THE DAILY ROADHOUSE

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Stavely Minerals Undertaking $19.6 Million Raising

THE BOURSE WHISPERER: Stavely Minerals (ASX: SVY) is conducting a capital raising of $19.6 million by way of a share placement of 19.6 million shares at $1.00 per share.

Saturn Metals Upgrades Apollo Hill Gold Resource

THE DRILL SERGEANT: Saturn Metals (ASX: STN) has completed an updated Mineral Resource estimate for the Apollo Hill gold deposit at the company’s 100 per cent-owned Apollo Hill gold project near Leonora in the Western Australian Goldfields.

Meteoric Resources Continues Juruena Golden Run

THE DRILL SERGEANT: Meteoric Resources (ASX: MEI) announced the latest batch of assays from the company’s 100 per cent-owned Juruena gold project in Brazil.

Auroch Minerals Progresses Saints Nickel Project Drill Program

THE DRILL SERGEANT: Auroch Minerals (ASX: AOU) kept the market up to date on the progress of its maiden drilling program underway at the company’s recently-acquired Saints nickel project near Kalgoorlie in Western Australia.

Independence Group Teams up with Apollo Consolidated at Louisa Nickel Sulphide Project

THE BOURSE WHISPERER: Independence Group (ASX: IGO) has entered a farm-in and joint venture with Apollo Consolidated Limited (ASX: AOP).

 

Stavely Minerals Undertaking $19.6 Million Raising

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THE BOURSE WHISPERER: Stavely Minerals (ASX: SVY) is conducting a capital raising of $19.6 million by way of a share placement of 19.6 million shares at $1.00 per share.

Stavely Minerals said the raising would be used to fund accelerated gold and copper-gold exploration in western Victoria, Tasmania and Queensland, and for working capital purposes.

The raising comes quick on the heels of the company’s confirmation for its 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 executive chairman Chris Cairns said the company was extremely pleased with the response from investors to the capital raising and with the level of support shown for the company’s projects.

“Stavely Minerals is now very well-funded to accelerate our drilling at the exciting Thursday’s Gossan prospect – where we have enjoyed recent drilling success – and other regional targets in the company’s 100 per cent-owned Stavely project while also advancing our gold targets in Tasmania and Queensland,” Cairns said in the company’s announcement to the Australian Securities Exchange.

 

Email: info@stavely.com.au

Web: www.stavely.com.au

 

Saturn Metals Upgrades Apollo Hill Gold Resource

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THE DRILL SERGEANT: Saturn Metals (ASX: STN) has completed an updated Mineral Resource estimate for the Apollo Hill gold deposit at the company’s 100 per cent-owned Apollo Hill gold project near Leonora in the Western Australian Goldfields.

The upgraded Mineral Resource totals 24.5 million tonnes at 1 gram per tonne gold for 781,000 ounces of gold.

Saturn Metals highlighted the increase in contained ounces from its previously published resource as it incorporates the results of a 152-hole, 18,600m extensional and in-fill drilling campaign completed since the last Mineral Resource upgrade published in mid-November 2018.

The updated Resource contains an addition of 96,000 ounces of gold from the previous Inferred and Indicated Mineral Resource.

Based on the additional drilling, a total of 9.2 million tonnes at 1g/t gold for 298,000 ounces is now classified as an Indicated Mineral Resource representing 38 per cent of the total Mineral Resource and a 250 per cent increase from the previous Indicated Mineral Resource.

Saturn Metals has now added 276,000 ounces to the Apollo Hill Mineral Resource in approximately 18 months with 28,000m of RC and diamond drilling.

“This resource upgrade is another significant step for the company and the Apollo Hill asset only a short while since listing,” Saturn Metals managing director Ian Bamborough said in the company’s announcement to the Australian Securities Exchange.

“Improvements in localised grade, ounces, tonnes, quality and Mineral Resource categories, all with efficient drilling and at an effective discovery cost per ounce, bode well for the development of our business.

“With some of the strongest intersections located in the newly discovered higher-grade hanging-walls, the system is wide open for rapid expansion.

“Drilling has already resumed to test these and other step out targets and results from this expansionary phase of our journey will be reported in due course.”

Resource additions since Saturn listed on the ASX in March 2018 have been made at a rate of 9.8 gold ounces for every metre drilled and modelled.

The company’s strategy moving forward is to target further expansion of the Apollo Hill gold deposit and look for new deposits across its regional land package before initiating a scoping study.

 

Email: info@saturnmetals.com.au

Web: www.saturnmetals.com.au

 

Meteoric Resources Continues Juruena Golden Run

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THE DRILL SERGEANT: Meteoric Resources (ASX: MEI) managing director Andrew Tunks spoke with The Resources Roadhouse at the 2019 Brisbane Resources Round-up.

