Black Cat Syndicate Raises $20M

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THE BOURSE WHISPERER: Black Cat Syndicate (ASX: BC8) greeted Day Two of the 2021 RIU Sydney Resources Roundup by announcing it has received firm commitments from sophisticated and professional investors in respect of a $20 million placement.

Black Cat Syndicate raised the funds at 67 cents per share and indicated these will be applied to extension and exploration drilling, mill equipment purchases, feasibility studies and other working capital for the company’s Kal East gold project in Western Australia.

The company explained the placement is an integral part of its low-capex, rapid start-up strategy for the Kal East project.

In March 2021, Black Cat acquired a 1.5 million tonnes per annum milling facility, including two ball mills and equipment required to run the facility, spending an extra $1.24 million.

“We are delighted with the support for the Placement and welcome a number of highly credentialed Australian and offshore institutional investors to the register,” Black Cat Syndicate managing director Gareth Solly said in the company’s ASX announcement.

“On behalf of the Board I would also like to thank our existing shareholders for their ongoing support.

“The Placement will allow the company to progress its start-up strategy, targeting first production in the second half of 2022.

“In the June 2021 quarter, we will commence the removal and relocation of our 1.5 million tonnes per annum facility.

“In May 2021, we are anticipating announcing Resource upgrades from the Fingals Mining Centre.

“Furthermore, we look forward to updating investors with results from our extensive drilling programs and ongoing Resource extensions and upgrades.”

 

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: admin@blackcatsyndicate.com.au

 

Web: www.blackcatsyndicate.com.au

 

Odyssey Gold Encounters Visible Gold at Bottle Dump Deposit

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THE DRILL SERGEANT: Odyssey Gold (ASX: ODY) reported an intersection of visible gold in the first diamond hole drilled at the Bottle Dump deposit within the company’s Tuckanarra project, located in the Meekatharra-Cue belt of Western Australia.

Odyssey Gold encountered the visible gold in diamond drillhole TCKDD003 at 249m downhole (215m vertical depth), which was drilled beneath a recent gold intersection achieved in reverse circulation (RC) drill hole TKRC0014.

Odyssey Gold initially mobilised a RC rig to the Bottle Dump deposit in March, where mineralisation was minimally tested down dip and along strike from the existing pit.

Diamond drilling commenced in the eastern extension of the Bottle Dump pit in late April, with the first hole targeting 40m below RC hole TCKRC0014, which had returned intercepts of:

TKRC0014
13 metres at 3.9 grams per tonne gold from 190m, including 5m at 8.9g/t gold from 198m.

Other results from the RC drilling included:

TKRC0004
16m at 2.3g/t gold from 100m, including 8m at 4.1g/t gold from 100m.

“The impressive visible gold intersected at Bottle Dump confirms the strong potential of the Bottle Dump trend to host high-grade gold mineralisation,” Odyssey Gold executive director Matt Syme said in the company’s ASX announcement.

“The visible gold in TCKDD0003 and the 13 metres at 3.9 grams per tonne in TKRC0014 have extended known gold mineralisation over 100 metres to the east of the Bottle Dump pit.

“The potential extent of the Bottle Dump trend is up to three kilometres and the known gold mineralisation is open to the east and west and at depth.

“Odyssey has consolidated some of the best gold exploration ground in the Western Australian Goldfields and we are looking forward to applying modern exploration techniques to uncover the area’s outstanding potential.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@odysseygold.com.au

 

Web: www.odysseygold.com.au

 

 

Estrella Resources Reports Early Drilling Win at Carr Boyd

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THE DRILL SERGEANT: Estrella Resources (ASX: ESR) greeted Day One of the 2021 RIU Sydney Resources Roundup by announcing the start to the Phase 3 drill program at the company’s T5 prospect on the company’s 100 per cent owned Carr Boyd Tenements.

Estrella reported on hole CBDD0053 that intersected a 16.35 metres zone of disseminated to highly disseminated nickel-copper sulphides within the T5 pyroxenite feeder-zone.

The sulphides encountered in CBDD053 are located adjacent to the T5 contact 75m below previous hole CBDD033 (20.1m at 1% Ni, 0.7% Cu) and 65m above another earlier hole CBDD035 (8.05m at 0.8% Ni and 0.5% Cu).

