Peel Mining Substantially Upgrades Southern Nights Resource

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THE DRILL SERGEANT: Peel Mining (ASX: PEX) released an updated Indicated & Inferred Mineral Resource Estimate (MRE) for the company’s 100 per cent-owned Wagga Tank and Southern Nights deposits located in the Cobar Basin of western New South Wales.

The company explained the MRE is reported within mineable shapes generated at $80 per tonne net smelter return (NSR) with a minimum mining width of three metres and includes internal dilution.

Peel Mining reported an Indicated and Inferred MRE of:

4.95 million tonnes at 5 per cent zinc, 2 per cent lead, 78 grams per tonne silver, 0.3 per cent copper, and 0.4g/t gold within $80/t NSR mineable shapes.

This represent a 31.5 per cent increase in Indicated and Inferred resource tonnage from the company’s previous MRE.

Of note, the Indicated MRE increased to 2.95 million tonnes at 5.73 per cent zinc, 2.33 per cent lead, 86g/t silver, 0.23 per cent copper, 0.36g/t gold (within $80/t NSR mineable shapes).

This represents a 161 per cent increase in Indicated resource tonnage from the previous MRE.

Peel Mining said the updated MRE provides a solid foundation, from which it can immediately commence scoping studies to advance the potential development scenarios at Wagga Tank-Southern Nights.

The company already has associated activities underway, including ongoing metallurgical testwork, geological/structural studies, pre-development environmental baseline work, and drill planning targeting potential extensions to mineralisation.

Also worth noting, is that the Wagga Tank-Southern Nights mineral system remains open along strike and down dip.

“This resource upgrade is another important step for Peel as it continues towards unlocking the next mine development opportunity within the Cobar Basin,” Peel Mining managing director Rob Tyson said in the company’s announcement to the Australian Securities Exchange.

“The advancement of the Southern Nights-Wagga Tank mineral resource utilising contemporary metal pricing, marketing and metallurgical assumptions, presented as a Net Smelter Return, as well as underground mining assumptions is an important move towards our goal.

“Encouragingly, the resource quality has improved significantly with nearly three million tonnes reporting to the Indicated classification.

“We will now move to scope out the project to better understand the potential development opportunities available.”

 

Email: info@peelmining.com.au

Web: www.peelmining.com.au

 

Kin Mining Getting Good Enjoyment from Comedy King

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THE DRILL SERGEANT: Kin Mining (ASX: KIN) received final assay results from one-metre split samples at the company’s Cardinia gold project (CGP) in Western Australia.

Kin Mining collected the samples from the Comedy King target, generated from an aircore (AC) drilling program completed in December 2019.

The company explained the 1m samples were collected from 4m composite samples greater than 0.1g/t gold, to allow for better definition of the mineralised zones.

“Our initial interpretation at Comedy King based on the four-metres composite assays was a series of high-grade, narrow mineralised zones striking east-west and dipping to the north,” Kin Mining managing director Andrew Munckton said in the company’s announcement to the Australian Securities Exchange.

“The one-metre split sampling has supported this view and helped the geological teams interpret the mineralisation more clearly.

“At Comedy King, several quartz sulphide veins exist within broader, lower grade alteration halo mineralisation.

“These veins appear to be initiated from north east trending faults associated with the rapidly expanding Lewis Fault system.

“The Lewis Fault system is intimately associated with mineralisation at the Lewis, Lewis East, Nevertire, Black Chief and now the Comedy King deposits.

“These deposits are spread over an area covering approximately four kilometres by two kilometres and represent a cluster of deposits displaying both high-grade vein and lode style mineralisation and lower grade alteration halo mineralisation, all with a common geological control.

“In addition to the primary mineralisation at Comedy King, aircore drilling has also intersected shallow high-grade mineralisation associated with an interpreted alluvial channel.

“Alluvial channels in the area are extensive and represent an additional near surface exploration target for the company.”

 

Email: info@kinmining.com.au

Web: www.kinmining.com.au

 

Cassini Resources Extends Yarawindah Mineralisation

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THE DRILL SERGEANT: Cassini Resources (ASX: CZI) has completed its first diamond drilling program at the company’s 80 per cent-owned Yarawindah Brook project in Western Australia.

The project is considered by Cassini to be prospective for nickel, copper, cobalt and platinum group elements (PGE’s).

Cassini Resources conducted the drilling to target multiple electromagnetic (EM) conductors it had identified following airborne and ground EM surveys in 2018.

