Intermin Resources Drills Encouraging Start at Binduli

THE DRILL SERGEANT: Intermin Resources (ASX: IRC) reported initial reverse circulation (RC) drilling results from the company’s 100 per cent-owned Binduli gold project, located west of Kalgoorlie-Boulder in the Western Australian goldfields.

Intermin Resources commenced a self-funded $4 million, 55,000m drilling program in Frbruary across its 100 per cent-owned Kalgoorlie gold projects focussed on new discoveries and resource extensions at the key Teal, Anthill and Blister Dam gold projects.

In March 2018, the Binduli joint venture tenements were returned to Intermin on a 100 per cent basis with the company commencing an initial 5,000m RC program at the Crake prospect shortly thereafter.

Downhole intercepts received to date from the Crake prospect include;

BRC18020
28 metres at 3.3 grams per tonne gold from 56m, including 4m at 15.1g/t gold from 64m;

BRC18043
20m at 4.57g/t gold from 68m, including 8m at 8.38g/t gold from 80m;

BRC18024
28m at 2.43g/t gold from 104m, including 8m at 5.87g/t gold from 124m;

BRC18034
36m at 1.19g/t gold from 52m;

BRC18027
4m at 3.24g/t gold from 48m, 16m at 1.24g/t gold from 76m and 4m at 1.29g/t gold from 108m;

BRC18029
18m at 1.75g/t gold from 72m; and

BRC18033
16m at 1.81g/t gold from 32m.

Intermin said the results show gold mineralisation exists over a 250m strike length and remains open along strike and at depth.

“To be intersecting excellent width and grade at relatively shallow depths in our initial program at Crake is extremely encouraging and we look forward to receiving the remaining assays from the drilling program in coming weeks and compiling an initial resource model,” Intermin Resources managing director Jon Price said in the company’s announcement to the Australian Securities Exchange.

“The Binduli project area now joins Teal, Anthill and Blister Dam as a key asset in our gold portfolio with these drilling results providing growing confidence to accelerate further drilling at Crake and the other four priority prospects within this world class gold producing region.”

 

Email: iadmin@intermin.com.au

Website: www.intermin.com.au

 

Alto Metals Drills Shallow Gold Potential at Tiger Moth

THE DRILL SERGEANT: Alto Metals (ASX: AME) reported results from drilling carried out on the Tiger Moth prospect, part of the company’s Sandstone gold project in Western Australia.

Alto Metals advised that twenty-three holes of a 31 hole program at Tiger Moth returned shallow intersections greater than 0.5 grams per tonne gold with 11 holes returning intersections greater than 1g/t gold.

The company explained the short 620m drill program was designed to test the grade and continuity of flat lying laterite gold mineralisation, and to provide samples for metallurgical test work.

Assay highlights include:

SAC126
12 metres at 1.2 grams per tonne gold from 8m;

SAC127
12m at 1.6g/t gold from 8m;

SAC135
8m at 2g/t gold from 8m;

SAC137
4m at 4.7g/t gold from 8m;

SAC138
8m at 7.3g/t gold from 4m; and

SAC143
8m at 1g/t gold from 12m.

A review of past work has also produced the first ever credible model of Tiger Moth that can be tested by further drilling.

“A small proportion of Alto’s 12,175 metre AC program in June included 31 holes at Tiger Moth (total of 620m) to assess the laterite gold mineralisation overlying the Tiger Moth deposit,” Alto Metals managing director Dermot Ryan said in the company’s announcement to the Australian Securities Exchange.

“This new shallow drilling and review of historical drilling has led to a better understanding of the grade and distribution of both the laterite gold mineralisation and the underlying quartz stockwork (saprolite/oxide) hosted gold mineralisation.

“Tiger Moth is just one of a number of deposits at Sandstone where laterite gold mineralisation and saprolite hosted gold mineralisation could potentially be recovered from shallow open pits.”

 

Email: admin@altometals.com.au

Website: www.altometals.com.au

 

Alloy Resources Commences Copper-Gold Targeted Drilling

THE DRILL SERGEANT: Alloy Resources (ASX: AYR) has kicked off aircore drilling of targets identified from extensional soil and rock chip sampling programs at the company’s Ophara cobalt-gold project in New South Wales.

