Stavely Minerals Continues Thursday’s Gossan Growth

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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.

Stavely Minerals said the Thursday’s Gossan prospect is continuing to expand in several directions, which has been demonstrated by further assay results and indications from ongoing drilling.

The company has received assay results for diamond drill hole SMD053, located 320m to the south-east of discovery drill hole SMD050 that intersected a narrower zone of shallow copper-gold-silver mineralisation, returning grades of up to:

1 metre at 8.42 per cent copper and 1.77 grams per tonne gold and 1m at 2.91 per cent copper and 8.69g/t gold;

10.3m at 3.09 per cent copper, 1.69g/t gold and 22.6g/t silver from 201m down-hole, including 5m at 5.81 per cent copper, 3.2g/t gold and 43.6g/t silver from 202m down-hole; and

2m at 1.17 per cent copper, 1.23g/t gold and 4.1g/t silver from 176m down-hole.

Stavely said that when combined with the previously reported intercepts from the discovery hole SMD050, the latest assays provide further evidence of the growing scale of the zone of shallow structurally controlled mineralisation within the Ultramafic Contact Fault (UCF).

The company added that visual indications from ongoing drilling and assays from three drill holes received to date, suggest that the shallow zone of copper-gold mineralisation now being delineated at the UCF represents a major exploration breakthrough.

“We have now received assays from step-out drilling which has intersected substantial zones of high-grade copper-gold mineralisation up to 320 metres to the south-east of the discovery hole SMD050 – a fantastic result we believe can become a significant discovery at Thursday’s Gossan,” Stavely Minerals executive chairman Chris Cairns said in the company’s announcement to the Australian Securities Exchange.

“While the latest intercept for SMD053 was narrower than those reported in SMD050 and SMD051, this is not unexpected as any structurally hosted copper-gold deposit is likely to pinch and swell along strike as drilling advances.

“However, this latest intercept did host some significantly higher gold grades along with the high-grade copper results – and that is a very pleasing development.

“Additionally, the position of the high-grade copper-gold-silver mineralisation in SMD053 as internal to the serpentinised ultramafic is a target that we had not previously anticipated as hosting mineralisation, and this opens up further structural target opportunities which we will be pursuing.

“We now have three diamond drill rigs operating on-site and, while a focus on maximising drill core recovery has resulted in some down-hole equipment failures, we are confident the drill contractor is addressing the challenging drilling conditions.

“It is the classic nightmare for a driller – trying to drill through both very hard and very soft mineralised material without washing anything away.

“We are very pleased that every drill hole that successfully intercepted the target structure has returned very strong copper-gold-silver mineralisation, now defined over 360 metres in strike extent from visual observations of drill core from SMD054 to these assay results in SMD053.

“Further strong copper-gold-silver mineralisation was returned in historical drill hole SNDD001, located over 100 metres further to the north-west of SMD054.

“And the mineralisation remains open in all directions.

“We expect the rate of news flow to accelerate significantly as we hit our stride drilling at full capacity with the current complement of three drill rigs and a fourth expected later in the month.

“Drilling will focus on both extending the known mineralisation and in-fill drilling to provide increased confidence in the continuity of mineralisation between the intercepts reported to date.”

 

Email: info@stavely.com.au

Web: www.stavely.com.au

 

THE DAILY ROADHOUSE

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Independence Group Maximises Value of Nova Concentrates

THE DRILL SERGEANT: Independence Group (ASX: IGO) has been busy of late working to maximise value from the high-quality nickel and copper concentrates produced at the company’s Nova Operation in Western Australia.

Ausgold Scoping Study Shows Katanning Gold Mine Potential

THE DRILL SERGEANT: Ausgold Limited (ASX: AUC) has completed a Scoping Study for the company’s 100 per cent-owned Katanning gold project in Western Australia.

Golden Rim Resources Identifies 1.6km Gold Anomaly at Kouri

THE DRILL SERGEANT: Golden Rim Resources (ASX: GMR) copleted an Induced Polarisation (IP) survey at the company’s Kouri gold project in Burkina Faso.

NTM Gold Raising Funds to Continue Redcliffe Exploration

THE BOURSE WHISPERER: NTM Gold (ASX: NTM) announced an equity issue to Institutional and Sophisticated Investors, funds from which will be used to accelerate exploration on the company’s Redcliffe gold project near Leonora in Western Australia.

 

Ausgold Scoping Study Shows Katanning Gold Mine Potential

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THE DRILL SERGEANT: Ausgold Limited (ASX: AUC) has completed a Scoping Study for the company’s 100 per cent-owned Katanning gold project in Western Australia.

Ausgold reported the Study had determined key outcomes highlighting the potential of the project to support a viable standalone gold mining and processing operation.