The latest drilling returned encouraging nickel and copper results from a total of nine diamond holes – YAD0004 through to YAD0006 at the AN02 conductor, now re-named the Avena prospect, and YAD0003, at the Brassica prospect.

Drilling at Avena predominantly intersected broad zones of shallow, disseminated nickel and copper sulphides, and locally contain high-grade, massive nickel sulphides.

Cassini declared it was encouraged by a massive sulphide intercept of:

YAD0005
0.12 metres at 5.97 per cent nickel, 0.75 per cent copper, 0.39 per cent cobalt and 2.66 grams per tonne PGE from 84.3m.

“Nickel tenor of this intercept is representative of the historical massive sulphide intersections at Yarawindah, which are the Company’s primary targets,” Cassini Resources said in its ASX announcement.

“Although thin, this interval is interpreted to represent a structurally remobilised massive sulphide from a proximal source.

The company was also heartened by an encounter from:

YAD0006
5.05m at 0.69 per cent nickel, 1.17 per cent copper and 0.06 per cent cobalt from 57.95m.

“These intercepts range from 50m to 72m vertically below surface, well within open-pit mining depths,” Cassini observed.

At the Brassica prospect, YAD0003 intersected a 70m zone of metagabbro, similar to previous drilling results, with thick zones of disseminated and locally semi-massive zones of barren iron sulphides (pyrrhotite) and trace copper sulphides (chalcopyrite) reflecting low tenor nickel and copper sulphide mineralisation.

“The results to date at the Avena and Brassica prospects support the company’s exploration model that the Yarawindah project has potential to host multiple nickel-copper magmatic sulphide deposits,” the company said.

 

Email: admin@cassiniresources.com.au

Web: www.cassiniresources.com.au

 

Cardinal Resources Granted Namdini Expansion

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THE BOURSE WHISPERER: Cardinal Resources (ASX: CDV) received approval to expand the current Mining Licence for the company’s Namdini gold project in Ghana.

Cardinal Resources’ subsidiary Cardinal Namdini Mining Limited was granted a Large‐Scale Mining License covering the Namdini Mining License by the Minister for Lands and Natural Resources under the Ghanaian Minerals and Mining Act 2006 (Act 703) in 2017.

The Large‐Scale Mining Licence originally covered 19 square kilometres in the Dakoto area of the Talensi District in the Upper East Region of Ghana that has now been expanded to 63sqkm with the grant covering an initial period of 15 years commencing in 2020 and is renewable.

Cardinal Resources said the expanded Large‐Scale Mining Licence allows it to optimise and de‐risk mine and infrastructure design and optimise financial outcomes as the company continues to progress the FEED program.

“It is most pleasing to have the Minister for Lands and Natural Resources and the Minerals Commission of Ghana support our Mining Licence area expansion,” Cardinal Resources chief executive officer / managing director Archie Koimtsidis said in the company’s announcement to the Australian Securities Exchange.

“The expansion aligns with the company’s plan to not only significantly optimise the location of key infrastructure such as tailings storage facilities, stockpiles and waste dumps but also to further explore financial benefits during the Front‐End Engineering and Design (FEED) of the Namdini project.

“Further, it allows the company to expand its exploration activities immediately south of Namdini which has great potential along the southern extension of the Namdini shear.”

Cardinal is preparing development of the Namdini gold project, subject to concluding project development financing.

Once developed, the company expects the Namdini gold project to produce over 360,000 ounces per annum for the first two years of operation and over the life of mine is expected to produce an average of 287,000 ounces per annum.

A Definitive Feasibility Study completed in late 2019, indicated encouraging economics, including a post‐tax NPV of over US$958 million which is capable of generating over US$1.55 billion in undiscounted project cashflow (assuming a gold price of US$1,550/oz).

 

Web: www.cardinalresources.com.au

 

Moho Resources Completes Aircore Drilling at Burracoppin

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THE DRILL SERGEANT: Moho Resources (ASX: MOH) completed its first aircore drill program to follow up gold and arsenic anomalies on the Crossroads prospect at the company’s Burracoppin gold project in Western Australia.

Moho Resources drilled 37 reconnaissance air core holes across coincident gold and arsenic anomalies in soils and auger drill samples at the Crossroads prospect during March 2020.

The air core drilling also traversed a north – south structure interpreted by Moho’s consultant geophysicist and a re-evaluated EM anomaly.

Lithologies noted during drilling included biotite schist/amphibolite, granite and quartzite.

“Drill samples have been submitted to SGS for gold and multi element analysis after aqua regia digest,” Moho Resources said in its ASX announcement.

“Moho anticipates releasing the results in late April 2020, following receipt of the assays and appropriate checks.”

