Gold Fields Australia Pty Ltd and only 10 kilometres north east of the Jupiter operations owned by Dacian Gold Ltd at Laverton in Western Australia, is shaping up and has potential for a large-scale shallow deposit,” Magnetic Resources managing director George Sakalidis said in the company’s announcement to the Australian Securities Exchange.

“This significant three-kilometre mineralised zone is coherent and is not closed off to the north and at depth and is so far defined by 465 RC holes totalling 20,484 metres.

“Also, the discovery of a thick mineralised intrusive porphyry feeder zone up to 57 metres thick and the multiple bands of silicified porphyry from deeper drilling, similar to the Wallaby and Jupiter deposits, is a breakthrough and will be further investigated with an infill deeper drill program planned after assay results for the eight deeper holes are received shortly.”

 

Web: www.magres.com.au

 

Hot Chili (ASX: HCH) Explorers 2020

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THE CONFERENCE CALLER: Hot Chili received its Christmas presents early in 2019 when it encountered, what the company described as, “one of the best global drill results of 2019”.

Hot Chili hit the intersection at the company’s Cortadera copper-gold porphyry discovery in Chile that returned:

CRP0020D
972 metres at 0.5 per cent copper and 0.2 grams per tonne gold from surface.

The intersection included the widest zone of high-grade the company had recorded at Cortadera of:

412m at 0.7 per cent copper and 0.3g/t gold from 436m.

“Cortadera is continuing to outperform expectations the company had set following our announcement of a deal to acquire the privately-held discovery in February this year,” Hot Chili managing director Christian Easterday said.

“We have recorded many stand-out drill results this year, but this 972 metres drill result from surface firmly announces Cortadera’s arrival on the global copper stage.

“In little over nine months we have transformed the growth trajectory for our company and outlined what could become the world’s next Tier-1 copper-gold discovery.”

Cortadera is a major copper-gold porphyry discovery located along the Chilean coastal range, 14 kilometres from the company’s large-scale Productora copper development and adjacent to its high-grade El Fuego satellite copper projects.

Hot Chili acquired 100 per cent ownership of Cortadera in February 2019, after which it quickly commenced a confirmation drilling program that confirmed and extended areas of surface enrichment and wide, higher-grade, copper-gold sulphide mineralisation at depth, which had not previously been closed off by 23,000m of historical diamond drilling.

A key to Hot Chili’s initial success at Cortadera was the discovery and definition of a large and robust high-grade core to the largest of Cortadera’s four porphyry centres – Cuerpo 3.

The average grade of drill intersections recorded by Hot Chili within the high-grade zone of Cuerpo 3 ranges between 0.7 to 0.9 per cent copper and 0.3 to 0.4g/t gold.

The combined copper-gold drill intersection grade of the Cuerpo 3 high-grade zone compares well to the reserve grade of other large-tonnage underground mines.

Hot Chili followed up the above intersection with further drill results that outlined a second large source of bulk tonnage, high-grade copper and gold at the Cortadera discovery.

The results demonstrated that the drilling being carried out is continuing to grow the discovery, and just as importantly, is also providing strong encouragement for both open pit and underground, high-grade, development options.

The company kept both diamond and Reverse Circulation (RC) drill rigs spinning, the latter testing the extent of shallow chalcocite enrichment zones across three of the four Cortadera porphyry centres it has discovered to date.

Thirteen shallow Reverse Circulation (RC) drill holes were completed, from which results were available for seven across Cuerpo 2, the second largest porphyry at Cortadera.

These results confirmed and extended a bulk tonnage zone of high-grade copper and gold from surface.

The highlight drill result came from hole CRP0021 that recorded:

80m at 0.8 per cent copper and 0.3g/t gold from surface, including a high-grade chalcocite zone of 26m at 1.7 per cent copper and 0.7g/t gold from a down-hole depth of 54m.

High-grade zones related to chalcocite enrichment were drill confirmed at Cuerpo 1, 2 and 4, from surface and from shallow depth, with drill intersection copper grades ranging between 0.7 to 1.6 per cent and gold grades ranging between 0.3 to 0.7g/t gold.

The results achived to date show Hot Chili has a project in Cortadera that is shaping up as a globally important standalone copper-gold project, which can utilise the Productora project resources, while leveraging from a central processing and combined infrastructure approach along the coastline of Chile.

