Middle Island Resources Closes in on Reo Project Sale

THE BOURSE WHISPERER: Middle Island Resources (ASX: MDI) has finalised the transaction for the divestment of the Reo gold project in Burkina Faso, West Africa.

Middle Island Resources has executed a formal Option to Purchase Agreement with TSX(V)-listed Tajiri Resources Limited, which provides Tajiri with the option to acquire 100 per cent of MDI’s interest in the project.

In turn, Tajiri gave notice it will enter the 18-month exclusive option period and now has 15 days to pay to MDI a US$150,000 option fee and issue 5 million Tajiri shares to MDI.

During the Option term Tajiri must pay all expenses associated with maintaining the Reo project permits in accordance with Burkinabe law.

Should Tajiri exercise the Option, it will pay a further US$150,000 to Middle Island, however, if it has not exercised the Option within 12 months, it will be required to pay US$50,000 to Middle Island as a non-refundable advance on the Option exercise cash consideration, with the balance of US$100,000 payable if the Option is exercised during the remaining six months of the Option term.

If the Option is exercised within the first 12 months the full US$150,000 is payable on exercise.

If the Option is exercised by Tajiri, Middle Island will retain a two per cent net smelter return (NSR) royalty on any minerals derived from the Reo project.

Tajiri has the right to acquire that royalty from Middle Island for US$5 million.

If the Option is not exercised by Tajiri, Middle Island will retain all consideration already paid and continue to own its 100 per cent interest in the Reo project.

“This divestment is in line with Middle Island’s strategy to focus on developing the Sandstone gold precinct in Western Australia into a thriving gold hub, processing local deposits through the company’s 100 per cent-owned Sandstone mill,” Middle Island Resources managing director Rick Yeates said in the company’s announcement to the Australian Securities Exchange.

 

Email: info@middleisland.com.au

Website: www.middleisland.com.au

 

Impact Minerals Completing IP Survey at Clermont Gold Project

THE DRILL SERGEANT: Impact Minerals (ASX: IPT) is closing in on completion of an Induced Polarisation (IP) gradient array survey at the company’s 100 per cent-owned Clermont gold project located in the southern part of the Drummond Basin in Central Queensland.

Impact Minerals said exploration at Clermont has been reinvigorated following the completion of a strategic review of the project last Quarter.

The company explained the aim of the IP survey is to identify targets to be drill tested as soon as practicable, which is hoped to be shortly after completion of a planned drill program at Impact’s 100 per cent-owned Commonwealth gold-silver project in New South Wales where drilling is scheduled to start by late June.

The IP survey at Clermont is centred over two key prospects, Retro and Retro-Extended, at the northern end of the Retro Fault System, a 10-kilometre trend of gold-silver and base metal mineralisation.

“From south to north along the Retro Fault system, a transition may be present from bulk tonnage porphyry-style mineralisation to high-grade precious and base metal-rich epithermal mineralisation,” Impact Minerals said in its ASX announcement.

“The purpose of the current IP survey is to assess continuity of the mineralised structure over a strike length of about five kilometres from north of Retro to south of Retro Extended.”

Impact Minerals said that field checking and grab samples it has undertaken from along the Retro Fault System had confirmed the potential for epithermal mineralisation over 10km of strike as well as porphyry-style mineralisation at the Nanya prospect at the southern end of the Retro Fault System.

Grab samples of epithermal quartz veins and rare volcanic breccia at various prospects have returned assays of up to the following:

Retro:
3.5 grams per tonne gold, 57.7g/t silver, 234ppm copper and 3.6 per cent lead.

Previous drilling at Retro also returned:
2m at 13.7g/t gold from 34m.

Retro South:
5.4g/t gold, 75g/t silver and 500ppm copper.

Retro East:
0.8g/t gold, 3.3g/t silver and 0.6 per cent lead.

South of the main mineralisation at the Retro Extended target, colloform banded quartz veins returned up to:
2.6g/t gold, 61.3g/t silver, 380ppm copper, 6.1 per cent lead and 830ppm zinc.

“All of these results indicate there is significant exploration potential along the Retro Fault System for the discovery of a major deposit and that further exploration is warranted as a priority,” Impact Minerals said.

 

Email: info@impactminerals.com.au

Website: www.impactminerals.com.au

 

Peel Mining Confirms Southern Nights Mineralisation Continuation at Depth

THE DRILL SERGEANT: Peel Mining (ASX: PEX) reported drilling and geophysical results from the company’s 100 per cent-owned Wagga Tank/Southern Nights project, south of Cobar in western New South Wales.

Peel Mining said that assay results from drillhole WTRCDD122 confirmed a strongly mineralised intercept at more than 350 metres below surface adding substantial down-dip continuity to mineralisation at Southern Nights.

