Pursuit Minerals Generates Swedish Drill Targets

THE DRILL SERGEANT: Pursuit Minerals (ASX: PUR) has generated drill tet targets from a low-level heli-magnetic survey completed over the company’s Airijoki project in northern Sweden.

Pursuit Minerals explained the purpose of the survey was to map magnetic anomalies associated with vanadium mineralisation.

The company said the heli-mag data located intense magnetic anomalies which extend for a further 3.5 kilometres along strike to the north-east of the vanadium intersections encountered in historical holes.

The results from the heli-magnetic survey have increased the company’s confidence in the potential of the Airijoki project to host a large body of vanadium mineralisation.

“The meta-diabase rock hosting the vanadium mineralisation produces a very high amplitude magnetic anomaly which we can easily locate in the heli-magnetic data and which extends a further 3.5 kilometres to the north-east of drill holes K-AIR1 and K-AIR5,” Pursuit Minerals managing director Jeremy Read said in the company’s announcement to the Australian Securities Exchange.

“Also, directly associated with the heli-magnetic anomaly in the south of the Airijoki project area, are very high-grade rock chip samples which contain up to 1.1 per cent vanadium pentoxide (V2O5) in whole rock samples.

“The high-grade rock chips at surface, the 3.5 kilometre heli-magnetic anomaly and the substantial thicknesses of vanadium mineralisation in historical holes K-AIR1 and K-AIR5, all suggest Airijoki has the potential to host a significant body of vanadium mineralisation.”


Email: info@pursuitminerals.com.au

Website: www.pursuitminerals.com.au


Silver City Minerals Commences Drilling at Copper Blow

THE DRILL SERGEANT: Silver City Minerals (ASX: SCI) has commenced drilling at the company’s Copper Blow project, located 20 kilometres to the south of Broken Hill in New South Wales.

Silver City outlined the program, explaining it has been designed to test both magnetic and nonmagnetic targets identified in recent induced polarisation (IP) geophysical surveys.

The company indicated it had received additional encouraging results from a recently completed gradient array induced polarisation survey to the northeast of Copper Blow.

Silver City said earlier drilling encountered intersections of copper, gold and cobalt.

The initial drilling program will comprise two holes, each approximately 450 to 500 metres deep.

One will test for deeper extensions to the copper-gold mineralisation outlined by previous drilling at Copper Blow where mineralisation is hosted in a strongly magnetic ironstone.

The second hole will test a large IP chargeability anomaly located approximately 800 metres to the southeast of Copper Blow.

“The source of this anomaly is unknown but is likely to represent significant sulphide mineralisation,” Silver City Minerals said in its ASX announcement.

“Ground magnetic surveys suggest the rocks in the area of this new IP anomaly are non-magnetic and geological mapping indicates the presence of metamorphosed sediments at surface.

“The 3D IP model however indicates that sulphide-bearing rocks are located more than 100 metres below surface.

“Drilling is designed to test this sulphide zone.”


Email: info@silvercityminerals.com.au

Website: www.silvercityminerals.com.au


South Africa Looking to Increase Mining Investment

THE CONFERENCE CALLER: The reinvigoration of South Africa’s beleaguered mining industry is hoping to attract new investment of more than $11 billion, or around 122 billion rand, over and above current project commitments.

The outlook was posted on the second day of the three day Paydirt 2018 Africa Down Under mining conference in Perth by the chief executive officer of the Minerals Council South Africa, Roger Baxter.

Recognising that the minerals rich country had not reached its full mining potential in the past decade, Baxter said key findings of an industry report last year for change and now backed by government, pointed to a much stronger outlook if implemented successfully.

“The current mining capex for the next four years for South Africa is R145 billion,” Baxter said.

“Potential new capital expenditure under a more certain and conducive environment would add a further R122 billion (A$11 billion plus) to this outcome.

“This is 84 per cent higher than current commitments.

“Our findings last year showed that most companies had held back investment due to South Africa’s then mining policies and uncertain regulatory environment.

“This dampened outlook also included certain minerals, due to adverse economic conditions.