 

Email: admin@mohoresources.com.au

Web: www.mohoresources.com.au

 

De Grey Mining Extends Brolga Gold Mineralisation

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THE DRILL SERGEANT: De Grey Mining (ASX: DEG) released further results from drilling on the Brolga Zone within the company’s Hemi gold discovery, located near Port Hedland in Western Australia.

New RC gold intercepts encountered at Brolga include:

HERC014
78 metres at 1.8 grams per tonne gold from 40m;

HERC015
72m at 1.6g/t gold from 105m;

HERC016
21m at 3.6g/t gold from 45m
15m at 5.5g/t gold from 75m;

HERC017
33m at 1.6g/t gold from 41m;

HERC023
76m at 1.5g/t gold from 42m; and

HERC024
56m at 1.1g/t gold from 93m.

De Grey Mining has now defined strong and extensive gold mineralisation across four sections, demonstrating a robust and large growing volume of mineralised intrusive at Brolga.

The gold-sulphide mineralisation is well defined by the RC drilling, which the company has interpreted to be dipping moderately to the south (local grid) with a large footprint over more than 340 metres of strike, up to more than 300m lateral width, up to 200m depth that remains open along strike and down dip.

The company considers the shallower dipping mineralisation important, believing it has the potential to increase ounces per vertical metre within a future open pit and may reduce the overall strip ratio.

“Brolga is growing substantially, we continue to increase the overall footprint of the gold-sulphide mineralisation, particularly to the west and down dip where substantial thicknesses of mineralisation remain open,” De Grey Mining technical director Andy Beckwith said in the company’s announcement to the Australian Securities Exchange.

“We have now confirmed the strong correlation between gold and sulphides.

“The recent four RC holes to the south and west have logged some of the strongest sulphide mineralisation noted to date.

“Drilling is planned to continue with one RC and two diamond rigs testing the limits of mineralisation at Hemi.”

 

Email: admin@degreymining.com.au

Web: www.degreymining.com.au

 

Bellevue Gold Receives Commitments for $26.5 million Raising

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THE BOURSE WHISPERER: Bellevue Gold (ASX: BGL) belied current market sentiment with the announcement of a $26.5 million share placement.

Bellevue Gold signalled the placement would enable it to embark on the next phase of its growth strategy at the company’s Bellevue gold project in Western Australia.

The raising was priced at 30 cents per share and was underpinned by leading Australian and overseas institutions, including existing institutional and sophisticated shareholders.

Bellevue Gold indicated the proceeds of the raising will fund further programs of infill and Resource extension drilling at the Bellevue gold project, economic studies in preparation for development and provide general working capital.

The company recently completed the initial infill drilling at Bellevue and has already given notice of being on track to publish its maiden Indicated Resource in the coming quarter.

Bellevue’s Inferred Resource currently stands at 6.1 million tonnes at 11.3 grams per tonne gold for 2.2 million ounces of gold.

The company’s next rounds of infill drilling will be aimed at achieving ongoing growth in the forthcoming Indicated Resource and growing the overall inventory through step-out drilling and exploration drilling at the two high promising conductors identified at the project’s Deacon lode, among other priority targets.

“To complete a raising such as this in any environment is an excellent achievement but to do it in the current market circumstances is exceptional,” Bellevue Gold managing director Steve Parsons said in the company’s announcement to the Australian Securities Exchange.

“Under the current budget, we are funded through to mid calendar year 2021.
“The strong support shown by leading institutional investors is a huge endorsement of the Bellevue project and its growth potential.

“The proceeds ensure we have ample cash to continue unlocking the value of this project through infill and resource growth drilling while also undertaking the economic and technical studies which should pave the way for development and production.”

 

Email: admin@bellevuegold.com.au

Web: www.bellevuegold.com.au

 

Helix Resources Intersects Additional High-Grade Copper Lodes at Collerina

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THE DRILL SERGEANT: Helix Resources (ASX: HLX) completed a phase 1 RC drilling program and additional geophysics targeting new copper zones at the company’s 100 per cent-owned Collerina copper project in central New South Wales.

Helix Resources instigated the drilling program of 16 holes for 2586 metres to test for further high-grade copper mineralisation in zones immediately surrounding the initial Central Zone resource.

In June 2019, Helix announced a maiden resource estimate for the Central Zone deposit of 2.02 million tonnes at 2.03 per cent copper and 0.1 grams per tonne gold for 40,000 tonnes copper and 9400 ounces gold (Indicated and Inferred).

