Black Cat Syndicate Identifies Balagundi JV Base Metals Targets

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THE BOURSE WHISPERER: Black Cat Syndicate (ASX: BC8) has reached the second stage of the earn-in it has in place with Essential Metals (ASX: ESS) at the Balagundi Joint Venture, part of the Kal East gold project in Western Australia.

Recent work carried out by the JV at Balagundi has demonstrated it to be prospective for both gold and VMS style, base metal deposits.

Surface geochemical programs overlayed on structural interpretation identified new targets including:

Dingo Dam (copper-gold-zinc): a 2km long copper-gold-zinc anomaly containing historical mine shafts;

Anvil (copper-lead-zinc-gold): a discrete, approx. 1.5 kilometres long copper-lead-zinc-gold anomaly with values up to 634 ppm copper; and

Brontes and Asterope (copper): two gossans, within 500m east of Anvil.

“Balagundi has the potential to host both gold and base metal deposits and we look forward to the second stage of the farm-in with Essential Metals,” Black Cat Syndicate managing director Gareth Solly said in the company’s ASX announcement.

“Black Cat controls a pipeline of exploration projects to fortify the longevity of the Kal East Gold Project and our systematic exploration across the tenement package is only just starting to hint at that potential.

“Balagundi is a prime example of an overlooked historical high-grade goldfield and we have identified numerous excellent geochemical targets in the area; our upcoming geophysical surveys will greatly aid in both gold and base metal targeting.

“Black Cat is rapidly moving towards production while continuing to actively explore our large and underexplored land holding.”

Black Cat entered into Farm-in and JV Agreements with Essential in July 2019 to earn 75 per cent of Balagundi by spending $600,000 on the project within five years.

The earn-in period has two stages, Stage 1 sees $150,000 of expenditure spent within the first two years, while stage 2 sees a further $450,000 spent in the next three years.

Black Cat has now completed Stage 1 of the earn-in and is proceeding with Stage 2.

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: admin@blackcatsyndicate.com.au

 

Web: www.blackcatsyndicate.com.au

 

Poseidon Nickel DFS Declares Windarra Gold Project a Goer

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THE BOURSE WHISPERER: Poseidon Nickel (ASX: POS) released the outcomes from a Definitive Feasibility Study (DFS) carried out on the company’s Windarra gold tailings project located in the Eastern Goldfields region of Western Australia.

Poseidon Nickel is considering development of the Windarra gold tailings project, which comprises the Windarra Gold Tailings Mineral Resource contained within the North and South tailings dams and the Lancefield Gold Tailings Mineral Resource.

The Mineral Resource comprises 4.75 million tonnes at the Windarra North and South dams at an average grade of 0.73 grams per tonne gold and 1.21 million tonnes at Lancefield at an average grade of 1.27g/t gold, all classified as Indicated resources.

The study determined an Ore Reserve of 5.54 to 5.73 million tonnes, subject to mining method, grading 0.84g/t gold and 2.1g/t silver for approximately 150,000 ounces of contained gold and 375,000 ounces of contained silver.

The study found Windarra Gold Tailings could produce approximately 53500 to 55200 ounces gold, subject to mining method, over a 45-month period, utilising low-cost, low-risk tailings mining methods and a conventional 1.5 million tonnes per annum modular designed processing facility.

“The results from the DFS demonstrate a robust and profitable project retreating the gold tailings at Windarra and Lancefield,” Poseidon Nickel managing director and CEO Peter Harold said in the company’s ASX announcement.

“The gold tailings present a project which can generate positive cash flows to be invested into our nickel business, which is our primary focus.

“The tailings project would be ideal for a partnership style arrangement or an outright sale.

“We will be actively looking for a high-quality partner to work with to bring this project into production or a party to acquire the project so we can monetise the asset for Poseidon shareholders.”

 

 

Email: admin@poseidon-nickel.com.au

Web: www.poseidon-nickel.com.au

 

De Grey Mining Drills Energising Results at Diucon

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THE DRILL SERGEANT: De Grey Mining (ASX: DEG) reported exploration results from the Diucon deposit at the company’s Hemi gold project in Western Australia.

Diucon is located immediately to the west of Crow and presents a potential geological link between the Crow and Antwerp intrusions.

De Grey said the gold mineralisation at Diucon shows similar alteration and sulphide development as seen at the adjacent Aquila, Brolga, Crow, Falcon and Eagle deposits.

