Marenica Energy Widens Koppies 2 Palaeochannel

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THE DRILL SERGEANT: Marenica Energy (ASX: MEY) has completed a Phase 3 reverse circulation (RC) drilling program to extend the width of the palaeochannel on the company’s Koppies tenement in Namibia, Africa.

Marenica Energy reported the recent drilling had identified the Koppies 2 palaeochannel to be up to 1.2 kilometres wide, extending to now encompass the full width of the tenement, being approximately 3.6km.

The company explained the importance of the resulting wider channel width, saying that the wider the mineralised palaeochannel the greater the potential for increased numbers contained uranium pounds in any given length.

The palaeochannel was identified through the drill holes intersecting calcrete hosted mineralisation, which is the rock type within palaeochannels Marenica is targeting.

“Identifying that the Koppies 2 palaeochannel has a width of approximately 1.2 kilometres is fantastic news, especially with a length of at least 3.6 kilometres,” Marenica Energy managing director Murray Hill said in the company’s announcement to the Australian Securities Exchange.

“The substantial width is expected to greatly increase the contained uranium pounds per unit length of palaeochannel, which is extremely positive for the potential economics of the Koppies project.

“The Koppies story continues to develop, with the extensive Koppies 2 palaeochannel, excellent grades achieved from Phase 2 drilling, and with only approximately 10 per cent of the Koppies tenement explored, let alone the remaining 2,494 square kilometres of tenements held by the Company in the Namib area.”

Mrenica followed its Phase 2 drill program, which had identified a mineralised palaeochannel at Koppies 2, with three HLEM survey lines across the Koppies 2 palaeochannel that were designed to determine the potential width of the palaeochannel ahead of the Phase 3 drill program.

The HLEM results indicated a more extensive palaeochannel than expected, which resulted in the drill program being expanded, extending further north and south than initially planned.

Following from the identification of a wide palaeochannel at Koppies 2 and confirmation that HLEM has been successful in locating palaeochannels at Koppies, the company indicated it would continue with the exploration program.

Receipt of the assay results from the Phase 3 drill program is expected in January 2020.

 

Web: www.marenicaenergy.com.au

 

Renascor Resources to Raise $1.4 Million to Advance Siviour Development

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THE BOURSE WHISPERER: Renascor Resources (ASX: RNU) has received firm commitments to raise $1.4 million to fund the advancement of the company’s Siviour graphite project near the coast of South Australia’s Eyre Peninsula.

Renascor Resources said the placement will be completed by the issue up of just over 125.7 million shares at 1.1 cents per share.

“Following the successful completion of the Siviour Definitive Feasibility Study, Renascor is poised to advance key workstreams for the Siviour graphite project,” Renascor Resources managing director David Christensen said in the company’s announcement to the Australian Securities Exchange.

“Completing the combination of bulk samples for marketing purposes, FEED work, engaging with potential debt financiers, and executing binding offtake agreements will further de-risk the project and draw Siviour closer to commencement of construction during 2020.”

The company also announced a Share Purchase Plan (SPP) for all eligible shareholders to raise up to $0.5 million at the same issue price as the placement.

 

Email: info@renascor.com.au

Web: www.renascor.com.au

 

THE DAILY ROADHOUSE

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Gold Road Estimates New Wholly-Owned Yamarna Gold Resources

THE DRILL SERGEANT: Gold Road Resources (ASX: GOR) reported the first 100 per cent company‐owned resource addition since it entered the Gruyere Joint Venture.

Encounter Resources Identifies New Copper-Gold Drill Targets at Lamil

THE DRILL SERGEANT: Encounter Resources (ASX: ENR) recently completed IP and AEM surveys at the company’s 100 per cent-owned Lamil copper-gold project in the Paterson Province of Western Australia.

 

Gold Road Estimates New Wholly-Owned Yamarna Gold Resources

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THE DRILL SERGEANT: Gold Road Resources (ASX: GOR) reported the first 100 per cent company‐owned resource addition since it entered the Gruyere Joint Venture.

The Mineral Resource of 3.5 million tonnes at 2.62 grams per tonne gold for 297,600 ounces was estimated at the Gilmour and Renegade deposits, both 100 per cent-owned by Gold Road.

