Austral Resources Enters Exploration Earn-in Agreements with Glencore

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THE BOURSE WHISPERER: Austral Resources (ASX: AR1) has struck reciprocal non-binding exploration earn-in agreements with MIM, a subsidiary of Glencore.

Austral Resources explained the reciprocal nature of the Earn-in Agreements will allow for:

(1) MIM to explore 330 square kilometres of Austral EPMs (within JV Area) surrounding MIM’s Lady Loretta zinc, lead, silver Mine and Austral’s Lady Annie copper Mine, and;

(2) Austral to explore for copper oxide over MIM’s 116sqkm neighbouring Russell Fault tenement (EPM26435).

Under the terms of the agreements, MIM will have the rights to earn-in up to a 65 per cent interest of Austral’s JV EPM’s by spending $6.3 million over four years.

Austral retains the right to explore for and commercially exploit oxide copper ore within the Exploration Area.

Additionally, Austral is entitled to earn-in up to 65 per cent interest within MIM’s Russell Fault EPM by spending $2 million over four years, effectively increasing the company’s copper exploration area by 116sqkm.

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

“We are excited to collaborate with Glencore on this exploration JV in Queensland’s Northwest Minerals Province,” Austral Resources CEO Steve Tambanis said in the company’s ASX announcement.

“Both parties hold a significant tenure position within the region, and it makes absolute sense to combine the tenure for an intensive exploration program.

“Glencore are our offtake partners for 40,000 tonnes of our Anthill copper cathode and we look forward to working together from an exploration perspective.

“This is a win-win transaction for both Austral and Glencore with the potential to discover new orebodies that can extend operations of both companies in the region.

“Glencore is focussed on discovering new base/precious metal orebodies in this metal-rich area and Austral believes there is excellent potential to define additional oxide copper resources to be processed at its nearby Mt Kelly SXEW plant.

“The prospectivity of the area has been significantly enhanced by two new geophysical datasets (Heli-VTEM and a separate fixed wing Falcon Gravity survey) flown by Glencore in late 2021 and processed earlier this year.

“This new data has generated a number of priority targets for the JV and drilling is expected to commence within months.

“Of note, Austral has retained its rights to explore for oxide copper mineralisation on its own tenure and has negotiated the right to explore MIM’s tenure for oxide copper mineralisation.

“We believe that the increased drilling activity in this area will yield more shallow copper oxide mineralisation.

Of Austral’s 2,100 square kilometres of EPM tenure, this Earn-in agreement applies to a 330 square kilometres portion immediately about the Lady Loretta Mine.

“Austral retains 1,800 square kilometres of EPMs for other exploration initiatives.

“Austral recently commenced processing ore from its Anthill Copper Mine – building to rate of 10,000 tonnes per annum of copper cathode from mid-2022 for a four-year period.

“This will now allow the company to increase the pace of its exploration and development activities.”

 

 

Email: admin@australres.com

 

Web: www.australres.com

 

Medallion Metals Step Out Hole Intersects Visual Mineralisation

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THE DRILL SERGEANT: Medallion Metals (ASX: MM8) has encountered visual gold in diamond drilling recently undertaken at the Harbour View and May deposits that are part of the company’s Kundip Mining Centre (KMC) in Western Australia.

Medallion Metals completed step out holes targeting extensions to the Harbour View and May lodes that intersected visual quartz-sulphide mineralisation up to 180 metres from closest previous drilling.

The company declared the intersections to be characteristic Kundip style quartz-pyrite-chalcopyrite veins that indicate an extension to known mineralisation, with the nearest holes returning:

DD21KP997
2.38 metres at 4.26 grams per tonne gold, 7.19 per cent copper, 37.35g/t silver from 231.22m; and

DD18KP884
1.75m at 4.08g/t gold, 17.94 per cent copper, 40.4g/t Ag from 173.0m.

The Harbour View deposit is situated in the central area of KMC within the company’s greater Ravensthorpe gold project (RGP).

Medallion Metals said the visual estimations of mineralisation intersected by the diamond drilling at Harbour View South lode have confirmed an approx. 180 metres strike extension to the south, validating the company’s current geological model.

“These outstanding visual results are evidence of significant extensions of the Harbour View and May structures and provides further confidence in the structural and geological continuity of mineralisation,” Medallion Metals managing director Paul Bennett said in the company’s ASX announcement.

“Our project team is developing an excellent handle on what is controlling this system and these results demonstrate our ability to materially extend mineralisation quickly and efficiently.

