Auteco Minerals Raises Dosh to Drill Pickle Crow

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THE BOURSE WHISPERER: Auteco Minerals (ASX: AUT) completed a $5.1 million raising, enabling it to commence exploration at the company’s Pickle Crow gold project in the Uchi sub-province of Ontario, Canada.

Auteco Minerals said the placement of approximately 1456 million shares at 3.5 cents per share was underpinned by new leading domestic and international institutions and Auteco’s existing institutional and sophisticated shareholders.

The company indicated the proceeds of the placement will fund a maiden drilling campaign at Pickle Crow that is intended to include 5,000m of drilling to test high potential immediate walk up targets, regionally and in the mine surrounds.

Auteco identified multiple shallow high-grade gold targets outside of the core mine trend during a data review, which are to be a focus of the campaign.

Auteco said it expects to complete a JORC complaint Resource in Q2 2020 which will incorporate the extensive geological review of the Pickle Crow gold project undertaken by Auteco, focusing on the high-grade and underground mineable resource areas.

“We are very pleased to announce the successful commitments for a very well supported placement to raise $5.1 million,” Auteco Minerals executive chairman Ray Shorrocks said in the company’s announcement to the Australian Securities Exchange.

“The strong interest shown by leading institutional investors is a huge endorsement of the Pickle Crow gold project and the current gold market environment.

“The proceeds raised enable us to begin our maiden drilling program at Pickle Crow, where we will initially be focusing on high-grade gold targets.

“We look forward to releasing these assay results as received.

“In addition, we are expecting to release a JORC 2012 compliant resource during this calendar quarter.”

 

Email: info@autecominerals.com.au

Web: www.autecominerals.com.au

 

Dreadnought Resources Commences Drilling at Rocky Dam

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THE DRILL SERGEANT: Dreadnought Resources (ASX: DRE) has commenced drilling at the company’s Rocky Dam gold-VMS project, located just outside Kalgoorlie in Western Australia.

Dreadnought Resources said the 1,000 metres of RC drilling was expected to be completed in early May with results to filter through by June.

“This RC program will be the first since historical shallow RAB drilling in the 1990s generated this compelling gold anomaly which remains open and untested at depth and along strike,” Dreadnought Resources managing director Dean Tuck said in the company’s announcement to the Australian Securities Exchange.

“While on site, Dreadnought will follow up on other prospective anomalies at Rocky Dam.

“We look forward to announcing results in June 2020.

“Our other work programs at Illaara are well advanced and will be executed once all approvals are received.”

Dreadnought explained this to be the first exploration work of any significance to be carried out at Rocky Dam since CRA was across it in the 1990s when it identified CRA-North, a 700m long gold anomaly through shallow RAB drilling (average depth 24m) and two diamond holes (average depth 200m).

Dreadnought intends to test a high tenor gold in soil anomaly located along a sheared contact between felsic volcanics and sediments and will confirm the orientation of the mineralised structure.

Two 200m scissor holes will be drilled over the core of the anomaly with additional holes drilled along approximately 350m of strike.

 

Email: info@dreadnoughtresources.com.au

Web: www.dreadnoughtresources.com.au

 

De Grey Mining Packs in $31.2M Raising

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THE BOURSE WHISPERER: De Grey Mining (ASX: DEG) showed everybody how it’s done by announcing a raising of $31.2 million.

De Grey Mining made the announcement on the back of firm commitments received for the placement of approximately 111.4 million shares at a price of 28 cents per share to sophisticated, professional and other exempt investor clients of Bell Potter Securities Limited and Argonaut Securities Pty Ltd.

The company indicated it intends using the funds raised to continue exploration activities across the Mallina gold project, with a priority of work associated with determining the scale of the recently-discovered Hemi deposit, as well as for ongoing administration and corporate costs.

De Grey currently has two diamond rigs and one RC rig in operation at Hemi.

The new funds will allow resource drilling to continue at Hemi and also the recommencement of regional drilling programs targeting the other four intrusion targets at Scooby, Antwerp, Alectroenas and Shaggy.

Since announcing the Hemi discovery on 6 February this year, the company has been flooded with offers to assist in a capital raising or direct investment,” De Grey Mining executive chairman Simon Lill said in the company’s announcement to the Australian Securities Exchange.

“We recognised the opportunity to secure further funding and to build a strong register to assist with funding requirements into the future through the introduction of global blue chip gold only and resource funds.

“We chose to proceed with the Capital Raising once we were comfortable with the level of interest and are now extremely pleased to advise that many of the world’s top funds in this sector have joined our register.

