THE DAILY ROADHOUSE

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Calidus Resources Confirms Robustness of Warrawoona Pit

THE DRILL SERGEANT: Calidus Resources (ASX: CAI) announced further results from within the planned open pit at the company’s Warrawoona gold project in the Pilbara region of Western Australia.

Gold Road Resources Completes Healthy Gruyere Quarter

THE BOURSE WHISPERER: Gold Road Resources (ASX: GOR) released its activity report for the quarter ending 30 September 2019.

Perseus Mining Shuffles Seats at Boardroom Table

THE DRILL SERGEANT: Perseus Mining (ASX: PRU) made its intentions known that it will be proposing the appointment of David Ransom to the role of non-executive director at the company’s upcoming Annual General Meeting.

 

Perseus Mining Shuffles Seats at Boardroom Table

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THE DRILL SERGEANT: Perseus Mining (ASX: PRU) made its intentions known that it will be proposing the appointment of David Ransom to the role of non-executive director at the company’s upcoming Annual General Meeting.

Perseus Mining explained that the appointment of Ransom would bring the total number of directors serving on the company’s Board to six, including five independent, non-executive directors.

On paper, Ransom appears well-qualified, holding a Bachelor of Science (First Class Honours), and a Doctor of Philosophy (PhD) (Structural Geology), he has directly managed exploration programs for a range of companies in Australia and Canada and served as an independent consultant to the global mining industry for many years.

More recently, Ransom has been resource analyst/portfolio manager with responsibility for the Materials and Energy portfolio at the microcap investment fund, Acorn Capital Limited.

He has stepped away from his executive position at Acorn to resume an active role in the industry.

Apart from his academic resume and global industry experience, Ransom has previously served as a director of a number of ASX and TSX companies.

“Dave has a huge amount of relevant work experience gained over many years in the international mining business and with first class professional qualifications to match, his skills set, and his knowledge perfectly complement those of the current members of our Board,” Perseus Mining chairman Sean Harvey said in the company’s announcement to the Australian Securities Exchange.

“Given his outstanding skills and experience in the fields of exploration and geology combined with his deep knowledge of the mining industry globally, Dave’s appointment will be very timely in terms of Perseus’s strategy of focusing on organic growth as the primary means of replacing and expanding its significant Reserve inventory.

“I know I speak for all directors in sincerely welcoming Dave to Perseus and we look forward to receiving his guidance and benefitting from his wealth of technical knowledge and experience as we continue our journey to transform Perseus into a highly credible, mid-tier gold producer, developer and explorer.”

Ransom’s appointment follows the announcement of the retirement of Colin Carson, a founding director of the company, who has decided to retire as an executive Director at the AGM.

Since forming the company in 2004, Carson has served as an executive director.

Carson’s wealth of corporate history and knowledge will not be totally lost to the company, however, as he has agreed to continue serving as a part time consultant for the foreseeable future.

“It is with reluctance and sadness that we have accepted Colin’s decision to retire as an executive director of Perseus after many years of first-class service to the company,” Harvey said.

“In his typically selfless manner, Colin has formed the view that with Perseus’s recent successful transition into a successful, multi-mine, multijurisdictional gold producer, it is time to make way for new blood to join the Perseus Board and to refresh the skill sets available to guide the company through its next exciting phase of growth.”

 

Email: info@perseusmining.com

Web: www.perseusmining.com

 

Gold Road Resources Completes Healthy Gruyere Quarter

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THE BOURSE WHISPERER: Gold Road Resources (ASX: GOR) released its activity report for the quarter ending 30 September 2019.

Unsurprisingly the report focused on the company’s Gold Fields Joint Venture Gruyere gold mine, which is a global Tier 1 gold mine with a long operating life and forecast high margins, located east of Laverton, in Western Australia.

“Gruyere delivered another quarter of milestones as project development was completed within budget, commissioning of all processing circuits was completed, and commercial levels of production were attained at the end of the quarter and slightly earlier than guidance,” Gold Road Resources said.

The report declared the Gruyere ramp‐up to be progressing well, hitting commercial production at the end of September 2019, slightly ahead of guidance, producing 29,107 ounces of gold during the quarter.