The Gilmour Maiden Mineral Resource totals 2.6 million tonnes at 3.09g/t gold for 258,400 ounces, with 0.8 million tonnes at 5.2g/t gold for 120,000 ounces, or 46 per cent of contained ounces, classified as an Indicated Resource.

This makes Gilmour the third largest and second highest grade deposit so far discovered on the Yamarna Belt.

The Gilmour Maiden Mineral Resource is located 55 kilometres, by road, south of the Gruyere Mine, which means the open pit and underground Mineral Resources could be developed by Gold Road and processed at Gruyere via toll treatment provisions under the Gruyere JV agreement.

The Gruyere development option provides a pathway to monetise the discovery and realise value from Gold Road’s exploration program.

The Renegade deposit, previously reported as Khan North, has been re‐estimated as an Inferred Mineral Resource of 0.9 million tonnes at 1.3g/t gold for 39,200 ounces.

The new resource estimate follows detailed geological interpretation and optimisation for open pit extraction, applying appropriate modifying factors and a gold price assumption of $1,850 per ounce.

Renegade is located just 35 kilometres by road from the Gruyere Mill, and is adjacent to the Gruyere Main Access Road.

Like Gilmour, Renegade could also potentially add value to Gold Road through toll treatment in accordance with the terms of the Gruyere JV agreement.

“The Maiden Mineral Resource for Gilmour represents the first gold deposit identified at Yamarna outside of the original discoveries on the Golden Highway, and our Gruyere discovery which is now being mined in Joint Venture with Gold Fields,” Gold Road executive director ‐ exploration & growth Justin Osborne said in the company’s announcement to the Australian Securities Exchange.

“The significance in being the third largest, and second highest grade deposit so far discovered at Yamarna is considerable.

“The relatively high‐grade demonstrates a diverse endowment consistent with our belief in the Belt having potential to host multiple deposits varying in style, size and grade as seen in other major Greenstone Belts in Western Australia ‐ the main difference at Yamarna is it remains significantly underexplored.

“We are now applying the improved understanding from our Gilmour exploration programme to assist our ongoing targeting of greater than one million ounce deposits on the considerable Yamarna tenement holding.”

 

Email: perth@goldroad.com.au

Web: www.goldroad.com.au

 

Encounter Resources Identifies New Copper-Gold Drill Targets at Lamil

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THE DRILL SERGEANT: Encounter Resources (ASX: ENR) recently completed IP and AEM surveys at the company’s 100 per cent-owned Lamil copper-gold project in the Paterson Province of Western Australia.

Encounter Resources said the surveys had “highlighted compelling new targets” at the Lamil project.

The Lamil project covers an area of around 61 square kilometres 25km northwest of the gold-copper mine at Telfer, owned by Newcrest Mining (ASX: NCM) and 40km north of Encounter’s own Yeneena copper-cobalt project, also in the Paterson Province.

Encounter completed an AEM Survey at Lamil in September 2019 to cover an area previously covered by an IP survey that was completed in August.

The geophysical surveys have combined to produce an enhanced geological interpretation and structural setting of the project area and have highlighted two new drill targets.

Target 1 is an untested chargeability anomaly below thick zones of copper-gold anomalism that was subjected to historical drilling by Newmont in the 1980s.

Targeting gold, this drilling intersected shallow thick zones of strong copper-gold anomalism.

The IP survey highlighted a semi-coincident chargeability anomaly below the broad zones of copper and gold anomalism intersected by the shallow historical drilling.

Encounter indicated this target will be drill tested by one or two diamond holes to a depth of 300 metres to determine if the chargeability anomaly represents a stronger accumulation of copper-gold mineralisation.

Target 2 is a group of untested IP chargeability anomalies discordant to stratigraphy.

These chargeability anomalies were identified across the three southern IP lines adjacent to a corridor of magnetic anomalism.

Historical drilling targeted on the magnetics intersected copper sulphide mineralisation.

The chargeability anomalies were not tested by the prior drilling.

Encounter is confident that drilling at Target 2 will determine if the chargeability anomaly represents stronger sulphide development associated with higher grade copper-gold mineralisation.