“Subject to assay results, shareholders should expect to see further resource growth in this area.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@medallionmetals.com.au

Web: www.medallionmetals.com.au

 

 

E79 Gold Mines Drills Pinjin JV Gold Target

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THE DRILL SERGEANT: E79 Gold Mines (ASX: E79) reported further assay results received for Target 3, at the company’s Laverton South project in Western Australia.

E79 Gold completed air-core drilling at the Pinjin JV with St Barbara (ASX: SBM) from November 2021 to February 2022 across three target areas, resulting in 81 holes for 3,342m over Target 3.

Assay results from the first 40 holes of the program were released in April, now further results for the remainder of the aircore program at Target 3 show gold anomalism has been extended by 900 metres to the south, for a total strike extent of over 1,600m.

“The final air-core results from Target 3 show that a robust gold target is starting to emerge over a significant strike extent in excess of 1,600 metres,” E79 Gold CEO Ned Summerhayes said in the company’s ASX announcement.

“Multiple coherent zones are demonstrating anomalism for both gold and gold pathfinder elements, with a number of drill holes ending in strong gold anomalism in bedrock.

“This is important as the anomalism sits below the large regional paleochannel and represents in-situ gold mineralisation, which has not been drill tested at depth.

“End-of-hole spectral data provides evidence for gold deposition being controlled by large-scale oxidised / reduced fluid mixing, which is a trait common of the larger gold mines within the Laverton region.

“Our work on this target to date remains wide-spaced reconnaissance drilling which will be in-filled to better define targets for reverse-circulation drill testing.

“Notwithstanding the disappointing and industry-wide delays in receiving assays, E79 Gold Mines is executing its systematic testing of targets within the company’s highly prospective tenure packages, and we are very pleased with the results achieved to date which is establishing the basis for realising the potential for meaningful discovery.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@e79gold.com.au

Web: www.e79gold.com.au

 

 

Galileo Mining Drilling at Callisto Palladium Discovery

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THE DRILL SERGEANT: Galileo Mining (ASX: GAL) has kicked off RC drilling at the company’s 100 per cent-owned Callisto palladium discovery within the Norseman project area in Western Australia.

Galileo Mining has a 4,000-metre program planned that is anticipated to run for approximately five weeks.

The drill program is focussed on the Callisto discovery and is intended to follow up on previous drilling of six drill holes reported in May that each intersected palladium-platinum-gold-copper-nickel sulphide intersections.

Of these, NRC266 was also analysed for rhodium with positive results subsequently released to the market.

“It is great to be back drilling at Callisto so soon after the release of results from the first drill program in May,” Galileo Mining managing director Brad Underwood said in the company’s ASX announcement.

“The current drilling aims to expand on the early results with drilling designed at a 50 metre spacing across strike to be followed by drill lines along strike to the north.

“The mineralisation intersected to date contains palladium, platinum, gold, copper, nickel, and rhodium, and the grades appear to be increasing towards the eastern target zone.

“The extensive prospective strike, combined with the thick and consistent mineralisation drilled to date, indicates the potential for a large mineralised system.

“Approximately 20 holes will be undertaken in this round of drilling and we look forward to updating the market with results from this exciting new discovery.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@galmining.com.au

 

Web: www.galileomining.com.au

 

 

Calidus Resources Reports Increase in Size of Spear ill Lithium Discovery

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THE DRILL SERGEANT: Calidus Resources (ASX: CAI) reported further results achieved at the Spear Hill lithium discovery in Western Australia by Pirra Lithium, which is owned equally by Calidus and Haoma Mining NL.

Calidus Resources said recent rock-chip sampling and mapping by Pirra Lithium had almost doubled the known strike length of outcropping lithium-bearing pegmatites at the Spear Hill lithium discovery to 4.3 kilometres.

Assays received for a further 30 rock-chip samples from a newly discovered pegmatite swarm 1.7km south-west of the original discovery area yielded lithium grades up to 2.35 per cent and 808ppm tantalum.

The samples were collected from three exposed pegmatites and areas of muscovite and lepidolite alteration over nearly 1.8km of strike length.

“This discovery of another significant pegmatite outcrop in the vicinity of the previously announced results confirms the presence of a significant lithium pegmatite system,” Calidus Resources managing director Dave Reeves said in the company’s ASX announcement.

“These results have provided additional drill targets that demand to be tested.

“The expansion of the mineralised system at Spear Hill reinforces the substantial prospectivity across the large tenement package and rights owned by Pirra Lithium.

