Sipa Resources (ASX: SRI) has divested international projects to concentrate on its prospective domestic portfolio of projects located up and down Western Australia. Sipa Resources managing director Pip Darvall zoomed into The Resources Roadhouse to explain the company’s new strategy to Wally Graham.
THE DRILL SERGEANT: Eagle Mountain Mining (ASX: EM2) reported on assays recent drilling completed at the company’s 100 per cent-owned Oracle Ridge mine project in Arizona, USA.
Four holes were drilled in the north-west of Oracle Ridge at the main Mine Area as part of the company’s Resource Infill program, while six holes were drilled as part of its Resource Expansion program.
Resource infill drilling in the Mine Area included:
WT-21-55
17.3 meters at 2.23 per cent copper, 25.34 grams per tonne silver and 0.21g/t gold, and 10.5m at 1.95 per cent copper, 26.04g/t silver; and
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0.28g/t gold within a fully diluted 46m at 1.49 per cent copper, 17.91g/t silver, 0.2g/t gold.
Resource extension drilling at the Talon returned:
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30.7m at 2.54 per cent copper, 21.84g/t silver, 0.42g/t gold within 63.1m at 1.84 per cent copper, 15.68g/t silver, 0.3g/t gold.
Eagle Mountain Mining explained the first JORC Mineral Resource Estimate (MRE) update including drilling completed since its Oracle Ridge acquisition is on track for completion this month.
However, assays for these recent 10 holes have not been included in the MRE update and will be included in the next MRE update the company has planned for Q4 2022.
“The Western Talon has delivered some of the thickest and highest-grade intersections to date with mineralisation getting richer to the south,” Eagle Mountain Mining CEO Tim Mason said in the company’s ASX announcement.
“We are delighted that these results continue to add confidence to the historical drilling and demonstrate the Resource growth potential at Oracle Ridge.
“The resource infill drilling is designed to allow us to declare Measured Resources for the first time under the JORC Code and increase tonnes in the Indicated category in the MRE update, which is scheduled for completion in a few weeks.
“Expanding the resource base in the Measured and Indicated categories is critical, as following completion of successful feasibility studies, we aim to translate these to Proven and Probable Reserves.
“These exceptional results will be included in a further MRE revision later this year which will benefit from the strong results reported in this announcement plus all other assays received up to the time of finalising that revision.
“By that time, we are planning to have re-opened the existing mine and have an underground rig conducting infill drilling to increase the Measured and Indicated Resource with more efficient drilling.
“At the current and expected rate of drilling, we should have well over 100 new drillholes to be incorporated into that MRE revision.”
Email: info@eaglemountain.com.au
THE BOURSE WHISPERER: Blackstone Minerals (ASX: BSX) has made a strategic investment in Corazon Mining (ASX: CZN), by way of an initial investment of approx. $2 million that will earn Blackstone 14.32 per cent interest in the common equity of Corazon.
Blackstone’s attraction to Corazon it that company’s interests in The Lynn Lake project a suite of nickel-copper-cobalt assets in Manitoba, Canada.
The Lynn Lake project has historic mining and a current mineral resource of 168,000 tonnes nickel, 81700 tonnes copper and 7900 tonnes cobalt.
Blackstone and Corazon have also entered a Memorandum of Understanding that will see collaboration on the production of upstream and downstream nickel and cobalt concentrates and chemical products, potential offtake and/or Joint Ventures to meet demand from the growing electric vehicle battery industry.
Part of the funds received from Blackstone under the transaction will be used by Corazon to test electro-magnetic (EM) targets identified at the Fraser Lake Complex, which is underexplored and has existing nickel-copper sulphide drilling intersections.
“Blackstone’s recent Ta Khoa Nickel Project Pre-feasibility study demonstrated the economic value and importance of securing upstream supply for its vertically integrated business,” Blackstone Minerals managing director Scott Williamson said in the company’s ASX announcement.
“The Lynn Lake project boasts a meaningful nickel-copper-cobalt resource that the company believes has potential for a significant valuation uplift based on integration with the Ta Khoa Refinery.
“We are also very excited by the exploration potential at the Fraser Lake Complex and look forward to collaborating with the Corazon management team to progress mine planning and development activities.”
Corazon is also offering eligible shareholders the opportunity to acquire new shares at three cents per share through a non-renounceable pro-rata rights issue to raise approximately $10.7 million.
Major shareholder Delphi Unternehmensberatung Aktiengesellschaf has indicated it intends to support the offer and to take up its entitlements.
“The Corazon share registry has evolved significantly over recent months, with nickel focused groups like Delphi and Blackstone seeking to cornerstone the company,” Corazon Mining chairman Terry Streeter told the market.