WTRCDD122
22.1 metres at 6.62 per cent zinc, 2.19 per cent lead, 0.87 per cent copper, 60 grams per tonne silver, 0.42g/t gold from 459m, including 5.1m at 18.36 per cent zinc, 5.71 per cent lead, 0.12 per cent copper, 72g/t silver, 0.2g/t gold from 476m.

Peel Mining said that follow-up drillhole WTRCDD124 confirmed the critical stratigraphic contact hosting Southern Nights’ mineralisation remains present at more than 500m below surface.

Downhole electromagnetic (DHEM) geophysical surveying of drillhole WTRCDD123 also identified an off-hole conductor the company considers to likely represent extensions to recently-reported mineralisation encountered in WTRCDD123 of:

14.45m at 2.43 per cent copper, 2.67g/t gold, 123g/t silver, 2.58 per cent zinc, 0.87 per cent lead from 435.55m.

Drillhole WTRCDD101, positioned south of Wagga Tank and north of Southern Nights, returned a mineralised interval that company determined as further evidence of a link between the deposits.

The intercept in WTRCDD101 is located some 250m south and around 250m up-dip of the intercept in WTRCDD123.

“WTRCDD123 is situated between Wagga Tank and Southern Nights and coupled with WTRCDD101 and other intervening drillholes has established a link between the two deposits,” Peel Mining said in its ASX announcement.

“Current drilling is focused on testing for deeper mineralisation at Southern Nights and in the Wagga Tank-Southern Nights corridor.

“Induced Polarisation (IP) geophysical surveys along with downhole electromagnetic (DHEM) surveys are continuing.

“A comprehensive review of geophysical data is also practically complete (final report awaited) whilst first-pass metallurgical testwork is continuing.”

 

Email: info@peelmining.com.au

Website: www.peelmining.com.au

 

Venture Minerals Gives Odin Target New Perspective

THE DRILL SERGEANT: Venture Minerals (ASX: VMS) announced the first hole at the company’s Odin prospect in Western Australia.

Venture Minerals said the hole, co-funded by WA State Government’s Exploration Incentive Scheme, intersected disseminated nickel-copper sulfides within a mafic-ultramafic host unit, had provided the company with a new nickel-copper target.

The company declared the Odin nickel-copper target to possess nickel-copper sulphides that were identified within a highly prospective mafic-ultramafic unit that extends over 10 strike kilometres.

Reconnaissance surface lag sampling has indicated the presence of a nickel and copper anomalism within the target maficultramafic units.

Venture said the Odin nickel-copper target also hosts a historic untested electromagnetic (EM) anomaly, adding that opportunity exists for the identification of more EM anomalies via modern high-power surveying.

Venture explained that the first hole at Odin (ODD01) initially targeted pegmatite units which have the potential to host lithium such as the nearby Greenbushes Mine.

A total of 20m of pegmatites spread over several intervals was intersected within the maficultramafic gneiss.

The assay results concluded that the pegmatites intersected in ODD01 did not contain significant lithium.

“The company is excited by the new opportunity identified at the Odin prospect,” Venture Minerals managing director Andrew Radonjic said in the company’s announcement to the Australian Securities Exchange.

“Although the pegmatites intersected in the first hole were not lithium bearing, the discovery of a broad zone of nickel bearing sulphides within the lithium target zone has delivered Venture an excellent new opportunity.”

 

Email: info@ventureminerals.com.au

Website: www.ventureminerals.com.au

 

Lithium Australia Announces Sadisdorf Drilling Results

THE DRILL SERGEANT: Lithium Australia (ASX: LIT) announced preliminary results of its first drilling campaign at the company’s Sadisdorf Joint Venture in Germany.

Lithium Australia is in a farm-in deal and JV with Tin International AG, a subsidiary of exchange listed Deutsche Rohstoff AG (FRA: DR0) as partner.

The company has declared its aspirations to use its wholly-owned and proprietary SiLeach hydrometallurgical lithium processing technology to unlock the lithium potential and value of historical tin-polymetallic deposits such as Sadisdorf – which is ideally located to supply the European battery and electric vehicle market – by recovering lithium from the residues of conventional tin concentration processes.

Lithium Australia said the latest results represent the first drilling at Sadisdorf since 1990 and follows a maiden Inferred Mineral Resource estimate of 25 million tonnes at 0.45 per cent lithium oxide (Li2O) (0.32 per cent Li2O cut-off).

The program of three diamond holes was designed to confirm historic data and test the outer boundaries of the mineral resource model.

The drilling encountered intercepts including 32.19 metres of continuous lithium mineralisation at 0.52 per cent Li2O.

Other intercepts of tin mineralisation were also encountered of up to 11.65 metres at 0.35 per cent tin.