“But our modelling has also shown that if South Africa gets back into the top 25 per cent of favoured mining investment destinations globally, this would create a further 200,000 jobs.

“It would profound positive impacts on South Africa’s minerals supply chain, export earnings, taxation contributions and ultimately, the much desired transformation of South Africa’s mining industry to where it should be, given its mineral wealth.”

The Minerals Council chief said reforms enacted this year were showing green shoots for the industry, and would come to a head with a proposed international investment summit in November this year.

The only thorns among the green shoots included anxieties around talks on land expropriation without compensation and the agreement yet on a satisfactory Mining Charter.

Baxter acknowledged that South Africa’s once internationally renowned mining reputation, had, “been through a tough patch”.

“From 2013 to 2017, real net capital formation in South Africa’s mining sector declined by 50 per cent,” Baxter said.

“The investment pipeline has also been weak – the country attracting just one per cent of total global exploration expenditure last year compared to 14 per cent for each of Australia and Canada.

“Of the South African exploration allocation, only 10 per cent of that was on greenfields activity – meaning a much weaker and limited pipeline of new mining projects being developed.”

Baxter said the Minerals Council believed the economic and transformational potential of mining in South Africa was huge – and an invigorated best practice approach could see mining investment double in just four years.


Ghana Keen to Shift Focus to Industrial Metals

THE CONFERENCE CALLER: One objective of African mining powerhouse, Ghana, is to bring about more sustainable extraction of its mineral wealth.

Although it is starting to deliver on this, the country is determined to diversify into non-traditional mining areas.

Speaking on the second day of the three day Paydirt 2018 Africa Down Under mining conference in Perth, Ghana’s Deputy Minister for Lands and Natural Resources, the Hon. Barbara Oteng-Gyasi, said that for the past two and a half decades, the country had attracted mining sector investment to the order of US$18 billion.

“This has contributed to a trajectory growth in our gold production in the opening half of this year, a provisional 2.4 million ounces compared as against 2.1 million ounces in the first half of 2017,” Ms Oteng-Gyasi said.

“Production of manganese in the same comparable periods rose to 1.9 million tonnes against 1.3 million tonnes previously.

“Such performances are indicative of the success of our strategy to ensure sustainable extraction of Ghana’s mineral resources through more intensive monitoring of mining activity to ensure environmental compliance, improved technical capacity of our small-scale miners, and decentralising government regulatory processes.

“Not surprisingly, our mining sector has contributed strongly to Ghana’s overall provisional growth in GDP with the mining-quarrying sub-sector recording the highest year-on-year quarterly GDP growth rate in the Q1 2018 this year.”

The Deputy Minister also noted the Government was focused on better integrating the mining sector into Ghana’s economy and value-add opportunities, including mining related industrial processes, and wanted to reduce any over-dependence on traditional minerals.

Ghana has historically been a major African producer of gold, manganese, bauxite and diamonds.

The current focus is to build an integrated aluminium industry from bauxite deposits in the country.

However, the move to wider opportunities would now include intensified exploitation of Ghana’s industrial minerals, including solar salt, granites, lithium, and base and clay metals.


Musgrave Minerals Hits 42m of Gold With First Lake Austin North Drillhole

THE DRILL SERGEANT: Musgrave Minerals (ASX: MGV) gave the market a reason to get out of bed by announcing assay results from the first two reverse circulation (RC) basement drill holes.

Musgrave Minerals reported the results from the two holes drilled into the A Zone target at the Lake Austin North prospect located three kilometres north of the Break of Day gold deposit on the company’s Cue Project in the Murchison district of Western Australia.

Drill hole 18MORC039 intersected an impressive:
42 metres at 3.2 grams per tonne gold from 108m down hole, including 24m at 5.1g/t gold from 114m, including a higher-grade core of 6m at 12.6g/t gold from 126m.

Musgrave Minerals explained the initial sampling was undertaken using six metre composites with the above intersections encountered within a broad gold halo of lower-grade gold mineralisation of 84m at 1.7g/t gold from 84m depth.

The company noted that the drill hole terminated in low grade gold mineralisation (12m at 0.15g/t gold) and additional follow-up drilling is required.