“This is an extremely strong validation as to the quality of De Grey’s Hemi discovery and the Mallina gold project and to that end I would like to congratulate and thank the technical and support staff who have been part of making this possible.

“The recent Hemi discovery also highlights the outstanding exploration potential De Grey has across our tenements, with the market also now giving recognition to our existing 2.2 million ounces of resources.

“We thank the brokers, Bell Potter and Argonaut, for their efforts with this important raising, as well the ongoing support of our major shareholder, DGO Gold Limited.

“De Grey is now well funded to continue its exploration programs into the foreseeable future.”

 

Email: admin@degreymining.com.au

Web: www.degreymining.com.au

 

Galan Lithium Makes Strategic Argentinian Land Acquisition

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THE BOURSE WHISPERER: Galan Lithium (ASX: GLN) increased its land tenure at the company’s Hombre Muerto West (HMW) project in Catamarca, Argentina.

Galan Lithium has acquired a 100 per cent interest in the Deceo III tenement, located at the Hombre Muerto salar, under a new re-negotiated agreement, under which it will pay US$30,000 to the vendors.

“This strategic 100 per cent project acquisition by Galan evidences our intentions to consolidate a significant continuous ground holding (currently ~14km) at HMW,” Galan Lithium managing director JP Vargas de la Vega said in the company’s announcement to the Australian Securities Exchange.

“Moreover, we are of the conviction that Candelas and HMW could become low-cost, profitable lithium producing projects, even at today’s lithium prices.

“Both of these 100 per cent-owned Galan projects have a solid resource base of high-grade lithium and low impurity levels in the best-known lithium producing region in Argentina.

“We are confident Deceo III will increase our lithium inventory given our previous work and the short distance to the drill hole Galan completed at Pata Pila.

‘Despite the constrains of the current COVID-19 pandemic, we continue to advance all the conceptual models of our Scoping and Pre-Feasibility Studies.

“We have commenced preparations to undertake additional laboratory test work to process our brine into battery grade lithium carbonate once the restrictions are lifted in Argentina and Chile.”

 

Web: www.galanlithium.com.au

 

Matsa Resources Identifies New Lake Carey Gold Target

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THE DRILL SERGEANT: Matsa Resources (ASX: MAT) released results from drilling undertaken in February 2020 at the Hill East prospect, within the company’s Lake Carey gold project in Western Australia.

Matsa Resources highlighted the location of Hill East, being within two kilometres of the company’s Devon gold mine and 10km of its Red October gold mine.

Drilling was carried out on six targets, from which five produced highly-encouraging results, including:

HE 4
5 metres at 4.01 grams per tonne gold from 6m;
9m at 3.04g/t gold from surface;
12m at 1.96g/t gold from 2m;
6m at 3.43g/t gold from 15m;
3m at 6.82g/t gold from 15m.

HE 2
4m at 3.29g/t gold from 4m;
7m at 1.53g/t gold from 20m.

HE 1
27m at 2.04g/t gold from 2m;
3m at 2.23g/t gold from 28m.

HE 5
4m at 6.3g/t gold from 13m;
13m at 1.86g/t gold from surface.

“Results from this drilling program provide strong encouragement, both to continue to evaluate near–term development potential of shallow gold mineralisation, as well as to continue exploration for associated deeper gold mineralisation,” Matsa Resources said in its ASX announcement.

“These targets are well located for consideration as potential satellite operations, which could take advantage of Matsa’s existing Red October infrastructure and ore treatment options.”

 

Email: reception@matsa.com.au

Web: www.matsa.com.au

 

Middle Island Claims Third New Sandstone Gold Discovery

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THE DRILL SERGEANT: Middle Island Resources (ASX: MDI) announced a third gold discovery in as many weeks at the company’s 100 per cent-owned Sandstone gold project in the central goldfields of Western Australia.

Middle Island Resources made the third gold discovery – the Old Town Well deposit – during a recently completed Phase 1, reverse circulation (RC) drilling program that is one of four planned programs that collectively comprise a campaign totalling 17,300m of exploration and resource definition drilling at the Sandstone gold project.

The Phase 1 RC program, exclusively focussed on open pit targets at Sandstone, testing some 14 gold deposits and prospects, all located within four kilometres of the company’s gold processing plant with the majority on existing Mining Leases.

Old Town Well deposit comprises broad, consistent, shallow drill intercepts over a 60m aggregate width and 340m strike length.

Latest drilling results include:

20 metres at 0.87 grams per tonne gold;
8m at 2.17g/t gold; and
8m at 1.45g/t gold.