Wedge holes from CBDD053 are currently being drilled.

“With two rigs currently on site, Phase 3 is a unique opportunity for the company to learn as much as we can about the controls on mineralisation within the T5 feeder zone and to extend it laterally along the basal contact,” Estrella Resources managing director Chris Daws said in the company’s ASX announcement.

“Our hunt for more massive sulphides is well underway and I look forward to what the drilling reveals next.”

 

 

Email: info@estrellaresources.com.au

 

Web: www.estrellaresources.com.au

 

Kalamazoo Resources Commences Drilling at the Ashburton Gold Project

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THE DRILL SERGEANT: Kalamazoo Resources (ASX: KZR) prepared for the RIU Sydney Resources Roundup by announcement the commencement of a Phase II drilling program at the company’s Ashburton gold project in Western Australia.

Kalamazoo said the Phase II drilling program will target extensions to mineralised trends in shallow locations east and west of the Waugh open pit and within a newly interpreted structure at Connies Find.

Several high-grade steeply dipping, cross-cutting NW-striking mineralised structures at the Peake prospect will be followed up as well as bedding sub-parallel mineralisation at the nearby Titus prospect.

Drilling at West Olympus will test a mineralised north-south striking structure.

“We are very pleased to see Phase II of our drilling program at our Ashburton gold project get underway after months of detailed target generation and drill hole design,” Kalamazoo Resources non-executive director Paul Adams said in the company’s ASX announcement.

“We expect to have strong news flow from early June through to November from this program and look forward to being able to keep the market informed of our progress.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: admin@kzr.com.au

 

Web: www.kzr.com.au

 

Firefinch Increases Global Mineral Resources at Morila

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THE DRILL SERGEANT: with one day to go before the RIU Sydney Resources Roundup, Firefinch (ASX: FFX) announced an upgrade to the Mineral Resources for the satellite deposits within the company’s Morila gold project in Mali.

Firefinch completed the Mineral Resources estimates including all available drilling, including historical and over 30,000 metres of Firefinch drilling completed this year that involved 19,000m of drilling at N’Tiola, Viper, and Pit 5 and over 11,000m on the adjacent Massigui project, (principally Koting).

The updated Measured, Indicated and Inferred Mineral Resources for the satellite deposits are:

6.2 million tonnes at 1.09 grams per tonne gold for 218,000 ounces of contained gold.

This compares favourably to 2.5 million tonnes at 1.38g/t gold for 113,000 ounces that was released in the previous Mineral Resource announced in November 2020.

The latest update results in an increase in Morila’s Global Mineral Resource to:

50.5 million tonnes at 1.5g/t gold for 2.43 million ounces of contained gold.

“This is an excellent outcome,” Firefinch managing director Dr Michael Anderson said in the company’s ASX announcement.

“We aimed to have sufficient satellite feed available to support operations in the lead up to accessing ore from the Morila Super Pit, and we have delivered.

“Our investment in intensive drilling across the known deposits has paid off with this substantial increase in Satellite Resources.

“Importantly, we have a significant inventory of Measured and Indicated Resources on which to base our forthcoming Life of Mine Plan, the blueprint for the production ramp-up at Morila.

“Drilling is continuing and we are confident of adding further resources and reserves.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@firefinchltd.com

 

Web: www.firefinchltd.com

 

 

Firefinch Achieves High Grade Results from Drilling at Satellite Deposits

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THE DRILL SERGEANT: Firefinch (ASX: FFX) announced further infill and extensional drilling results from the Morila Pit 5 and Koting satellite deposits within the company’s Morila gold project in Mali.

Firefinch said the results will be included in Mineral Resource estimates for these two deposits.

Recent RC drilling at Morila Pit 5, includes:

SE77
19 metres at 4.14g/t gold from 40m;

SE74
19m at 4.37g/t gold from 64m, including 7m at 7.53g/t gold;

SE54
14m at 4.23g/t gold from 30m, including 2m at 19.7g/t gold; and

SE51
8m at 5.22g/t gold from 5m, including 2m at 18.2g/t gold.

