THE CONFERENCE CALLER: The opening morning of the RIU 2019 Good Oil Conference opened to a standing room only audience.
Wally Graham of The Resources Roadhouse managed to catch conference organiser Jaxon Crabb for a quick update.
THE DRILL SERGEANT: Metalicity Limited (ASX: MCT) completed the initial phase of a larger, planned drilling program at the company’s Kookynie gold project, located south Leonora in Western Australia.
Metalicty carried out the program of reverse circulation (RC) drilling at Kookynie to confirm zones of known mineralisation.
The latest program consisted of three holes in total, conducting one at each of the Champion, McTavish and Leipold targets for 270 metres of RC drilling.
The company had completed drilling in June and July this year that supported its interpretation of the controls of mineralisation.
The subsequent drilling on the Champion, Leipold and McTavish prospects was designed to also test mineralised cross cutting (east-west) structures that control the main north-south mineralised trends that host the historical workings and historical drill hole intercepts.
Metalicity indicated it expects results from this drilling program to be available at the end of September 2019.
“We are pleased to have completed this initial phase of drilling ahead of our larger, planned drilling campaign for the Kookynie project of which the current rights issue is designed to fund,” Metalicity managing director Jason Livingstone said in the company’s announcement to the Australian Securities Exchange.
“Money from the placement was used for this program and is an integral step as part of our methodical approach to exploration and development.
“I look forward to presenting the results from this drilling in due course and performing a larger, more comprehensive drilling program after the conclusion of the rights issue.”
THE DRILL SERGEANT: Bellevue Gold (ASX: BGL) declared that recent diamond core drilling outside of the current resource area at the company’s Bellevue gold project in Western Australia has confirmed its latest gold discovery.
Bellevue Gold said the drilling had identified bonanza grade ore shoots at the new Deacon Lode and while confirming a new parallel Lode named Mavis that contains high-grade gold mineralisation.
The recently identified high-grade Deacon & Mavis Lode system sits directly below the historic Bellevue underground mine in an area previously undrilled.
Mineralisation is open up and down dip as well as north and south along strike, which Bellevue claimed to represent, “yet another major ‘resource drill ready’ target for the company”.
Bellevue Gold has received results for 10 holes from a completed 14 holes targeting the Deacon discovery with Bellevue style biotite shearing which was intercepted in all drill holes with quartz sulphide visible gold mineralisation logged in eight of the holes.
Results from the first seven holes include intercepts of:
DRDD218
4.4 metres at 62.4 grams per tonne gold from 692m;
DRDD130
3.6m at 18.3g/t gold from 654.6m, including 2.2m at 27.8g/t gold from 656m and 2.2m at 38g/t gold, including 1.1m at 75.3g/t gold from 654.6m; (Mavis Lode)
DRDD088
1.8m at 5.9g/t gold from 653m;
DRDD086
2m at 4.2g/t gold from 669m and 2.4m at 4.9g/t gold from 676m;
DRDD139
2.5m at 5.1g/t gold from 753m;
DRDD110
2m at 4.9g/t gold from 748m; and
DRDD105
9.5m at 0.5g/t gold from 594.5m. (Deacon Lode – 300m northern step-out hole)
“These recent high-grade drill results and DHEM conductors confirm the presence of very high-grade gold mineralised shoots within the Deacon Lode analogous to the historic Bellevue mine and our Viago discovery,” Bellevue Gold managing director Steve Parsons said in the company’s announcement to the Australian Securities Exchange.
“It is important to note, the current drilling is on very broad centres and the results received for the initial few holes over the 1,400 metres of strike have comparable intersections and scale to the adjacent Bellevue Lode that was mined from 1986 to 1997 and produced 800,000 ounces of gold at 15 grams per tonne.”
Bellevue Gold has drilling continuing at the Bellevue project with six diamond rigs operating on double shift.
A total of three rigs are currently testing the new high-grade Deacon and Mavis discoveries and also following up on resource step-out targets.
The remaining three drill rigs have commenced infill on shallow areas to upgrade the resource category.
Email: admin@bellevuegold.com.au
THE DRILL SERGEANT: Meteoric Resources (ASX: MEI) is set to commence drilling at the company’s 100 per cent-owned Novo Astro gold project in Brazil.
Meteoric Resources has signed a contract with GEOSOL to carry out the drilling that is expected to mobilise a rig to site within the next two weeks with drilling expected to commence in late September.
This will all be happening as the company’s ongoing diamond drilling program on the Dona Maria prospect at its Juruena project continues, with two rigs now on site working double shifts.