This allowed the 2019 annual guidance range to reaffirmed at the upper end of 75,000 to 100,000 ounces and for All-In-Sustaining-Costs (AISC) to also remain unchanged for December 2019 quarter of between $1,050 to $1,150 per ounce.

As at 30 September 2019 Gold Road had cash of $65.3 million and bullion of $5.8 million on hand, net debt of $9.3 million, with $80.4 million of its $150 million facility drawn.

Gold Road has hedged 125,300 ounces at an average price of $1,837 per ounce for delivery between 1 October 2019 and 30 September 2022.

Gold Road sold 12,461 ounces of its share of the gold from Gruyere at an average price of $2,052 per ounce.

Further work has continued on the exploration front diamond drilling near‐completion at Gruyere to enable conversion of a large portion of the current Inferred Resource to the Indicated Resource category in support of future optimisation of the mine plan and mine infrastructure.

Recent drilling results include:

36.2 metres at 2.44 grams per tonne gold from 282.8m;
44.9m at 1.8g/t gold from 270.1m; and
73.4m at 1.8g/t gold from 288.6m.

At Gold Road’s 100 per cent-owned Yaffler South prospect, bedrock RC drilling intersected coherent and consistent mineralisation, yielding results of:

11m at 5.94g/t gold from 74m;
12m at 3.4g/t gold from 116m; and
12m at 2.71g/t gold from 59m.

This drilling program continued during the quarter and assays are expected in the December 2019 quarter.

 

Email: perth@goldroad.com.au

Web: www.goldroad.com.au

 

Calidus Resources Confirms Robustness of Warrawoona Pit

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THE DRILL SERGEANT: Calidus Resources (ASX: CAI) announced further results from within the planned open pit at the company’s Warrawoona gold project in the Pilbara region of Western Australia.

Calidus Resources said the latest results, which will be used to establish a Measured Resource, continue to demonstrate that the mineralisation in the planned Klondyke open pit is outcropping, wide and continuous.

Recent intersections include:

19KLRC218
35 metres at 2.84 grams per tonne gold from surface;

19KLRC241
23m at 2.55g/t gold from 15m;

19KLRC243
23m at 2.06g/t gold from 1m;

19KLRC245
20m at 1.97g/t gold from 25m;

19KLRC250
23m at 1.32g/t gold from 13m;

19KLRC221
25m at 1.08g/t gold from surface;

19KLRC235
23m at 1.17g/t gold from 34m;

19KLRC244
13m at 2.05g/t gold from 15m;

19KLRC251
15m at 1.06g/t gold from 2m;

19KLRC236
13m at 1.13g/t gold from 12m;

19KLRC230
12m at 1.16g/t gold from surface;

19KLRC230
9m at 1.36g/t gold from 21m to EOH; and

19KLRC236
8m at 1.52g/t gold from surface.

“These results continue to demonstrate that the mineralisation at Klondyke is wide, continuous and outcrops at surface,” Calidus Resources managing director Dave Reeves said in the company’s announcement to the Australian Securities Exchange.

“This further boosts the economic outlook for the planned open pit while derisking the operation in the process.

“In simple terms, it means we would be mining ore from day one with no pre-strip required.

“Drilling continues at Klondyke with two rigs; while an RC rig is currently drilling greenfields targets three kilometres west of Klondyke, the diamond rig continues to infill the underground resource.

“All of this drilling is aimed at extending mine life, which would in turn enhance the previously-quoted PFS metrics.”

Calidus commenced the 88-hole resource infill drilling program in August 2019 within the boundaries of the proposed Klondyke open pit, with the objective of upgrading early production into the higher confidence, JORC compliant Measured Resource category.

The shallow RC program was designed to define the grade distribution the company anticipates to be exploited in the first twelve months of open pit mining and is concentrated on the near surface expression in the eastern portion of the Klondyke PFS proposed pit design.

The PFS has demonstrated that Warrawoona will be a robust project producing around 100,000 ounces per annum with a Life-of-Mine All-in Sustaining Cost of approximately $1,159 per ounce.

Calidus will incorporate the results of the Klondyke resource infill program into an updated resource model where the company expects to upgrade a portion of production within the first year of the open pit into the higher confidence JORC compliant Measured Resource category.

