Red 5 Exercises Acquisition Option Over Cables and Mission Deposits

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THE BOURSE WHISPERER: Red 5 Limited (ASX: RED) has exercised an option to complete the acquisition of the Cables and Mission gold deposits in Western Australia.

Red 5 described the acquisition as strategic, given that the “bolt-on” deposits are located around ten kilometres north of the company’s Darlot gold mine.

Red 5 explained the acquisition forms part of a multi-strand strategy to expand the Darlot Mineral Resource base, which includes ongoing near-mine and regional exploration as well as consolidation of strategic opportunities.

Before completing the acquisition of the Cables and Mission deposits, Red 5 carried out due diligence and confirmatory Reverse Circulation (RC) drilling to validate historical drilling and determine the potential of the Cables and Mission deposits.

Confirmatory Reverse Circulation drilling by Red 5 confirmed the mineralisation with best intercepts of:

20MIRC0001
7 metres at 5.7 grams per tonne gold;

20MIRC0002
4m at 14.7g/t gold; and

20CBRC0003
5m at 3.7g/t gold.

The Cables and Mission transaction follows Red 5’s recently announced acquisition of the Great Western gold deposit.

“The acquisition of the Cables and Mission deposits represents another strategic low-risk opportunity to continue growing the company’s Resource base in the area surrounding the Darlot gold processing plant,” Red 5 managing director Mark Williams said in the company’s annooucnement to the Australian Securities Exchange.

“The acquisition includes a JORC 2004 Inferred Resource which we plan to upgrade to JORC 2012 compliance, while at the same time commencing exploration activities aimed at testing the broader potential of the tenements, which are located in close proximity to our existing Darlot operations.

“Significantly, the rock units hosting the Cables and Mission deposits are similar to those that host the Centenary orebody, which has been mined for many years from underground at Darlot.

“The Cables and Missions transaction follows the recent acquisition of the Great Western gold deposit, both of which are planned to provide additional sources of ore feed for the Darlot processing plant in the coming years.”

 

Email: info@red5limited.com

Web: www.red5limited.com

 

Dreadnought Resources Raises Ilaara Drilling Funding

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THE DRILL SERGEANT: Dreadnought Resources (ASX: DRE) is set to commence drilling activities at the company’s Illaara and Rocky Dam gold and VMS projects near Kalgoorlie in Western Australia.

Dreadnought Resources is primed for the drilling to test nine high-quality gold and VMS targets at Illaara and Rocky Dam following a placement, raising $500,000 at 0.4 cents per share.

Drilling will commence at Illaara on the Rodney, Warspite, Bismarck and Reindler’s VMS targets, all of which Dreadnought has identified to contain outcropping gossans and conductive EM plates.

Drilling will then proceed to Metzke’s Find to infill 250m of strike beneath the deepest workings associated with a 15 degree bend in the mineralised structure where previous drilling intersected 2m at 6.8g/t gold and 4m at 1.9g/t gold.

Once this drilling has been completed, Dreadnought will undertake additional target definition work within the Illaara Central Corridor, Metzke’s Corridor and Rocky Dam followed immediately by additional RC drilling scheduled for July/August 2020.

“Dreadnought, in its first 12 months of operations, has been extremely active, with over 80 per cent of its funds going into the ground,” Dreadnought Resources managing director Dean Tuck said in the company’s announcement to the Australian Securities Exchange.

“Dreadnought has acquired and consolidated significant landholdings over prospective under-explored terrain and defined thirty drill ready targets while drilling nine previously defined targets.

“This funding will be used specifically to test nine of our highest ranked targets commencing in late May 2020.”

 

Email: info@dreadnoughtresources.com.au

Web: www.dreadnoughtresources.com.au

 

Kin Mining Encounters Further Shallow Gold at Cardinia

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THE DRILL SERGEANT: Kin Mining (ASX: KIN) reported assay results from recently completed drilling programs from the company’s 100 per cent-owned Cardinia Gold Project (CGP) near Leonora in Western Australia.

Kin Mining’s recent activity consisted Reverse Circulation (RC) drilling at the Cardinia Hill prospect and air-core (AC) drilling at the Helens East and Helens South prospects, all considered to be key emerging regional target areas at CGP.

The company said the new results build on previously announced shallow gold results and continue to highlight the potential to identify strong zones of new mineralisation at Cardinia.

New assays include:

Cardinia Hill RC

CH20RC025
7 metres at 2.44 grams per tonne gold from 117m and 5m at 1.21g/t gold from 13m;

CH20RC031
4m at 0.86g/t gold from 14m; and

CH20RC032
1m at 1.07g/t gold from 48m.