Intercepts from infill drilling at Koting include:

KOTRC067
5m at 11.2g/t gold from 95m;

KOTRC065
8m at 4.58g/t gold from 30m; and

KOTRC058
7m at 4.33g/t gold from 29m.

“The results from Pit 5 are impressive and especially exciting given their location on the edge of the Morila Super Pit, right next to our plant,” Firefinch managing director Dr Michael Anderson said in the company’s ASX announcement.

“When you consider that Pit 5 is just one of multiple areas within our 685 square kilometres of tenure that has not been previously mined, it gives you a sense for the scale of the opportunity that we have ahead at Morila.

“We are working hard to complete the Mineral Resources for these prospects for input into the forthcoming Life of Mine Plan.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@firefinchltd.com

 

Web: www.firefinchltd.com

 

Elementos Drilling Program on Track to Complete Objectives

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THE DRILL SERGEANT: Elementos (ASX: ELT) claimed confirmation of further zones of mineralisation at the company’s Oropesa tin project in Spain.

Elementos is undertaking its current drilling and optimisation campaign to increase the confidence of project.

The company recently received Mineral Resource Assays for four diamond drill holes that were completed in April 2021.

These are in addition to 17 diamond drill holes previously reported from this program.

Results include:

Expn_059
15.1 metres at 0.44 per cent tin from 118.3m;

Expn_020A
6.8m at 0.38 per cent tin from 37.4m;

ADD_02
12.9m at 0.18 per cent tin from 45.5m and 4.5m at 0.16 per cent tin from 62m; and

ADD_03
2m at 0.24 per cent tin from 16.3m, 19.2m at 0.18 per cent tin from 37m, 8.7m at 0.26 per cent tin from 61.8m, and 5.5m at 0.41 per cent tin from 88.8m.

“The drilling program is over 67 per cent completed and is on track to complete its objectives,” Elementos chairman Andy Greig said in the company’s ASX announcement.

“The results from drill holes ADD02 and ADD03 will provide strong support for extending the existing mineral resource nearer the surface towards the centre of the deposit.

“The results of this drilling program are eagerly awaited by the company particularly at a time when we are seeing a strong increase in the price of tin.”

 

Email: admin@elementos.com.au

 

Web: www.elementos.com.au

 

 

Eagle Mountain Mining Moves to 100% Ownership of Oracle Ridge

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THE BOURSE WHISPERER: Eagle Mountain Mining (ASX: EM2) will have plenty to discuss at next week’s RIU Sydney Resources roundup after announcing it is to assume 100 per cent ownership of the Oracle Ridge copper project in Arizona, USA.

Eagle Mountain is to acquire Vincere’s 20 per cent interest in the high-grade Oracle Ridge copper project in exchange for the issue of 10 million shares in Eagle Mountain representing a 5.2 per cent shareholding in Eagle Mountain.

Eagle Mountain’s attributable copper resources will increase by 81 million pounds of copper at an effective acquisition price of US$0.10/lb copper in JORC Resources.

The project has existing JORC resources of 12.2 million tonnes at 1.51 per cent copper, 16.3 grams per tonne silver, 0.19g/t gold for 184,000 tonnes of contained copper at a 1 per cent copper cutoff grade.

“We believe this is a highly value accretive transaction for our shareholders at a time when copper prices are surging due to strong global demand and supply limitations,” Eagle Mountain Mining CEO Tim Mason said in the company’s ASX announcement.

“The acquisition of Vincere’s 20 per cent interest in Oracle Ridge increases the company’s JORC Resources by 81 million pounds of contained copper, but more significantly provides full exposure to the exploration potential at the project.

“This potential includes multiple high-grade drilling intercepts outside the JORC resources along with large scale prospective areas underneath the Leatherwood granitic intrusive at OREX.

“The acquisition also enables a much simpler structure to progress Oracle Ridge through all phases leading to production.

“Following completion, Vincere will become a shareholder in Eagle Mountain and will still benefit from exposure to Oracle Ridge along with other growth opportunities in the company.

“I truly thank Vincere for their contribution to Oracle Ridge and we warmly welcome them as shareholders in Eagle Mountain.”

