Gold Bugs Scratch Precious Metal Itch at Diggers & Dealers

/in , /by

THE CONFERENCE CALLER: The big hitters were out and about in Kalgoorlie this week with the usual suspects delivering the latest news on the industry’s glittering prize.

Newcrest Mining (ASX: NCM) was in an instructive mode when the company’s exploration general manager Fraser MacCorquodale strode to the Diggers & Dealers stage on Day One.

MacCorquodale suggested grassroots explorers should think about linking up with his company as it continues its search for new drill-stage projects in Tier 1 locations around the world.

Such a move, he said, would hold the promise of the advantages of Newcrest’s high levels of technical capability, its flexibility in adopting partnership styles and, “experience in quickly transforming opportunities into long-term mines”.

McCorquodale highlighted Newcrest’s Havieron project in Western Australia as an example that is being explored under a Joint Venture with UK-based explorer Greatland Gold.

Newcrest currently holds 70 per cent of the project, and has until the beginning of September to pay $US60 million to exercise its option over an additional 5 per cent interest.

 

Evolution Mining (ASX: EVN) has raised the potential for extending the mine life and greater exploration success at depth with the posting of a 28 per cent increase in copper resources at its Ernest Henry copper-gold mine in Queensland.

Evolution Mining executive chairman Jake Klein outlined progress on mine extension planning for Ernest Henry and the proposal to unify a package of assets at Mungari in Western Australia during his presentation to the Diggers & Dealers crowd.

The project’s gold resource also improved by 24 per cent.

Klein said the copper and gold increases reinforced the mine, northeast of Cloncurry, as a premier copper-gold asset while highlighting its extension potential.

A revised measured, indicated and inferred resource estimate of 88.3 million tonnes at 1.28 per cent for 1.13 million tonnes copper and 0.73 grams per tonne gold for 2.07 million ounces gold is the result of over 30,000 metres of new drilling to the end of May, depleted for mining to June 30.

The upgraded resource model will be part of a prefeasibility study, due for completion by December 2022, on a mine extension program expected to provide a pathway for mining to continue beyond 2031.

 

Northern Star Resources (ASX: NST) has recently reported strong progress on organic growth plans while work gets under way on planning for the expansion of processing capacity and annual production at the company’s 100 per cent-owned Kalgoorlie Super Pit in Western Australia.

A prefeasibility study released in June outlined three options for an expansion program that would cost up to $1.4 billion to expand the Kalgoorlie Consolidated Gold Mines operation’s production capacity by up to 200,000 ounces per annum and reduce all-in sustaining costs by up to $200 per ounce.

Northern Star managing director Stuart Tonkin told Diggers & Dealers the company had overcome a dynamic and challenging environment to deliver progress in the first year of a five-year pathway to growth.

 

Caspin Resources Hits Outcropping Gold-Silver System at Duchess Prospect

/in , /by

THE DRILL SERGEANT: Caspin Resources’ (ASX: CPN) CEO Greg Miles had Diggers & Dealers delegates talking all week after downing a ‘shoey’ during his pitch at The Roadhouse Steak Sandwich Showdown on Monday.

The company received further attention on the final day of the forum after releasing results from the first batch of rock chips taken during field mapping and aircore drilling ‘bottom of hole’ activity from the Duchess prospect within the company’s wholly-owned Mount Squires project in the West Musgrave region of Western Australia.

Caspin Resources recently completed the first part of a reconnaissance aircore program over the Duchess prospect comprising 81 holes focussing on a core molybdenum anomaly it had previously identified in 2021.

The latest program also extended over seven kilometres of strike across a broader molybdenum, copper, gold and lead soil anomaly.

A highlight of these early results is a rock chip sample returning 2.46 grams per tonne gold and 49.7g/t silver from a patchy outcrop covering approximately 20 square metres, comprising a felsic volcanoclastic rock with breccia-style quartz veins at the western margin of the Duchess prospect.

“This is a great example of the opportunity for discovery at Mount Squires,” Caspin Resources chief executive officer Greg Miles said in the company’s ASX announcement.

“We’ve set foot on this brand-new target with almost no previous exploration and immediately picked up gold and silver bearing veins off the surface.

“How many places on earth can you still do that?

“And our first reconnaissance drilling program offers evidence of coherent bedrock mineralisation!

“We’re excited by what else we’ll find, not just at Duchess but across the project.