Middle Island believes Old Town Well is likely to represent a substantial oxide gold deposit, the majority of which is relatively shallow, including a blanket of mineralised laterite from surface.

“The broad gold intercepts returned from Phase 1 RC drilling at the Old Town Well prospect are likely to represent a substantial tonnage, the majority of which is shallow oxide material,” Middle Island Resources managing director Rick Yeates said in the company’s announcement to the Australian Securities Exchange.

“Subject to one metre resampling, and infill RC and diamond drilling, the deposit will be assessed as part of the updated prefeasibility study (PFS), as it is situated only 600 metres north of the company’s 100 per cent-owned, 600,000 tonnes per annum processing plant, within granted Mining Lease M57/128.

“High hydrothermal fluid flows are clearly evident at the Old Town Well prospect and it is possible that the quartz veining and intense alteration observed in drilling to date is peripheral to far more significant gold mineralisation along strike or down dip/plunge.

“Given early success with two new gold discoveries at McClaren and McIntyre, announced in the preceding two weeks, I have received multiple enquiries on whether the various prospects and deposits were prioritised for drilling in any particular order.

“Two drill rigs were engaged to complete the Phase 1 program.

“Other than the rigs being allocated to specific prospects that best matched their respective capabilities and capacities, the order of drilling was predicated solely on efficiency, to minimise the tramming distance (and thereby chargeable work time) between the various deposits and prospects.

“At this stage, the results of this program, coupled with the resource upgrade announced last week 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

 

Venture Minerals Claims New VMS Discovery at Golden Grove North

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THE DRILL SERGEANT: Venture Minerals (ASX: VMS) declared the discovery of a further Volcanic Massive Sulphide (VMS) discovery at the company’s Golden Grove North project in Western Australia.

Venture Minerals has defined the Neptune VMS target located along strike from the Golden Grove VMS mine.

Neptune sits within the Golden Grove Mine Sequence, which hosts all VMS deposits discovered in the Golden Grove Camp (Mine).

Venture Minerals acquired the Golden Grove North project in 2018.

Prior to its ownership, previous owners had worked up an endowment (resources and production) in 2002 of 40.2 million tonnes at 1.8 per cent copper, 0.9 per cent lead, 7.6 per cent zinc, 103 grams per tonne silver and 0.8g/t gold.

When purchased by EMR Capital in 2017 for $US210 million in June 2019 the project still over 50 million tonnes of resources and reserves for another 12 years of production.

Although the Golden Grove North project had not been the focus of VMS style exploration for some 25 years, Venture Minerals determined to use a systematic exploration approach, utilising the latest techniques to explore for VMS style mineralisation.

Neptune is now the second VMS target to yield from that work program, following an examination of a collated dataset from numerous phases of exploration activity by various companies over the last four decades.

Venture consider Neptune to be a high priority target with highly anomalous copper and VMS pathfinder elements intersected in historic RAB3 (shallow) drilling in an area under alluvial/colluvial cover, which has not been targeted with modern day EM technology to detect VMS style deposits.

The second substantial find identified at Golden Grove – the Scuddles deposit (10.5Mt at 1.2% copper, 11.7% zinc, 0.8% lead, 89g/t silver and 1.1g/t gold) was discovered by using EM techniques under similar cover after initial RAB3 drilling was deemed too shallow.

Venture believes Neptune presents a very similar opportunity.

Venture has also identified a nickel sulphide target area north of Neptune it considers worthy of EM testing as part of an up-coming survey.

These recent outcomes have encouraged Venture to increase its activity at Golden Grove North, not only working on its current targets but also delineating further VMS and nickel sulphide targets within the project area through further cost-effective exploration techniques.

“Golden Grove North has delivered another two exciting discoveries, with Neptune exhibiting the hallmarks of a potential Scuddles like discovery scenario; whilst an unexpected nickel sulphide target has come up in an area never previously explored for nickel and hence presenting a unique opportunity for the company,” Venture Minerals managing director Andrew Radonjic said in the company’s announcement to the Australian Securities Exchange.

“These recent successes at Golden Grove North along with its proximity to the world class Golden Grove zinc-copper-gold mine are certainly validating Venture’s belief in the pedigree of this project. We look forward not only to the outcome of the EM surveys but to the drilling of the priority targets generated by it.”