Alloy Resources conducted the extensional soil sampling program within a seven square kilometre area surrounding the known Great Goulburn cobalt-gold prospect with the aim to assess new areas in the central eastern part of the project where outcropping hills with prospective geology was present.

Rock chip sampling was conducted over these areas as well as in the new eastern sampling area where a small historical shaft working was located.

Alloy reported the rock chip assays confirmed coincident anomalous cobalt-gold and copper at these areas and a small 2,500 metre program of air-core drilling has been designed to test four of the targets.

Drilling commenced last weekend as is progressing at approximately 300 metres per day while further infill soil sampling is being completed at the same time as the drilling.

“Field work is progressing well with two phases of soil sampling and then field checking and rock chip sampling enabling a logical definition of drill targets,” Alloy Resources executive chairman Andy Viner said in the company’s announcement to the Australian Securities Exchange.

“If we can confirm cobalt-gold-copper mineralisation by air-core drilling of these targets then it will open up huge potential on the other soil anomalies that do not have any surface expression.

“The newly located historical workings may also be opening up a different copper-rich mineralised area which is also very encouraging.”

 

Email: info@alloyres.com

Website: www.alloyres.com

 

Aruma Resources Encounters Widespread Gold Mineralisation

THE DRILL SERGEANT: Aruma Resources (ASX: AAJ) has received the first batch of assay results from recent drilling at the company’s 100 per cent-owned Slate Dam gold project in the Eastern Goldfields of Western Australia.

Aruma Resources completed a Phase 3 drilling program at the Slate Dam project, from which it has received assays for the first eight holes (holes SDRC64 to 71) of a planned 25 hole reverse circulation (RC) drill program, with planned drilling depths of up to 150 metres.

The company declared the first assays from the Phase 3 program to have delivered further results consistent with its sediment-hosted gold model for Slate Dam while confirming the increasing grades to the east at the project.

Highlight results returned to date in the Phase 3 drilling include:

SDRC68
6 metres at 2.43 grams per tonne gold from 15m, within a broader zone of 15m at 1.1g/t gold from 6m.

Aruma explained the current phase of drilling was designed to further expand the Slate Dam gold mineralised system beyond its current mineralised footprint which extends over a total distance of at least four kilometres, and to test for repetitions of mineralisation to the east and west of the current drill defined area.

“Slate Dam continues to develop,” Aruma Resources managing director Peter Schwann said in the company’s announcement to the Australian Securities Exchange.

“The broad intersection of strong gold mineralisation to the east of the previously drill defined area is highly encouraging and was a key aim of this phase of drilling.

“The first assay results in the Phase 3 drilling have returned multiple broad zones of gold mineralisation plus further strong grades.

“The significant gold intersection in hole SDRC68 is of substantial importance as it duplicates the similar intersection of 7 metres at 2.1 grams per tonne gold in the nearby drill hole SDRC20 reported in our first phase of drilling.

“This is an important result for the project and we will seek to extend these two near surface gold zones along strike and look for more repetitions to the east in the remaining holes in the Phase 3 program.”

Aruma is svheduled to resume the Phase 3 drilling program with the remainder of the program to focus on extensional drilling designed to expand the Slate Dam gold system and infill drilling of target areas along strike of drill holes SDRC20 and SSRC68, which both host broad zones of gold mineralisation.

The company also advised that Section 18 Heritage clearance surveys in respect of all the leases within the Slate Dam project and Goddards Dam project have now been completed and will be submitted for Ministerial Approval.

 

Email: info@arumaresources.com

Website: www.arumaresources.com

 

Musgrave Minerals Regional Drilling Extends Cue Gold Mineralisation

THE INSIDE STORY: Throughout 2017, Musgrave Minerals (ASX: MGV) maintained a steady pace of news flow as the company advanced its flagship Cue project in the Murchison district of Western Australia.

This trend continued into 2018, when in the March quarter Musgrave completed diamond drilling at the Break of Day deposit and a reverse circulation (RC) drilling program at the Louise prospect, a discovery made by the company in the previous November, located just 750 metres south of Break of Day.