“The recently completed IP and AEM surveys have defined new compelling drill targets at Lamil,” Encounter Resources managing director Will Robinson said in the company’s announcement to the Australian Securities Exchange.

“These surveys have also significantly enhanced the geological interpretation at Lamil where previous drilling has intersected thick zones of copper-gold mineralisation.

“These exciting new drill targets will be tested in an EIS co-funded drill program planned for early in the new year.”

Lamil has been awarded a competitive EIS co-funded drilling grant of up to $150,000, which is available from January 2020.

Encounter indicated the drill targets defined in the IP and AEM surveys will be tested in a co-funded drill program early in the new year.

 

Email: contact@enrl.com.au

Web: www.enrl.com.au

 

THE DAILY ROADHOUSE

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Musgrave Minerals Intersects High-Grade Link Lode at Break of Day

THE DRILL SERGEANT: Musgrave Minerals (ASX: MGV) reported the intersection of high-grade gold in a ‘link’ position joining the two main gold lodes at the Break of Day deposit on the company’s Cue gold project in Western Australia.

Carawine Resources Identifies New Victorian Porphyry Copper-Gold Targets

THE DRILL SERGEANT: Carawine Resources (ASX: CWX) announced geophysical results from a detailed helicopter-borne magnetic and radiometric (heli-mag) geophysical survey completed at the company’s 100 per cent-owned Jamieson project in northeast Victoria, host to the Hill 800 and Rhyolite Creek prospects.

Alicanto Minerals Completes Geophyisal IP Survey at Wolf Mountain

THE DRILL SERGEANT: Alicanto Minerals (ASX: AQI) completed its maiden IP survey at the company’s Wolf Mountain copper-gold target area within the Bergslagen district of Southern Sweden.

Ausgold Raising up to $3.6 Million for Katanning Gold Project

THE BOURSE WHISPERER: Ausgold Limited (ASX: AUC) informed the market it has received binding commitments from institutional and sophisticated investors for a share placement to raise $2.376 million.

 

Musgrave Minerals Intersects High-Grade Link Lode at Break of Day

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THE DRILL SERGEANT: Musgrave Minerals (ASX: MGV) reported the intersection of high-grade gold in a ‘link’ position joining the two main gold lodes at the Break of Day deposit on the company’s Cue gold project in Western Australia.

Musgrave Minerals recently completed a six-hole RC drill program at Break of Day that extended the high-grade gold mineralisation to the south as well as identifying a new high-grade ‘link-lode’ structure between the two main Twilight and Velvet gold lodes.

The company explained the identification of a high-grade ‘link-lode’ structure at Break of Day could hold some significance.

Linking structures are present in many Yilgarn gold deposits and have the potential to add lots of ounces and improve the economics of the deposits by increasing ounces per vertical metre within sections of the deposit.

Drill hole 19MORC037 was drilled to confirm a high-grade thicker section of the Break of Day system and test a new structural interpretation.

The hole identified a quartz dominant linking structure and gold lode assaying:

45 metres at 11.8 grams per tonne gold from 144m down hole, including 5m at 29.2g/t gold from 150m; and
23m at 16.2g/t gold from 166m.

Musgrave said it has yet to confirm the strike and plunge of the mineralisation in 19MORC037, which has made it difficult for the company to estimate the true width of the intersection at this time.

“Drill hole 19MORC037 (45m at 11.8g/t gold) was drilled to test a new hypothesis and structural interpretation and is a fantastic high-grade result for Break of Day on intersecting a potential new link-lode,” Musgrave Minerals managing director Rob Waugh said in the company’s announcement to the Australian Securities Exchange.

“This result opens numerous possibilities and opportunities to discover additional lodes and grow the Break of Day resource.

“Break of Day continues to deliver consistent high-grades and a few nice surprises.”

Drill hole 19MORC031 was drilled 35m south of previous drill hole 19MORC015 (2m at 9g/t gold) and returned a high-grade result of:

6m at 5.6g/t gold from 126m down hole in 6m composite samples.

Hole 19MORC033 intersected:

2m at 3.3g/t gold.

This was encountered 50m down dip of 19MORC015 and Musgrave has interpreted this to indicate the mineralisation continues at depth and is plunging to the south.