 

Email: admin@ventureminerals.com.au

Web: www.ventureminerals.com.au

 

Kin Mining Encouraged by Shallow Gold Hits at Cardinia

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THE DRILL SERGEANT: Kin Mining (ASX: KIN) informed the market it has been encouraged by recent results from ongoing exploration drilling programs at the company’s 100 per cent-owned Cardinia gold project (CGP) near Leonora in Western Australia.

Kin Mining took receipt of initial assay results from Reverse Circulation (RC) drilling at the Cardinia Hill prospect and from air-core (AC) drilling at the Helens East prospects, both of which are located approximately 2.5 kilometres east of its proposed processing plant site at the CGP.

Kin Mining commenced drilling at Cardinia Hill, Helens East and Helens South prospects in March as part of a Phase 2 program designed to in-fill and extend the mineralisation it had previously encountered at the Cardinia Hill, Comedy King and Lewis East prospects.

First five RC holes all intersect ore grade mineralisation at Cardinia Hill, including:

CH20RC030
15 metres at 4.42 grams per tonne gold from 34m;

CH20RC028
17m at 3.29g/t gold from 10m;

CH20RC026
11m at 1.56g/t gold from 48m;

CH20RC027
5m at 3.06g/t gold from 53m and 7m at 1.83g/t gold from 94m; and

CH20RC029
6m at 2.28g/t gold from 52m and 4m at 1.92g/t gold from 70m.

Zones of shallow gold mineralisation were intersected in numerous air-core holes at Helens East, adjacent to Cardinia Hill.

Intersections from 4m composite sampling from the first three lines include:

HE20AC140
6m at 2.05g/t gold from 28m;

HE20AC191
12m at 1.06g/t gold from 0m; and

HE20AC221
33m at 1.08g/t gold from 0m.

The company is now waiting on assays for three lines of AC drilling at Helens South.

“These are some of the best results we have seen to date as part of our strategy to unlock the broader exploration potential of the Cardinia gold project, highlighting the opportunity to make substantial new gold discoveries in areas outside of the existing Mineral Resources,” Kin Mining managing director Andrew Munckton said in the company’s announcement to the Australian Securities Exchange.

“The RC drilling program that commenced in March has delivered some outstanding intersections, characterised by sulphide mineralisation and alteration in all eight holes completed to date at Cardinia Hill.

“The sulphide-rich intersections and accompanying alteration zones in the first five holes have now returned broad widths of high-grade gold mineralisation with a distinctive suite of indicator minerals.

“Ore grade intersections have been encountered from close to surface and up to 100 metres below surface, indicating the potential to extend this style of mineralisation to considerable depth.

“In addition, the Cardinia Hill mineralisation has now been intersected in RC and AC drilling over a strike length of approximately 500 metres, and it remains open in all directions indicating the extensive nature of this style of mineralisation.

“The Phase 2 AC drilling program that commenced at Helens East and Helens South spans an area of approximately one kilometre by 2.5 kilometres sitting between the Helens and Cardinia Hill mineralised positions.

“The Helens East Aircore program consists of three lines of drilling at 200 metre line spacing.

“Assays have been returned for these initial lines and have yielded numerous anomalous zones worthy of follow up and ore grade zones of mineralisation in several holes.

“We are now looking forward to the return of the remaining Helens South AC results in coming weeks, which should allow us to prioritise which zones to test further with RC drilling.

“The discovery of high-grade mineralisation at Cardinia Hill and the expanding footprint of mineralisation at Helens East are both indicative of the potential for a very large mineralised system within the company’s Cardinia holdings.

“The mineralised system appears to be strongly sulphide associated and be controlled by the emerging Helens Fault and Lewis Fault structures.

“Our geological team now has a solid understanding of the controls on mineralisation and the part that the Helens Fault and Lewis Fault play in the distribution of gold at Cardinia.

“We are now exploring the area for large bodies of high-grade gold mineralisation and we continue to apply a systematic approach to their discovery and assessment.”

 

Email: info@kinmining.com.au

Web: www.kinmining.com.au

 

New World Resources Scores Impressive Assay Results From First Antler Drilling

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THE DRILL SERGEANT: New World Resources (ASX: NWC) reported assay results for portions of the first three holes of a maiden drilling program at the company’s Antler copper deposit in Arizona, USA.

New World Resources described, “mineable thicknesses of very‐high grade mineralisation” to have been encountered in all three holes.