Meteoric Resources had earlier announced the latest batch of assays from the company’s 100 per cent-owned Juruena gold project in Brazil.

Meteoric Resources has received assays from drill holes JUDD003 to JUDD008 of its maiden drilling program, the results from which have continued to produce fresh bonanza grade gold intercepts.

Gold assays received for latest batch of diamond drill holes, include:

JUDD008
14 metres at 81.7 grams per tonne gold from 142m, including 2m at 71.6g/t gold from 144.5m and 2.5m at 287.4g/t gold from 149m; and

JUDD007
3.5m at 15.3g/t gold from 124m, including 1m at 51.9g/t gold from 124m.

Meteoric explained that hole JUDD008 has extended the high‐grade core of mineralisation outside the Indicated portion of the Dona Maria Mineral Resource.

The JUDD008 intercept indicated above was encountered 30m south and around 40m down dip of JUDD001, which intersected 20.6m at 94.9g/t gold from 96.8m, including 3.65m at 508.4g/t gold from 107.5m, with potential that the bonanza grade portion extends even further to the south.

“We knew with the visible gold detected in Hole JUDD008 that the results would be very exciting indeed, but we are thrilled to report more significant intercepts such as fourteen metres at 81 grams per tonne gold in JUDD008 and three and a half metres at 51 grams per tonne gold in JUDD007,” Meteoric Resources managing director Andrew Tunks said in the company’s announcement to the Australian Securities Exchange.

“To date the initial drilling at Don Maria has been a great success and has given us the confidence to model a potential high‐grade ore shoot that we will test in a final deep hole at the end of the program.

“Holes JUDD09 to JUDD013 are being logged and sampled and we look forward to reporting the full results once the assays are returned in early November.

“At Juruena we are now moving our attention to the Tomate and Querosene prospects where we intend to drill a further 10 holes testing some high‐grade areas both inside and outside the known resources.”

Just nearby is Meteoric’s Novo Astro project, which along with Juruena is considered by the company to comprise the most prospective cluster of targets within its extensive Brazilian portfolio.

Previous artisanal mining at Juruena and Novo Astro has identified and exploited both alluvial and primary mineralisation resulting in the manual production of approximately one million ounces of gold.

The Juruena project was intensely drilled by several previous explorers, however, Novo Astro has only been explored by surface exploration meaning there has never been any drilling of Novo Astro to test the gold grade and depth extent of the surface alteration and mineralisation that has been mapped, and where Meteoric recently collected high‐grade rock chips up to 290g/t gold.

Drilling began at Novo Astro in early October, commencing at the José prospect, (Hole NADD005) where rock chip samples of over 200g/t were previously collected.

“I am also excited to report that drilling has now commenced at Novo Astro with the first hole collared into the José prospect on 2 October and expected to be complete by the 15th,” Tunks said.

“A more fulsome update will be provided once the core is geologically logged.”

 

Web: www.meteoric.com.au

 

Auroch Minerals Progresses Saints Nickel Project Drill Program

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THE DRILL SERGEANT: Auroch Minerals (ASX: AOU) kept the market up to date on the progress of its maiden drilling program underway at the company’s recently-acquired Saints nickel project near Kalgoorlie in Western Australia.

Auroch Minerals reported that latest diamond drill-hole SNDD005 had intersected 1.6 metres of semi-massive to massive sulphide mineralisation.

The company claim the mineralisation is nickeliferous, with pentlandite (one of the major nickel sulphide ore minerals) observed intergrown with pyrrhotite, along with pyrite and chalcopyrite (a copper sulphide ore mineral).

The interval has been processed and sampled by the Auroch team; however full assays are pending.

Auroch explained that SNDD005 was drilled to confirm the modelled nickel sulphide mineralisation at Saint Patricks.

As the company does not have access to the drill core nor the collars of the majority of the historic drill-holes that intersected the Saint Patricks mineralisation, which were drilled by WMC in the 1990’s, the modern drilling is being undertaken to confirm the position, thickness and grade of the nickel sulphide mineralisation.

“We are very pleased with the progress of our maiden drilling program at the Saints nickel project,” Auroch Minerals managing director Aidan Platel said in the company’s announcement to the Australian Securities Exchange.

“We are halfway through the program and progressing on-schedule and on-budget, and the drilling has been of a high standard.

“The nickeliferous massive sulphides intersected in drill-hole SNDD005 are very interesting and we look forward to receiving the assay results as soon as possible.

“With five holes remaining to drill, all of the assay results still to come and down-hole EM surveys commencing next week, we look forward to receiving a large amount of data over the next two months that will guide the next phase of drilling at the Saints nickel project in early 2020, and will continue to update the market as this information is received.”