Musgrave is already planning additional follow-up drilling that will be scheduled for Q1 2020, which the company expects to lead to a resource update in Q2 2020.

The Break of Day area is excluded from the Earn-in and Exploration Joint Venture Musgrave has with Evolution Mining (ASX: EVN).

 

Email: info@musgraveminerals.com.au

Web: www.musgraveminerals.com.au

 

Carawine Resources Identifies New Victorian Porphyry Copper-Gold Targets

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THE DRILL SERGEANT: Carawine Resources (ASX: CWX) announced geophysical results from a detailed helicopter-borne magnetic and radiometric (heli-mag) geophysical survey completed at the company’s 100 per cent-owned Jamieson project in northeast Victoria, host to the Hill 800 and Rhyolite Creek prospects.

Carawine Resources declared the survey as an “outstanding success”, saying that it has provided support for the potential for porphyry targets beneath Hill 800 and Rhyolite Creek while confirming existing targets and providing a number of exciting new anomalies.

“Since establishing a link between mineralisation at Hill 800 and the potential for large gold and copper porphyry mineral systems at the Jamieson project we have been working to identify and refine targets for drill testing,” Carawine Resources managing director David Boyd said in the company’s announcement to the Australian Securities Exchange.

Carawine had recently established the potential for gold and copper mineralisation at its Hill 800 prospect to be related to a copper-gold porphyry system.

This was based on its analysis of multi-element geochemical data and the recognition of an alteration pattern typical of porphyry mineral systems that followed the identification of several new prospects around Hill 800 with strong magmatic / porphyry geochemical signatures, and the recognition of two broad but distinct regional-scale magnetic anomalies at Hill 800 and Rhyolite Creek.

Having established this potential, Carawine has been working to advance its porphyry targets to the drill testing stage.

“Magnetic anomalies are commonly associated with mineralised porphyry systems and therefore provide excellent drill targets,” Boyd continued.

“The results from this detailed survey will be used to model the size and depth of each anomaly, which can then be prioritised for drill testing.”

Carawine explained that the detailed heli-mag survey data identified a number of new, individual magnetic anomalies from within the broad magnetic complex underlying the Hill 800 area.

A clear relationship between gold mineralisation has also been previously defined by drilling and surface geochemistry and the larger magnetic anomaly complex, highlighting each individual anomaly as high priority targets.

What has whetted the company’s interest is a discrete magnetic high north-west of the surface exposure of the Hill 800 deposit encompassed by a distinct magnetic low.

Current drilling at Hill 800 is testing the down-dip extensions to the deposit, which appears to be trending directly towards this discrete magnetic high.

This anomaly has therefore been prioritised for three-dimensional (3D) modelling to determine its size and depth prior to designing a program for direct drill testing

“Of particular interest is a magnetic high anomaly potentially down-dip from Hill 800, where we are currently drilling,” Boyd said.

“This anomaly is characteristic of the typical geophysical response from a mineralised porphyry copper-gold stock and is therefore high on the priority list for modelling and drilling.

“We look forward to updating the market with results of this work and the drill program design in coming weeks.”

 

Email: info@carawine.com.au

Web: www.carawine.com.au

 

Ausgold Raising up to $3.6 Million for Katanning Gold Project

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THE BOURSE WHISPERER: Ausgold Limited (ASX: AUC) informed the market it has received binding commitments from institutional and sophisticated investors for a share placement to raise $2.376 million.

Ausgold indicated it will also be conducting a Share Purchase Plan (SPP) to existing eligible shareholders.

Under the Placement, the company will issue a total of 198 million shares at an issue price of 1.2 cents per share.

Proceeds from the Capital Raising are earmarked for accelerated exploration at the company’s Katanning gold project (KGP), financing an exploration drilling campaign designed to target further high-grade mineralisation within the Central Zone at KGP, the completion of metallurgical test work and to provide additional working capital.

The company indicated the planned drilling program will target Resource extensions including the following recent intercepts of:

26 metres at 6.6 grams per tonne gold from 117m, including 4m at 37.2g/t gold;
16m at 6.2g/t from 114m, including 4m at 22.4g/t gold;
15m at 3.7g/t from 117m, including 5m at 10.4g/t gold; and
17.6m at 2.2g/t gold from 55m.