Drill hole 18MORC040 was collared 75m west of 18MORC039 and intersected a thick broad regolith gold halo assaying:
60m at 0.14g/t gold from 72m down hole and terminated in low-grade gold mineralisation (18m at 0.14g/t gold from 222m down hole to EOH).

This hole terminated in mineralisation at the depth capability of the rig.

Musgrave indicated a diamond tail will need to be completed after the current program to test the downward extent of this high-grade zone.

Drill holes 18MORC039 and 18MORC040 are the first holes into the fresh basement below the A Zone target, which is open to the north, south and down dip.

“This is a wonderful result that demonstrates the potential for the A Zone target to host thick, high-grade gold mineralisation,” Musgrave Minerals managing director Rob Waugh said in the company’s announcement to the Australian Securities Exchange.

“The extent of the basement gold mineralisation is not yet defined and is completely open along strike and down dip.

“The result supports Musgrave’s view that Lake Austin North has the potential to be a large, well-mineralised gold system and potentially a new gold discovery for the company.

“The aircore regolith gold halo at Lake Austin North is extensive and we are looking forward to drilling more holes and receiving further assays in coming weeks.”


Email: info@musgraveminerals.com.au

Website: www.musgraveminerals.com.au


Pioneer Resources Moves to 51% at Mavis Lake

THE BOURSE WHISPERER: Pioneer Resources (ASX: PIO) completed a busy week by reaching an agreement with its Joint Venture partner, TSX Venture-listed International Lithium Corp. (ILC).

Pioneer Resources finalised the deal with ILC to fast-track its earn-in into the Mavis Lake lithium project in Canada to 51 per cent.

Both Pioneer and ILC see merit in the JV focussing its attention solely on the Mavis Lake project, following the completion of two drilling programs carried out during the 2017 and 2018 winters which intersected thick zones of spodumene mineralisation.

“Changes to the agreements in place with ILC are a win-win for both parties and reflect the good working relationship between Pioneer and ILC,” Pioneer Resources managing director David Crook said in the company’s announcement to the Australian Securities Exchange.

“Our strategy is to ensure that our best projects get the money and attention they deserve and this Agreement will allow Pioneer to focus its exploration attention in Canada on the Mavis Lake project.”


Email: info@pioresources.com.au

Website: www.pioresources.com.au


Impact Minerals Acquires Blackridge Conglomerate Gold Mining Lease

THE BOURSE WHISPERER: Impact Minerals (ASX: IPT) has agreed to the outright purchase of Mining Lease ML2386 in central Queensland.

Impact Minerals explained the mining lease covers about 500 metres of the gold-bearing unconformity at the company’s Blackridge conglomerate-hosted gold project located north of Clermont.

Impact is to acquire the fully-granted mining lease from a local prospector for a cash payment of $30,000 and replacement of environmental bonds of approximately $7,000 and is subject only to Ministerial consent, which the company anticipates within about six weeks.

“This is an excellent strategic acquisition for Impact given that it is a fully granted Mining Lease covering the gold-bearing unconformity at Blackridge,” Impact Minerals managing director Dr Mike Jones said in the company’s announcement to the Australian Securities Exchange.

“The granted Lease means that we can commence with little impediment directly to very large bulk samples, a key factor in determining grade in conglomerate-hosted gold deposits as demonstrated by the work of Novo Resources in the Pilbara region of Western Australia.

“We are in the process of submitting the appropriate Plan of Operations and also designing a test work program, which in the first instance will comprise extensive trenching to expose and map the unconformity throughout the Lease.

“Samples from these trenches will be processed accordingly to determine the gold content. This will be an important first step in our search for a mineable resource at Blackridge.”


Email: info@impactminerals.com.au

Website: www.impactminerals.com.au


Ventnor Resources Completes Arrowsmith Auger Drilling

THE DRILL SERGEANT: Ventnor Resources (ASX: VRX) has received bulk sampling results from an auger drill program undertaken at the company’s Arrowsmith silica sand project, north of Perth in Western Australia.

Ventnor Resources completed a hand-held auger drilling program of 123 holes to obtain adequate sample for bulk testwork.

