VRX Silica to Divest Biranup Nickel-Gold Project

THE BOURSE WHISPERER: VRX Silica (ASX: VRX) has entered into a conditional agreement for the sale of its wholly-owned subsidiary company Ventnor Gold Pty Ltd, owner of the Biranup nickel and gold project in Western Australia.

VRX Silica reached the agreement with New Energy Metals Limited (NRG), an unlisted public company that is planning an Initial Public Offering (IPO) and subsequent ASX-listing later this year.

New Energy Metals is a nickel sulphide focused exploration company with exposure to the Albany Fraser Oregen and South West Yilgarn of WA with a proprietary nickel sulphide prospectivity database to generate further projects.

VRX Silica indicated that New Energy Metals will prioritise applications in the IPO from VRX Silica shareholders.

“We are delighted to have reached agreement with NRG on the terms for the sale of the Biranup project which will enable VRX Silica to share in any future exploration success,” VRX Silica managing director Bruce Maluish said in the company’s announcement to the Australian Securities Exchange.

“The Biranup project tenements have an extensive and comprehensive exploration data base that we have assembled and this will be a great starting point for NRG.

“This is an ideal outcome for VRX Silica and its shareholders as it will allow us to focus on the company’s stated aim of becoming a global supplier of high-quality silica sand.”

TO READ THE ANNOUNCEMENT IN FULL: CLICK HERE

 

Email: info@vrxsilica.com.au

 

Web: www.vrxsilica.com.au

 

 

Rox Resources Achieves High Gold Recoveries at Youanmi

THE DRILL SERGEANT: Rox Resources (ASX: RXL) completed preliminary metallurgical test work at the company’s Youanmi gold project Joint Venture with Venus Metals (ASX: VMC).

Rox Resources reported the testwork delivered high gold recoveries from the Youanmi gold project.

Because the Youanmi project is host to several styles of mineralisation and to ensure adequate representation from the different mineralisation styles, the JV collected 81 samples for metallurgical test work from 32 RC holes previously reported by Rox across the project area.

Intervals to be tested were selected to cover a range of gold grades, mineralisation styles and degree of weathering/oxidation and were then analysed by the LeachWELL Accelerated Cyanide Leach technique to determine the cyanide extractable gold via this industry-standard method and provide an indication of the potential recoveries in standard gold processing circuits (i.e. CIL).

The JV determined the results from the oxide, transitional and fresh zones at Grace to be encouraging with gold recoveries averaging 97 per cent, 94 per cent and 95 per cent respectively.

Rox considers these results indicate that gold mineralisation encountered in recent drilling at the Youanmi project in general, and especially at Grace, is amenable to conventional cyanide extraction methods.

“We are very pleased with these results, which are in line with our expectations,” Rox Resources managing director Alex Passmore said in the company’s announcement to the Australian Securities Exchange.

“The main lode ore body at Youanmi that was mined historically was renowned as being refractory at depth.

“This first-pass metallurgical test work demonstrates that different primary mineralisation styles within the Youanmi project area such as the granite-hosted gold at Grace are clearly non-refractory, delivering excellent recoveries with conventional methods.”

 

Email: admin@roxresources.com.au

 

Web: www.roxresources.com.au

 

 

Musgrave Minerals Claims New Gold Discovery at Cue

THE DRILL SERGEANT: Musgrave Minerals (ASX: MGV) delivered a new gold discovery from results from drilling carried out at the company’s Cue gold project in Western Australia.

Musgrave Minerals reported assay results for a further twelve reverse circulation (RC) drill holes from the current program at the company’s new Starlight gold discovery at Break of Day.

Drilling has continued to confirm the Starlight discovery and has also identified a second high-grade lode 75 metres to the south and striking parallel to Starlight.

Assays received from recent RC drilling at Starlight include:

20MORC040
6 metres at 35.8 grams per tonne gold from 131m; and

20MORC048
5m at 7.2g/t gold from 230m.

The new lode; White Light, has been confirmed from RC drilling with new intercepts aligning with a number of historical isolated gold intersections over a strike extent of more than 100m.

RC drill intercepts from the new White Light lode include:

20MORC050
6m at 54.4g/t gold from 211m;

20MORC048
6m at 5.4g/t gold from 111m; and

20MORC004
9m at 5.1g/t gold from 21m.

Both lodes remain open to the south-east and down dip where drilling is continuing.

All recent intercepts at Starlight and White Light are outside the existing Break of Day resource.

The Starlight and White Light lodes at Break of Day are located on the company’s 100 per cent-owned ground.

Drilling at both lodes is continuing, with a focus on infilling and extending the high-grade gold mineralisation.

Drilling will also continue to test for new lodes within the Break of Day and Lena system.

“This is another positive result for the company as we build the high-grade gold resource base at Cue,” Musgrave Minerals managing director Rob Waugh said in the company’s announcement to the Australian Securities Exchange.