The drilling was designed to identify further mineralisation with the aim of increasing the already established Break of Day and Lena gold resources of 868,000 tonnes at 7.15 grams per tonne gold for 199,000 gold and 2.68 million tonnes at 1.77g/t gold for 153,000 ounces respectively.

Gold was intersected at depth at Break of Day and confirmed the mineralisation continues and is still open below 300m.

Musgrave decided it was time to broaden its exploration horizons, and intent on confirming the upside potential within the Cue tenements it commenced a large aircore/RC drill program to test 10 new high-priority gold targets.

The targets had been defined by integrating results from regional gravity survey with existing aeromagnetic data, historical broad spaced aircore drilling and surface geochemistry.

The drilling program of approximately 110 drill holes for 12,000m used a combination of aircore drilling with RC ‘tails’ to extend drill holes into fresh rock, down dip of gold anomalism.

All 10 occur along a 20-kilometre long prospective corridor that hosts the Break of Day and Lena gold Resources.

Seven of the targets underwent historical broad-spaced aircore or rotary air blast (RAB) drilling that returned anomalous gold results, but terminated in weathered basement and did not penetrate the unweathered Archaean below, however, they remain open and untested by basement drilling.

“The drilling results we had already achieved along the Break of Day/Lena shear provided plenty of confidence as we moved in to this next phase of exploration along the corridor,” Musgrave Minerals managing director Rob Waugh told The Resources Roadhouse.

“This drilling is testing some exciting new large-scale targets in areas that have received very little previous exploration.

“We are in a very prospective greenstone belt in a well-endowed region with good infrastructure and numerous operating gold plants.

“The focus of this drilling is to discover another high-grade Great Fingal-style gold deposit.”

Just as the drill rig operators were instructed to ‘start their engines’ Musgrave announced that a nearby neighbour in gold mill owner-operator, Westgold Resources had subscribed for 48 million ordinary shares in the company through a share placement at a 15% premium of seven cents per share.

The $3.36 million investment by Westgold presented the suitor with a holding of 15 per cent (undiluted) in Musgrave and the entities have started informal discussions regarding the possible commercialisation of Musgrave’s Cue gold deposits.

Completion of the Placement took Musgrave’s bank balance up to approximately $5.5 million in cash that will complement the co-funded drilling grant of up to $150,000 the company received under the Western Australian Government’s Exploration Incentive Scheme (EIS).

“Westgold has three operating mills in the region surrounding our Cue project and is a highly regarded professional gold miner and processor,” Waugh said.

“Welcoming a company with such pedigree to our register is a positive result for us and a strong endorsement of the work we have completed to date on our projects, gold resources and upside exploration potential.

“The strong cash position will enable Musgrave to accelerate exploration while also progressing development studies on the existing Break of Day and Lena Resources.”

It didn’t take long for the first positive results to start filtering through from aircore drilling to the north of Break of Day in an area not previously drill tested.

18MORC010 intersected:
1m at 8.3 grams per tonne gold from only 4m depth.

The intersection was encountered just 200m north of the current high-grade Break of Day gold resource and is thought to be a possible extension to the Break of Day gold mineralisation.

Mineralisation is open along strike towards more than 300m of untested, at depth, potential.

Other results came from the first drill holes at the Lake Austin North target included:

18MOAC030
21m at 0.78g/t gold from 118m to end of hole, including 6m at 2.2g/t gold from 118m;

18MOAC035
24m at 0.54g/t gold from 98m, including 6m at 1.9g/t gold from 98m;

18MOAC033
54m at 0.22g/t gold from 70m; and

18MOAC032
18m at 0.20g/t gold from 94m.

These wide zones of near-surface gold mineralisation extend over one kilometre in length that Musgrave considers may be indicative of a higher-grade gold source in fresh rock.

“These initial results identified potential extension to the high-grade gold mineralisation at Break of Day and a large regolith gold halo at Lake Austin North,” Waugh said.

“Both areas are potentially significant with the Break of Day north intersection only 200 metres from the northern edge of the current high-grade gold resource and the Lake Austin North target confirming significant thicknesses of regolith gold mineralisation over a large area in a structurally favourable position and on a favourable lithological contact.”

Good news comes in threes, and Musgrave’s first drill hole into the Joshua gold target, 18MOAC056, approximately 4.7 kiloetres south of the high-grade Break of Day deposit, intersected: 6m at 3.9g/t gold from 54m down hole.