Results include:

ANTDD202001
3.93 metres at 4.18 per cent copper, 11.13 per cent zinc, 0.56 per cent lead, 34.4 grams per tonne silver and 0.52g/t gold from 112.5m (3.93m at 7.5% copper equivalent from 112.5m);

ANTDD202002
5.45m at 2.49 per cent copper, 11.83 per cent zinc, 0.94 per cent lead and 31.6g/t silver from 193.5m (5.45m at 6.3% copper equivalent from 193.5m); and

ANTDD202003
5.15m at 1.13 per cent copper, 8.53 per cent zinc, 1.07 per cent lead and 39.6g/t silver from 308.3m, and 0.55m at 0.96 per cent copper, 8.34 per cent zinc, 0.09 per cent lead and 6.47g/t silver from 346.25m (5.15m at 4.1% copper equivalent from 308.3m and 0.55m at 3.6% copper equivalent from 346.25m).

“This is an excellent start to our first‐ever drill campaign at Antler,” New World Resources managing director Mike Haynes said in the company’s announcement to the Australian Securities Exchange.

“The first three holes have all returned significant widths of exceptionally high‐grade massive sulphide mineralisation, confirming the zone of unmined mineralisation so far over a vertical distance of more than 150 metres.

“The intercept in the third hole also confirms the mineralisation extends from surface to greater than 250 metres depth, providing considerable encouragement for our ongoing exploration and evaluation of this exciting project.

“We are looking forward to receiving the balance of the assays from this initial phase of drilling and resuming drilling operations in the near‐term.”

New World indicated it has, to date, completed six holes of the maiden drilling program at the Antler project, explaining that drilling operations were suspended recently to address the increasing threat the COVID‐19 virus.

When operations resume, the company declared its immediate objective will be to complete sufficient drilling to facilitate the delineation of a JORC‐Code Indicated Resource estimate.

It is expected the receipt of assay results for the initial six drill holes during this time will assist in planning further drilling.

 

Email: info@newworldres.com

Web: www.newworldres.com

 

De Grey Mining Continues Hemi Growth

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THE DRILL SERGEANT: De Grey Mining (ASX: DEG) continues to increase the company’s recent Hemi gold discovery just outside of Port Hedland in Western Australia.

De Grey Mining has defined three broad anomalous gold in bedrock anomalies, Aquila, Brolga and Crow, by way of aircore drilling at Hemi.

The company has had RC and diamond drilling underway at Brolga and Aquila since February 2020, which has confirmed considerable gold mineralisation at both deposits.

At Brolga, the gold-sulphide mineralisation has been defined over 640 metres strike length, up to 300m width and to a maximum depth of approximately 300m.

Recent gold extensions defined by diamond and RC drilling at Brolga, include:

HERC035D
15 metres at 2.4 grams per tonne gold from 40m, and 38m at 1.6g/t gold from 168m; and

HERC037D (Precollar only)
29m at 1.1g/t gold from 148m.

Mineralisation remains open and further drilling is continuing to establish the extent of gold mineralisation.

Aquila is a parallel gold-sulphide zone to the immediate north of the larger Brolga zone.

RC and diamond drilling has also established gold mineralisation over a strike of 800m, up to 50m width and to a maximum depth of approximately 300m.

Recent gold extensions defined by diamond and RC drilling, include:

HEDD003
16.2m at 3.3g/t gold from 249.3m, 8.95m at 1g/t gold from 303m, and 6.2m at 2g/t gold from 344.8m;

HERC031 (EoH)
6m at 2.4g/t gold from 80m; and

HERC038
26m at 1.5g/t gold from 83m.

Gold mineralisation remains open.

The Crow Zone is a recently-define large gold zone located immediately to the north of Aquila where De Grey commenced deeper RC drill testing in April 2020.

Results for five of six holes remain pending and are expected towards the end of April.

Further RC and diamond drilling is ongoing to test the scale of each deposit with the overall aim to delineate the overall extent of each deposit prior to an initial Inferred resource estimation.

The overall scale of Hemi continues to grow, with three large gold zones in Aquila, Brolga and the new Crow defined to date,” De Grey Mining technical director Andy Beckwith said in the company’s announcement to the Australian Securities Exchange.

“Our immediate plans are to continue the 80m by 80m step-out resource drilling at all three areas Brolga, Aquila and Crow with one RC and two diamond rigs active.

“We have a further four other significant intrusions in the immediate area, Scooby, Antwerp, Shaggy and Alectroenas over a strike length of 15 kilometres still to test.

“The metallurgical program has commenced with an initial emphasis on defining the oxide, transition and fresh domains and completion of a suite of comminution, leaching, sulphide flotation and oxidation test work.

“We expect this work will provide overall recoveries for each domain and define a potential plant processing flowsheet.”

 

Email: admin@degreymining.com.au

Web: www.degreymining.com.au