“I think this vindicates our belief in the Mount Squires project and supports the company’s strategy to pursue both the Yarawindah Brook and Mount Squires projects.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: admin@caspin.com.au

 

Web: www.caspin.com.au

 

Austral Resources Drills New Copper Hits at Flying Horse

/in , /by

THE DRILL SERGEANT: Austral Resources (ASX: AR1) burst out of the blocks on Day Two of the Diggers & Dealers forum in Kalgoorlie to announce drilling results from the company’s recent Flying Horse diamond drilling program.

Austral Resources’ announcement followed a strong performance by the company at The Resources Roadhouse Steak Sandwich Showdown on Day One.

Flying Horse is located on an existing Mining Lease and contains a JORC Mineral Resource Estimate of 14.2 million tonnes at 0.77 per cent copper that was estimated in 2013 by the previous mine owner.

Austral completed a three-hole diamond drilling program at Flying Horse to provide fresh ore samples for a metallurgical test work program that will evaluate the suitability of Mt Kelly sulphide (chalcopyrite) mineralisation for an emerging sulphide heap leach SX-EW technology.

Assay results from drilling at Flying Horse at Mt Kelly include;

MTKD010
19 metres at 1.69 per cent copper from 66m downhole;

MTKD081
14m at 2.23 per cent copper from 122m downhole and 11m at 2.3 per cent copper from 146m downhole; and

MTKD082
5m at 2.06 per cent copper from 125m downhole and 7m at 1.02 per cent copper from 244m downhole and 6m at 1.65 per cent copper from 264m downhole.

“This ongoing evaluation of Flying Horse is a further step in assessing the potential to begin commercialising Austral’s 210,000 tonnes of contained copper in sulphides (26.5Mt @ 0.8% Cu) to augment the company’s current 40,000 tonnes Anthill Mine copper production from the Anthill copper oxide mine,” Austral Resources said in its ASX announcement.

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: admin@australres.com

 

Web: www.australres.com

 

Indiana Resources Confirms Central Gawler High-Grade Ionic Clay Rare Earths

/in , /by

THE DRILL SERGEANT: The gang from Indiana Resources (ASX: IDA) was circulating heavily on Day Two at Diggers & Dealers after announcing it has confirmed Rare Earth Elements (REE) mineralisation within the company’s 100 per cent-owned Central Gawler project in South Australia.

Indiana Resources recently completed a review of previous drilling results within its Central Gawler project database that has highlighted the prospectivity for clay hosted ionic type REE in the regolith.

An initial batch of sample pulps from six holes drilled in 2021 were submitted for the full suite of light and heavy rare earth elements (total REE) returning results including values up to 15,486ppm (1.55%) total rare earth oxide (TREO).

“The confirmation of the high TREO values including the high value magnet metals is a promising result and shows there has been enrichment of these elements within the weathered clay profile,’” Indiana Resources technical director Felicity Repacholi-Muir said in the company’s ASX announcement.

“We will now re-assay the balance of our extensive sample pulp inventory and work to enhance the rare earth potential in our large project area Indiana has continued to demonstrate the underlying value of the Central Gawler project with significant gold and REE mineralisation discovered via our aggressive and systematic approach to exploration.

“We look forward to sharing exciting further results in due course.”

 

 

 

Email: info@indianaresources.com.au

 

Web: www.indianaresources.com.au

 

 

Musgrave Minerals Drills High Grades from White-Heat Mosaic

/in , /by

THE DRILL SERGEANT: Musgrave Minerals (ASX: MGV) is set to present on Day Three at Diggers & Dealers, but couldn’t wait that long to announce further high-grade gold assay results from reverse circulation (RC) and diamond drilling on the company’s 100 per cent-owned ground at its Cue Gold project in Western Australia’s Murchison district.

The latest results come from along the Break of Day Trend at the White Heat-Mosaic deposit with results being a combination of infill and extensional drilling that highlight the very high-grade nature of the near-surface mineralisation along the Break of Day Trend.

New extensional RC drilling intersected:

22MORC130
7 metres at 149.7 grams per tonne gold from 143m, including 1m at 1,040g/t gold from 143m;

22MORC129
3m at 25.8g/t gold from 184m; and

22MORC110
5m at 6.9g/t gold from 135m.

Infill RC drilling intersections include:

22MORC111
4m at 116.5g/t gold from 50m, including 2m at 230.5g/t gold from 51m;

22MORC113
4m at 24.9g/t gold from 44m;

22MORC115
6m at 17.3g/t gold from 92m; and

22MORC109
4m at 9.6g/t gold from 14m.