The company has recently deployed a diamond core rig to accelerate conversion of Inferred resources to Indicated as part of the development work around a potential underground operation.

 

Email: info@calidus.com.au

Web: www.calidus.com.au

 

THE DAILY ROADHOUSE

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Peel Mining Boosts Southern Nights Potential

THE DRILL SERGEANT: Peel Mining (ASX: PEX) has claimed discovery of new zones of mineralisation from an ongoing drilling campaign across the company’s 100 per cent-owned Wagga Tank project, south of Cobar in western New South Wales.

Cassini Resources Advances Mount Squires Gold Project

THE DRILL SERGEANT: Cassini Resources (ASX: CZI) announced final results of recent RC drilling and future work plans at the company’s 100 per cent-owned Mount Squires project in the West Musgrave Province of Western Australia.

Barra Resources Drilling at Burbanks

THE DRILL SERGEANT: Barra Resources (ASX: BAR) has commenced a Reverse Circulation (RC) drilling program at the company’s Burbanks gold project, south of Coolgardie in Western Australia.

Geopacific Resources Raising $45M to Underpin Woodlark Project Development

THE BOURSE WHISPERER: Geopacific Resources (ASX: GPR) has completed a $40 million share placement and is subsequently offering a Share Purchase Plan (SPP) to raise up to a further $5 million to eligible shareholders.

PolarX Hits Mineralised Porphyry‐Style Veins at Mars

THE DRILL SERGEANT: PolarX Limited (ASX: PXX) has completed a single diamond drill hole into the Mars porphyry target within the company’s Alaska Range project in Alaska.

Pantoro Encounters Wide High-Grade Intercepts at Rowdies

THE DRILL SERGEANT: Pantoro Limited (ASX: PNR) has drilled high-grade extensions to the north Rowdies lode from results along strike of existing development in the upper levels of the Wagtail Underground Mine, part of the company’s 100 per cent-owned Halls Creek gold project in the Kimberley Region of Western Australia.

Pantoro Encounters Wide High-Grade Intercepts at Rowdies

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THE DRILL SERGEANT: Pantoro Limited (ASX: PNR) has drilled high-grade extensions to the north Rowdies lode from results along strike of existing development in the upper levels of the Wagtail Underground Mine, part of the company’s 100 per cent-owned Halls Creek gold project in the Kimberley Region of Western Australia.

The Wagtail North Mine, which accesses the Rowdies and Wagtail North Lodes, achieved first ore development during the first quarter of 2019.

Since that time, Pantoro has progressed development on the first four levels and mineralisation has been identified and developed both within and outside of the current Ore Reserve.

Mineralisation exists on a number of parallel structures which can be close spaced, and have required additional drilling and time to understand the position of high-grade shoots within each structure.

Pantoro said its knowledge of the high-grade shoots is improving level by level and mineralisation appears regular down dip of the high-grade zones within each lode.

Productivity from the mine is expected to continue to improve as the ore definition increases.

The latest drilling has demonstrated high-grade mineralisation extends approximately 70 metres beyond the current Ore Reserve and remains open to the north.

Intercepts which are inside of the current Ore Reserve have returned a number of zones with better widths and grades than currently modelled.

Best results include:

2.2 metres at 22.5 grams per tonne gold;
2.63m at 35.8g/t gold;
3.05m at 11.9g/t gold, including 0.3m at 63.8g/t gold;
5.7m at 19.6g/t gold, including 0.38m at 88g/t gold;
3.55m at 9.31g/t gold, including 0.41m at 14.6g/t gold;
4.1m at 19.2g/t gold, including 0.7m at 35.1g/t gold and 0.68m at 58.2g/t gold;
1.08m at 11.97g/t gold, including 0.4m at 22.6g/t gold;
5.66m at 12.97g/t gold, including 0.81m at 38.5g/t gold, 0.49m at 45.4g/t and 0.55m at 24.2g/t gold;
9.8m at 8.83g/t gold, including 0.7m at 34.2g/t gold and 0.28m at 59.4g/t gold;
1.9m at 8.62g/t gold; and
0.63m at 16.8g/t gold.

“These results demonstrate the potential for the Wagtail North underground mine to grow in a fashion similar to the Nicolsons mine when it was first developed back in 2015,” Pantoro managing director Paul Cmrlec said in the company’s announcement to the Australian Securities Exchange.