“That’s not a bad first pass result from Joshua, which we will follow up with additional drilling,” Waugh said.

“The target is open for more than 200 metres, both north and south and is, again, on the same mineralised trend as Break of Day and Lena.”

The Cue project dust had no time to settle with further results from Lake Austin North returning thick intervals of substantial gold mineralisation in regolith over two wide zones (A Zone and B Zone).

The A Zone sits on a highly prospective sheared granodiorite-mafic contact in similar geological setting to that seen at the Granny Smith gold deposit in the Eastern Yilgarn of Western Australia.

Two parallel, mineralised gold targets returned multiple thick gold intersections including:

18MOAC075
13m at 4.3g/t gold from 120m, including 7m at 7.1g/t gold from 126m to end of hole;

18MOAC077
42m at 1g/t gold from 112m to end of hole, including, 18m at 1.9g/t gold from 130m;

18MOAC072
33m at 1.2g/t gold from 116m to end of hole, including 12m at 2.6g/t gold from 134m;

18MOAC074
60m at 0.67g/t gold from 90m, including 18m at 1.6g/t gold from 126m; and

18MOAC076
42m at 0.59g/t gold from 90m, including 6m at 2.1g/t gold from 120m.

“We could not have asked for a better start to our regional drilling program than identifying new gold mineralisation at Joshua, Lena North, Break of Day North and Lake Austin North,” Waugh said.

“It has highlighted the Cue project’s potential to host further gold deposits within this very prospective and well-endowed region with good infrastructure and numerous operating gold plants.

“It’s go, go, go, and we’re eagerly looking forward to a transformational year ahead.”

 

Musgrave Minerals Ltd (ASX: MGV)
…The Short Story

HEAD OFFICE
Ground Floor
5 Ord Street
West Perth WA 6005

Ph: +61 8 9324 1061

Email: info@musgraveminerals.com.au
Website: www.mugraveminerals.com.au

DIRECTORS
Graham Ascough, Rob Waugh, Kelly Ross, John Percival

 

Middle Island Resources has Sandstone Ore Sorted

THE INSIDE STORY: A new approach opened the potential of the Two Mile Hill tonalite deeps deposit within Middle Island Resources’ (ASX: MDI) 100 per cent-owned Sandstone gold project.

Middle Island Resources has been tracking the extension and enhancement of the proposed gold production profile at the Sandstone project with the aim of recommissioning its on-site 600,000 tonnes per annum processing plant.

The Two Mile Hill tonalite deeps deposit is located just four kilometres north of the company’s 100 per cent-owned Sandstone gold processing plant and presently comprises an Exploration Target of 24 million tonnes to 34 million tonnes at 1.1 grams per tonne to 1.4 grams per tonne gold for 0.9 million to 1.5 million ounces of gold.

Middle Island Resources has determined the deposit’s amenability to pre-concentration of gold mineralisation via an ore sorting study.

The initial study findings increase the mill feed grade, at the same time reducing the haulage and milling costs, and, importantly, the quantum of mill feed to a level compatible with the existing processing plant’s capacity.

Middle Island Resources initiated the ore sorting study in October last year after receiving encouraging results from a mineralogical assessment of material sourced from the Two Mile Hill deeps deposit.

The aims of the initial testwork, which involved the assaying of a series of hand-sorted composites of quartz vein material and un-veined tonalite, were designed to determine the relative disposition of gold within the deposit.

The mineralogical assessment suggested that over 99 per cent of the gold is hosted within the quartz veins.

Buoyed by these results, Middle Island embarked on an initial ore sorting trial, which demonstrated that ore sorting could deliver a 185 per cent to 257 per cent increase in grade.

“We have identified that 99.6 per cent of the gold occurs in the quartz veins, it is commonly coarse, and certainly free gold,” Middle Island Resources managing director Rick Yeates told The Resources Roadhouse.

“Some 60 per cent of the gold is recoverable in a gravity circuit and, at a relatively coarse grind size of 106 microns, we are getting 93 to 97 per cent leach recoveries after gravity concentration.

“The leach kinetics are also good, with about 90 per cent leach recovery in the first two hours, with low reagent consumptions and no deleterious elements.