 

 

Email: info@eaglemountain.com.au

 

 

Web: www.eaglemountain.com.au

 

 

Breaker Resources Increases Lake Roe Resources by 40%

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THE DRILL SERGEANT: Breaker Resources (ASX: BRB) announced a healthy increase in the results of a Mineral Resource Estimate carried out at the company’s Lake Roe gold project, located outside of Kalgoorlie in Western Australia.

Breaker Resources reported the Resource at Lake Roe project has increased by 389,000 ounces (40%) to 1.37 million ounces at 1.5 grams per tonne gold following drilling below Bombora deposit and at Crescent-Kopai and Claypan discoveries.

The Bombora open pit plus underground Resource has increased to 1.22 million ounces at 1.6g/t gold.

The open pit Resource at Bombora has been revised so that it is now reported within 210m of surface (previously 310m), meaning the mineralisation below 210m is included in the maiden underground Resource.

The revised open pit Resource at Bombora now stands at 803,000 ounces at 1.4g/t gold (89% Indicated).

The maiden open pit Resources at the two satellite deposits adds 153,000 ounces of gold (0.5g/t Au cut-off):

Crescent-Kopai 85,900 ounces at 0.9g/t gold; and
Claypan 67,300 ounces at 1g/t gold.

“This outstanding result confirms that Lake Roe is a genuinely large-scale mineralised system with huge growth potential in a tier-one location,” Breaker Resources executive chairman Tom Sanders said in the company’s ASX announcement.

“These factors alone make it a rare and highly desirable asset in an industry facing declining resources, particularly in tier-one locations.

“We still have a lot of drill samples in the laboratory awaiting assay and we are continuing to drill with the aim of continuing to grow the inventory.

“The bigger the inventory, the more development options we have.

“The maiden underground Resource at Bombora confirms the high-grade potential below the open pit Resource.

“High-grade gold is a feature of the Bombora deposit and this creates the flexibility to vary the potential mining approach in response to future mining studies and drill results.

“The 150 metres-wide array of steep, flat and west-dipping lodes is showing good continuity and has many avenues for growth.

“There are good drill intersections in several areas without enough drilling to quantify a resource, a situation not helped by slow assay laboratory turnover.

“The maiden Resources at Crescent-Kopai and Claypan highlight the shallow potential away from the main Bombora deposit, and drilling is preliminary.

“The results confirm the district-scale growth potential over nine kilometres.

“The kilometric-scale faults controlling the gold have a regular geometry and many new targets are opening up.

“Looking ahead, my expectation is continued growth and regular resource updates.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: breaker@breakerresources.com.au

 

Web: www.breakerresources.com.au

 

Ionic Rare Earths Delivers Makuutu Scoping Study

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THE DRILL SERGEANT: Ionic Rare Earths (ASX: IXR) reported outcomes from a Scoping Study completed on the company’s 51 per cent-owned Makuutu rare earths project, located east of Kampala, Uganda.

Ionic Rare Earths declared the Scoping Study outcomes have demonstrated potential for Makuutu to become a sustainable, long-life, relative low capital development cost supplying critical rare earth oxide (CREO) and heavy rare earth oxide (HREO) to global markets, generating strong financial returns while also delivering important social and economic benefits for the local communities in Uganda.

“The results reinforce not only the significant strategic value of an ionic adsorption clay deposit like Makuutu and the basket it can potentially produce, but the potential long-life free cash flow generating potential achieved with the modular, low capital intensity development plan and simple operation indicated in the Study,” IonicRE managing director Tim Harrison said in the company’s ASX announcement.

“The completion of this Study with its positive project economics represents a critical milestone for the company.

“Combining the long life potential, with the low-cost modular capital development and high margin basket potential at Makuutu, confirms the project as one of the best potential new sources of critical and heavy rare earths in the near term.

“We see this project as technically and financially robust and eminently financeable, and the company has received strong expressions of interest from strategic parties interested in accessing Makuutu’s unique basket composition that contains approximately 70 to 75 per cent critical and heavy rare earths.

“We look forward to advancing this project expeditiously towards production that will see IonicRE transition from an exploration company to a producer.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: admin@ionicre.com.au

 

Web: www.ionicre.com.au