“Drilling is continuing and we are confident we can extend the lodes and make new discoveries as our geological knowledge of the system grows.

“We have extended our RC drill program following the new White Light discovery as we build towards a resource update late in Q3 2020.”

 

TO READ THE ANNOUNCEMENT IN FULL: CLICK HERE

 

Email: info@musgraveminerals.com.au

Web: www.musgraveminerals.com.au

 

Centaurus Metals Declares Maiden Resources at Jaguar

THE DRILL SERGEANT: Centaurus Metals (ASX: CTM) released a maiden JORC 2012 Indicated and Inferred Mineral Resource Estimate (MRE) for the company’s 100 per cent-owned Jaguar nickel sulphide project in the Carajás Mineral Province of northern Brazil.

Centaurus Metals declared the 48 million tonnes at 1.08 per cent nickel for 517,500 tonnes of contained nickel MRE to be an important step towards becoming a globally competitive nickel sulphide producing company.

The maiden MRE includes a large higher-grade component of 20.6 million tonnes grading 1.56 per cent nickel for 321,400 tonnes of contained nickel, forming the cornerstone of the company’s strategy to establish a high-grade, high-margin nickel sulphide project.

“This is a phenomenal starting point confirming Jaguar’s status as a new globally-significant nickel sulphide project,” Centaurus Metals managing director Darren Gordon said in the company’s announcement to the Australian Securities Exchange.

“With a maiden Resource containing more than 500,000 tonnes of nickel, this is already one of the largest near-surface undeveloped nickel sulphide projects in the world and, as a maiden JORC Resource number, we believe it is up there with some of the best initial JORC Resources ever published by an ASX-listed junior.

“Significantly, the Resource also includes a high-grade core grading 1.56 per cent nickel that contains more than 320,000 tonnes of nickel metal, providing an outstanding platform from which to commence scoping and development studies.

“Importantly, around 80 per cent of the nickel tonnes are less than 200 metres from surface, with strong potential to further expand the high-grade Resource through systematic extensional and step-out drilling of the known Jaguar and Onça Preta deposits, all of which remain open at depth.

“Our deepest hole to date extends to a depth of just 300 metres, which in a nickel sulphide context means we’ve only just scratched the surface.

“We also see significant regional potential, with additional drilling planned at the emerging Onça Rosa discovery and across numerous untested adjacent prospects.

“This highlights the potential to add more tonnes and grade to what is an already globally-significant nickel Resource.

“Our drill planning is being driven by DHEM and FLEM surveys, which have been extremely successful so far in targeting the semi-massive and massive sulphide zones.

“In-fill drilling is already in progress with a view to further lifting the proportion of higher-confidence Indicated Resources in the MRE.

“We will also now begin to step-out quite aggressively and test new areas to see how quickly we can add tonnes and potentially make new discoveries both along strike and at depth.

“This multipronged approach should ensure that we can continue to grow the resource as we advance this exceptional project towards development.

“We also expect to complete a Scoping Study and deliver a further Resource upgrade this year, providing shareholders with strong news flow over the coming months.”

 

TO READ THE ANNOUNCEMENT IN FULL: CLICK HERE

 

Email: office@centaurus.com.au

Web: www.centaurus.com.au

 

Auteco Minerals Releases Maiden Pickle Crow Resource

THE DRILL SERGEANT: Auteco Minerals (ASX: AUT) announced a maiden JORC 2012-compliant Inferred Resource for the company’s Pickle Crow gold project in Ontario, Canada.

Auteco Minerals declared the independently determined 830,000 ounces at 11.6 grams per tonne gold Resource estimate stems from a review of existing data at Pickle Crow, including previous non-JORC compliant resources.

“This maiden JORC Resource, which has been independently calculated, confirms Pickle Crow is a significant, high-grade deposit with immense growth potential,” Auteco Minerals executive chairman Ray Shorrocks said in the company’s announcement to the Australian Securities Exchange.

“The Resource validates the geological model of our technical team, which in turn supports their view about the scope for further resource growth.

“We are now undertaking the first systematic exploration program at Pickle Crow for 50 years.

“Our confidence in the project has been strengthened by the visual results from the first few drill holes and as a result, we have added a second drill rig and increased the program from 5,000 metres to at least 10,000 metres.”

Auteco considers there to be a reasonable prospect of Pickle Crow eventually being mined, citing the depth, width and grade of the deposit and the proximity of the high-grade resources to existing underground infrastructure and surface infrastructure, including highways and commercial hydro power lines.

“This is just the beginning of work at Pickle Crow,” Shorrocks continued.

“Our active exploration has three goals, firstly near-term resources growth focused on adding geological confidence to already identified areas of mineralisation that can be brought into the resource inventory.