“An extensive drill campaign will commence immediately targeting high-grade gold mineralisation within the Central Zone of Katanning gold project,” Ausgold managing director Matthew Greentree said in the company’s announcement to the Australian Securities Exchange.

“This new drilling will build on the findings of the recent Scoping Study and will include extensions to the high-grade gold mineralisation identified in areas where this mineralisation remains open both along strike and down-dip.

“It is anticipated that drilling these extensions will further expand the current 1.2- million-ounce gold Resource.

“The planned exploration will also extend to Ausgold’s regional targets including the Burong and Nanicup Bridge prospects, leveraging on the recently awarded $150,000 of co-funding provided under the WA Government’s Exploration Incentive Scheme.

“Drilling these prospects, along with other low-cost high-impact exploration programs, will be conducted on Ausgold’s regional land package of over 4,000 square kilometres of underexplored Archean greenstone belt, further developing the company’s geological understanding of the region.

“The company is now well positioned to accelerate its exploration programs at the Katanning gold project and looks forward to updating the market as results become available.”

 

Email: info@ausgoldlimited.com

Web: www.ausgoldlimited.com

 

Alicanto Minerals Completes Geophyisal IP Survey at Wolf Mountain

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THE DRILL SERGEANT: Alicanto Minerals (ASX: AQI) completed its maiden IP survey at the company’s Wolf Mountain copper-gold target area within the Bergslagen district of Southern Sweden.

Alicanto Minerals said the survey identified multiple new, large-scale IP chargeability and resistivity anomalies it believes may correspond to both disseminated and semi-massive sulphide bodies.

In line with the IP anomalies are rock chip results of up to 11.9 per cent copper and 2.9 grams per tonne gold across four separate mapped mineralised trends, over one kilometre strike that are completely open.

Alicanto said multiple IP anomalies were also identified under shallow cover that at this stage remain unsampled and undrilled.

The company explained that the IP only covers 300 metres of strike on regional scale alteration and the structures that have been identified and mapped by Alicanto geologists over 14km are still considered highly prospective for both high-grade and bulk tonnage copper-gold mineralisation.

The Wolf Mountain prospect is yet to be subjected to the drill bit and the company considers these newly identified IP anomalies as high priority drill targets.

“Our initial IP survey at the Wolf Mountain prospect has identified multiple undrilled, large-scale anomalies prospective for high-grade copper-gold mineralisation,” Alicanto Minerals chief executive officer Peter George said in the company’s announcement to the Australian Securities Exchange.

“Previously mapped, mineralised trends with coincident high-grade rock chips of up to 11.9 per cent Copper and 2.9 grams per tonne gold, are highlighted by the survey.

“However, excitingly, further large-scale targets have also been identified under thin glacial cover, and all targets are undrilled and remain open along strike.

“The IP was conducted to follow up on the recent identification of a regional scale greater than-14-kilometres long hydrothermal system at Wolf Mountain, considered prospective for high-grade and bulk-tonnage copper-gold mineralisation.

“The survey only partially covers a 300 metre portion of the identified mineralised trend and mineralisation is open in all directions providing great encouragement for further exploration.”

Alicanto is concurrently undertaking 1,000 metres of maiden diamond drill testing of multiple high-grade copper, zinc and gold targets at Naverberg and Oxberg.

“In addition to the proposed maiden diamond drilling at the advanced, high-grade Oxberg and Naverberg zinc-lead-copper-silver-gold VMS targets, Alicanto intends to advance the newly identified anomalies at Wolf Mountain to initial diamond drill testing in the next few months,” George continued.

“Further Geophysical surveys are also being planned and Alicanto will inform the market of these as the company proceeds.

“Industry leading geophysical consultants, Southern Geoscience, are also currently reinterpreting all of the historical and existing geophysical datasets from the region, with new target areas anticipated to drive the next phase of exploration and drilling on the project areas.

“In addition, results from the 12,000 metre diamond drilling program at the Arakaka gold project in Guyana, fully funded by NordGold SE, are anticipated in the near future.”

 

Email: admin@alicantominerals.com.au

Web: www.alicantominerals.com.au