“The recognition that 99.6 per cent of the gold occurs in the quartz veins led us to the concept of ore sorting and we have been investigating this opportunity for the past eight to nine months.

“The indicative trials we completed early this year identified that XRT and Colour sensors provide the best results, with gold recoveries over 93 per cent delivered into some 36 per cent of the mass.

“This results in a significant increase in mill feed grade and, very importantly, a significant reduction in the quantum of mill feed, potentially compatible with our existing processing plant.”

Riding the success of the initial ore sorting program, Middle Island drilled a large diameter diamond core hole, MSDD261, from surface to a depth of 284.5m to provide sufficient material for a second, more definitive ore sorting campaign.

50-gram fire assays of 1m quarter core intervals from MSDD261 returned a best intercept of 100 metres at 2.02 grams per tonne gold from 55m downhole depth, including 7m at 18.1g/t gold from 121m depth.

This intercept in MSDD261 is entirely consistent with previous diamond drilling at Two Mile Hill, variously including intersections of:

508.3m at 1.38g/t gold;
372.7m at 1.52g/t gold;
230.4m at 1.62g/t gold;
353.3m at 1.04g/t gold;
141m at 2.3g/t gold; and
156.3m at 1.14g/t gold.

“One of the characteristics of the deposit, particularly important for its amenability to ore sorting, is the highly consistent nature of the mineralisation,” Yeates said.

“They are certainly very substantial intercepts and demonstrate that the deposit is persistently mineralised.”

Drilling carried out to date at the Two Mile Hill deeps deposit has confirmed the presence of a substantial and ubiquitously mineralised system which, at surface, measures 250m in strike, up to 90m in width and is mineralised to at least 700m depth and remains open beneath this level.

 

Middle Island believes this latest, 100m at 2.02g/t gold intercept, combined with encouraging results derived from previous diamond drilling, metallurgical testwork, mineralogical studies and ore sorting trials, presents the potential for underground mining beneath the proposed open-pit cutback at Two Mile Hill.

“Sub-level caving is certainly the preferred mining option being assessed at this stage,” Yeates said.

“There is no question that ore sorting will be key to the project economics.

“The fall-back position for us is a more selective, open stoping, mining approach, and we have identified multiple higher-grade, sub-horizontal zones within the known 700 metre vertical extent of mineralised tonalite, on which we could focus to achieve that outcome.”

At the time of writing, more definitive ore sorting trials on bulk composites from diamond hole MSDD261 were complete, however the results of 2kg bottle roll assays of the various product fractions generated by the main trials were still pending.

These more definitive ore sorting trials include iterations around crush size and grade range, designed to refine the original ore sorting results.

The company has also recently completed Stage 1 resource definition diamond drilling, designed to bring the upper half of the Two Mile Hill tonalite deeps Exploration Target (from 140m depth, which is the base of the quantified mineralisation for the open pit, and approximately 420m depth) into at least an Inferred Resource category.

Logged vein densities and alteration intensities observed in diamond core are entirely consistent with previous diamond drilling, and multiple instances of course, visible gold have been identified.

Middle Island is confident of a successful outcome for the current, more definitive, ore sorting trials.

So much so, it is already planning to progress Stage II infill drilling, designed to bring the upper half of the deposit into the Indicated Resource category, prior to a more comprehensive economic assessment of its underground mining options.

Each drilling stage is also designed to maximise the number of possible intersections on the upper and middle banded iron formations (BIFs) that are intruded by the Two Mile Hill tonalite plug, to target additional high-grade gold mineralisation within the BIF units, peripheral to the tonalite contact.

While several such BIF intercepts have been recorded around the tonalite contacts to date, only one of these has been quantified as a Mineral Resource.

“The tonalite intrudes three BIF units,” Yeates explained.

“Immediately adjacent to the tonalite we see selective massive to semi-massive pyrite replacement of magnetite within the BIFs, with which the very high-grade intercepts are associated.

“These mineralised lenses are relatively small, so in the grand scheme of things they are not hugely material, but they are very nice sweeteners.

“We have only quantified one of these lenses to date, as a dense drilling pattern is required and can be expensive, but we have identified multiple ore positions that are marginal to the tonalite on the upper two of the three BIF units – we haven’t drilled the lower BIF at all.”

