Gateway Mining to Divest Non-Core Edjudina Exploration Project

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THE BOURSE WHISPERER: Gateway Mining (ASX: GML) has entered into a tenement sale agreement for the sale of the company’s Edjudina project Exploration Licences in the Laverton Region of Western Australia.

Gateway Mining explained the divestment is part of the company’s strategy of extracting value from its portfolio of non-core exploration assets while maintaining a strong focus on gold exploration and development at its 100 per cent-owned Gidgee gold project.

Through a wholly-owned subsidiary company, Gateway has entered into a conditional tenement sale agreement with Syndicated Metals (ASX: SMD), under which SMD has agreed to acquire an 80 per cent interest in tenements E39/1765, E39/1882, E31/1150 and E31/1134.

The transaction is subject to SMD conducting due diligence in respect of the tenements to its reasonable satisfaction, a condition that must be satisfied or waived by 30 November 2019.

As consideration, SMD will provide Gateway $250,000 that could be paid in up to $200,000 worth of SMD shares.

The deal also involves the grant of a 1.5 per cent gross revenue royalty over the Tenements, payable after the first 200,000 ounces of gold or equivalent mineral product has been recovered.

Gateway’s subsidiary’s remaining 20 per cent interest in the tenements will be free-carried until such a time as a decision to mine is declared, and the parties have agreed to enter into a Joint Venture.

“Syndicated is a well-established ASX-listed explorer with an experienced corporate and technical team with whom we have an existing strong relationship,” Gateway Mining non-executive chairman Trent Franklin said in the company’s announcement to the Australian Securities Exchange.

“The transaction crystallises value, including cash, from the divestment of this non-core project, while preserving exposure for our shareholders to future upside from exploration success through a future production royalty, a free-carried 20 per cent interest and, potentially, shares in Syndicated Metals.”

 

Web: www.gatewaymining.com.au

 

Meteoric Resources Extends Juruena and Claims Porphyry Style Gold‐Copper Discovery

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THE DRILL SERGEANT: Meteoric Resources (ASX: MEI) received the latest assays from drill holes JUDD009 and JUDD010 that were completed during the maiden drill program at the company’s 100 per cent-owned Juruena gold project in Brazil.

Meteoric Resources claimed the new drill results highlight both a deep high‐grade epithermal gold intercept together with an entirely separate style of porphyry hosted gold‐copper mineralisation, which the company has interpreted to be part of a larger gold‐rich copper porphyry system.

JUDD009 intersected:
1.2 metres at 45.83 grams per tonne gold from 248.9m.

This intersection was achieved at the base of the high‐grade epithermal Dona Maria resource that currently stands at 88,000 ounces gold at 12.7g/t gold.

Meteoric believes JUDD009 confirms high‐grade gold mineralisation at Dona Maria is open at depth and now has deeper drilling planned to extend epithermal gold mineralisation below the high‐grade resource.

Hole JUDD010 intersected a thick zone of gold‐copper mineralisation at the Crentes prospect, immediately adjacent to Dona Maria, returning:

54.3m at 1.33g/t gold and 0.23 per cent copper from 171m, including 12m at 4.54g/t gold and 0.25 per cent copper from 178.5m.

Meteoric declared that the gold‐copper mineralisation encountered at Crentes in JUDD010 raises the potential for additional gold‐rich porphyry discoveries across the entire Juruena project.

A further hole, JUDD011 also intersected the up‐dip extension of the gold-copper porphyry mineralisation intersected in JUDD010 at Crentes with assays pending at time of writing.

The company has mobilised a second drill rig to Novo Astro, with first assay results due in late November.

“I couldn’t be happier to report that JUDD009 has confirmed high‐grade gold mineralisation at Dona Maria is open at depth, as our structural models suggested,” Meteoric Resources managing director Andrew Tunks said in the company’s announcement to the Australian Securities Exchange.

“This hole intersected high‐grade gold at the base of the current resource, deeper than any historic drilling and has allowed us to plan follow‐up deep drilling that if successful could significantly increasing this resource.

“The gold‐copper mineralisation in JUDD010 and JUDD011 (awaiting assays) is incredibly exciting and builds on our belief that the high‐grade prospects like Dona Maria and Querosene are epithermal gold deposits related to a proximal porphyry gold-copper system.

“This intercept opens a new and exciting exploration opportunity for Meteoric and the geology team are working hard to understand the real potential of this gold-copper mineralisation before planning further drilling, with the high‐grade gold lodes remaining the focus of drilling for the completion of this program at Juruena.

“Novo Astro exploration is ongoing and drilling will now ramp up with a second GEOSOL rig having mobilised to the project and first assay results expected in late November.”