Almost 50 per cent of that resource tonnage sits in the Indicated categorisation, with the remainder classified as Inferred.

Helix concluded that the drilling has confirmed a much larger extent of copper system, with at least two additional copper lodes identified outside of the initial Central Zone resource envelope, each with extensive down plunge potential.

The company believes it now has an opportunity to substantially grow the high-grade copper resource at Collerina.

The drilling encountered primary, high-grade copper mineralisation approximately 180m down dip from the Central Zone resource on a parallel structural target, known as the Northern Target Zone.

This yielded an intercept of:

CORC116
4 metres at 3.18 per cent copper and 0.4g/t gold from 218m, including 1m at 6.44 per cent copper and 0.8g/t gold from 218m.

“This is a significant set of exploration outcomes for Helix and the Collerina copper project,” Helix Resources executive chairman Peter Lester said in the company’s announcement to the Australian Securities Exchange.

“Our recent drilling has confirmed the existence of high-grade copper mineralisation well outside of the Central Zone resource area.

“The targeted down plunge extent of these additional lodes offers substantial potential upside to our current resource base at Collerina.

“A number of new high-priority target positions will require further drilling to fully realise the potential of the broader Collerina deposit.”

 

Email: helix@helix.com.au

Web: www.helix.com.au

 

Bruce Maluish: VRX Silica

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THE CONFERENCE CALLER: The Resources Roadhouse spoke with VRX Silica managning director Bruce Maluish about the company’s recent happenings.

 

BRUCE MALUISH managing director VRX Silica (ASX: VRX)

 

 

Azure Minerals Claims New Alacrán Copper Discovery

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THE DRILL SERGEANT: Azure Minerals (ASX: AZS) claimed discovery of high-grade copper mineralisation at the company’s 100 per cent-owned Alacrán project in Sonora, Mexico.

Azure Minerals made the copper discovery at the Gregors prospect while other drilling intersected further gold mineralisation at Mina San Simon.

The Gregors prospect was originally spotted by Azure’s geologists in early 2016, after which an airborne VTEM geophysical survey was flown over the entire Alacrán project area, detecting a small and discrete, reasonably intense electromagnetic (EM) response.

No further exploration was undertaken over this anomaly until late in 2019, when Azure regained full ownership and control of the Alacrán project from former partner Teck Resources.

RC drilling intersected wide zones of breccia and strongly altered volcanic rocks containing visual quantities of disseminated chalcopyrite (copper sulphide) mineralisation.

Results included:

GGC-002
30 metres at 0.68 per cent copper from 22.5m, including 6m at 2.3 per cent copper; and

GGC-003
18m at 0.96 per cent copper from 21m, including 1.5m at 7.03 per cent copper.

The company considers the presence of strong copper mineralisation hosted by iron-rich breccia to be promising as numerous high-grade, copper-rich breccia pipes associated with nearby copper porphyry bodies have been discovered and mined in the Cananea mining district.

Azure is undertaking a detailed data review and interpretation plus initial mineralogical and metallurgical studies to assess potential and assist with planning a follow-up drill program.

“Our exploration team has a strong and successful history of discovering new deposits at Alacrán,” Azure Minerals managing director Tony Rovira said in the company’s announcement to the Australian Securities Exchange.

“With this discovery of the buried copper mineralisation at Gregors, we are continuing to identify high-value precious and base metals targets, reinforcing the prospectivity of this exciting project and the technical skills of our exploration team.

“The discovery of strong copper mineralisation hosted by iron-rich breccia at Gregors is very promising, as there is a history of discovering and exploiting high-grade, copper-rich breccia pipes in the surrounding Cananea mining district, particularly at the nearby Cananea copper mine located 10 kilometres to the northwest.

“I’m looking forward to completing our interpretation of the results and recommencing drilling as soon as practicable.”

The company also completed one RC hole (MDPC-168) to test at the historical Mina San Simon mine located about 700m southeast of the southern Loma Bonita resource boundary, an area that is mostly untested by drilling.

A hole drilled by Azure in 2015 (LM-02) intersected a void created by the old mine workings that had extracted the mineralised zone.

The company noted that MDPC-168 drilled below these old mine workings and returned a well-mineralised gold and silver intersection, hosted in vuggy and massive silica, of:

MDPC-168
21m at 2 grams per tonne gold and 64g/t silver from 19.5m.

The company indicated that further drilling to test the vuggy silica mineralised zone, which is interpreted to extend further to the east and south beneath the Cerro San Simon hill, will be undertaken in the next drill program.

 

 

Web: www.azureminerals.com.au