 

Middle Island Resources Limited (ASX: MDI)
…The Short Story

HEAD OFFICE
Suite 1
2 Richardson Street
West Perth WA 6005

Ph: +61 8 9322 1430

Email: info@middleisland.com.au
Website: www.middleisland.com.au

DIRECTORS
Peter Thomas, Rick Yeates, Beau Nicholls

 

Musgrave Minerals Adds Numbers to List of Cue Gold Hits

THE DRILL SERGEANT: Musgrave Minerals (ASX: MGV) reported further gold assay results from recent regional aircore/reverse circulation (RC) drilling undertaken at the company’s Cue project in Western Australia’s Murchison district.

This time Musgrave Minerals announced results from infill drilling carried out at the Numbers prospect, approximately four kilometres south of Break of Day/Lena that intersected further high-grade gold within sedimentary iron formation below thin hardpan cover.

Shallow gold mineralisation encountered at the Numbers prospect include:

18MORC024
11 metres at 2.45 grams per tonne gold from 28m down hole, including 6m at 4.05g/t gold from 29m;

18MORC025
12m at 2.09g/t gold from 54m down hole, including 1m at 7.65g/t gold from 54m; and

18MORC026
5m at 3.03g/t gold from 61m and 11m at 1.68g/t gold from 93m down hole, including 4m at 2.87g/t gold from 94m.

The Numbers prospect currently hosts a near surface gold resource (JORC 2004 Inferred Resource) of 278,000 tonnes at 2.5g/t gold for 22,000 ounces of gold and has been defined over a 260m strike extent.

Musgrave Minerals said the latest infill drilling will help to enhance its geological confidence in the resource and provide an opportunity for additional follow-up drilling at depth and along strike.

“This is another good result and adds to our understanding and confidence in the Cue project, which continues to deliver on our exploration objective of making new discoveries and growing the resource base,” Musgrave Minerals managing director Rob Waugh said in the company’s announcement to the Australian Securities Exchange.

“Further drilling results from the new Lake Austin North, A Zone target are expected in late July.”

 

Email: info@musgraveminerals.com.au

Website: www.musgraveminerals.com.au

 

Corazon Mining Increases Mt Gilmore Cobalt Potential

THE DRILL SERGEANT: Corazon Mining (ASX: CZN) is focused on identifying new cobalt-copper-gold sulphide targets within the company’s Mt Gilmore project in New South Wales, including the identification of extensions to the Cobalt Ridge deposit.

Corazon Mining claimed the recent discovery of four substantial cobalt-copper-gold anomalies, resulting in a total of six areas requiring further testing, within a contiguous 10 kilometre strike around the Cobalt Ridge deposit.

This is in addition to three high-tenor Lantana Downs anomalies the company announced in April, located a further 2km to the north.

The company considers the new anomalies to be of some significance, placing them on a par in tenor to the soil geochemical anomaly for the outcropping Cobalt Ridge deposit.

They were defined during an ongoing project-wide 200 metre by 200 metre soil sampling program.

Corazon now intends bringing the spacing in to conduct infill soil sampling to a 50 metre by 50 metre patterns to further define and refine potential drill targets.

The company’s next phase of drilling at Mt Gilmore is expected to commence in early July and will initially focus on infill and extension testing at Cobalt Ridge, and also provide a first-pass test of priority features generated by the recently completed 3D Induced Polarisation (IP) geophysical survey.

“The company plans to complete approximately 14 holes for about 2000 metres of reverse circulation (RC) and core drilling at Cobalt Ridge,” Corazon Mining said in its ASX announcement.

“The drilling contractor has been engaged and is expected to mobilise to site during the first week of July.

“The company will advise the market on the commencement of drilling and provide additional exploration results as they become available.

“The proposed drilling will also progressively test new target areas within the wider Mt Gilmore project area generated by the company’s ongoing regional soil sampling program.”

 

Email: info@corazon.com.au

Website: www.corazon.com.au

 

Azure Minerals Reports Initial Oposura Resource

THE DRILL SERGEANT: Azure Minerals (ASX: AZS) reported an initial Mineral Resource estimate for the company’s 100 per cent-owned Oposura zinc-lead-silver project in Sonora, Mexico.