“As a result, the shareholders of Pirra Lithium have decided to commence a demerger process and IPO of Pirra Lithium later this year.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@calidus.com.au

 

Web: www.calidus.com.au

 

Meteoric Resources to Sell Juruena Gold Project for $30M

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THE BOURSE WHISPERER: Meteoric Resources (ASX: MEI) is set to be $30 million to the good after announcing a deal to sell the company’s Juruena gold project in Brazil.

Meteoric Resources is selling Juruena with a price tag of US$22 million to Keystone Resources Ltd, a wholly-owned subsidiary of Alchemist Investments Inc., a holding group with experience in developing mines globally, including Brazil.

Meteoric signalled the deal will allow it to accelerate the development of its Palm Springs gold project in Western Australia whilst seeking further acquisition and investment in complimentary resources projects.

“We are pleased to announce the sale of our Juruena gold project in Brazil for up to US$22,000,000,” Meteoric Resources managing director Andrew Tunks said in the company’s ASX announcement.

“I am very proud of the work we have completed in firstly identifying then securing Juruena followed by our successful exploration of the project over the past three years.

“During this time the team has produced some truly amazing drilling results ultimately resulting in a substantial Mineral Resource of 1.9 million tonnes at 6.3 grams per tonne gold for 387,000 ounces.

“We consider this the ideal moment at which the pass Juruena to a group far better placed than ourselves to now develop the project, allowing Meteoric to focus on what it does best, which is the identification, acquisition and advancement of projects through high quality exploration focusing on results generated at the drill bit.”

The company also announced that Tunks will be standing down as managing director.

“Having delivered this result for shareholders, I feel this is the right time for me to step down from the position of managing director into a non-executive director role,” Tunks said.

“I personally would like to thank shareholders and the Board for the opportunity to lead Meteoric since 2018.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@meteoric.com.au

Web: www.meteoric.com.au

 

Black Cat Syndicate Eyes 302oz Gold Production on Release of Kal East PFS

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THE DRILL SERGEANT: Black Cat Syndicate (ASX: BC8) released results from a Preliminary Feasibility Study (PFS) completed on the company’s Kal East gold project in Western Australia.

Black Cat Syndicate reported the PFS has defined initial Ore Reserves and a robust, base case production plan for Kal East, which already has approvals in place and a short pathway to commencement of construction when labour market conditions improve.

The PFS has determined a robust, base case, production plan for Kal East of 301,700 ounces to generate an Operating Cashflow (after all capital and before tax) of $105.9 million at an All-in Sustaining Cost of $1,510 per ounce ($2,500/oz gold price).

The initial production plan is based on 5.5 years of production at an average of 56,000 ounces per annum with growth potential beyond that.

The company indicated that a final investment decision for Kal East will be deferred until construction conditions improve with near-term development focus on the newly acquired Coyote and Paulsens operations.

Drilling is scheduled to resume at Kal East this month to support Resource upgrades and Ore Reserve increases including final grade control drilling at Myhree.

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

“In just four years Black Cat has gone from a junior explorer with 80 square kilometres of ground and nil Resources to a multi-project near term gold producer with Kal East and the near finalised acquisitions of Coyote and Paulsens,” Black Cat Syndicate managing director Gareth Solly said in the company’s ASX announcement.

“This initial Kal East Ore Reserve and the base case production plan from the PFS is encouraging and shows attractive metrics from only a portion of the growing 1.3 million ounces Resource base.

“Our stated objective was to define an initial three-year Ore Reserve which has been exceeded with clear near-term growth potential.

“Recent mining cost increases have been factored into the Study capital and operating costs and Kal East remains highly competitive against other operating WA gold operations.

“The company has deferred the decision to build the Kal East processing facility until labour availability conditions improve and allow construction to commence.

“The project is fully permitted and we will use the deferral period to further enhance the Kal East opportunity.

“The Resources included in the base case remain open with strong potential for additional Ore Reserves.

“We are also considering options to mine and toll treat the Myhree/Boundary deposits to generate early cashflow while working on restart plans at Coyote and Paulsens.

“Coyote and Paulsens are regionally significant assets in gold rich regions.

“The installed infrastructure at these projects has an estimated replacement value of more than $140 millionn.

“The in-situ high-grade Resources at each project have the potential to deliver rapid cashflow due to the anticipated low capital restart costs.

“Black Cat is working towards a five-year vision and plan to have all three of our operations producing gold.”