“While it has taken longer than expected to take Wagtail to full production, we are confident that the mine will provide a reliable high-grade ore feed as our knowledge of the ore zones improves and the mine is fully resourced.

“These new results show extension of the Ore Reserve, and thicker, higher grade zones within the currently planned mining areas.”

 

Email: admin@pantoro.com.au

Web: www.pantoro.com.au

 

PolarX Hits Mineralised Porphyry‐Style Veins at Mars

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THE DRILL SERGEANT: PolarX Limited (ASX: PXX) has completed a single diamond drill hole into the Mars porphyry target within the company’s Alaska Range project in Alaska.

PolarX said the Mars porphyry target is in the Stellar project, an area that is subject to a strategic partnership the company struck with Lundin Mining Corporation and announced in June 2019.

The company explained that Mars occurs at the western end of a 12-kilometres‐long mineralised corridor, which also hosts the high‐grade Zackly copper-gold skarn and the Saturn porphyry target.

A preliminary program of core drilling to evaluate Saturn and Mars was undertaken in August and September and reported in October 2019.

The first diamond drill hole at the Mars prospect in the Alaska Range project ended in mineralisation at 417 metres down‐hole depth, intersecting multiple stages of porphyry‐style veins containing visible iron, copper and molybdenum sulphides from near surface to the end of the hole.

PolarX reported there to be a broad zonation with increasing vein intensity and increasing abundance of copper and molybdenum sulphides as the hole deepens with a notable increase in visible copper and molybdenum sulphide abundance at 321m deep, continuing to the end of the hole at 417m with visual estimates of 0.5 per cent to 2 per cent chalcopyrite.

“Visual confirmation of even more intense porphyry‐style veining containing chalcopyrite and molybdenite from 321 metres to the end of the first hole at 417 metres depth at Mars is extremely promising,” PolarX managing director Dr. Frazer Tabeart said in the company’s announcement to the Australian Securities Exchange.

“The 400 metres-plus down‐hole thickness of mineralisation, the large size of the copper‐gold‐molybdenum surface geochemical and geophysical anomalies at Mars, support our view that a very large mineralised system may be present.”

 

Web: www.polarx.com.au

 

Geopacific Resources Raising $45M to Underpin Woodlark Project Development

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THE BOURSE WHISPERER: Geopacific Resources (ASX: GPR) has completed a $40 million share placement and is subsequently offering a Share Purchase Plan (SPP) to raise up to a further $5 million to eligible shareholders.

Geopacific Resources indicated the capital raising will allow the commencement of development activities at the company’s Woodlark gold project in Papua New Guinea.

The $40 million placement was made to Sophisticated and Professional Investors for 1,600 million fully paid ordinary shares at 2.5 cents per share.

The company also intends to offer a SPP, also at 2.5 cents per share to raise up to a further $5 million.

Geopacific is already funded to commence the first phase of development at Woodlark and move towards a complete project financing solution.

The company explained the net proceeds from the Placement and SPP will primarily be used for front end engineering design (FEED), project civil construction, relocation of the Kulumadau village, Woodlark mine camp upgrades, project financing costs and other working capital for project development and expansion activities.

The first phase of development is expected to de-risk project execution in preparation for the construction of the process plant and completion of project financing.

“The capital raising has provided an excellent result, with shareholders demonstrating their commitment to moving Woodlark into production,” Geopacific Resources managing director Ron Heeks said in the company’s announcement to the Australian Securities Exchange.

“All shareholders, new and existing, clearly understand the tasks and rewards ahead and we are delighted and appreciative of their strong support to begin the process of producing gold.

“The raising will allow the company to commence early site works in preparation for process plant construction which will enable gold production to be reached in a shorter timeframe.”

 

Email: info@geopacific.com.au

Web: www.geopacific.com.au

 

Barra Resources Drilling at Burbanks

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THE DRILL SERGEANT: Barra Resources (ASX: BAR) has commenced a Reverse Circulation (RC) drilling program at the company’s Burbanks gold project, south of Coolgardie in Western Australia.