The company believes its recent discovery and addition of a higher-grade bulk tonnage underground development opportunity at Cortadera places it in a unique position amongst potential large-scale global copper-gold developments.

Hot Chili has received regulatory approval provides access to expand its phase 2 drilling program, which is expected to include first drill testing of two large growth targets identified close to the Cortadera discovery window: Cuerpo 3 North and Cortadera North.

Further results from the shallow RC drill program and expansion diamond drill program are anticipated for release in the New Year.

Hot Chili is well positioned to capitalise on the numerous world-class drill results that have established Cortadera as one the stand-out global copper-gold discoveries of 2019.

Drilling activities are set to accelerate in 2020 toward a first resource estimate with hopes of advancing various future funding discussions with several large domestic and international groups.

 

Email: admin@hotchili.com.au
Web: www.hotchili.com.au
Directors: Murray Black, Christian Easterday, Dr Allan Trench, Michael Anderson, Roberto de Andraca Adriasola, Randall Nickson

 

Ardea Resources (ASX: ARL) Explorers 2020

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THE CONFERENCE CALLER: Ardea Resources boasts a large portfolio of 100 per cent-controlled West Australian-based projects.

The company’s flagship is the Goongarrie nickel-cobalt project, that forms part of the broader Kalgoorlie nickel-cobalt project in Western Australia.

Ardea claims Goongarrie to be part of the largest nickel-cobalt Resource in the developed world with potential to be a multi-generational mine offering outstanding multi-commodity exposure which includes cobalt, nickel, scandium, vanadium, chromium, aluminium and gold.

Ardea’s other WA projects include Bedonia West, comprising E63/1827 and E63/1828 covering 358 square kilometres to complete Ardea’s coverage of the Jimberlana Dyke west of the existing Bedonia prospect.

Ardea has confirmed previously identified anomalous nickel-copper-PGM soil auger geochemistry is coincident with a specific intrusive phase of the Jimberlana Dyke lopolith.

The Perrinvale E29/1006 covers 175sqkm along the eastern strike continuation of the ‘Cathedrals’ Proterozoic Dyke complex.

The application was based on Ardea recognising lopolith mineralisation controls at Bedonia.

The company hopes to secure similarly endowed lopolith geological settings, as well as the northern strike continuation of the domain boundary Ida Fault hosting the Mt Ida gold mining centre.

Goongarrie is readily global-scale project, which Ardea is developing with the aim of becoming a long-term producer of high-quality nickel-cobalt sulphate.

The project currently hosts a Resource of 773 million tonnes at 0.71 per cent nickel and 0.05 per cent cobalt and offers plenty of upside with only five per cent of the company’s Kalgoorlie nickel-project landholding being factored in to the current resource.

Ardea is positioning Goongarrie to be a supplier of high-purity cobalt and nickel sulphate to the lithium-ion battery to meet the burgeoning demands of the growing automotive electrification, a market expected to account for 14 per cent of new car sales by 2025, whilst the cobalt sulphate market is forecasted to reach US$9.5 billion by 2025.

Increased demand for cobalt sulphate is driven by the higher energy density it provides to both electric vehicle and energy storage system batteries.

A Pre-Feasibility study demonstrated Goongarrie to be a highly valuable development project and Ardea is determined to continue to advance the project toward a final investment decision.

Recent work undertaken close to Goongarrie included rock chip sampling of old workings and sporadic outcropping that confirmed gold mineralisation over an area of at least 400 square metres at the Mulga Plum gold prospect.

The mineralisation encountered is mostly vein-hosted, returning up to 17.1 grams per tonne gold in selective quartz lode material.

All rock types assessed returned an average grade of 1.8g/t gold for all samples taken, which the company interpreted to suggest the presence of bulk tonnage potential within a dominantly granite host.

Ardea is evaluating Mulga Plum as a bulk-tonnage gold system as part of its broader aim to prove up and mine gold from its suite of projects near the Goongarrie project and these results bolstered its confidence in the project to proceed to early stage drill evaluation of the project.

A systematic shallow RC drill program of 26 angled RC holes of 50 to 70m each to define extent and orientation of near-surface gold mineralisation was being planned at the time of writing.

Much of Ardea’s 2019 was focused on the spin out of the company’s New South Wales Lachlan Fold Belt gold-base metal projects into Godolphin Resources (ASX: GRL).