Infill diamond drilling intersected:

22MODD029
0.5m at 365g/t gold from 115.1m.

“These are another set of very strong results from White Heat-Mosaic, part of the high-grade Break of Day Trend,” Musgrave Minerals managing director Rob Waugh said in the company’s ASX announcement.

“It would be hard to find better results from a recent Australian exploration program and the Cue gold project is fast becoming one of the richest undeveloped high-grade gold deposits in Australia.

“Drilling continues to turn up new lodes which we will continue to define with further drilling.

“We are continuing to grow our understanding of the system and the controls on mineralisation.

“Exploration is continuing while we also progress development studies on our existing resources at Cue.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@musgraveminerals.com.au

 

Web: www.musgraveminerals.com.au

 

Genesis Minerals Views Leonora Goldfields from Lofty Height of Project Cherry Picker

/in , /by

THE CONFERENCE CALLER: Genesis Minerals (ASX: GMD) managing director Raleigh Finlayson pumped up one takeover while hosing down scuttlebutt of another when addressing the opening day audience at the 2022 Diggers & Dealers Mining Forum in Kalgoorlie.

Proving that old news travels fast, the auditorium at the Goldfields Arts Centre was chock-a-block for Mr Merger’s presentation of delegates anxious to hear what they already knew about the
agreed $111 million takeover agreement announced this month between explorer Genesis and miner Dacian Gold (ASX: DCN).

Genesis has hardly made a secret of its mergers and acquisitions strategy to achieve its aim to become a premium Australian gold producer, and has fingered Dacian as a natural pairing in the Leonora mining district.

The all-scrip transaction would combine Genesis’ own high-grade Ulysses project and organic growth opportunities with Dacian’s large-scale strategic milling infrastructure at the Mt Morgans project.

Seen as a ‘win-win’ proposition the deal would accelerate development of Ulysses’ high-grade core of 363,000 ounces at 6.4 grams per tonne gold while avoiding the $150-160 million price tag of establishing a stand-alone processing facility, adding further potential to increase production rates.

But why stop there?

The transaction has already set the Goldfields rumour mill in motion with those who are smarter than others in these matters pointing out possible future mergers and acquisitions activity in the Leonora district.

Most of the speculation focused on St Barbara (ASX: SBM) and its substantial Resources and infrastructure as a possible target.

This would be big, creating a company that would boast the size and quality of assets to bridge the gap between the individual enterprises with that of ASX100 status miners.

To keep things interesting, Finlayson acknowledged Genesis had reopened discussions with St Barbara, among numerous regional opportunities – so, nothing to see here.

“A further consolidation would offer the potential to hold a dominant resource and reserve position in Leonora coupled with the flexibility of optimised deposits and regional processing power,” he said.

While St Barbara itself has also talked about the prospects for consolidation in the region, Finlayson warned there were no assurances the current talks would lead to a transaction.

 

 

Galan Lithium Claims New Pegmatite Discovery at Greenbushes South Project

/in , /by

THE DRILL SERGEANT: Galan Lithium (ASX: GLN) claimed discovery of a new outcropping pegmatite with 500m-plus strike length at the Greenbushes South lithium project in Western Australia.

Greenbushes South is a Joint Venture between Galan (80%) and Lithium Australia (ASX: LIT) (20%).

The company reported there are further strong indications that this pegmatite remains open and continues along strike and builds on the previous pegmatite discovery announced in June.

“Initial exploration outcomes at Greenbushes South have been excellent,” Galan Lithium managing director JP Vargas de la Vega said in the company’s ASX announcement.

“The team is understandably excited about the fact that airborne geophysical targeting has successfully driven our field mapping and sampling focus, and already led to multiple new sizeable pegmatite outcrops being discovered.

“It is also important to note that the discovered pegmatites have similar macroscopic mineralogy to those pegmatites described at the Greenbushes Lithium Mine to the north.

“Today’s results take us a step further.

“We now have confirmation of anomalous lithium concentration levels in the soil samples that were taken over the initial pegmatite discovery at the GS11 target zone.

“Geological mapping and geochemical sampling activities are ongoing.

“There are further soil and rock sample assays pending, including those to be submitted from our newest pegmatite discovery.

“We have also launched a pilot ground geophysics program to overlay our exploration targeting efforts at Greenbushes South.