The Scoping Study incorporated a revised Mineral Resource Estimate of 33.9 million tonnes at 1.1 grams per tonne gold for 1.2 million ounces of gold.

The company said preliminary economics indicate the project has positive financial metrics over an initial mine life of seven years with capital payback early in the life of the project.

As a result of the positive outcome of the Scoping Study, the Ausgold Board has wasted little time in approving the commencement of further studies and metallurgical test work.

There is also to be a new drilling program charged with the aim of expanding the current Resource with a focus on targeting high-grade mineralisation within the Central Zone.

“The Scoping Study is a huge step forward for the Katanning gold project highlighting as it does the potential for a standalone mining operation,” Ausgold managing director Matthew Greentree said in the company’s announcement to the Australian Securities Exchange.

“The Scoping Study outlines a base case for a 1.25 million tonnes per annum mining operation capable of producing over 350,000 ounces over an initial seven-year mine life with an attractive payback period of less than two and half years.

“The Study has been completed to a high standard by an experienced team of independent Western Australian based consultants who have developed conservative operating parameters providing a high degree of confidence in study outcomes.

“This provides a realistic base case at an $2,000 per ounce gold price providing an attractive payback period of less than 2½ years, with these economics being significantly improved when current spot gold prices are considered.

“The project is located less than 300 kilometres from Perth and close to high-quality infrastructure which supports the near-term development of the project.

“The significant near Resource exploration potential, improves the economics of this project with a planned drill program to further enhance projects economics.

“The Scoping Study highlights the potential for the development of a robust standalone gold operation and, as a result, the Ausgold Board has approved the commencement of further studies, metallurgical test work and new drilling programs with the aim of expanding the current Resource with a focus on targeting high-grade mineralisation to expand the current Resource within the Central Zone.”

 

Email: info@ausgoldlimited.com

Web: www.ausgoldlimited.com

 

NTM Gold Raising Funds to Continue Redcliffe Exploration

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THE BOURSE WHISPERER: NTM Gold (ASX: NTM) announced an equity issue to Institutional and Sophisticated Investors, funds from which will be used to accelerate exploration on the company’s Redcliffe gold project near Leonora in Western Australia.

NTM Gold signalled a raising of $3 million via a primary issue of 60 million shares at an issue price of five cents per share.

Bell Potter is broker to $1.5 million of the Placement to a single Institutional investor while a further $1.5 million is to be placed to G Harvey Nominees Pty Ltd.

Both investors are existing shareholders in NTM.

DGO Gold Limited, NTM’s largest individual shareholder, has the right to support in addition to the Placement so it can maintain its standing interest in NTM.

This will require a contribution of $414,500 on the same terms as the Placement.

The funding will enable NTM continue drilling at Redcliffe where the focus will be on further RC and diamond drilling programs at Hub, with two rigs planned to be on site in the next few weeks.

These programs will follow up the results achieved from drilling to date where the strike of Hub has recently been extended to 1,130m and remains open.

“NTM is very pleased to have completed the placement to two existing and strongly supportive shareholders,” NTM Gold managing director Andrew Muir said in the company’s announcement to the Australian Securities Exchange.

“The placement funds, combined with the contribution from DGO, puts NTM in an excellent position to continue drilling the Redcliffe project with two rigs heading to site soon.”

 

Email: contact@igo.com.au

Web: www.ntmgold.com.au

 

Independence Group Maximises Value of Nova Concentrates

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THE DRILL SERGEANT: Independence Group (ASX: IGO) has been busy of late working to maximise value from the high-quality nickel and copper concentrates produced at the company’s Nova Operation in Western Australia.

The recent work includes the completion of a highly competitive concentrate tendering process and conclusion of a Downstream Nickel Sulphate Pre-Feasibility Study.

A binding concentrate offtake agreement for a three-year term has been executed with Trafigura for 50 per cent of nickel concentrate and for 100 per cent of copper concentrate produced from Nova.

An offtake term sheet with BHP Billiton Nickel West for an additional 50 per cent of the nickel volume for a period of five years has been executed, subject to the completion of a formal agreement within one month and all necessary internal approvals of both parties.

Having identified the potential value of downstream processing and, following scoping and proof-of-concept studies, IGO initiated a PFS on the technical and financial merits of converting nickel sulphide concentrate from Nova into high quality nickel sulphate via its trademarked (patent pending) The IGO Process.

The company declared the study demonstrated the technical feasibility of The IGO Process, which it describes as being “a technically advanced process for converting nickel sulphide concentrate directly to battery grade nickel sulphate”.

The study involved extensive pilot and continuous plant testwork to be completed on The IGO Process that achieved metal extraction rates of better than 97 per cent for both nickel and cobalt.

The results underlined IGO’s confidence in the potential for The IGO Process to become an established flowsheet for the production of nickel sulphate.