A full analysis of all the quality control data has now been assessed, which the company said has validated its hand auger sample assay dataset and conforms with the guidelines for reporting under the JORC-2012 code.

“The results of the preliminary testwork are very encouraging as they achieve the desired glassmaking standard of 99.5 per cent silicon dioxide,” Ventnor Resources managing director Bruce Maluish said in the company’s annouoncement to the Australian Securities Exchange.

“Initial results have supported the decision to undertake further iterations of testwork with additional attritioning and magnetic separation to achieve even higher quality products.

“Final testwork products enable marketing and to support a JORC-2012 compliant Mineral Resource estimation.”

Ventnor expects the ongoing testwork program will also produce enough quantities of products to enable samples to be sent to prospective customers.

The company has already received several enquiries from potential Asian customers.


Email: info@ventnorresources.com.au

Website: www.ventnorresources.com.au


Pioneer Resources Receives US$4.8M for Sinclair Caesium

THE BOURSE WHISPERER: Pioneer Resources (ASX: PIO) is cashed up following the receipt of funds regarding the Offtake and Loan Facility Agreement it has with NYSE-listed Cabot Corporation.

Pioneer Resources said the funds would be applied to the Stage 1 activities underway at the Sinclair caesium mine, located within the company’s 100 per cent-held Pioneer Dome project, south of Kalgoorlie in Western Australia.

The Sinclair mine is to be Australia’s first ever commercial pollucite (a caesium mineral) producer.

Under the terms of the agreement, Cabot has provided Pioneer a US$4.8 million Loan Facility for the Sinclair caesium mine that is to be repaid by the delivery of caesium ore.

“Further to our project update of the 29 August 2018, we are pleased to advise that we have now received US$4.8 million, which equates to approximately AUD$6.5 million, provided for under our Offtake and Loan Facility Agreement with Cabot,” Pioneer Resources managing director David Crook said in the company’s announcement to the Australian Securities Exchange.

“The funding is expected to fully cover mining operations at the Stage 1 Sinclair Mine, which will advance immediately.”


Email: info@pioresources.com.au

Website: www.pioresources.com.au


Bellevue Gold Hits Additional High-Grades

THE DRILL SERGEANT: Bellevue Gold (ASX: BGL) reported results from infill drilling targeting shallow mineralisation over the Tribune inferred resource estimate area at the company’s Bellevue Gold project in Western Australia.

Bellevue Gold explained the drilling is targeting mineralisation from surface within the top 50 metres.

Results include:

5 metres at 17.3 grams per tonne gold from 46m, including 2m at 40.8g/t gold from 44m;

7m at 8.2g/t gold from 34m, including 4m at 13.2g/t gold from 36m;

3m at 12.4g/t gold from 24m;

3m at 6.9g/t gold from 35m;

4m at 5.1 g/tgold from surface; and

7m at 2.8 g/t gold from 13m.

Bellevue indicated step-out drilling will be undertaken at Tribune to potentially extend mineralisation along strike and at depth.

At the recent Viago Lode discovery, Bellevue tamped up diamond drilling with the addition of a second diamond rig with a third diamond rig to commence at the start of September.

The Viago Shear has so far been defined for 800 metres of strike and is open and sits directly below the Tribune and Bellevue Lodes.

Bellevue has an independent resource estimate upgrade scheduled for Q4 2018 adding to the recently announced 1.9 million tonnes at 8.2g/t gold for 500,000 ounces of gold of JORC inferred resources.

“We are pleased to announce the results of shallow drilling recently completed at the Tribune deposit which demonstrates the high-grade nature of the mineralisation from surface, which bodes well for development access to an eventual underground operation,” Bellevue Gold executive director Steve Parsons said in the company’s announcement to the Australian Securities Exchange.

“Attention of the exploration team has now shifted to defining an initial resource at the exciting Viago discovery and with the addition of two more drill rigs at the Bellevue gold project.

“We intend to hit the Viago Lode hard over the next couple of months, hoping to build on the recently announced maiden resource inventory at the project in rapid time.”


Email: admin@bellevuegold.com.au

Website: www.bellevuegold.com.au