 

Web: www.meteoric.com.au

 

Lithium Australia Subsidiary Confirms Offtake Deal with Korean Battery Recycler

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THE BOURSE WHISPERER: Lithium Australia (ASX: LIT) announced its 24 per cent subsidiary Envirostream Australia Pty Ltd signed a memorandum of understanding (MoU) with South Korean company SungEel HiTech Co., Ltd for the sale of recycled battery metals.

Lithium Australia explained the Envirostream/SungEel MoU involves the exclusive supply of metals extracted from recycled lithium-ion batteries (LIBs) out of Australia.

That supply comprises mixed metal dust (MMD) that contains the energy metals cobalt, nickel and lithium that are recovered from spent LIBs at Envirostream’s battery recycling plant in Melbourne.

Currently, Envirostream is the only Australian company able to recycle all the energy metals from spent LIBs.

Envirostream will recommence shipments of MMD this month, following a recent expansion of the company’s recycling facilities.

Under the new deal, SungEel has agreed that Envirostream will have exclusivity of MMD supply from Australia.

Envirostream will now increase its MMD shipments to SungEel, for refining into cobalt, nickel and lithium chemicals for the production of new LIBs.

“Lithium Australia is working with Envirostream to roll out the latter’s Australia-wide collection network and expand its shredding and separation capacities as rapidly as possible,” Lithium Australia managing director Adrian Griffin said in the company’s announcement to the Australian Securities Exchange.

“The MoU with SungEel provides for immediate refining of the MMD that Envirostream produces.

“It is expected that Envirostream’s next MMD shipment to SungEel will take place this month.

“Expanding Envirostream’s processing capacity to keep spent LIBs from landfill and export the energy metals they contain is an Australian imperative.

“Closing the loop on the production of battery materials reduces the environmental footprint of the mining and processing aspects inherent in LIB production, improves sustainability and prevents the components of spent LIBs from leaking into groundwater and oceans as a consequence of their relegation to landfill or transport to other jurisdictions.

“Together, Lithium Australia, Envirostream and SungEel can provide an immediate and viable solution to the LIB disposal crisis in this country.”

SungEel recovers critical energy metals from LIB scrap, has become not only South Korea’s largest battery recyclers, but is also a global leader in the development of environmentally sustainable technologies.

Envirostream is the only company in Australia with the integrated capacity to collect, sort, shred and separate all the components of spent LIBs, which Lithium Australia considers makes it a perfect fit with its recycling expertise.

 

Email: info@lithium-au.com

Web: www.lithium-au.com

 

THE DAILY ROADHOUSE

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Hillgrove Resources Amends Kavanagh Estimate

THE DRILL SERGEANT: Hillgrove Resources owned up to an error the company made in its recent announcement regarding the maiden Underground Mineral Resource Estimate for the Central and East Kavanagh underground area at the company’s Kanmantoo copper mine in South Australia.

 

Hillgrove Resources Amends Kavanagh Estimate

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THE DRILL SERGEANT: Hillgrove Resources owned up to an error the company made in its recent announcement regarding the maiden Underground Mineral Resource Estimate for the Central and East Kavanagh underground area at the company’s Kanmantoo copper mine in South Australia.

Hillgrove Resources acknowledged that dot point 2 on page 1 of its ASX release of 30 October 2019 is not in accordance with the JORC Code, whereby the reporting of Exploration Targets cannot be streamlined.

As a result, the company was required to re-iterate the Competent Person Statement and the Exploration Target as a range of tonnes and grade as previously provided in its ASX release of 27 May 2017 for the West Kavanagh Exploration Target of:

0.8 to 1.6 million tonnes at 2 per cent to 2.5 per cent copper, 0.01 grams per tonne to 0.05g/t gold, 2g/t to 2.5g/t silver.

The company stressed the Exploration Target is conceptual in nature as there has been insufficient exploration to define a Mineral Resource, adding that it is uncertain if further exploration will result in the determination of a Mineral Resource under the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, the JORC Code” (JORC 2012).

The Exploration Target is not being reported as part of any Mineral Resource or Ore Reserve.

 

Web: www.hillgroveresources.com.au

 

THE DAILY ROADHOUSE

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Stavely Minerals Continues Thursday’s Gossan Growth

THE DRILL SERGEANT: Stavely Minerals (ASX: SVY) reported further news from the shallow, high-grade copper-gold discovery at the Thursday’s Gossan prospect, part of the company’s 100 per cent-owned Stavely copper-gold project in Victoria.

Calidus Resources Hits More Gold in Planned Klondyke Pit

THE DRILL SERGEANT: Calidus Resources (ASX: CAI) reported a further batch of high-grade RC drilling results from the company’s Warrawoona gold project in the Pilbara of Western Australia.