The IGO Process has a smaller carbon and environmental footprint compared with traditional methods for nickel sulphate production due to much lower emissions, power consumption and waste generation.

“It is pleasing to have brought these two workstreams to completion, and to have achieved the material improvement in commercial terms for our new offtake agreements,” Independence Group managing director and CEO Peter Bradford said in the company’s announcement to the Australian Securities Exchange.

“The tightening supply and strong demand forecast for nickel and copper has led to strong competition for Nova concentrate, which is now established as a high quality, highly desirable product for end users.

“The work we have completed as part of the nickel sulphate downstream prefeasibility study has demonstrated that IGO has developed an innovative processing technology to more efficiently produce nickel sulphate for the clean energy and the electric vehicle battery market at a lower cost and in an environmentally sustainable manner.

“We recognised that this project would have to compete with tightening supply and higher payabilities in the market and as a result of the improved nickel payabilities obtained, the returns on this project are unlikely to meet IGO investment hurdles for construction of such a facility in Western Australia, hence the decision not to advance this project beyond the pre-feasibility study.

“We remain committed to our strategy to focus on metals critical to clean energy.

“We will continue to explore partnering opportunities, leveraging the technology we have developed on downstream processing to create additional value for shareholders.”

 

Email: contact@igo.com.au

Web: www.igo.com.au

 

Golden Rim Resources Identifies 1.6km Gold Anomaly at Kouri

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THE DRILL SERGEANT: Golden Rim Resources (ASX: GMR) copleted an Induced Polarisation (IP) survey at the company’s Kouri gold project in Burkina Faso.

Golden Rim reported that the IP survey has detected a large chargeability-high anomaly associated with the high-grade gold mineralisation at the Diabatou prospect.

The company has, to date, completed 180 line kilometres of the planned 500 line km survey, from which initial data has outlined a strong, 1.6-kilometres long, IP chargeability-high anomaly.

“It is believed the IP anomaly is related to the pyrite mineralisation (up to 5%) that is associated with the high-grade gold mineralisation,” Golden Rim Resources said in its ASX announcement.

Previous drilling intersections within the IP anomaly at Diabatou include:

MRC008
7m at 121.2 grams per tonne gold from 41m, including 1m at 783.8g/t gold; and

MRC014
4m at 23.3g/t gold from 67m, including 1m at 65.7g/t gold.

Golden Rim commenced a 9,200m RC drilling and 4,000m diamond drilling program at Kouri in October.

A diamond drilling rig is currently on the third hole (MDH003) at the Diabatou prospect that has a planned depth of 150m to test the new IP anomaly and is located 60m along the interpreted southwest strike extent of the high-grade gold mineralisation intersected in previous RC drill hole MRC008.

A second RC rig will be operating for the next few weeks to test the southern portion of the IP anomaly at Diabatou and then the northeast strike extent of the 1.4 million ounce Mineral Resource in the new Goueli Permit.

 

Email: info@goldenrim.com.au

Web: www.goldenrim.com.au

 

THE DAILY ROADHOUSE

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Matador Mining to Follow High-Grade Rock Chips as Exploration Guide

THE DRILL SERGEANT: Matador Mining (ASX: MZZ) recently completed a regional soil sampling program at the company’s Cape Ray gold project in Newfoundland, Canada.

Pantoro Highlights Potential for a Large Low-Grade Gold System

THE DRILL SERGEANT: Pantoro Limited (ASX: PNR) has completed follow up drilling at the company’s Mary River gold project near Halls Creek in Western Australia.

Barra Resources Banks $1.5 Million After Raising

Barra Resources (ASX: BAR) announced the completion of a Share Purchase Plan (SPP) and concurrent Share Placement. Barra Resources said subscriptions from eligible shareholders under the SPP will result in the issue of 47,725,000 shares totalling $954,500.

Auroch Minerals Shuffles Boardroom Setting Following Chairman Resignation

THE BOURSE WHISPERER: Auroch Minerals (ASX: AOU) advised that it has given current non-executive director Edward Mason a bigger seat at the Boardroom table by appointing hm as non-executive chairman.

 

Pantoro Highlights Potential for a Large Low-Grade Gold System

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THE DRILL SERGEANT: Pantoro Limited (ASX: PNR) has completed follow up drilling at the company’s Mary River gold project near Halls Creek in Western Australia.

Pantoro said the drilling identified consistent low-grade gold mineralisation over 450 metres of strike that remains open in all directions.

The drilling was undertaken around the historic Reform mine located approximately 20 kilometres from the Nicolsons gold project.

The seven-hole program included five diamond drill holes and two RC holes, and according to Pantoro, has confirmed the potential for a large low-grade gold system with new results including:

14 metres at 1.23 grams per tonne gold, including 2m at 5.33g/t gold;

13m at 0.97g/t gold;

4m at 3.35g/t gold;

4m at 2.24g/t gold;

15.7m at 0.89g/t gold; and

17m at 0.74g/t gold.