Azure Minerals declared the Mineral Resource to be based upon 173 diamond drill holes (comprising 16 historical holes drilled by Grupo Minero Puma SA de CV and 157 holes drilled by Azure) and has been estimated and classified as Indicated and Inferred Mineral Resources in accordance with the guidelines of the JORC Code 2012.

The initial Mineral Resource estimate has come in at 2.9 million tonnes at 5 per cent zinc and 2.8 per cent lead for contained metal of 146,000 tonnes of zinc, 82,000 tonnes of lead and 1.6 million ounces of silver.

The company highlighted that 75 per cent of the contained metal is classified in the Indicated Mineral Resource category, saying this provides confidence in the continuity of grade and widths of the mineralisation.

“This initial Oposura Mineral Resource is a very positive outcome for the company’s development and production strategy,” Azure Minerals managing director Tony Rovira said in the company’s announcement to the Australian Securities Exchange.

“Containing over 220,000 tonnes of zinc and lead and 1.6 million ounces of silver in near-surface, high-grade mineralised zones, Oposura is presenting a strong case for mine development.

“Open pit and underground mine planning and scheduling are now underway.

“The schedules will be used to optimise the proposed plant throughput rate and finalise the capital and operating cost estimates.

“Further information on the results of these studies will become available during the third quarter of 2018.

“Since acquiring Oposura less than a year ago, the company has significantly advanced and de-risked the project.

“Potential risks that have been positively addressed include the Mineral Resource, metallurgical performance and process route, concentrate marketing and transport, environmental baseline studies and access to infrastructure.”

Azure believes the Mineral Resource shows potential for future expansion as the mineralisation remains open in several directions with the most obvious area for increase being the Central Zone, a 500m-wide zone situated between the East and West Zones.

This area has been only lightly tested by historical drilling and the mineralised horizon is present in several drill holes.

Additional upside potential is also present to the north of the Mineral Resource.

The company has further drilling planned for 2018 to upgrade the classification and expand this initial Mineral Resource, and to explore the wider property.

 

Website: www.azureminerals.com.au

 

Rox Resources Exercises Gold and Nickel Tenement Options

THE BOURSE WHISPERER: Rox Resources (ASX: RXL) exercised an option to purchase two tenements at the company’s Fisher East nickel and Mt Fisher gold projects, located 500 kilometres north of Kalgoorlie in Western Australia.

Rox Resources explained the tenements, situated along strike to the south of known nickel and gold zones on existing Rox tenements, were subject to an Option to Purchase Agreement struck in 2014.

“These two tenements are key strategic assets to our nickel and gold projects at Fisher East and Mt Fisher respectively,” Rox Resources managing director Ian Mulholland said in the company’s announcement to the Australian Securities Exchange.

“They represent highly-prospective areas where we have identified strong indications of mineralization, and I am confident that we will make further discoveries, which will allow mineral resources to be defined.”

The Fisher East nickel project hosts a Mineral Resource of 2 million tonnes at 2.5 per cent nickel for 50,600 tonnes of contained nickel at Camelwood, Cannonball and Musket, with a fourth deposit, Sabre, yet to be drilled out.

The first of the new tenements, E53/1802, is located along strike to the south of Rox’s existing Sabre nickel sulphide discovery and covers 10km of the prospective ultramafic horizon, now providing Rox with a total 40km strike length of that favourable stratigraphy.

Work since the option by Rox was announced has identified nickel and copper geochemical anomalies on E53/1802, with fresh nickel sulphides intersected in aircore drilling at the Mt Tate prospect coincident with an EM anomaly.

Further drilling at Mt Tate, and other prospects within E53/1802 is planned over the coming months.

The second tenement, E53/1788, is located along strike to the south of a 7km long gold-in-regolith anomaly currently held by Rox at the Dam and Dirks prospects, which also hosts the Shiva gold prospect, where a recent aircore drilling program identified a 500m long continuous zone of gold anomalism, extending the potential gold-bearing corridor to more than 10km.

Under the terms of the Option the exercise price is $600,000 cash.

 

Email: admin@roxresources.com.au

Website: www.roxresources.com.au