Helens South AC

HS20AC314
4m at 4.29g/t gold from 12m;

HS20AC285
8m at 1.8g/t gold from 4m;

HS20AC255
4m at 1.13g/t gold from 28m; and

HS20AC239
4m at 1.09g/t gold from 12m.

Kin declared the results at Cardinia Hill have confirmed the presence of several mineralised lodes with significant downdip extent, with shallow mineralisation now defined over a total strike length of 500 metres.

The Helens South AC results confirmed the presence of mineralisation beneath soil anomalies, in areas without any great historical workings and limited historical exploration.

“The recently completed Phase 2 RC and AC drilling program has already given us a significant insight into the enormous untapped exploration potential at the Cardinia Gold Project, with results still outstanding for almost two-thirds of the drilling,” Kin Mining managing director Andrew Munckton said in the company’s announcement to the Australian Securities Exchange.

“The program was designed to follow up new discoveries made at Cardinia Hill, Comedy King and Lewis East in December last year and to commence first-pass air-core drilling on a number of other targets in the immediate Cardinia area.

“The results so far have reinforced our belief that Cardinia is a significantly mineralised area, worthy of considerable additional drilling and exploration in the coming months.

“So far in Phase 2, several new zones of mineralisation have been discovered at Helens South and Helens East to complement the Phase 1 discoveries.

“Cardinia Hill is shaping up as a significant new discovery with grades achieved so far that are significantly higher than those reported previously across the broader Cardinia Gold Project.

“While the assay results in CH20RC020 and CH20RC021 are not spectacular, they have confirmed the geological continuity of the mineralisation over at least 500m of strike length.

“Logging of follow-up RC drill holes CH20RC034 to CH20RC041 all showed strong alteration and sulphide mineralisation and we are looking forward to receiving these assay results.

“We have little doubt that Cardinia Hill will become a key area of exploration focus for us over the coming months.

“At Helens South and Helens East, air-core drilling has so far defined several new zones of mineralisation down to approximately 30 metres (the depth of penetration of the AC drill) which are co-incident with gold-in-soil anomalies generated from the recently completed Auger drilling program.

“This gives us confidence that the systematic approach we have adopted towards exploration at Cardinia is yielding good results and has put us on a clear pathway to make further significant discoveries.

“Further RC and AC drilling has been completed at Comedy King, Lewis East and Faye Marie.

“The company has approximately 3500 samples being analysed at the laboratory presently, and we are looking forward to reporting these results to the market as they are received.”

 

Email: info@kinmining.com.au

Web: www.kinmining.com.au

 

Carawine Resources Hits Big Gold Numbers at Hill 800

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THE DRILL SERGEANT: Carawine Resources (ASX: CWX) announced new results from recent drilling at the Hill 800 gold-copper prospect within the company’s 100 per cent-owned Jamieson project in northeast Victoria.

Carawine Resources conducted drill hole H8DD022, targeting the down-dip and southern strike extent of Hill 800 mineralisation, which extend mineralisation at depth, with increased gold grades.

Assays from H8DD022 returned:

67 metres at 2.94 grams per tonne gold, 0.1 per cent copper from 231m (cut to geological boundaries), including 48m at 0.89g/t gold, 0.1 per cent copper from 231m (0.3g/t Au cut-off); and

11m at 13.9g/t gold, 0.2 per cent copper from 287m (0.3g/t gold cut-off), including 2m at 74.8g/t gold, 0.4 per cent copper from 290m (1g/t Au cut-off).

“Hill 800 remains open to the south, and at depth, with these latest results establishing a zone of extremely high gold grades within a broad, lower grade gold-copper mineralised system,” Carawine Resources managing director David Boyd said in the company’s announcement to the Australian Securities Exchange.

“We will now commence further technical studies including petrology, multi-element geochemistry and three-dimensional modelling to evaluate the next steps for Hill 800, which may include additional extensional drilling and/or deeper drilling to search for its interpreted porphyry source.

“Drill hole H8DD023 tested the first of several magnetic anomaly porphyry targets in the Hill 800 region, with the results giving us confidence that we are on the right track in our search for a copper-gold porphyry system at Jamieson.

“The results from this hole and those from drill hole H8DD021, which also returned similar porphyry-related signatures, will be further examined and factored into our planning for the resumption of exploration activities at Jamieson later this year.