“Our Brazilian Exploration team have been working hard to secure an additional drilling rig from GEOSOL and prepare accommodation and work facilities in the Garimpeiro’s Village at Novo Astro for our expanding team,” Meteoric Resources managing director Andrew Tunks said in the company’s announcement to the Australian Securities Exchange.
“We expect the rig for Novo Astro to mobilise within the next two weeks and commence drilling in late September.
“Excitingly, this will be the first drilling ever conducted at Novo Astro and is targeting the depth extensions of gold mineralisation that has been previously mined by Garimpeiro operations over the last 40 years.
“At the same time, drilling at the Dona Maria prospect has progressed well and we have now completed eight holes.
“The first seven sample batches are at ALS Laboratories and we expect results of these batches within the next 10 days.
“Results will be reported at that time.
“Of great significance, Hole JUDD008 has intersected a wide zone of intense alteration at the expected target depth and Senior Geologist Marcelo Gomes has identified visible gold within the zone.
“To date all holes completed have intersected the targeted alteration zones and this is the second time we have seen visible gold in the core.”
Meteoric’s exploration team has planned an initial twenty‐one hole drilling program for 2,500m at Novo Astro.
This first pass program is designed to test under old workings where gold has been previously mined by local artisanal miners (Garimpieros).
Novo Astro is located approximately 30km to the east of the Juruena project.
Web: www.meteoric.com.au
THE DRILL SERGEANT: Minotaur Exploration (ASX: MEP) completed an IP-resistivity geophysical survey on behalf of the Windsor Joint Venture, an area that includes 175 square kilometres of the Trooper Creek Formation, host to numerous high-grade base metal VMS occurrences including the Thalanga and Highway Reward deposits in Queensland.
The Windsor JV is located 200km south-west from Townsville in north east Queensland and is a Joint Venture between Minotaur and the private tenement holder.
Having achieved its initial expenditure obligation of $400,000 Minotaur may proceed to earn up to 80 per cent interest in the tenements through total expenditure of $4 million over a five year earn-in phase.
The recently completed IP survey returned encouraging results defining a large, very strong IP chargeability anomaly under thin cover along more than three kilometres of strike.
“The anomaly has been named Hastings,” Minotaur Exploration said in its ASX announcement.
“Modelled IP chargeability responses vary, but over the main part of the anomaly on lines 4 and 5, range from 35 to 50msec which is very strong.
“These three lines also have coincident low resistivity responses.
“VMS-type deposits worldwide, typically, have strong chargeability and low resistivity responses due to their high sulphide content (other geological features such as graphitic shale can also produce similar responses).”
Minotaur Exploration indicated that planning for a first-pass drill test is underway.
Thalanga was initially discovered in 1975 and at the time generated intensive exploration activity through until the early 1990s, however there has been very limited exploration conducted since.
Minotaur pointed out that little effort has been directed to the covered portions of the project area.
Part of Minotaur’s strategy for target generation across the Windsor JV area is that substantial portions of highly prospective basement remain untested.
The company considers modern electrical geophysical systems to be now better suited to these types of terranes providing opportunities to investigate areas of basement not previously explored.
The company has already used this approach in the Cloncurry district, making its discovery of the Jericho copper-gold deposit in late 2017.
Email: admin@minotaurexploration.com.au
Web: www.minotaurexploration.com.au
THE BOURSE WHISPERER: Aldoro Resources (ASX: ARN) emerged from a self-imposed trading halt to inform the market of its impending 100 per cent acquisition of Altilium Metals Limited.
Aldoro has entered into a binding term sheet for the option to acquire Altilium Metals by paying a $50,000 option fee to secure the exclusive option to acquire 100 per cent of the issued share capital of Altilium.
If the company goes ahead with exercising this option it will then issue Altilium shareholders a total of 10.8 million fully paid ordinary shares to acquire all outstanding shares in the target company at a deemed price of 15 cents per share.
Subsequently Caedmon Marriott and Rhod Grivas will join the board of Aldoro Resources on completion of the acquisition.
“We are extremely pleased to reach agreement for the acquisition of Altilium Metals,” Aldoro Resources chairman Jeremy King said in the company’s announcement to the Australian Securities Exchange.
“The addition of their exciting exploration assets, including the Penny South gold project, greatly enhances Aldoro’s existing portfolio and builds on our long-term strategy of creating a significant Western Australian exploration and development company.
“We look forward to welcoming Caedmon Marriott and Rhod Grivas to Aldoro’s board, the experience they bring will greatly assist Aldoro going forward.”