“Secondly, extensions to the current known resources which remain open in both along strike and down dip.

“Finally, new discovery through step out exploration, with numerous high priority targets identified outside the Core Trend.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@autecominerals.com.au

Web: www.autecominerals.com.au

 

Red 5 Moves KOTH Feasibility Closer to Completion

THE DRILL SERGEANT: Red 5 Limited (ASX: RED) reported its Final Feasibility Study (FFS) for the proposed stand-alone integrated bulk open pit and underground mining and processing operation at the company’s King of the Hills (KOTH) gold project in Western Australia is on schedule for completion in the September 2020 Quarter.

Red 5 is currently reviewing the design and costings for the Process Plant and other on-site infrastructure.

Mine planning studies are continuing with the final KOTH open pit, satellite deposits, underground mine designs and mine schedules expected to be finalised early in the September 2020 Quarter.

An updated KOTH Ore Reserve to follow is anticipated to form part of the Final Feasibility Study.

“We continue to systematically progress towards completion of the FFS, with mining and engineering studies well advanced and project approvals on schedule,” Red 5 managing director Mark Williams said in the company’s announcement to the Australian Securities Exchange.

“Strong progress is being made with planning for site early works and ordering of long-lead items, with the delivery of a recently-purchased accommodation village and offices expected to coincide with the planned commencement of site early works in the second half of CY2020.

“Over the coming weeks we expect to complete our review of the designs and costings for the Process Plant and other on-site infrastructure, and finalise the tailings storage management report, while also progressing heritage surveys over key infrastructure corridors.

“The successful completion of these workstreams will put us on track to deliver the FFS on schedule in the September 2020 Quarter, marking a major milestone towards the development of one of Australia’s most exciting new gold development projects.”

 

Email: info@red5limited.com

Web: www.red5limited.com

 

Dreadnought Resources Completes Metzke’s Find Drilling

THE DRILL SERGEANT: Dreadnought Resources (ASX: DRE) has completed its latest round of RC drilling at the company’s Illaara gold-VMS project near Kalgoorlie in Western Australia.

Dreadnought Resources completed six holes at the Metzke’s Find target that has returned visually encouraging intersections.

The company reported the drilling had intersected the targeted lode horizon which consists of sugary recrystalised quartz sulphide veining with a zone of intensely sheared and chlorite, sericite and biotite altered mafic metavolcanics.

Assays are expected during July 2020.

“Dreadnought is pleased to have completed follow up drilling at the historic high-grade Metzke’s Find on time and on budget,” Dreadnought Resources managing director Dean Tuck said in the company’s announcement to the Australian Securities Exchange.

“The visual results are encouraging, and we look forward to announcing the assay results during July 2020.

“In the meantime, Dreadnought is gearing up for a return to Rocky Dam by mid-July to follow up on the recently drilled thick near surface gold intercepts.”

 

Email: info@dreadnoughtresources.com.au

Web: www.dreadnoughtresources.com.au

 

Meteoric Resources Commences Work at WA Acquisition

THE DRILL SERGEANT: Meteoric Resources (ASX: MEI) is poised to commence its 2020 field season at the Palm Springs gold project. located near Halls Creek in the Kimberley of Western Australia.

Meteoric Resources explained that, pending the imminent completion of the acquisition of the Palm Springs project, the company has already mobilised to site in preparation of an initial exploration and drilling program, which is expected to commence in Q3.

This initial program will include:

RC and Diamond Drilling Program to explore for extensions of the Butchers Creek Orebody where historic drilling encountered encouraging gold intercepts below the base of the open pit;
Evaluation of Regional Structural targets focussing in on the ‘Host Unit’, a trachyte host rock that concentrates gold mineralisation, following which the company will build a 3D model across the licences; and
Baseline geophysical studies to identify and target non‐outcropping host unit and sulphide alteration.

“We are delighted to have been in a position to move swiftly to enter into an agreement to secure an Australian asset in the Palm Springs project and we already have boots on the ground (within a week of announcing its acquisition) thus officially kicking‐off our 2020 field season in the Kimberley,” Meteoric Resources managing director Dr Andrew Tunks said in the company’s announcement to the Australian Securities Exchange.

“The Palm Springs project has significant upside potential for shear hosted high grade mineralisation, as demonstrated by the historical drill intercepts.

“Our plan is to heed the advice of numerous geologists previously working at the project by engaging structural experts to commence a detailed exploration program to gain an understanding of the structural setting and its controls on mineralisation.

“Following this we will compile a 3D model and get busy drill testing these high‐grade gold targets.”

While mobilising down under, Meteoric is also running a drilling program in Brazil at its wholly-owned Juruena project.

“At Juruena in Brazil we have successfully executed our back to work strategy and we are already on hole two of our Resource expansion program targeting the Dona Maria and Crentes prospects,” Tunks continued.