This was completed in December, after which Godolphin’s development focus will be the Lewis Ponds gold-zinc and Mount Aubrey gold projects associated with the Lachlan Transverse Zone (LTZ) of the Lachlan Fold Belt (LFB) in central NSW.

Since its listing in 2017, Ardea quickly became the second largest mineral tenement holder in NSW amassing a dominant land position it acquired through detailed project scale and regional data compilation and analysis.

Work completed by Ardea advanced these NSW projects towards defining four separate JORC Code-compliant mineral resources.

Work programs completed include land-holder access agreements, digitally capturing historic exploration data, geological mapping and soil auger geochemistry, leading to the definition of drill-ready targets across granted Godolphin tenure.

“We understand that different investors in Ardea have preferences for different asset exposure and with the Godolphin spin-out, we can clearly separate the WA Goongarrie nickel cobalt project nickel production opportunity from the New South Wales gold production opportunity with ancillary gold/base metal exploration,” Ardea Resources CEO Andrew Penkethman said.

“This will drive superior value for shareholders in both entities.

The New South Wales assets being in a separate fully independent vehicle will crystallise their value and allow them to be advanced independently of Ardea’s West Australian exploration and development initiatives.”

 

Email: ardea@ardearesources.com.au
Web: www.ardearesources.com.au
Directors: Andrew Penkethman, Katina Law, Ian Buchhorn, Wayne Bramwell

THE DAILY ROADHOUSE

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Corazon Mining Encounters High-Grades Near Surface at Lynn Lake

THE DRILL SERGEANT: Corazon Mining (ASX: CZN) has started 2020 on a positive note with the release of the first assay results from its latest phase of drilling at the company’s 100 per cent-owned Lynn Lake nickel-copper-cobalt sulphide project in Canada.

Alloy Resources Finalises 2019 Horse Well Drilling Results

THE DRILL SERGEANT: Alloy Resources (ASX: AYR) finalised results for drilling completed in 2019 at the company’s Horse Well gold project Joint Venture with Silver Lake Resources (Alloy 60%: Silver Lake Resources 40%).

Alloy Resources Finalises 2019 Horse Well Drilling Results

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THE DRILL SERGEANT: Alloy Resources (ASX: AYR) finalised results for drilling completed in 2019 at the company’s Horse Well gold project Joint Venture with Silver Lake Resources (Alloy 60%: Silver Lake Resources 40%).

Alloy Resources’ Horse Well JV is located in the north-east goldfields of Western Australia and is adjacent to Northern Star’s Jundee Gold Mine.

Alloy is the manager and operator of the JV and is currently sole funding an RC drilling program to earn additional equity.

Results completed for drill testing of the Warmblood shallow high-grade mineralised prospect confirmed shallow supergene mineralisation and defined a new zone, including:

8 metres at 0.91 grams per tonne gold from 16 metres downhole (mdh)
9m at 0.99g/t gold from 29 mdh; and
8m at 1.76g/t gold from 100 mdh.

Alloy explained the most northern hole of the program, AHWR106 was designed to test below previous drilling and has confirmed a typical sub-vertical structure.

The hole was drilled deeper where strong silica-sulphide alteration was observed, and assays of 8 metres at 1.76g/t gold have been returned to the end of the hole indicating a new mineralised structure has been discovered.

“There are numerous significant assays from four metre composite samples,” Alloy Resources said in its ASX announcement.

“The individual one metre samples are stored at the project and will be collected and submitted for analysis.

“Upon receiving these final assays, new geological models will be interpreted and Mineral Resource updates completed.

“Extra one metre samples for metallurgy were also collected from interpreted mineralised zones during drilling.

“Mineralised areas will be reviewed and composite metallurgical samples defined before submission for basic gold leaching and gravity recovery testwork.

“An orientation soil sampling program over the Big Daddy prospect has samples currently being prepared and analysed.

“Initial results are expected in the next two weeks and further analyses is likely to follow.”

 

Email: info@alloyres.com

Web: www.alloyres.com

 

Corazon Mining Encounters High-Grades Near Surface at Lynn Lake

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THE DRILL SERGEANT: Corazon Mining (ASX: CZN) has started 2020 on a positive note with the release of the first assay results from its latest phase of drilling at the company’s 100 per cent-owned Lynn Lake nickel-copper-cobalt sulphide project in Canada.

Corazon Mining reported partial results from the first two holes (LL2019-01 and LL2019-02) of a recently completed seven-hole diamond core drilling program that have returned exceptional, broad, near-surface high-grade mineralisation.