Aldoro’s purchase of Altilium comes with a series of advanced exploration projects consisting five Exploration Licences and two Exploration Licence Applications in the Murchison Region of Western Australia.
Of particular interest is the inclusion of the Penny South gold project sitting within in the Youanmi Gold Mining District and the multicommodity Narndee Project Area.
Keeping things simple for those of us with a limited sense of direction, the Penny South gold project lies directly to the south of the Penny West gold project owned by Spectrum Metals (ASX: SPX).
Penny South contains over 2.5 kilometres of strike extension of the Penny West Shear, that hosts the historic high-grade Penny West gold mine.
Historic drilling within one of the tenements, E57/1045 encountered various anomalous intersections of gold mineralisation including: 2 metres at 33.98 grams per tonne gold, 6m at 1.27g/t gold and 5m at 1.11g/t gold.
The tenement in question is similar to the Penny West area, in that it contains limited outcrop and is overlain by one metre to 30m of sand and sedimentary cover.
The average depth of historic drilling within the Penny South gold project is less than 40m down hole.
Spectrum has reported recent exploration success at Penny North and at the southern end of the Penny West pit within deeper drill holes beneath cover.
Aldoro has flagged its intentions to utilise a similar exploration strategy to test surface anomalies at depth.
Elsewhwere within the acquisition sits the Narndee Project Area.
The Narndee Project Area holds two exploration projects that are differentiated by different styles of geology, surrounding the Narndee Igneous Complex (nickel-copper-PGM) and the Kiabye Greenstone Belt (gold).
The Narndee Igneous Complex is a large layered mafic-ultramafic complex covering approximately 700 square kilometres where historic exploration has mainly focused on PGM mineralisation using a Bushveld model, however drilling has encountered indications of nickel-copper sulphide mineralisation.
Previous explorer, Maximus Resources flew an airborne EM survey over the complex in 2008 that identified multiple EM targets, but that company only conducted limited follow up work.
Aldoro has flagged it intends to build on this historical information, including multiple geophysical datasets, expressing excitement generated by the nickel potential of the project.
The Kiabye Greenstone Belt wraps around the western side of the Narndee Complex, predominantly formed of Norie Group amphibolite-metabasalt and Yaloginda metasedimentary units, with a sheared contact against the surrounding Tuckanarra Suite granite.
The greenstone belt extends for over 30km of strike and is historically underexplored due to thin one metre to 5m cover.
Anomalous indications of gold have been identified along the length of the belt in historic work.
Email: contact@aldororesources.com
THE BOURSE WHISPERER: Silver Mines (ASX: SVL) announced the completion of a capital raising of $10 million by issuing 100 million shares at a price of 10 cents per share.
Silver Mines said the placement resulted in increased support from international resources institutional shareholder Sprott Asset Management LP of Canada and other institutions both locally and offshore.
The funds raised will underpin the expansion of exploration activities including drilling at the company’s Bowdens silver project and Barabolar project, the imminent completion of the Environmental Impact Statement for the Bowdens project, associated land acquisitions and for corporate and general working capital purposes.
“This is a direct reflection of the substantial potential of the Silver Mines asset base and in particular the Bowdens silver project and the Barabolar project,” Silver Mines managing director Anthony McClure said in the company’s announcement to the Australian Securities exchange.
“We are in a surging silver commodity price cycle and with our expansive exploration programs as well as our submission for Development Approvals for the Bowdens silver project, we are looking forward to a particularly positive period for the company.”
Email: info@silvermines.com.au
THE DRILL SERGEANT: Rox Resources (ASX: RXL) announced encouraging drilling results from the Youanmi gold project in Western Australia.
Rox Resources and Joint Venture partner Venus Metals Corporation (ASX: VMC) announced the results following completion of over 7,000 metres of drilling, from which it has received results for around half of this amount.
Rox indicated that although the current turnaround around time from drill hole to validated assay result is running at up to 3 weeks, the RC drill program is ongoing and will continue through September and has been extended into October.
This is the first major and systematic exploration program carried out at the site since 1997 with Rox is testing both: (1) new conceptual targets that have the potential to open up new areas of mineralisation and (2) drilling out positions of the Youanmi gold deposits or areas where the JV considers there is potential for repeats.
“We are very pleased with these initial results from Rox’s maiden drilling program at Youanmi gold project,” Rox Resources managing director Alex Passmore said in the company’s announcement to the Australian Securities Exchange.
“The high-grade results from the Youanmi South prospect were a very positive surprise.