“The company will now focus on advancing exploration at its Paterson and Fraser Range projects in Western Australia, where our Joint Venture partners have indicated drilling and geophysical programs are planned to commence later this quarter.

“Carawine will also advance its 100 per cent-held tenements in the Fraser Range and Paterson provinces, with target generation activities already in progress.”

 

Email: info@carawine.com.au

Web: www.carawine.com.au

 

Middle Island Resources Raises $4M to Continue Advancement of Sandstone

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THE BOURSE WHISPERER: Middle Island Resources (ASX: MDI) has received firm commitments to raise $4 million to conduct the next phase of exploration and resource drilling at the company’s 100 per cent- owned Sandstone gold project in Western Australia.

The raising comes on the back of Middle Island Resources’ 2020 Phase 1 RC drilling program, which identified four new gold deposits all located within 2.5 kilometres of the company’s 100 per cent-owned 600,000 tonnes per annum Sandstone gold processing plant.

McLaren: including drilling results of 4m at 90.6 grams per tonne gold and 8m at 3.35g/t gold.

McIntyre: including drilling results of 24m at 1.66g/t gold, 23m at 1.4g/t gold, 11m at 1.39g/t gold and 18m at 1.35g/t gold.

Old Town Well: including drilling results of 20m at 0.87g/t gold, 8m at 2.17g/t gold and 8m at 1.45g/t gold.

Plum Pudding: including drilling results of 11m at 22.5g/t gold, 17m at 8.16g/t gold, 12m at 3.52g/t gold, 8m at 6.98g/t gold, and new intercepts of 3m at 3.72g/t gold, 10m at 3.08g/t gold and 2m at 4.98g/t gold.

“Given the extraordinary success of the 2020 drilling campaign to date, proceeds of the equity raising will allow the company to embark on a, necessarily substantially expanded, Phase 2 drilling campaign of at least 13,000 metres of RC and diamond drilling to infill and extend new, supplementary deposits identified at the Sandstone gold project and complete the project’s pre-feasibility study,” Middle Island Resources managing director Rick Yeates said in the company’s announcement to the Australian Securities Exchange.

Middle Island indicated the he proceeds from the placement and existing cash reserves will be used to undertake the next phase of exploration and resource drilling at the Sandstone gold project and feasibility study.

 

Email: info@middleisland.com.au

Web: www.middleisland.com.au

 

Centaurus Metals Delivers Further Strong Results From Jaguar Nickel Project

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THE DRILL SERGEANT: Centaurus Metals (ASX: CTM) reported new drilling results from the company’s 100 per cent-owned Jaguar nickel sulphide project in the Carajás Mineral Province of Brazil.

Centaurus Metals said the recent drilling has continued to demonstrate the consistency of high-grade shallow semi-massive to massive nickel sulphide mineralisation at the Onça Preta deposit and Onça Rosa prospect.

At the Onça Preta deposit, recently completed Resource in-fill and extensional drilling consistently intersected thick semi-massive nickel sulphides near surface.

A shallow high-grade zone has been extended to over 150m of strike, with assay results confirming strong potential for a high-grade open pit, including:

JAG-DD-20-025
4.7 metres at 2.26 per cent nickel from 49.6m; and

JAG-DD-20-027
6.4m at 1.34 per cent nickel from 93m.

At the Onça Rosa prospect, new drilling intersected semi-massive to massive sulphides, including:

JAG-DD-20-043
3.6m at 2.38 per cent nickel from 271.7m, including 1.9m at 4.28 per cent nickel from 271.7m; and

JAG-DD-20-038
3.9m at 3.19 per cent nickel from 14m.

Centaurus Metals claimed the deeper intersection confirms the continuity of high-grade mineralisation 45m along strike from historical drilling and its own recent results.

“Results from Onça Preta continue to demonstrate the consistency of grade across the deposit,” Centaurus Metals managing director Darren Gordon said in the company’s announcement to the Australian Securities Exchange.

“We have now extended the strike length of the shallow, high-grade mineralisation to over 150 metres centred on the outstanding intercept of 14.9 metres at 2.94 per cent nickel from 56.8 metres reported earlier this year – underlining the potential for a low-strip, open pit start-up operation.

“And, just as importantly, as we drill deeper, we continue to intersect high-grade mineralisation where we interpret it to be, with great results including 26.2 metres at 1.42 per cent nickel from 220 metres.

“One of the unique things about Jaguar is the near-surface, high-grade potential across a number of deposits and the flexibility that this can bring to a project.

“To date, we have identified multiple open pittable start-up options including Onça Preta and Jaguar South, where we intersected 21.8 metres at 2.65 per cent nickel from just 22 metres.