“We have commenced work at the very high‐grade Dona Maria project where we are looking to convert inferred resources to indicated and extend the resource down plunge.

“After Dona Maria we will move onto a potential company maker where we look for the source of the high‐grade mineralisation, namely the gold copper porphyry system which we believe is driving the entire Juruena mineralised system.”

 

Web: www.meteoric.com.au

 

 

Genesis Minerals to Acquire the Kookynie Gold Project

THE BOURSE WHISPERER: Genesis Minerals Limited (ASX: GMD) has entered into a binding agreement to acquire 100 per cent of the Kookynie gold project, located immediately south-east of the company’s 100 per cent-owned Ulysses gold project in Western Australia.

Genesis Minerals will part with $13.5 million to pick up the project, comprising a $3 million upfront cash and share payment with the full balance of $10.5 million due in six months, plus a one per cent net smelter royalty (NSR) capped at $5 million.

The tenement package includes a JORC 2012 Indicated and Inferred Mineral Resource of 8.53 million tonnes at 1.5 grams per tonne gold for 414,000 ounces.

This will take the total Mineral Resource of the Greater Ulysses project to 17 million tonnes at 2.34g/t gold for 1.28 million ounces, providing a strong foundation for the next stage of Genesis’ development as a future mid-tier Australian gold company.

“This is an acquisition which ticks every box for us from a strategic, corporate, geological and tactical perspective,” Genesis Minerals managing director Michael Fowler said in the company’s announcement to the Australian Securities Exchange.

“It provides the springboard for a significant re-boot of the Genesis story and puts us on a firm growth trajectory towards the establishment of a significant new standalone gold mining and processing operation at Ulysses.

“The acquisition consists of two distinct parts.

“The northern tenement package represents the immediate south-eastern extension of the Ulysses project, consolidating our ownership of this highly prospective gold corridor.

“It gives us an immediate opportunity to in-fill and extend the current Resources at the Admiral, Butterfly and Clark deposits – drawing on the geological IP we have developed on our neighbouring ground at Ulysses.

“We see enormous potential to extend the existing Resources down-dip, to find new high-grade lodes just as we did at Ulysses, and to make potential new discoveries and find parallel structures along strike.

“The package being acquired also offers vast regional exploration upside, including along the under-explored southern tenement package, providing us with a pipeline of both near-mine and regional exploration targets.”

Genesis Minerals indicated that for the remainder of CY2020, the company will be focusing on a combination of resource definition and expansion drilling to feed into a Feasibility Study on the development of a standalone gold operation at Ulysses, with ore to be sourced from a combination of known underground and open pit Resources.

Genesis is targeting completion of this Feasibility Study in the first quarter of CY2021.

 

 

Web: www.genesisminerals.com.au

 

RareX Boosts Company Coffers by Completing $2.3 Million Raising

THE BOURSE WHISPERER: RareX Limited (ASX: REE) has raised $2.3 million on the back of firm commitments from institutional and professional investor support for a share placement.

RareX will issue 46 million shares at 5 cents per share, with company directors chipping in to the tune of collectively subscribing for $200,000 worth of shares.

The shares to be issued to the Directors will be subject to shareholder approval at a meeting to be convened in due course.

RareX indicated the proceeds will further strengthen its balance sheet, placing it in an excellent position to progress the upcoming maiden drilling program at the company’s 100 per cent-owned Cummins Range rare earths project in the Kimberley region of Western Australia.

An upcoming drill program is to be the first drill program carried out at Cummins Range in almost a decade with the last drilling completed by previous ownership in 2011.

Elsewhere, RareX has exposure to an exciting ongoing exploration campaign via its 35 per cent free-carried interest in the Trundle copper-gold porphyry project in New South Wales, alongside Kincora Copper (65%).

The company also has 100 per cent interest in a highly prospective gold project near Orange in NSW known as Orange East, which is located within close proximity to the large McPhillamys gold mine owned by Regis Resources Limited.

Following completion of the Placement, RareX will hold cash and listed investments totalling $6.1 million, including its 9.65 per cent stake in TSX.V-listed Kincora Copper.

“We are delighted with the strong support received from investors as part of this capital raise, which reflects the quality of our assets and the exciting outlook for the company,” RareX chairman John Young said in the company’s announcement to the Australian Securities Exchange.

“RareX shareholders will have exposure to two quite different, but equally exciting, exploration campaigns over the coming weeks and months.

“Drilling is on track to commence next month at Cummins Range targeting extensions of our high-quality existing Resource as well as new satellite discoveries.

“Meanwhile, we are in the midst of a potentially game-changing drill program at the Trundle project in New South Wales, where the Kincora team have intersected significant porphyry mineralisation in the first two diamond drill holes.

“The third hole is in progress and we are eagerly awaiting further results, and assays, from this maiden drill program.”