Extensional Results

Section 28720E

HERC442D
173.7 metres at 1.5 grams per tonne gold from 271.3m; 80m below the current resource

HERC851D
99m at 1.1g/t gold from 256m and 173m at 1.6g/t gold from 366m; 160m below the current resource

Section 28880E

HERC460D
108.4m at 0.8g/t gold from 280.72m. 80m below the current resource

Infill Results

Section 28720E

HERC441D
58.7m at 2g/t gold from 224m; (partially previously reported)

Section 28800E

HERC476D
88m at 1.9g/t gold from 256m; and

HERC458D
87.0m at 1g/t gold from 180m and 42m at 4.2g/t gold from 278m.

“The new drilling results at Diucon provide clear evidence that increases to the current Hemi resource can be expected with further drilling,” De Grey Mining managing director Glenn Jardine said in the company’s ASX announcement.

“The higher grades zones within these broad gold zones are also encouraging, as we continue to extend mineralisation to the west and conduct closer spaced drilling within the existing resource footprint.

“The mineralised intrusion on Section 28720E widens at depth.
“Step out drill hole HERC889D is currently in progress, targeting a further 160 metres beneath HERC851D.

“This well mineralised section remains entirely open to the west and depth.

“The mineralised intrusion at Diucon was intersected in RC and diamond drilling beneath unmineralised sediments previously intersected in shallow aircore drilling.

“This aspect provides encouragement for discovering additional mineralised intrusions around Hemi in a similar setting.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: admin@degreymining.com.au

 

Web: www.degreymining.com.au

 

Golden Mile Resources Encounters Widespread Gold Mineralisation at Leonora Project

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THE DRILL SERGEANT: Golden Mile Resources (ASX: G88) reported results from recently completed aircore (AC) drilling undertaken at the Ironstone Well and Benalla gold projects, part of the company’s Leonora gold project near Kalgoorlie in the Eastern Goldfields of Western Australia.

A 16-hole AC program at Benalla followed up targets at Wanghi, Benalla Hill, BGT2, BGT3 and Websters.

Intersections from this program include:

BTAC277 (Wanghi)
4 metres at 0.68 grams per tonne gold from 37m and 4m at 0.29g/t gold from 45m;

BTAC271 (BGT02)
4m at 0.11g/t gold from 40m;

BTAC272 (BGT02)
4m at 0.16g/t gold from 36m; and

BTAC273 (BGT02)
4m at 0.17g/t gold from 44m and 5m at 0.16g/t gold from 52m.

An 11-hole AC program at Ironstone Well, seven kilometres northeast of Leonora, targeted geochemical anomalies coincident with the folded “Pink Pig” Shear Zone, which can be traced for more than three kilometres regionally.

Best intersections at Ironstone Well were associated with the Pig Well prospect and included:

IWAC010
4m at 0.3g/t gold from 40m and 8m at 0.6g/t gold from 60m;

IWAC007
4m at 0.13g/t gold from 96m;

IWAC008
4m at 0.1g/t gold from 16m; and

IWAC009
4m at 0.53g/t gold from 60m.

“While the company is encouraged by the widespread gold mineralisation intersected to date at Benalla, and the untested potential at Ironstone Well, the company’s focus over the coming months will be on the Yarrambee project and following up the outstanding copper-zinc targets identified from the recently completed airborne survey,” Golden Mile Resources managing director James Merrillees said in the company’s ASX announcement.

“Planning is now well advanced to source a crew to complete ground electromagnetic surveys prior to drilling on these high priority targets at Yarrambee and I look forward to providing an update on this program in the coming weeks.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@goldenmileresources.com.au

 

Web: www.goldenmileresources.com.au

 

RareX Reports Cummins Range Rare Earths Resource Upgrade

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THE DRILL SERGEANT: RareX Limited (ASX: REE) reported a substantial resource upgrade for the company’s 100 per cent-owned Cummins Range rare earths project in the Kimberley region of Western Australia.

RareX has grown the Cummins Range Mineral Resource in size and quality as a result of drilling programs completed last year, firmly establishing the deposit as a high-quality development opportunity in a Tier-1 mining jurisdiction.

The new estimate includes a 47 per cent increase in overall tonnes to 18.8 million tonnes at 1.15 per cent total rare earth oxides (TREO), including 0.23 per cent neodymium-praseodymium (NdPr) and 0.14 per cent niobium pentoxide (Nb2O5).

High-grade tonnes improved to 6.5 million tonnes at 1.98 per cent TREO, including 0.38 per cent NdPr and 0.21 per cent Nb2O5.

The estimate includes a maiden Indicated Resource of 11.1 million tonnes at 1.3 per cent TREO, including 0.27 per cent NdPr and 0.17 per cent Nb2O5.

“Achieving a resource upgrade of this magnitude is a fantastic result which reflects the great work undertaken by the RareX technical team over the past year,” RareX managing director Jeremy Robinson said in the company’s ASX announcement.