Barra Resources explained the RC drilling program has two key objectives:

Firstly, the drilling is aimed at deepening existing Mineral Resources between the historic Main Lode and Birthday Gift gold mines from the current depth of up to 100 metres below surface to 200m below surface, and

Secondly, the drilling is aimed to connect these Mineral Resources with Burbanks North, thereby confirming a continuous two kilometres of mineralised strike length.

The company indicated that in both cases, it will be applying its recently advanced geological and economic understanding of the deposits.

This understanding has been informed by a recent scoping study, which identified the Mineral Resources between the historical gold mines at Main Lode and Birthday gift as the highest priority area for potentially economic mining.

“We are very excited to be drilling at Main Lode once again,” Barra Resources managing director and CEO Sean Gregory said in the company’s announcement to the Australian Securities Exchange.

“We are not only confident that we will extend the known mineralisation, but also hopeful of getting some of the bonanza hits that can never be discounted when drilling a high-grade system like Burbanks.”

 

Email: info@barraresources.com.au

Web: www.barraresources.com.au

 

Cassini Resources Advances Mount Squires Gold Project

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THE DRILL SERGEANT: Cassini Resources (ASX: CZI) announced final results of recent RC drilling and future work plans at the company’s 100 per cent-owned Mount Squires project in the West Musgrave Province of Western Australia.

Cassini Resources acknowledged the project is at an early stage, but said it is proving to be highly prospective for gold and base metals.

The project is located adjacent to the western border of the company’s West Musgrave JV project with OZ Minerals (ASX: OZL).

All assay results from the RC drilling program at the Handpump prospect, comprising 10 holes for 1,134m, have now been received.

The best results came from holes previously released including:

MSC0003
20 metres at 1.27 grams per tonne gold, including 7m at 2.54g/t gold from 23m;

MSC0004
27m at 1g/t gold from 31m, including 3m at 2.59g/t gold from 38m; and

MSC0005
19m at 0.68g/t gold, including 6m at 1.26g/t gold from 38m.

Cassini explained the remaining four holes (MSC0007-0010) returned lower grade results, but identified additional mineralised breccia halos (>0.1g/t gold), which the company has interpreted to suggest mineralisation remains open.

A recently completed high-resolution aeromagnetic survey has assisted in the company’s geological interpretation of Handpump as well as the surrounding region.

Cassini has refined the target areas along the prospective trend.

Only three RC holes have been drilled outside the immediate Handpump prospect area to test for additional mineralised bodies and therefore the prospective trend is largely unexplored.

Cassini has permitting to clear these targets with a reconnaissance-style drill program underway.

“We’re delighted with the results from our maiden drill program at Mount Squires,” Cassini Resources managing director Richard Bevan said in the company’s announcement to the Australian Securities Exchange.

“The program, in tandem with our new aeromagnetic data, has demonstrated economic gold prospectivity, improved our geological understanding and generated new targets for future work programs.

“More broadly, it’s highlighted the potential strategic value of a new greenfield, belt-scale project in a new gold frontier.

“Mt Squires is the most advanced gold project in the Musgrave Province, with the nearest gold mine, Gruyere, being over 400 kilometres away, itself a fairly recent ‘new frontier’ discovery.

“New frontiers are where some of the most recent and significant gold discoveries have been made in Australia.

“We see Mount Squires as a natural fit with activities at our West Musgrave project.

“Strategically, we believe gold is a good complement to our base metal assets.

“Our extensive geological knowledge, operational capability and established community relationships provide us with a significant competitive advantage in the region.

Cassini indicated it intends to continue activities at the Mount Squires project until around the end of November, after which it will turn its attention to the Yarawindah Brook nickel-copper project, where a number of new EM conductors are ready to be drilled.

The company also anticipates the delivery of the Nebo-Babel Pre-Feasibility Study in early 2020.

“Whilst the West Musgrave project continues to be our primary focus and long-term value-driver, our exploration strategy at Mount Squires and Yarawindah Brook is geared to provide opportunities for additional new discoveries in the near term,” Bevan continued.

“Our goal is to add value and be exposed to these opportunities through relatively inexpensive exploration programs, that do not compromise our funding capacity during the ongoing study phase of the West Musgrave project.

“With prices near all-time highs, it’s also a great time to exploring for gold.”

 

Email: admin@cassiniresources.com.au

Web: www.cassiniresources.com.au