“This provides the foundations of support required to accelerate exploration and project studies on the potential re-development of the Lynn Lake nickel sulphide project.
“We are also pleased to offer Corazon shareholders the opportunity to support the advancement of our nickel assets via the Entitlement Offer, at a time of strong nickel prices and increased demand for product from the emerging rechargeable battery sector.”
TO READ BOTH COMPANY ANNOUNCEMENTS: CLICK HERE OR CLICK HERE
THE BOURSE WHSIPERER: Calidus Resources (ASX: CAI) announced commencement of commissioning of the company’s 100 percent owned Warrawoona gold project in the Pilbara of Western Australia.
Calidus Resources reported crushing and milling operations are set to start within the next eight weeks with first gold poured approximately two weeks later. The project remains on budget.
“With first gold now forecast to be less than ten weeks away, we are about to make the pivotal transition from developer to profitable gold producer,” Calidus Resources managing director Dave Reeves said in the company’s ASX announcement.
“This immense achievement is a credit to all employees and contractors, who have worked tirelessly amid some of the most challenging weather conditions and times our industry has faced.”
Dave Reeves speaks with Wally Graham at the recent RIU Explorers Conference in Fremantle.
TO READ THE FULL ANNOUNCEMENT: CLICK HERE
Email: info@calidus.com.au
Web: www.calidus.com.au
Indiana Resources (ASX: IDA) technical director Felicity Repacholi-Muir wasted little time after returning home from the 2022 RIU Explorers Conference to zoom back into The Resources Roadhouse to report on drilling results achieved at the company’s Minos gold project on the Gawler Craton of South Australia.
THE DRILL SERGEANT: Ausgold (ASX: AUC) provided an update of exploration activities at the company’s 100 per cent-owned Katanning Gold Project (KGP) in Western Australia.
Ausgold is currently advancing a multi-rig drill program at Katanning focused on high value targets it has identified in the Central and Southern Zones.
A total of 17,631m of RC and diamond drilling has now been completed with new drilling within the Central Zone targeting the near surface gold mineralisation within the Jackson and White Dam lodes with results including:
BSRC1285
6 metres at 4.79 grams per tonne gold from 48m, including 3m at 9.08g/t gold;
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4m at 5.47 g/t gold from 42m; and
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5m at 3.43 g/t gold from 23m.
“We are now over halfway into our 30,000 metres campaign, with these results from new drilling intercepting near surface gold mineralisation which is higher-grade than previously reported in the current Resource,” Ausgold managing director Matthew Greentree said in the company’s ASX announcement.
“Drilling in the Jackson and White Dam lodes has targeted a number of gaps in the current Resource drilling which included the old tailings dam and the southern portion of the Jackson area historically seeing only wide spaced drilling.
“These higher-grade results will feed into a further Resource upgrade now planned for Q2 CY2022 and will increase the proportion of Measured and Indicated Resource in this new model.
“The position along the footwall of the Central Zone will also add further potential Reserves for the KGP.
“The drilling program is moving ahead and continues to target key areas within the Central and Southern Zone as we progress towards the planned April Resource upgrade and the Maiden Reserve in June following the completion of Prefeasibility Studies.”
TO READ THE FULL ANNOUNCEMENT: CLICK HERE
Email: info@ausgoldlimited.com
THE DRILL SERGEANT: Tietto Minerals (ASX: TIE) announced further bonanza‐grade gold results from infill drilling and high‐grade gold results from exploration drilling completed at the company’s 3.35 million ounces Abujar gold project in Côte d’Ivoire, West Africa.
Tietto Minerals encountered the high‐grade gold intercepts at the AG Core target from infill drilling on the main Abujar Shear, producing results that included:
ZDD866 – Section 29A
10 metres at 51.75 grams per tonne gold from 83m, including 3m at 171g/t gold, including 1m at 503.85g/t gold.
“We have added to our tally of bonanza‐grade gold intercepts from infill drilling at AG Core,” Tietto Minerals managing director Dr Caigen Wang said in the company’s ASX announcement.
“Intercepts from our infill drill program now account for six of the top 10 assays at Abujar, including the project‐best result of 1.1 metres at 2,853 grams per tonne gold.
“All infill drilling results are with our resource modelling consultants to complete a Resource Model Update, due at the end of this Quarter.
“This model update is focused on conversion from Indicated to Measured Resources covering the first two years of production.
“Our drill rigs have moved to prospects located to north (GGL) and south (AGM, PGL) of AG Core with the goal of defining new gold resources in an update late this year.
“The high‐grade gold intercepts seen in the latest results highlight the prospectivity and still largely untested potential of the main Abujar Shear.”