 

 

 

Email: admin@bc8.com.au

Web: www.blackcatsyndicate.com.au

 

Nic Matich Heavy Minerals (ASX: HVY) June 2022

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Heavy Minerals (ASX: HVY) recently released a maiden Mineral Resource Estimate for the company’s Port Gregory garnet project in Western Australia. CEO Nic Matic zoomed into The Resources Roadhouse to provide Wally Graham with all the ins and outs.

Calidus Resources Drills Open Pit Potential at Blue Spec

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THE DRILL SERGEANT: Calidus Resources (ASX: CAI) reported drilling results it declared highlights potential for an open-pit operation at the company’s Blue Spec East prospect in the Pilbara.

Calidus Resources achieved the results during a RC drilling campaign conducted in December 2021 and January 2022.

Thirteen holes were drilled with the best intercepts, using a cut-off of 0.5g/t gold, consisting of:

22BSRC010
52 metres at 1.4 grams per tonne gold from 22m;

22BSRC009
20m at 1.41g/t gold from 44m;

22SBSRC018
10m at 1.95g/t gold from 81m;

22BSRC017
10m at 1.26g/t gold from 34m; and

22BSRC016
4m at 2.42g/t gold from 12m.

The company explained the results had better defined the shape of previously identified intersections and confirm that known mineralisation at depth continues to near the surface where it may be amenable to open-pit mining.

Follow-up drilling is needed to determine the potential for an open-pit resource.

“These results clearly demonstrate there is opportunity for additional mine life at Blue Spec beyond the current resource,”

“In addition, anomalous gold results from a parallel shear are encouraging for the wider area where targeted soil sampling is scheduled to begin shortly.

“At Marble Bar, the initial drilling program has demonstrated the presence of shallow high-grade gold down dip from the old workings.

“These results will be followed up with further drilling as this area may provide additional high-grade ore to Warrawoona given it is just 25 kilometres from the processing plant.”

 

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@calidus.com.au

 

Web: www.calidus.com.au

 

Blackstone Minerals Claims New Massive Nickel Sulphide Discoveries at Ta Khoa

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THE DRILL SERGEANT: Blackstone Minerals (ASX: BSX) updated the market on drilling activities underway at the company’s Ta Khoa nickel project (TKNP) in northern Vietnam.

Blackstone Minerals has drilled at two new massive nickel sulphide targets within the Ta Khoa district the company has claimed to have identified Massive Sulphide Vein (MSV), Semi-Massive Sulphide Vein (SMSV) and Net-textured Sulphide (NTS) mineralisation.

At the Suoi Phang prospect, drill hole SP22-01 intersected 2.95 metres of sulphide (including MSV, SMSV and NTS), from which Portable XRF readings indicated the presence of up to 20 per cent nickel.

At the Suoi Chanh prospect, the second drill hole SC22-02 intersected SMSV consistent with the company’s Electromagnetic (EM) targeting.

Elsewhere at Ta Khoa, Blackstone has continued drilling on its most advanced MSV deposits, Ban Chang and King Snake.

This has primarily focused on upgrading current resources into a higher confidence category.

Results from infill drilling at Ban Chang include:

BC21-66
9.6 metres at 2.02 per cent nickel, 1.92 per cent copper, 0.1 per cent cobalt and 3.04 grams per tonne PGE from 60.1m, including 4.8m at 3.38 per cent nickel, 3.07 per cent copper, 0.16 per cent cobalt and 5.29g/t PGE from 63.7m.

At King Snake, the most recent drilling has indicated potential for the deposit to continue to plunge further west and at depth.

Results from infill drilling at King Snake include:

KS21-34
15.7m at 1.25 per cent nickel, 0.69 per cent copper, 0.05 per cent cobalt and 1.66g/t PGE from 249.5m, including 6.02m at 2.18 per cent nickel, 0.62 per cent copper, 0.08 per cent cobalt and 2.97g/t PGE from 250.4m.

“It is an exciting phase of exploration for the company as we start to look at massive sulphide opportunities in addition to Blackstone’s established resources at Ban Chang and King Snake,” Blackstone Minerals managing director Scott Williamson said in the company’s ASX announcement.

“Suoi Chanh is yet another example of our in-house geophysics teams proven track record, with success being achieved from the second drill hole.

“We look forward to continuing to systematically assess the massive sulphide potential at Ta Khoa.”

 

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: admin@blackstoneminerals.com.au

 

Web: www.blackstoneminerals.com.au