The company indicated that further assay results from these holes and the remaining holes in the program will be released as they become available.

Hole LL201902 intersected a high-grade interval of:

21.05 metres at 2.47 per cent nickel, 0.66 per cent copper, 0.07 per cent cobalt, within a broader zone of mineralisation, including 37m at 1.71 per cent nickel, 0.68 per cent copper, 0.05 per cent cobalt, from just 10 metres down hole.

The mineralised interval ended in grade (at 47 metres down-hole), with further assays pending.

Hole LL2019-01 returned good marginal-grade material with:

7m at 0.62 per cent nickel, 0.37 per cent copper, 0.02 per cent cobalt, west of the main zone being targeted by LL2019-02.

The drilling of LL2019-01 and LL2019-02 targeted areas around the A Orebody, historically covered with infrastructure from the A-Shaft and processing plant area within the Lynn Lake Mining Centre.

The area being targeted with drilling at the A Orebody is approximately 80 metres by 220 metres, surrounding previously mined high-grade massive sulphide (stoped to surface and backfilled).

The mined massive sulphide mineralisation at the A Orebody is described as ‘pipe-like’ with dimensions of approximately 40 metres by 120 metres.

“The company’s recent exploration work at Lynn Lake focused on defining additional areas of mineralisation with the potential to add to the project’s significant existing resource base,” Corazon Mining said in its ASX announcement.

“Corazon’s recent mining studies at Lynn Lake predominantly centred on nickel deposits at depths of more than 400 metres below surface.

“This work has highlighted the potential to define additional resources closer to the surface adjacent to Lynn Lake’s historically mined areas.

“The initial testing of these areas was the focus for the recent drilling program.”

 

Email: info@corazon.com.au

Web: www.corazon.com.au

 

THE DAILY ROADHOUSE

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NTM Gold Encounters Further High-Grades to Increase Hub Strike

THE DRILL SERGEANT: NTM Gold (ASX: NTM) increased the mineralised strike at the Hub prospect within the company’s 100 per cent-owned Redcliffe gold project near Leonora in Western Australia.

Middle Island Kicks Off Major Sandstone Drilling Campaign

THE DRILL SERGEANT: Middle Island Resources (ASX: MDI) has commenced the first in a planned series of drilling programs to be undertaken at the company’s 100 per cent-owned Sandstone gold project in Western Australia.

Matsa Resources Releases Final Red October First Round Drill Results

THE DRILL SERGEANT: Matsa Resources (ASX: MAT) announced results from the final three holes of grade-control drilling undertaken at the company’s Red October gold mine in the Eastern Goldfields of Western Australia.

Galan Lithium Returns ‘Remarkable’ Lithium Results From Hombre Muerto

THE DRILL SERGEANT: Galan Lithium (ASX: GLN) added to previous news with the announcement of another exceptional lithium assay result from the company’s Hombre Muerto lithium brine project in Argentina.

 

NTM Gold Encounters Further High-Grades to Increase Hub Strike

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THE DRILL SERGEANT: NTM Gold (ASX: NTM) increased the mineralised strike at the Hub prospect within the company’s 100 per cent-owned Redcliffe gold project near Leonora in Western Australia.

NTM Resources reported that drilling at Hub has confirmed grade continuity, particularly in the central part of the prospect, giving confidence to the robustness of the gold mineralisation.

The drilling also encountered mineralisation over 200 metres south of the previous southernmost intercept, extending the strike of Hub to over 1,350m.

The drilling was completed just before Christmas, testing northern and southern extensions as well as shallow grade continuity, consisting 31 RC holes and six diamond tails.

Five metre composites from the first eight holes (19RRC079 – 086) that returned exceptional grades close to surface were resampled on one-metre intervals with results confirming the tenor of the previously grades and widths.

Five metre composite samples from the remaining RC holes (19RRC087 – 110) have now been received by the company, returning a large number of high-grade results.

Of note, the diamond drilling intersected high-grade mineralisation at depth.

Diamond and RC drilling returned numerous high-grade intersections, including:

10 metres at 6 grams per tonne gold from 85m, including 5m at 9.2g/t gold (RC 5m composite);
4.1m at 8.4g/t gold from 186.4m (Diamond); and
6m at 5.1g/t gold from 323.5m, including 1m at 11.5g/t gold (Diamond).