Four other drill-holes (SNDD001 – SNDD004) have been drilled outside of the existing resource areas – two drill-holes at the Western Contact and two drill-holes at Saint Patricks, respectively – and were designed to glean information such as DHEM data in positions down-plunge and/or along strike from the known nickel sulphide mineralisation.

All four drill-holes also intersected disseminated to matrix sulphides and thin zones of massive sulphides of varying widths up to 30 centimetres; however, Auroch indicated it is not known if these zones contain economic grades of nickel.

Drill-hole SNDD006 is underway and is designed to further test the modelled nickel sulphide mineralisation at Saint Patricks.

Auroch is expecting a field team from GEM Geophysics (GEM) to be on-site soon to undertake DHEM surveys on all of the drill-holes completed in the current program to-date.

The data from this program will be used to model drill targets for the next phase of drilling to begin in early 2020.

 

Email: admin@aurochminerals.com.au

Web: www.aurochminerals.com.au

 

Independence Group Teams up with Apollo Consolidated at Louisa Nickel Sulphide Project

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THE BOURSE WHISPERER: Independence Group (ASX: IGO) has entered a farm-in and joint venture with Apollo Consolidated Limited (ASX: AOP).

Apollo Consolidated announced the deal in relation to the company’s early-stage Louisa project located near Fitzroy Crossing in the West Australian Kimberley Province.

Independence is a highly-regarded nickel-copper sulphide producer and explorer that is actively exploring for nickel-copper sulphide mineralisation in the region.

Under the term sof the agreement, a wholly-owned subsidiary of Independence will spend initial expenditure of a minimum of $350,000 on the project within 24 months.

Once the initial expenditure has been reached the subsidiary may elect to continue to spend an additional $3 million within four years to earn a 75 per cent interest in the project, otherwise the subsidiary can withdraw at its election at any time provided the project tenement remains in good standing.

Apollo considers Independence Group’s interest to be a ringing endorsement of its conceptual targets in the emerging nickel-copper sulphide province.

“The entrance of Independence into the project is an endorsement of the potential for magmatic mineralisation styles in the area and will allow this potential to be rapidly evaluated by an active and highly respected nickel-copper sulphide exploration team,” Apollo Consolidated said in its ASX announcement.

Apollo said the arrangement allows it to prioritise exploration efforts at its gold discoveries at the Lake Rebecca gold project near Kalgoorlie.

Should a discovery be made at Louisa under the farm-in, Apollo retains the ability to participate as a 25 per cent partner, an equity position it believes could deliver value to shareholders.

Independence intends to apply its in-house geophysical team and state-of-the-art geophysical tools to the evaluation of the prospective mafic and ultramafic intrusions identified on the tenements.

Remote sensing work is scheduled to commence in the December 2019 Quarter, followed by field programs during the 2020 dry season.

 

Email: info@apolloconsolidated.com.au

Web: www.apolloconsolidated.com.au

 

THE DAILY ROADHOUSE

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Alliance Resources Continues to Define Weednanna Gold

THE DRILL SERGEANT: Alliance Resources (ASX: AGS) announced results from a recent phase of RC drilling completed at the company’s Weednanna gold deposit on the Eyre Peninsula of South Australia.

Metalicity Planning Next Kookynie Drilling Campaign

THE DRILL SERGEANT: Metalicity (ASX: MCT) has planning underway for the commencement of the next drilling campaign to be carried out at the company’s Kookynie gold project in the Goldfields region of Western Australia.

Elixir Energy Set to Start Mongolian Drilling

THE BOWSER: Elixir Energy (ASX: EXR) is set to commence its 2019 drilling campaign at the company’s 100 per cent-owned Nomgon IX coal-bed methane (CBM) production sharing contract (PSC) located in the South of Mongolia, just near the Chinese border.

Matsa Resources Kicks Off Red October Diamond Drilling

THE DRILL SERGEANT: Matsa Resources (ASX: MAT) has commenced an underground drilling program at the company’s Red October gold mine in the Eastern Goldfields of Western Australia.

Hillgrove Resources Scores Healthy Drill Results From Kanmantoo Deposit

THE DRILL SERGEANT: Hillgrove Resources (ASX: HGO) provided an update on progress of drilling underway at the company’s Kanmantoo Underground copper mine development in South Australia.

Metro Mining Scores Healthy September Shipping Numbers

THE DRILL SERGEANT: Metro Mining (ASX: MMI) had just as good a September as the Richmond Football Club by hitting production levels across all areas at the company’s Bauxite Hills project at the strongest levels since operations commenced.

 

Elixir Energy Set to Start Mongolian Drilling

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THE BOWSER: Elixir Energy (ASX: EXR) is set to commence its 2019 drilling campaign at the company’s 100 per cent-owned Nomgon IX coal-bed methane (CBM) production sharing contract (PSC) located in the South of Mongolia, just near the Chinese border.