“Firstly, this is a welcome start to our first on-the-ground work at Sadisdorf – placing the company at the forefront of the bourgeoning battery chemical sector – much of which is European led,” Lithium Australia managing director Adrian Griffin said in the company’s announcement to the Australian Securities Exchange.

“The mineralisation encountered in the first drill hole strongly supports our vision of unlocking the value of the historic tin-tungsten Sadisdorf mine by adding lithium as an additional value driver, at a location in close geographical proximity to emerging European new era battery markets.

“Our SiLeach processing technology is ideally suited for processing Sadisdorf’s greisen-style polymetallic mineralisation which contains abundant lithium micas.

“With tin increasingly regarded as a strategic technology metal, the tin assays encountered also confirm our view of the potential of Sadisdorf as a significant polymetallic deposit.

“Testwork on fresh samples will commence shortly and we look forward to the full assay results from the remaining two drill holes.”

 

Email: info@lithium-au.com

Website: www.lithium-au.com

 

Magmatic Resources Confirms High-grade Gold Target at Bodangora

THE DRILL SERGEANT: Magmatic Resources (ASX: MAG) announced results of recent rock chip sampling and mapping carried out at the company’s Bodangora gold target in the East Lachlan province in central New South Wales.

Magmatic Resources recovered 19 samples over the area, from which a best result of 92.8 grams per tonne gold, 74g/t silver, and 1.2 per cent copper was returned from a laminated, chalcopyrite-bearing quartz vein from mine spoil at Dicks Reward mine.

The company said it expected these distinct lode styles to be repeated under shallow cover at Bodangora South.

Magmatic has developed an exploration model which will target these lodes in Ordovician stratigraphy above the faulted Ordovician-Silurian contact.

The recently-gathered rock chips were collected along sub-cropping quartz reefs and from float along the interpreted continuation of the reefs under thin cover.

“This is a fantastic result and shows the high-grade nature of the veins at Bodangora,” Magmatic Resources managing director David Richardson said in the company’s announcement to the Australian Securities Exchange.

“These results confirm our exploration strategy at Wellington North of targeting this area for potential veins under shallow cover.

“If the area was in WA’s Yilgarn and was one to two kilometres along strike from a plus 230,000-ounce historic production centre, the area would have already been hammered with drill holes.

“We are of course very enthusiastic about the 92.8 grams per tonne gold hit in particular, which gives us great confidence for immediate follow up exploration.”

 

Email: info@magmaticresources.com

Website: www.magmaticresources.com

 

BCI Minerals Confirms Kumina E Iron Ore Discovery

THE DRILL SERGEANT: BCI Minerals (ASX: BCI) claimed that recent drilling at the company’s Kumina tenements have confirmed the discovery of a high-grade iron ore deposit.

BCI Minerals made the claim based on initial assay results from drilling undertaken on the Kumina E target, part of the Kumina tenements comprising three granted exploration licences located approximately 100 kilometres south of Karratha and 50km north-east of BCI’s Bungaroo South deposit.

The company acquired the highly prospective tenements in September 2017, which have had minimal previous exploration.

BCI considers the tenements to have the potential to host iron ore deposits.

Iron ore deposits discovered at Kumina are intended to become part of BCI’s Buckland project, where the company is targeting a 15 to 20 million tonnes per annum operation for 15 years from Bungaroo South and Kumina for export through its proposed Cape Preston East Port.

A 300-hole Stage 2 drilling program is well advanced, with more than 200 holes completed.

Assays from first 37 holes at Kumina E returned results that confirmed the presence of high-grade iron ore, including:

KRC0100
40 metres at 62 per cent iron from surface;

KRC0068
34m at 60.3 per cent iron from surface;

KRC0069
32m at 59.9 per cent iron from surface, including 10m at 62.1 per cent iron from surface;

KRC0106
30m at 59.9 per cent iron from surface, including 6m at 63.3 per cent iron from surface;

KRC0120
22m at 61.9 per cent iron from surface, including 10m at 64.4 per cent iron from 10m;

KRC0087
20m at 64.4 per cent iron from surface, including 6m at 66.1 per cent iron from 4m; and

KRC0088
18m at 62.4 per cent iron from surface, including 12m at 64.2 per cent iron from 4m.

“These positive drilling results support our view that the Kumina tenements potentially host a meaningful tonnage of high-grade bedded iron ore mineralisation,” BCI Minerals managing director Alwyn Vorster said in the company’s announcement to the Australian Securities Exchange.

“This could transform the overall Buckland Iron Ore Project and also provides options to consider a standalone Kumina operation with higher quality products.”

 

Email: info@bciminerals.com.au

Website: www.bciminerals.com.au

 

Draig Resources Increases Bellevue Landholding

THE BOURSE WHISPERER: Draig Resources (ASX: DRG) has increased its landholding around the company’s Bellevue gold project in the Goldfields region of Western Australia.