“We are also confident that we will intersect further shallow mineralisation at Jaguar Central and Jaguar North deposits, where drilling has just started following up some historical shallow high-grade intersections.

“Beyond the resource drilling we have also been working up our Onça Rosa prospect and this is starting to take shape.

“Our recent drilling success has extended the strike of the high-grade mineralisation to over 100 metres and strong EM plates modelled from DHEM surveys indicate that the mineralisation extends down-dip at least another 150 metres below existing drilling, which included intersections of 7.9 metres at 5.27 per cent nickel and 9.3 metres at 3.13 per cent nickel from around 250 metres depth.

“These EM plates will be drill tested once extensional and in-fill resource drilling at Jaguar Central and North is finished.

“The company remains well funded and is on target to deliver its maiden JORC Mineral Resource Estimate for the Jaguar project by the end of June.”

 

Email: office@centaurus.com.au

Web: www.centaurus.com.au

 

Apollo Consolidated Encounters New Gold at Lake Rebecca

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THE DRILL SERGEANT: Apollo Consolidated (ASX: AOP) reported Reverse Circulation (RC) drilling results from the company’s 100 per cent-owned Lake Rebecca gold p in Western Australia.

The recent results come from ongoing shallow exploration and infill drilling being carried out across the project area and has delivered new gold intercepts in several locations, each of which Apollo Consolidate d considers worthy of follow-up work.

These include:

RCLR0560
25 metres at 1.23 grams per tonne gold and 15m at 1.4g/t gold encountered in in a new prospect located 1.2 kilometres north east of the established Duchess deposit.

Strike extensions from this position are open for one kilometre north and 200m south.

RCLR0553
10m at 7.68g/t gold, including 3m at 21.57g/t gold in a shallow infill drill hole at the northern part of the Rebecca deposit.

This intercept was supported by 5m at 5.59g/t gold in adjoining hole RCLR0554.

Apollo believes these results combine to flag potential for high-grade structures in this part of the deposit.

RCLR0539
25m at 1.09g/t gold encountered in a step-down drill hole to test at the eastern part of Duke deposit.

Apollo Consolidated has RC exploration and pre-collar drilling continuing, with over 100 sites currently prepared for drilling.

Two additional step-out diamond ‘tails’ the company completed at the Rebecca deposit are now being prepared for analysis.

Apollo is conducting the drilling with the aim of building on the maiden combined in-situ pit-constrained Mineral Resources it released in February of 27.1 million tonnes at 1.2g/t gold for 1.035 million ounces of gold (at a 0.5g/t Au cut-off).

This is made up of:

Rebecca: 19.1 million tonnes at 1.3g/t gold for 775,000 ounces (53% Indicated);
Duchess: 5.7 million tonnes at 1g/t Au for 180,000 ounces; and
Duke: 2.3 million tonnes at 1.1g/t Au for 80,000 ounces.

 

Email: info@apolloconsolidated.com.au

Web: www.apolloconsolidated.com.au

 

New World Resources Encounters Further Thick Intersections at Antler Copper Deposit

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THE DRILL SERGEANT: New World Resources (ASX: NWC) released assay results for the final three of six diamond core holes of its maiden drilling program at the company’s Antler copper deposit in Arizona, USA.

New World Resources reported multiple zones of thick, high‐grade mineralisation were intersected in all three of these holes.

Notable intersections include:

ANTDD202004
1.79 metres at 0.91 per cent copper, 4.51 per cent zinc, 0.62 per cent lead, 11.9 grams per tonne silver and 0.06g/t gold from 152.5m (1.79m at 2.4 per cent copper equivalent);

2.96m at 1.3 per cent copper, 6.24 per cent zinc, 0.09 per cent lead, 5.73g/t silver and 0.06g/t gold from 157.16m (2.96m at 3.2 per cent copper equivalent); and

0.67m at 0.84 per cent copper, 5.86 per cent zinc, 1.07 per cent lead, 16.3g/t silver and 0.13g/t gold from 175.63m (0.67m at 2.9 per cent copper equivalent)

ANTDD202005
8.9m at 2.62 per cent copper, 6.22 per cent zinc, 0.64 per cent lead, 28g/t silver and 0.3g/t gold from 197.96m (8.9m at 4.5 per cent copper equivalent); and

1.32m at 5.73 per cent copper, 3.67 per cent zinc, 0.25 per cent lead, 37.6g/t silver and 0.38g/t gold from 209.45m (1.32m at 6.3 per cent copper equivalent)

ANTDD202006
0.77m at 0.21 per cent copper, 3.07 per cent zinc, 0.21 per cent lead, 2.1g/t silver and 0.01g/t gold from 62.72m (0.77m at 1.2 per cent copper equivalent); and

13.25m at 3.45 per cent copper, 5.2 per cent zinc, 0.36 per cent lead, 25g/t silver and 0.41g/t gold from 128.32m (13.25m at 4.8 per cent copper equivalent).