One-metre RC resamples confirmed outstanding shallow grades and widths including:

9m at 12.5g/t gold from 33m, including 2m at 29.6g/t gold;
12m at 6.8g/t gold from 25m, including 2m at 20.7g/t gold; and
9m at 8.9g/t gold from 24m, including 2m at 14.1g/t gold.

The Hub prospect strike was extended to over 1,350m with results on southernmost RC line of:

5m at 5g/t gold from surface (RC 5m composite); and
5m at 2.1g/t gold from 65m (RC 5m composite).

“These latest results continue to demonstrate the potential of Hub with exceptional grades close to surface and a strike of over 1.3 kilometres,” NTM Gold managing director Andrew Muir said in the company’s announcement to the Australian Securities Exchange.

“Hub continues to grow with each drill program and we look forward to ongoing testing with drilling to recommence in coming weeks.”

 

Web: www.ntmgold.com.au

 

Middle Island Kicks Off Major Sandstone Drilling Campaign

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THE DRILL SERGEANT: Middle Island Resources (ASX: MDI) has commenced the first in a planned series of drilling programs to be undertaken at the company’s 100 per cent-owned Sandstone gold project in Western Australia.

Middle Island Resources explained the drilling will collectively comprise a major exploration and resource definition drilling campaign at the Sandstone gold project and will target around 17 identified prospects and deposits within the company’s existing Sandstone tenure.

The primary objective of the drilling campaign is to confirm (and/or identify) and quantify additional open pit gold deposits and deposit extensions to supplement existing Mineral Resources prior to completing, in the June quarter, an update of the pre-feasibility study (PFS) commenced in the December quarter of 2019.

The 17 identified open pit gold targets and deposit extensions have been prioritised following a detailed internal and external technical review with the majority located on existing permitted tenure (M57/128 & M57/129) and all within five kilometres of the company’s 600,000 tonnes per annum gold processing plant.

“Commencing 2020 with around $2.8 million in cash, either at bank or fully underwritten, provides a rare opportunity to realise a long-held ambition to deploy significant drilling metres across a multitude of targets that have remained untested (or poorly tested) due to previous financial constraints,” Middle Island Resources managing director Rick Yeates said in the company’s announcement to the Australian Securities Exchange.

“The planned multi-phase drilling campaign has the potential to add significant open pit Mineral Resources to the Sandstone gold project.

“With the Australian dollar gold price near record levels, any additional Mineral Resources identified during the drilling campaign should significantly enhance the outcome of the updated PFS, which is planned to recommence in the June quarter of 2020, hopefully leading to a positive recommissioning decision once completed.

“Middle Island Directors acknowledge Mr Stephen Copulos and his associates for their vision in identifying, not only the more immediate gold production scenario, but endorsing a broader vision to create a significant regional gold processing hub, centred on Middle Island’s Sandstone processing plant, via cornerstone investments in the recent and current capital raisings.

“By its very nature, results from initial AC drilling are unlikely to generate significant excitement, however it is reasonable to anticipate more significant results from the subsequent Phase 1 RC drilling program.”

 

Email: info@middleisland.com.au

Web: www.middleisland.com.au

 

Matsa Resources Releases Final Red October First Round Drill Results

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THE DRILL SERGEANT: Matsa Resources (ASX: MAT) announced results from the final three holes of grade-control drilling undertaken at the company’s Red October gold mine in the Eastern Goldfields of Western Australia.

Matsa Resources completed 11 underground diamond drill holes, focussing on extensions in the main mining area (ROSZ North), from which it achieved impressive gold assays the company claims to confirm the high-grade potential of the Red October gold mine.

Gold intercepts received for new zones from the final three holes of the grade-control drilling program at the Red October gold project include:

0.6 metres at 70.6 grams per tonne gold;
0.98m at 14.88g/t gold; and
1m at 14.6g/t gold.

Further strong results were achieved from the Red October Shear Zone (ROSZ) including:

2.1m at 4.24g/t gold.

“The discovery of new high-grade lodes which are not reflected in the June 2016 Resource model is significant,” Matsa Resources said in its ASX announcement.

“The high-grade lodes indicate the strong potential for more ore-bearing structures to be discovered to the north by further drilling.

“These new lodes will be prioritised for further evaluation as new opportunities outside of the known lode system.”

 

Email: reception@matsa.com.au

Web: www.matsa.com.au