Draig Resources has taken its land tenure to over 4500 square kilometres in proximity to Bellevue.

The company now boasts a dominant project portfolio in what it considers as being a well-endowed mining district and near noteworthy existing gold operations such as Northern Star’s (ASX: NST) Jundee, Echo Resources’ (ASX: EAR) Bronzewing, Red5’s (ASX: RED) Darlot and Saracen’s (ASX: SAR) Thunderbox operations.

Draig currently has drilling underway at the Tribune high-grade discovery at the Bellevue project with a maiden resource estimate on track for later in the year.

“The company is pleased to significantly increase our land holding in a well-endowed mining district that is host to a major gold and base metal operations,” Draig Resources executive director Steve Parsons said in the company’s announcement to the Australian Securities Exchange.

“Draig now has a large presence in a highly prospective and underexplored region of the north eastern goldfields region of Western Australia.

“Our geological team is undertaking preliminary targeting work ready for on ground exploration in the second half of 2018.

“As we work up these new target areas the company continues to advance its core asset the high-grade gold Bellevue gold project and is on track to deliver a maiden resource estimate in Quarter three 2018.”

 

Email: admin@draigresources.com

Website: www.draigresources.com

 

Aruma Resources Completes Second Drill Phase at Slate Dam

THE DRILL SERGEANT: Aruma Resources (ASX: AAJ) has completed the second phase of drilling at the company’s 100 per cent-owned Slate Dam gold project in the Eastern Goldfields of Western Australia.

Aruma Resources explained the program was designed to follow up the maiden drilling program at Slate Dam, which resulted in the discovery of a new gold system.

Aruma has completed 23 reverse circulation (RC) drill holes in the latest phase of drilling, comprising:

10 extensional holes design to test the grade and dimensions of the 20 metre thick trend identified in the maiden drill program;

10 repetition holes designed to test stratigraphic repetitions of the gold mineralised system to the east; and

Three holes targeting the priority 440ppb gold anomaly, situated north of Aruma’s previous drilling at Slate Dam.

The company said the holes showed deep oxidation and weathering to around 50 metres as well as abundant sulphides in the last hole.

“The drilling sought to test the dip and strike potential of the major gold shoots identified in the first phase of drilling,” Aruma Resources said in its ASX announcement.

“All samples have been submitted for laboratory analysis and results are expected in the current month.

“The results of this phase of drilling will be utilised, in conjunction with Aruma’s ongoing exploration activities, to define drill targets for the next phase of drilling.

“This is planned to be an RC program of at least 2,100 metres, scheduled to commence after results are evaluated.”

Aruma is also assembling the data base from the recently-acquired Trojan and Transville leases that it will use to assist in selecting priority targets over the total lease area.

 

Email: info@arumaresources.com

Website: www.arumaresources.com

 

Alliance Resources Assessing Weednanna Regional Gold Prospects

THE DRILL SERGEANT: Alliance Resources (ASX: AGS) spruiked the regional gold potential surrounding the company’s Wilcherry project area in South Australia, which forms part of the joint venture (JV) between Alliance (71.09%) and Tyranna Resources (ASX: TYX) (28.91%).

Alliance Resources explained that since the formation of the JV, its primary focus has been to assess the potential of the high-grade Weednanna gold prospect for economic development.

The company has since advanced with this work and plans to establish a maiden mineral resource estimate in the first half of this year.

Alliance has improved its understanding of the gold skarn mineralisation model at Weednanna with two significant advances:

(1) The recognition of discrete high-grade gold shoots; and

(2) The location of gold shoots in both Paleo-Proterozoic meta-sediments and Archaean granite-gneiss.

Of note, the company has identified that previous exploration did not use appropriate drill hole spacing for the discrete high-grade gold shoots and largely ignored the opportunities in the Archaean granite-gneiss.

Alliance has commenced a review of the regional gold prospectivity to identify prospects with potential for gold mineralisation within five kilometres of Weednanna.

Preliminary compilation of the historic geochemical and drilling databases indicates gold exists at the Mawson, Ultima Dam South and Weednanna North prospects, with anomalous gold at the Ultima Dam and Ultima Dam North prospects.

“Now that our flagship Weednanna gold prospect is advancing towards a maiden mineral resource estimate, we have turned our attention to the regional gold potential proximal to the prospect,” Alliance Resources managing director Steve Johnston said in the company’s announcement to the Australian Securities Exchange.

“It is emphasised that the exploration potential at Weednanna itself remains very high, however, the high-grade gold intercepts at Mawson and Ultima Dam South, both within a short trucking distance to Weednanna, are also very exciting.”

 

Email: info@allianceresources.com.au

Website: www.allianceresources.com.au