Elixir Energy will kick off proceedings with the spudding of the BO-CH-1 chip-hole this weekend.

The company explained the 2019 program has been expanded to include two to four stratigraphic chip-holes in addition to the drilling of two firm and fully evaluated core-holes.

Two rigs will be used and the option to drill a third core-hole remains.

“The commencement of our foreshadowed 2019 drilling campaign is a key step for Elixir’s exploration program over our very large 100 per cent-owned Nomgon IX CBM PSC,” Elixir Energy managing director Neil Young said in the company’s announcement to the Australian Securities Exchange.

“The addition of a chip-hole drilling component to the program is a highly cost-effective way of gathering more geological information side by side with the core-holes.”

Elixir intends to not only use the chip-holes to gain valuable data about the general geology and confirm coal continuity, but also to support and substantiate a recently acquired 2D seismic program while de-risking locations for next year’s drilling program.

The company has taken delivery of international standard desorption and permeability testing tools from the USA and Australia respectively and initial training over the use of these technologies with the local contractors has been undertaken.

 

Web: www.elixirenergy.net.au

 

Metalicity Planning Next Kookynie Drilling Campaign

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THE DRILL SERGEANT: Metalicity (ASX: MCT) has planning underway for the commencement of the next drilling campaign to be carried out at the company’s Kookynie gold project in the Goldfields region of Western Australia.

Metalicity explained the planning was got underway after it had received funds of $203,063 via a recent share placement.

The planning for the next drilling campaign will involve identifying locations prospective for gold mineralisation that has not been adequately tested through historical exploration.

Following recent high-grade gold results, Metalicity indicated it is fairly keen to get back on the ground.

The company expects to be drilling later in October and will keep the market updated on any developments.

“The recently completed placement is a fantastic endorsement of not only the project, but also how we and our farm-In partner, Nex Metals are developing the Kookynie area,” Metalicity managing director and CEO Jason Livingstone said in the company’s announcement to the Australian Securities Exchange.

“Coupled with the recent results of our very short drilling program in September, I am excited to be potentially presenting more results in 2019.”

 

Web: www.metalicity.com.au

 

Alliance Resources Continues to Define Weednanna Gold

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THE DRILL SERGEANT: Alliance Resources (ASX: AGS) announced results from a recent phase of RC drilling completed at the company’s Weednanna gold deposit on the Eyre Peninsula of South Australia.

Alliance Resources drilled 33 RC holes during July and August 2019 for 5,211 metres at the Weednanna deposit in a bid to continue to define the extensions of gold mineralisation at Shoots 5E, 7 and 8, infill gold mineralisation at Shoot 9/11, and test for Shoot 1 style gold mineralisation at the 3DIP target.

The company’s objective with this drilling program was to extend known gold mineralisation in the southern area of the deposit.

“The results from this drilling program have continued to grow the size of the Weednanna deposit outside of the Maiden Mineral Resource area,” Alliance Resources said in its ASX announcement.

Drilling at Shoot 5E continued to extend mineralisation with intersections of:

19WDRC064
3 metres at 3.4 grams per tonne gold from 118m (Shoot 5E HW);

19WDRC065
9m at 3g/t gold from 147m and 3m at 4g/t gold from 175m (Shoots 5E and 5E FW); and

19WDRC067
6m at 16.6g/t gold from 107m, including 4m at 24.1g/t gold from 108m (Shoot 5E).

Further definition of Shoot 9/11 was achieved with an intersection of:

19WDRC075
3m at 3.8g/t gold from 127m.

The Shoot 7 target area was defined on 50 metre spaced traverses for infill drilling, encountering a result of:

19WDRC086
13m at 1.2g/t gold from 97m.

Drilling was undertaken on the unnamed 3D induced polarisation (3DIP) geophysical target to follow-up a previous intersection of 10m at 1.6g/t gold from 92m in 19WDRC046 hosted in Archaean granite.

The latest drilling hit:

19WDRC087
6m at 3.4g/t gold from 54m, including 1m at 12.1g/t gold from 58m.

Alliance said this gold is associated with strong chlorite-sericite alteration and disseminated arsenopyrite similar to mineralisation at Shoot 1.

In 2018, Alliance announced a maiden Mineral Resources estimate for the Weednanna gold deposit of 1.097 million tonnes at 5.1 grams per tonne gold for 181,000 ounces gold (classified 49% Indicated and 51% Inferred) (2018MRE).

Since the 2018MRE Alliance has drilled a further 139 RC holes and 5 diamond holes, for 21,542 metres, with the objective of growing and increasing geological confidence in the Weednanna Mineral Resource.

 

Email: info@alliancereources.com.au

Web: www.allianceresources.com.au