Independence Group Makes Take-Over Bid for Panoramic Resources

THE BOURSE WHISPERER: Independence Group (ASX: IGO) rattled the boards of the ASX by announcing its intention to make an off-market takeover offer to acquire all of the ordinary shares of Panoramic Resources (ASX: PAN) it does not already own.

Galileo Mining Confirms Fraser Range Nickel Target

THE DRILL SERGEANT: Galileo Mining (ASX: GAL) recently completed aircore drilling at the company’s Lantern prospect, within the Fraser Range nickel belt of Western Australia.

Rox Resources Hits Healthy Gold Intersections at Youanmi

THE DRILL SERGEANT: Rox Resources (ASX: RXL) released results of an air core drilling program undertaken at the company’s VMC Joint Venture, located north of the historical Penny West gold mine and the historical Magenta and Columbia gold prospects in Western Australia.

 

Galileo Mining Confirms Fraser Range Nickel Target

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THE DRILL SERGEANT: Galileo Mining (ASX: GAL) recently completed aircore drilling at the company’s Lantern prospect, within the Fraser Range nickel belt of Western Australia.

Galileo Mining said the drilling confirmed a highly prospective intrusive gabbronorite rock unit above a previously reported conductor with aircore drill holes hitting a maximum depth of 102 metres.

The drilling was designed as a first pass test to confirm the prospectivity of the conductive targets which have been modelled at approximately 340m depth.

Galileo said the confirmation of prospective rock units will assist targeting efforts for future programs of work, which is expected to include RC drilling and diamond drill hole testing of the conductive targets, looking for nickel sulphide mineralisation.

The Lantern Prospect is situated in the northern Fraser Range block where Galileo has 500 square kilometres ground holding, surrounded by Independence Group and Legend Mining, both of which are working up multiple prospects.

“The second drilling program at Lantern has again confirmed we have the right rock types with the potential to host significant nickel sulphide mineralisation,” Galileo Mining managing director Brad Underwood said in the company’s announcement to the Australian Securities Exchange.

“The intrusive rock unit matches the location of a conductive zone at depth which provides us with an excellent target for drill testing.

“We also have access to diamond drill hole funding through the state government Exploration Incentive Scheme which allows us to efficiently use shareholder funds in the pursuit of high value discoveries.”

The aircore drilling has demonstrated that up to 100 metres of cover rocks and weathered regolith occur at the prospect resulting in relatively low penetration of the EM signal into the ground.

Galileo is now planning RC drilling at Lantern to provide a platform for Down Hole Electro-Magnetic (DHEM) surveying.

DHEM surveying across four proposed drill holes will allow for more accurate definition of the conductive response below the cover rocks prior to diamond drill hole testing.

The Lantern prospect is a blind, undercover target the company considers to represent a next generation undercover prospect with potential to host mineralisation.

Additional aircore drilling undertaken at a second target within the Lantern area has expanded the known extent of the prospective differentiated intrusion.

This has been interpreted by the company to demonstrate an increased search space for nickel mineralisation at the Lantern prospect along strike to the north of the conductive trend.

The new target occurs on the northern margin of a differentiated intrusion outside of the area covered by the original EM survey.

A new EM survey will be required to advance this target through to the drill testing phase of exploration.

 

Email: info@galmining.com.au

Web: www.galmining.com.au

 

Independence Group Makes Take-Over Bid for Panoramic Resources

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THE BOURSE WHISPERER: Independence Group (ASX: IGO) rattled the boards of the ASX by announcing its intention to make an off-market takeover offer to acquire all of the ordinary shares of Panoramic Resources (ASX: PAN) it does not already own.

At the date of the announcement, Independence Group’s interest in Panoramic consisted approximately 24.9 million shares, representing approximately 3.8 per cent of the target company’s total issued capital.

IGO explained it opted to directly engage Panoramic shareholders following a number of unsuccessful attempts to engage with the Panoramic Board on a change of control transaction.

The company cited Panoramic’s recent operational performance and the lack of engagement from Panoramic’s Board to date as the impetus behind the offer.

The conditions to the offer include a number of conditions that IGO believes to be necessary to confirm the current status of operating performance at Savannah.

The offer is in the form of one IGO Share for every 13 Panoramic shares held, giving Panoramic a share price of 47.6 cents per Panoramic share, which values the company at around $312 million.

IGO indicated its preference is to conduct an expedited and thorough due diligence process, and to proceed with a recommendation from the Panoramic Board rather than seek the confirmations required under the offer conditions, however IGO said it is prepared to see the offer to completion should the offer conditions be satisfied.