“All of this work is driving us towards the key outcome of premium target locations for our initial drilling program.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: email@galanlithium.com.au

 

Web: www.galanlithium.com.au

 

Dreadnought Resources Completes Capital Raise to Accelerate Mangaroon Rare Earth Discovery

/in , /by

THE DRILL SERGEANT: Dreadnought Resources (ASX: DRE) is cashed up to accelerate infill, extensional and discovery drilling at the company’s 100 per cent-owned Mangaroon rare earth project in Western Australia.

Dreadnought Resources reported it has received firm commitments to raise $12 million in an institutional placement of 200 million new ordinary shares at an issue price of six cents per share.

The company said the placement was strongly supported by institutional and sophisticated investors, both domestically and offshore, providing endorsement of Dreadnought’s ongoing progress and exceptional discovery at Mangaroon.

“The rapid progress at the large-scale, high-grade Yin discovery requires an acceleration of our activities,” Dreadnought Resources managing director Dean Tuck said in the company’s ASX announcement.

“As does testing of the potential game changing prospects around Yin which includes the possible source of the regional rare earths being the five carbonatites (C1 to C5).

“An initial JORC Resource at Yin will provide confirmation as to the scale and grade potential at Yin.

“We expect ongoing testing at Yin and our other ironstones to contribute to significant growth of the company’s upcoming maiden JORC Resource.

“The company will also progress activities at its other projects, which are showing considerable promise as ongoing exploration continues.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@dreadnoughtresources.com.au

 

Web: www.dreadnoughtresources.com.au

 

 

Ausgold Delivers 1.28 Million Ounces Maiden Ore Reserve at Katanning

/in , /by

THE DRILL SERGEANT: Ausgold (ASX: AUC) reported a maiden Ore Reserve by way of a completed Prefeasibility Study (PFS) for the company’s 100 per cent-owned Katanning gold project in the south-east of Western Australia.

Ausgold said the PFS had confirmed a 1.28 million ounce Maiden Ore Reserve at the Katanning gold project while highlighting the project as one of the largest undeveloped free-milling open cut gold projects in Western Australia, with low capital costs and substantial scope to increase the total scale of this project in the near term.

“Ausgold is now positioned firmly on the path to becoming Australia’s next mid-tier gold producer with the Katanning Gold Project delivering a large 1.28 Million Ounce Ore Reserve with excellent financial metrics demonstrating low cost, low technical risk, and a high-margin operation,” Ausgold managing director Matthew Greentree said in the company’s ASX announcement.

“High-grade ores identified early in the mining schedule deliver, over the first six production years, 126,000 ounces of gold on average per year and help to generate $555 million of after tax free cashflow to the project over this period.

“This early cashflow generation facilitates an early payback of the estimated $225 million of pre-production capital after 21 months, sets up an impressive IRR of 40.7 per cent and supports a debt-equity funding model.

“This initial Ore Reserve confirms the company’s robust understanding of the Katanning gold deposit and further supports our thesis that this represents the foundation of an excellent mine operation with clear upside potential.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@ausgoldlimited.com

 

Web: www.ausgoldlimited.com

 

Miramar Resources Reports High-Grade Gold Results from Gidji JV

/in , /by

THE DRILL SERGEANT: Miramar Resources (ASX: M2R) kicked off its Diggers & Dealers campaign by announcing drill results from the company’s 80 per cent-owned Gidji JV project outside Kalgoorlie in the Eastern Goldfields of Western Australia.

Miramar Resources reported the new results include multiple high-grade gold results from both the Marylebone West target and the new one-kilometre long Highway target, the third new gold discovery at Gidji by Miramar since its listing in 2020.

The long wait is over and the company has started receiving assay results from its April 2022 aircore drilling campaign at the Marylebone, Blackfriars and Highway targets.

Results include infill holes around the Marylebone discovery hole, GJAC096, including:

GJAC645
2 metres at 4.72 grams per tonne gold from 56-58m;

GJAC646
5m at 2.52g/t gold from 56-60m, including 1m at 12.6g/t gold;

GJAC647
1m at 2.55g/t gold from 59-60m; and

GJAC649
7m at 3.23g/t gold from 57-64m, including 3m at 7.12g/t gold.

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

“We have now outlined four new targets at Gidji since listing, each at least 1km long, and with multiple bedrock aircore gold intersections including several high-grade results up to 13 grams per tonne gold.

“It is quite amazing that we can do this, adjacent to a major highway and only 15 kilometres from Kalgoorlie, which hosts one of the largest single gold deposits in the world.

“We look forward to continuing to uncover the full potential of the Gidji project.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@miramarresources.com.au

 

Web: www.miramarresources.com.au