TO READ THE FULL ANNOUNCEMENT: CLICK HERE
Email: admin@tietto.com
Web: www.tietto.com
THE DRILL SERGEANT: Sunshine Gold (ASX: SHN) reported on recent drilling undertaken on the Southern Corridor within the company’s Triumph gold project in Queensland.
Sunshine Gold completed an 84-hole campaign, from which initial results have already delineated extensions to known mineralisation in the Southern Corridor.
Initial results from 23 holes of extensional drilling have been returned and include:
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4 metres at 11.71 grams per tonne gold from 16m;
22NCRC022
2m at 16.18g/t gold from 98m; and
21NCRC013
3m at 10.41g/t gold from 161m.
Sunshine indicated the results are to be included in the maiden JORC Resource, expected to be released in March 2022 at which time assays are expected for the remaining 61 holes of both infill and extensional drilling.
“The first results from the Southern Corridor drilling are encouraging,” Sunshine Gold managing director Damien Keys said in the company’s ASX announcement.
“The results received are for extensional drilling, of which some are likely to make it into the March 2022 JORC Resource.
“Intercepts from areas where extensional drilling needs to be infilled, will be drilled in mid-2022 and incorporated into subsequent Resource releases.
“As interpreted, veins of different orientations coalesce into one mineralised network.
“It is our interpretation that this is indicative of the entire Southern Corridor – a network of interconnected mineralised veins, that in due course have the potential to form a large system.”
TO READ THE FULL ANNOUNCEMENT: CLICK HERE
Email: info@shngold.com.au
Web: www.shngold.com.au
THE DRILL SERGEANT: Carnaby Resources (ASX: CNB) reported results from recent exploration activity at the company’s Greater Duchess copper gold project in Mt Isa, Queensland.
At the Lady Fanny target, Carnaby Resources completed three new lines of Induced Polarisation (IP) that have defined chargeability anomalies.
The mineralised corridor, defined by drilling and IP, is now greater than 600 metres long.
The largest IP chargeability anomaly located on the northern most IP line remains completely open to the north.
At the company’s Nil Desperandum discovery, access tracks have been completed with RC and diamond tail drilling of the IP anomalies southwest of discovery hole NLDD044 about to commence.
Results remain pending from several recent holes.
“The sheer scale of the Lady Fanny discovery is rapidly emerging with every hole we drill and IP line we complete,” Carnaby Resources managing director Rob Watkins said in the company’s ASX announcement.
“The limited drilling and IP to date has defined a continuous mineralised strike length of at least 600 metres which remains completely open.
“The strong copper sulphide zone intersected in LFRC019 is 200 metres north of LFRC013, which intersected 20 metres at 2.3 per cent copper and 0.5 grams per tonne gold and the large new IP anomaly north of LFRC019 is equally as exciting!”
TO READ THE FULL ANNOUNCEMENT: CLICK HERE
Email: info@carnabyresources.com.au
Web: www.carnabyresources.com.au
THE DRILL SERGEANT: Chesser Resources (ASX: CHZ) has been granted two new tenements in Senegal, West Africa.
The first is the new Bondala license, which at 207 square kilometres increases the company’s landholding adjacent to and around its Diamba Sud gold project.
Chesser described Bondala as being contiguous to the north of the Diamba Sud tenement covering an area it considers prospective.
The second new Mourichou license covers 431sqkm over an area of Mako series rocks and is located near the Sabodala shear zone and close to Chesser’s Diamba Nord project tenements.
Each tenement is valid for a period of 10 years with an initial term of four years and renewable for a further two periods of three years each.
Eanwhile, Chesser has commenced drilling at its new discovery area – Karakara (formerly Area H) as part of the next drill campaign with results expected to be received from April 2022 while Scoping Study results for Area A and Area D are expected to be released in March 2022.
“Drilling has commenced at Karakara as part of a larger drilling campaign to add resources and further test the significant emerging potential of the Diamba Sud Project,” Chesser Resources MD and CEO Andrew Grove said in the compay’s ASX announcement.
“Karakara is shaping up to be a very exciting new discovery and we expect to deliver the first drilling results early next quarter.
“The Scoping Study is progressing well with results due next month and we look forward to demonstrating the significant value inherent in the high grade, near surface mineralisation identified to date.
“We are also very pleased with the grant of the new tenements which adds significantly to land position in Senegal and covers some highly prospective geological terrains especially adjacent to our Diamba Sud tenement.
“Exploration planning is underway on how best to evaluate these new tenements and we expect to generate new targets and hopefully new discoveries in the future from these areas.”
TO READ THE FULL ANNOUNCEMENT: CLICK HERE
Email: info@chesserresources.com.au
Web: www.chesserresources.com.au