“The Offer represents a rare instance of genuine and obvious mutual benefit for both Panoramic and IGO shareholders,” Independence Group managing director and CEO Peter Bradford said in the company’s announcement to the Australian Securities Exchange.

“Panoramic shareholders will be able to crystallise future value from Savannah at a very attractive price and retain exposure to its upside potential, while also gaining exposure to Nova and Tropicana and IGO’s extensive portfolio of belt-scale exploration projects prospective for nickel and copper.

“The company remains leveraged to the nickel market and we believe IGO has the financial, operational and technical capability to fully unlock value from Savannah and Panoramic’s exploration portfolio.

“Given our unique positioning as Australia’s largest independent producer of nickel, to unlock value at Savannah, we have decided to provide the offer for the consideration of all Panoramic shareholders.”

I response, Panoramic did nothing to surprise anybody by recommending its shareholders take no action in relation to the IGO takeover offer.

“The Board will evaluate the offer and Independence Group’s Bidder’s Statement and provide shareholders with a recommendation in due course,” Panoramic Resources said.

“Until then, shareholders should take no action.”

 

Email: investor.relations@igo.com.au

 

Web: www.igo.com.au

 

Calidus Resources Hits More Gold in Planned Klondyke Pit

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THE DRILL SERGEANT: Calidus Resources (ASX: CAI) reported a further batch of high-grade RC drilling results from the company’s Warrawoona gold project in the Pilbara of Western Australia.

Calidus Resources said the results provided a continued demonstration of the strong strike and grade continuity of gold mineralisation within the planned Klondyke pit at the 1.25 million-ounce project.

The company explained the RC drilling inside the planned Klondyke pit has been designed to upgrade the current Resource from the Indicated to Measured status and will form part of the current Definitive Feasibility Study underway.

The drilling returned more intersections, including:

19KLRC270
12 metres at 5.58 grams per tonne gold from 12m;

19KLRC266
15m at 4.33g/t gold from 6m;

19KLRC247
36m at 1.53g/t gold from 12m;

19KLRC271
20m at 1.96g/t gold from 20m;

19KLRC231
21m at 1.63g/t gold from 9m;

19KLRC264
6m at 5.12g/t gold from surface; and

19KLRC261
6m at 5.11 g/t gold from 18m.

“Drilling continues to intersect wide, high-grade mineralisation in the planned open pit,” Calidus Resources managing director Dave Reeves said in the company’s announcement to the Australian Securities Exchange.

“These results are frequently above the current average pit grade of 1.4 grams per tonne, they are shallow and they demonstrate excellent continuity of mineralisation.

“This means the economic and technical outlook for Warrawoona continues to strengthen, with the potential returns growing and the risks falling.

“In addition, the initial diamond core drilling to test the down-dip potential of the Klondyke mineralisation looks promising.

“While assays are pending, the geology intersected and visible gold observed by geologists supports our view that it is a good opportunity to grow the Resources and Reserves below the Klondyke pit.”

 

Email: info@calidus.com.au

Web: www.calidus.com.au

 

Rox Resources Hits Healthy Gold Intersections at Youanmi

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THE DRILL SERGEANT: Rox Resources (ASX: RXL) released results of an air core drilling program undertaken at the company’s VMC Joint Venture, located north of the historical Penny West gold mine and the historical Magenta and Columbia gold prospects in Western Australia.

The VMC Joint Venture between Rox and Venus Metals Corporation Limited (ASX: VMC) and is part of the wider Youanmi gold project.

Rox is earning a 50 per cent interest in the gold rights of the tenements comprising the JV, VMC is the manager.

The recent air core (AC) drilling program was designed to follow up on strongly anomalous lead-zinc-copper trends associated with anomalous gold identified during initial AC drilling that was announced in October.

Results from this second round of AC drilling include:

VRAC151
4 meters at 7.02 grams per tonne gold from 24m; and

5m at 2.41g/t gold from 60m to EOH.

VRAC161
4m at 0.94g/t gold from 32m.

Rox Resources said the gold mineralisation encountered in VRAC151 is open at depth and along strike and is located along an approximately north-northwest trending gold-anomalous zone close to the Youanmi Shear Zone and approximately five kilometres north of the historical Penny West gold mine.

“These air core results build on the growing recognition of the gold endowment of the Youanmi belt and importantly feed into our regional understanding of controls on mineralisation,” Rox Resources managing director Alex Passmore said in the company’s announcement to the Australian Securities Exchange.

“Impressively this intersection has identified a potential new corridor of mineralisation.”

 

Email: admin@roxresources.com.au

Web: www.roxresources.com.au