“These terrific results round out what has been a highly successful initial phase of drilling at Antler that has well and truly exceeded our initial expectations,” New World Resources managing director Mike Haynes said in the company’s announcement to the Australian Securities Exchange.

“The 13.25 metres intercept in our sixth hole is the thickest zone of mineralisation ever reported from the deposit.

“And it’s shallow – within 100 metres of surface and only metres from the existing mine shaft.

“There’s obviously a lot of unmined, high‐grade mineralisation remaining and we will continue to expedite work programs aimed at determining how much of that there is.

“With drilling scheduled to resume in the first week of June and geophysical surveys and metallurgical testwork underway, we continue to advance many work streams in parallel so we can complete a Pre‐Feasibility Study by the end of 2020.”

 

Email: info@newworldres.com

Web: www.newworldres.com

 

RareX Retains 100% of Orange East Gold Project

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THE BOURSE WHISPERER: RareX Limited (ASX: REE) has retained 100 per cent-ownership of the Orange East gold project from Alkane Resources.

The Orange East gold project is located near the advanced McPhillamys gold project of Regis Resources in New South Wales.

RareX entered into a farm-out agreement with Alkane in 2015 after McPhillamys was discovered by the Newmont-Alkane JV.

Under the agreement, Alkane had the right to earn up to a 60 per cent interest in the tenement, for which Alkane was in the process of negotiating a final access agreement with land-holders when it discovered the Boda copper-gold deposit and decided to focus its attention there.

Subsequently, Alkane has now returned the tenement to RareX as required under the terms of the farm-out agreement, meaning that RareX retains 100 per cent-ownership.

“The Orange East gold project area has strong geological and geochemical similarities to the McPhillamys project, being located just 15km north-northwest along strike,” RareX said in its ASX announcement.

“The project is located on the eastern margin of the Molong Volcanic Belt with much of the tenement hosting the Mullions Range Imbricate Thrust Zone (MRIZ).

“The regionally significant Godolphin-Copperhannia Thrust Fault zone (GCFZ) traverses through the centre of the tenement and host dozens of historical copper-gold workings.

“An initial geological review of the Orange East gold project has identified several advanced prospects, with the Gunnarbee prospect in particular showing particularly striking similarities to the McPhillamys deposit.”

 

Web: www.rarex.com.au

 

Middle Island Resources Claims Fourth Sandstone Gold Discovery

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THE DRILL SERGEANT: Middle Island Resources has claimed discovery of a fourth new god deposit at the company’s 100 per cent-owned Sandstone gold project in Western Australia.

Middle Island Resources declared the Plum Pudding deposit has been defined from Phase 1 reverse circulation (RC) drilling, conducted 850m south of the gold processing plant.

Highlighted intercepts from the recent RC drilling at the Plum Pudding deposit include:

MSRC420
3 metres at 3.72 grams per tonne gold from 29m, 10m at 3.08g/t gold from 41m, and 3m at 3.72g/t gold from 29m; and

MSRC421
2m at 4.98g/t gold from 33m, 2m at 4.98g/t gold from 33m, and 12m at 0.93g/t gold from 39m.

“Centred on a high-grade mineralised core defined by previous drilling, Phase 1 RC drilling at the Plum Pudding deposit has extended mineralisation over a 240 metres strike length to the south,” Middle Island Resources managing director Rick Yeates said in the company’s announcement to the Australian Securities Exchange.

“Subject to infill and verification RC and diamond drilling, Plum Pudding is likely to represent a further new, shallow, oxide gold deposit that will be assessed as part of the updated pre-feasibility study (PFS), particularly as it is situated only 850 metres south of the company’s 100 per cent-owned, 600,000 tonnes per annum processing plant, within granted Mining Lease M57/129.

“The Directors look forward to sharing the final Phase 1 RC drilling results with you as they are received and compiled.

“The results of this program to date and the strong prevailing gold price significantly heighten the prospects of a positive mill recommissioning decision.”

 

Email: info@middleisland.com.au

Web: www.middleisland.com.au