“The resource has increased in grade and scale, and now clearly sits at the forefront of rare earth development projects on the ASX.

“Apart from the overall 47 per cent increase in tonnage, we have also posted a sizeable increase in high-grade tonnes and a very significant maiden Indicated Resource of 11.1 million tonnes, which will be available for conversion to ore reserves as part of upcoming economic studies.

“Importantly, we believe that there is enormous scope to grow the resource further, both in overall size and grade.

“We have seen some very encouraging indications from the recent expansionary drilling and we are really looking forward to seeing what the upcoming diamond drilling will reveal.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@rarex.com.au

 

Web: www.rarex.com.au

 

Burley Minerals Thrown to the ASX Sharks in IPO Feeding Frenzy

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THE BOURSE WHISPERER: Burley Minerals (ASX: BUR) was welcomed onto the boards of the ASX on Wednesday by a feeding frenzy that saw the 20 cent IPO list on the positive side of 37 cents.

Burley Minerals listed on the back of the Yerecoin project, which the company believes has the nickel-copper-PGE potential to become another Julimar deposit that is located just 60 kilometres to the south.

The Yerecoin project already hosts a JORC 2012 compliant Indicated and Inferred Mineral Resources totalling approx. 247 million tonnes of high-grade coarse-grained magnetite at an average grade of 30 per cent iron.

Metallurgical studies have demonstrated magnetite concentrate at 68 per cent iron concentrate grade, considered by Burley to be a potentially premium coarse-grained magnetite product with low level impurities, suitable for direct sinter plant feed.

The company is led by CEO and managing director Gary Powell, who is supported by non-executive director Jeff Brill and executive chairman Bryan Dixon.

 

Email: info@burleyminerals.com

Web: www.burleyminerals.com

 

Company Merger Results in Project Spinout

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THE BOURSE WHISPERER: With the ink barely dry on their recent merger agreement, Gascoyne Resources (ASX: GCY) and Firefly Resources (ASX: FFR) are set to spin out project from their combined portfolio into a new entity.

The two companies announced a binding Demerger Implementation Deed (DID), under which they have agreed the terms of a demerger of various assets.

These include the Paterson copper-gold project, the Forrestania gold project, and lithium mineral rights over various tenements held by both Gascoyne and Firefly, all of which are to be acquired by a newly incorporated wholly owned subsidiary of Firefly, Firetail Resources Limited.

Firetail will initially be a publicly unlisted company with an intention to seek an ASX listing sometime following implementation of the merger.

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Dreadnought Resources Releases Triple Header Announcements

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THE DRILL SERGEANT: Dreadnought Resources (ASX: DRE) kept market watchers interested this week by releasing three ASX announcements covering the company’s diverse portfolio of projects.

Dreadnought Resources’ first announcement of the week covered results of reconnaissance sampling at Rough Triangle, part of the company’s Tarraji-Yampi project in the West Kimberley region of Western Australia.

The company explained that Rough Triangle was identified and mapped by Western Mining Corporation in 1958, at which time it was declared a ‘significant lode’, however, Rough Triangle was not sampled, and no exploration has been undertaken there since.

Dreadnought has now sampled Rough Triangle as part of a project wide reconnaissance program assessing historically mapped mineralisation and more recently generated anomalies.

The sampling confirmed high tenor polymetallic mineralisation, including critical minerals antinomy and bismuth, in addition to copper and silver over approx. 600 metres of strike length.

“We have no shortage of outcropping mineralisation at Tarraji-Yampi,”

“There is certainly nothing more exciting than walking along walls of outcrop with copper staining.

“The confirmation of high tenor antimony, bismuth, copper and silver is highly encouraging for a substantial system at Rough Triangle.

“We will continue to assess additional targets while undertaking our drilling programs at Texas, Fuso, Paul’s Find, Orion and Chianti-Rufina.”

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

Dreadnought followed up on Wednesday by announcing results from rock chip sampling of pegmatites at Peggy Sue, part of the company’s Illaara project.

Results achieved at Peggy Sue identified multiple, high-grade tantalum clusters and anomalous lithium.

The company believes these rock chip results indicate a potentially large system.

Future work will look to further map and sample the pegmatites to determine the mineral zonation patterns and define drill targets, likely to commence in the December 2021 quarter.

“Identifying these high-grade tantalum clusters from first pass sampling is highly encouraging,” Tuck said.

“Tantalum is a critical metal where security of supply matters and Peggy Sue is ideally situated in a Tier 1 jurisdiction.

“Going forward, we will be looking to extend the mineralisation and define any zonation within these pegmatite swarms with an eye to vector in towards additional tantalum and potential lithium and caesium zones.”