The drilling was carried out central to the historic Mary River gold field, which has had limited modern exploration with only three RC exploration drill holes prior to the work commenced by Pantoro in 2018.

The latest drilling was following up on the company’s maiden program undertaken during 2018, which was designed to collect stratigraphic information relating to the project scale geology of the prospects.

“This additional drilling confirms the presence of a broad, low grade gold system near the historic Reform mine,” Pantoro managing director Paul Cmrlec said in the company’s announcement to the Australian Securities Exchange.

“Future drilling will be focussed on extending the tested strike extent of mineralisation at Reform, and undertaking initial drilling programs at in the northern parts of the field which will be undertaken under the DMIRS EIS co-funding scheme.

“We are highly encouraged by the geological mapping and sampling undertaken in this area and the extensive historical workings.”

In addition to the work undertaken at Reform, Pantoro also carried out detailed surface mapping and sampling of the northern five kilometres of the Mary River goldfield.

The programs were conducted in an around the extensive historic and alluvial workings at McPhees, Blue Bar , Spear Gully and Chinamans where 60 pits and shafts were recorded.

The mapping and reconnaissance work identified a similar shear system and geology to that seen at Reform, with both the broad low-grade mineralisation and the localised high-grade quartz veining that the company has documented in previous work.

 

Email: admin@pantoro.com.au

Web: www.pantoro.com.au

 

Matador Mining to Follow High-Grade Rock Chips as Exploration Guide

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THE DRILL SERGEANT: Matador Mining (ASX: MZZ) recently completed a regional soil sampling program at the company’s Cape Ray gold project in Newfoundland, Canada.

Matador Mining conducted the program as part of a greenfield target generation process it anticipates to be tested further during 2020.

The company expects the results of the soil sampling program during Q4 2019.

“To identify targets for the 2019 regional exploration program, the company considered a range of factors, including analysis of structural data, geophysics, rock geochemistry, pathfinder geochemical elements and regional mapping,” Matador Mining said in its ASX announcement.

“The company also reviewed all historical rock chip samples and found numerous high-grade samples along the 80 kilometres of strike.”

The key targets for the 2019 regional exploration program included:

The Granites; Isle aux Morts; The Gap; Benton; and Keats Find.

Results include:

191 grams per tonne gold and 59g/t gold at Benton (11.5km north of Central Zone);
11.6g/t gold at Keats Find (16.8km south of Central Zone);
56.8g/t gold at Grandy’s Find (16km north of Central Zone);
18.7g/t gold at Benton 5 (39km north of Central Zone); and
41.9g/t gold at Isle Aux Morts (7.5km North of Central Zone).

Matador claims the Cape Ray shear is regarded as one of the more prospective, yet under explored gold regions in North America.

The company consolidated approximately 80km of continuous strike across the southern portion of the shear earlier this year, the first time this ground has been under the ownership of a single company.

The majority of drilling at the project is within a strike of 5km, between the Central Zone and Window Glass Hill deposits.

Matador said the location of this drilling is unsurprising as approximately 95 per cent of the total resource of 1.02 million ounces at 2.2g/t gold is contained within this area.

 

Email: info@matadormining.com.au

Web: www.matadormining.com.au

 

Barra Resources Banks $1.5 Million After Raising

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Barra Resources (ASX: BAR) announced the completion of a Share Purchase Plan (SPP) and concurrent Share Placement.

Barra Resources said subscriptions from eligible shareholders under the SPP will result in the issue of 47,725,000 shares totalling $954,500.

The subscriptions were lodged by more than 200 shareholders who collectively own more than 40 per cent of Barra shares.

In addition to the SPP, the company received firm commitments from clients of Shaw and Partners stockbrokers for the Placement of a further 9.9 million shares raising gross proceeds of $198,000.

Total funds raised under the SPP and Placement is approximately $1.15 million.

Barra Resources declared the funds sufficient enough for the company to complete its gold drilling campaign presently underway at the Burbanks gold project, south of Coolgardie in Western Australia and to finalise its much-anticipated Pre-Feasibility Study at the Mt Thirsty cobalt-nickel project near Norseman, also in WA.

“On behalf of the Board of Barra I would like to thank all our shareholders for their vote of confidence in the direction of the company,” Barra Resources managing director and CEO Sean Gregory said in the company’s announcement to the Australian Securities Exchange.

“I have had the opportunity to speak personally with 60 shareholders over the last three weeks and can report strong support for our strategy, optimism for the rise in cobalt pricing, and excitement around the gold drilling underway at Burbanks.”

 

Email: info@barraresources.com.au

Web: www.barraresources.com.au