“This prospect is interpreted to be a new zone of mineralisation at the southern end of the Younami granite which opens up a large new area for exploration.
“Drilling at Commonwealth Prospect (a previously untested historical gold occurrence) has started to delineate a high-grade plunging shoot which is open to along strike and down plunge to the south.”
Drilling at the Youanmi gold project intersected new gold mineralisation at Youanmi South and Commonwealth prospects including:
RXRC050
2 metres at 23.67 grams per tonne gold from 76m; (Commonwealth)
RXRC049
4m at 6.57g/t gold from 64m; and (Commonwealth)
RXRC024
4m at 8.17g/t gold from 96m. (Youanmi South)
Extensions to near mine mineralisation have been delineated within dilational zones along Youanmi Main lode Shear Zone.
Best intersections include:
RXRC013
5m at 5.59g/t gold from 81m, including an intersection of 1m @ 23 g/t Au; and (United North)
RXRC014
9m at 3.77g/t gold from 58m, including an intersection of 5m at 5.93g/t gold. (United North)
Email: admin@roxresources.com.au
THE DRILL SERGEANT: Genesis Minerals (ASX: GMD) announced the intersection of high-grade gold mineralisation during resource upgrade drilling at the company’s 100 per cent-owned Ulysses gold project, located south of Leonora in Western Australia.
Genesis Minerals is conducting the drilling within and adjacent to the 760,000-ounce Ulysses Mineral Resource at the Ulysses project.
The company said the initial assay results have been received from drilling at Ulysses West (western side of Resource) targeting areas within and adjacent to the current Resource boundary.
A further 15,000 metres of drilling is expected to be completed over the coming few months to upgrade the top 200m of the resource in preparation for mining.
Drilling will target approximately 1,000m of strike and some 300m of down-dip extent within and adjacent to the current Resource envelope.
“Drilling has resumed and is now in full swing at Ulysses, with two rigs now operating to in-fill and extend the main Resource,” Genesis Minerals managing director Michael Fowler said in the company’s announcement to the Australian Securities Exchange.
“A third rig should arrive over the next few weeks to speed up the program, which is essentially designed to upgrade the Resource in preparation for mining.
“The initial focus will be on upgrading the upper 200 metres of the Resource, although we will in time further test the edges of the Resource and further investigate potential down-plunge and strike extensions and repetitions.
“All of the information from the current program will be combined with recent drilling for inclusion in a Resource upgrade planned for Q4 this year.”
The company explained that the drilling results it has received came from the first batch of holes from the Resource upgrade drilling program that commenced at Ulysses in August.
High-grade gold mineralisation was encountered in diamond and Reverse Circulation (RC) drilling (19USDH079 to 085 and 19USRC374 to 19USRC378) completed as part of the drilling.
Results are from holes targeting the upper part of the Ulysses West high-grade gold shoot with the drilling supporting the continuity of the higher-grade gold mineralisation.
High-grade gold intersections from the recent holes include:
19USDH079
9.05 metres at 9.94 grams per tonne gold from 142.15m, including 5.6m at 14.92g/t gold;
19USDH080
3m at 5.56g/t gold from 174m, including 0.87m at 13.4g/t gold;
19USDH081
1.73m at 6.4g/t gold from 192.6m, including 0.68m at 14.9g/t gold;
19USDH083
6.24m at 10.62g/t gold from 223.03m, including 4.63m at 14.1g/t gold;
19USDH085
6.14m at 9.52g/t gold from 232.48m, including 2.82m at 19.8g/t gold;
19USRC375
3m at 3.98g/t gold from 147m; and
19USRC378
3m at 8.6g/t gold from 216m, including 2m at 11.6g/t gold.
Web: www.genesisminerals.com.au
THE BOWSER: Triangle Energy (ASX: TEG) has raised $3.6 million having received commitments from both professional and sophisticated investors.
Triangle Energy said the investors had collectively subscribed for 48 million new ordinary shares at 7.5 cents per new share.
In the company’s announcement to the Australian Securities Exchange, managing director Rob Towner said funds raised would be used to replenish funds following the acquisition of long lead items to return CH-13 to production and provide working capital to allow the company to progress the Cliff Head Renewal Project to FID.
“We are pleased the Placement received support from our existing shareholders and we also welcome a range of new institutional and sophisticated investors to our register,” Towner said.
“Triangle continues to progress its Cliff Head Renewal Project and its wider Perth Basin oil strategy and to investigate attractive additional development projects.
“We look forward to reporting on project developments and successes throughout the remainder of the year.”
Web: www.triangleenergy.com.au