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

On Thursday, Dreadnought informed everybody that RC drilling has commenced at Chianti-Rufina, which is also part of the Tarraji-Yampi project.

The drilling at Chianti-Rufina is expected to take a week, after which the drill rig will move to Fuso and Paul’s Find copper-gold targets.

FLEM surveys at the Orion nickel-copper-PGE target will be underway at the same time.

Once drilling is complete at Fuso and Paul’s Find, the rig will move to Orion to drill the known EM plates and any additional plates identified by the FLEM surveys.

This program is expected to be completed by the end of July 2021.

“We are embarking on a 21-hole diamond and RC drill program that will test targets over five high-quality prospects, Tuck said.

“To say that we are excited about the potential of this program is an understatement.”

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@dreadnoughtresources.com.au

Web: www.dreadnoughtresources.com.au

 

Alchemy Resources Drills High-Grade Results at Karonie

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THE DRILL SERGEANT: Alchemy Resources (ASX: ALY) reported receiving results of all holes from a recent Reverse Circulation (RC) drill program undertaken on the company’s Karonie gold project in the Eastern Goldfields of Western Australia.

Alchemy Resources conducted the Phase 1 drill program at Karonie focussing on infilling and extending shallow zones of mineralisation at Parmelia, Taupo and KZ5 with anomalous intercepts returned from most holes.

Mineralisation at KZ5 extended to 500m, open along strike to the north and south, while high-grade mineralisation was intersected at Taupo, extending 150m down dip, remaining open at depth.

Best Intercepts include:

KZ5

KZRC103
12m at 1.26 grams per tonne gold from 24m, including 8m at 1.41g/t gold from 24m;

KZRC104
4m at 3.39g/t gold in from 56m;

KZRC105
1m at 1.87g/t gold from 58m;

KZRC107
4m at 1.25g/t gold from 96m;
40m at 0.54g/t gold from 8m; and

KZRC109
2m at 1.25g/t gold from 109m.

Taupo

TARC011
1m at 2.67 gold from 107m;

TARC013
4m at 1.72g/t gold from 123m, including 1m at 5.73g/t gold from 123m; and

TARC014
4m at 1.82g/t gold from 48m.

“Karonie is continuing to emerge as a very exciting project,” Alchemy Resources chief executive officer James Wilson said in the company’s ASX announcement.

“This recent round of drilling has extended mineralisation at KZ5 to around 500 metres strike as well as opening a potential new zone of mineralisation to be tested in the north-west section.

“At Taupo we’ve extended mineralisation to 150 metres down dip with some high-grades in the central part of the deposit, which is a fantastic outcome.

“Mineralisation remains open at depth and along strike at all three prospects so its early days of testing what appears to be multiple significant mineralised systems.

“Our understanding of these systems has advanced significantly and will be utilised in planning for our next phases of drilling.

“We will now look to re-sample the four metre composites and to commence 3-D modelling these zones, with a view to potentially calculating a maiden resource later this year.

“In addition, we have detailed reconnaissance surface mapping underway in the areas to the north and south of Karonie which will form part of the next phases of drilling commencing later this year.

“This dovetails in with our strategy of an aggressive 10,000 metres to 20,000 metres drill program over 3 phases across the tenement package at Karonie.”

 

 

 

Email: info@alchemyresources.com.au

Web: www.alchemyresources.com.au

 

Galan Lithium HMW Project Review Optimises Capex Profile

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THE DRILL SERGEANT: Galan Lithium (ASX: GLN) has made considerable advancement of feasibility study foundation works underway at the company’s Hombre Muerto West project (HMW project) located in the South American Lithium Triangle.

Galn Lithium’s HMW project team completed a preliminary evaporation ponds design making full use of the company’s tenement holding for producing up to 25,000 tonnes per annum lithium carbonate equivalent (LCE).

The company said the work had confirmed the robustness of the evaporation design to achieve a high-quality brine concentrate by successfully completing two additional brine evaporation tests.

“Galan continues to strengthen and broaden the flexibility of the HMW project with a view to production as soon as possible,” Galan Lithium managing director Juan Pablo (JP) Vargas de la Vega said in the company’s ASX announcement.

“We have confirmed the existence of a strong product with lithium concentrate levels beyond six per cent lithium, and we continue to optimise our evaporation route.

“Our team is confident of the HMW project’s potential to increase its production levels up to 25,000 tonnes per annum LCE in the next feasibility studies.

“The Galan team continues to look at solutions to grow and make HMW as robust and as low risk as possible by using proven technology.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: admin@galanlithium.com.au

Web: www.galanlithium.com.au