Predictive Discovery Drills Impressive Boundiali Results

/in , /by

THE DRILL SERGEANT: Predictive Discovery (ASX: PDI) RELEASED results from a recently completed step-out RC drilling program at the company’s Boundiali project, located in Cote D’Ivoire.

Predictive Discovery explained these new results come from part of the Resolute Mining (ASX: RSG) Joint Venture exploration program in Cote D’Ivoire that is currently focused on the Boundiali and Ferkessedougou North projects, each of which contain recent gold discoveries and are considered to have excellent potential to find further gold mineralisation.

The JV completed a 16-hole step-out program in June 2019 to follow-up a 31-hole infill RC drilling program that was carried out in March-April.

This new program extended infill drill coverage to approximately 920m of mineralised strike on the Nyangboue gold prospect with the RC holes designed to explore for mineralisation both up-dip and down-dip of earlier intercepts and along strike of the earlier infill drill lines.

Better intercepts (0.25g/t gold cut-off grade) included:

BRC208
3 metres at 14.97g/t gold from 9m;

BRC206
13m at 1.92g/t gold from 68m;

BRC209
16m at 1.64g/t gold from 7m;

BRC209
10m at 2.32g/t gold from 146m;

BRC202
4m at 3.56g/t gold from 109m;

BRC201
5m at 2.31g/t gold from 29m;

BRC202
6m at 2.48g/t gold from 71m;

BRC206
6m at 2.68g/t gold from 116m; and

BRC213
7m at 1.92g/t gold from 112m.

“These new results from Nyangboue add to the picture obtained in the April-May infill drilling program of a series of north-striking, sub-parallel, gold-mineralised zones dipping shallowly to the west,” Predictive Discovery managing director Paul Roberts said in the company’s announcement to the Australian Securities Exchange.

“Given that the mineralisation is open to the north, south and down dip, there is clearly more drilling to be done at Nyangboue to determine the full size of the gold mineralised system.

“When combined with the new gold mineralisation discovered in the Boundiali North permit, the potential scale of the mineralised systems at Boundiali continue to grow.

“Release of these results is a great start to the joint venture relationship with new partner Resolute Mining.

“We look forward to working with Resolute to uncover more gold in the Boundiali project and across our Joint Venture projects in Cote D’Ivoire.”

 

Web: www.predictivediscovery.com

Venture Minerals Signals Go-ahead at Riley Iron Ore Mine

/in , , /by

THE BOURSE WHISPERER: Venture Minerals (ASX: VMS) recently committed to the recommencement of mining activities at the company’s Riley iron ore mine in Tasmania.

The company’s managing diretor Andrew Radonjic spoke with the Resources Roadhouse at the RIU Resources Investor Roadshow in Melbourne.

CLICK ON THE PICTURE TO VIEW.

Venture Minerals made the announcement following completion of an updated Riley Iron Ore Mining Study with the associated Pre-Feasibility Study (PFS) delivering strong returns from a low capex two-year project, that the company believes to be well positioned to capture the current higher iron ore price environment.

In addition to completing the study the company, having previously signed a Binding Terms Sheet for the Riley Iron Ore Mine off-take with Prosperity Steel, has now signed a full off-take agreement for the Riley product for 100 per cent of the first two years of iron ore production.

First shipment of ore from the Riley Mine is currently planned for the fourth quarter of 2019, however the company indicated it was continuing to work on additional strategies to further reduce operating costs on the project before the first ore shipment.

These cost optimisation programs will focus on enhancing ore transport solutions.

“This is an exciting phase for the company as it moves from explorer to producer,” Venture Minerals managing director Andrew Radonjic said in the company’s announcement to the Australian Securities Exchange.

“The Riley Iron Ore Mining Study demonstrates the delivery of an exceptional Internal Rate of Return in excess of 300 per cent is possible by leveraging the relatively small capex required to commence production.

“Venture has brought together an experienced team with a blend of local knowledge that has built, managed and operated iron ore and other similar sized projects, thereby de-risking the execution phase of the Riley project.

“The Riley Iron Ore Mine will create 80 to 100 jobs and will be a boost for the economy of the West Coast of Tasmania.

“We look forward to commencing production shortly.”

 

 

Email: info@ventureminerals.com.au

 

Web: www.ventureminerals.com.au

 

Cazaly Resources to Sell Parker Range Project to Mineral Resources

/in , /by

THE BOURSE WHISPERER: Cazaly Resources (ASX: CAZ) received a binding Heads of Agreement (HoA) proposal from Mineral Resources (ASX: MIN to purchase the company’s Parker Range iron ore project.

Cazazly had already agreed commercial terms for the sale of its 100 per cent-owned subsidiary, Cazaly Iron Pty Ltd, which holds the tenements that comprise the project, to Gold Valley Iron Pty Ltd.

The agreement with Gold Valley allowed for an initial three-month due diligence exclusivity period, however Cazaly reserved the right to terminate the exclusivity period should it receive another proposal or offer from a third party which is more favourable to Cazaly and its shareholders.

The Mineral Resources deal fit that description.

The unsolicited HoA proposal from Mineral Resources involves a payment of $2 million cash upon completion of the sale; and a royalty of 50 cents for every dry metric tonne of iron ore extracted and removed from the project area the first 10 million dry metric tonnes.

“Cazaly has received a binding Heads of Agreement (HoA) proposal from Mineral Resources which the Board considers to be more favourable to Cazaly and its shareholders and therefore has terminated the exclusivity period with Gold Valley,” Cazaly Resources said in its ASX announcement.

“Following such termination Cazaly has agreed to commercial terms with Mineral Resources for the sale of the assets comprising the project.

“The agreement with Gold Valley remains in place whilst Cazaly evaluates the proposal and its next steps for the sale of the project.

“In the event that Cazaly terminates the agreement with Gold Valley a $250,000 break fee is payable by Cazaly.”

 

 

Email: admin@cazalyresources.com.au

 

Web: www.cazalyresources.com.au

 

Spectrum Metals Drills High-Grade Extensions at Penny North

/in , /by

THE DRILL SERGEANT: Spectrum Metals (ASX: SPX) continued its run of high-grade results from extensional RC drilling within the high-grade shoot at the company’s Penny North project.

Spectrum Metals received results from four new holes that returned results of:

SPWRC081
4 metres at 63.1 grams per tonne gold from 289m, including 3m at 83.7g/t from 289m;

SPWRC080
2m at 50.5g/t gold from 338m;

SPWRC071
2m at 48.7g/t gold from 264m, including 1m at 95.5g/t gold from 264m;

SPWRC072
2m at 27.1g/t gold from 2315m, including 1m at 44.6g/t gold from 315m.

The company also received results from parts of two holes from Penny South, including:

SPWRC078
2m at 17.1g/t gold from 182m;

SPWRC062
5m at 2.5g/t gold from 234m, including 1m at 5.7g/t from 237m.

The company claimed the result in SPWRC078 of 2m at 17.1g/t gold at Penny South indicates that the main lode continues to the south.

Further assay results at Penny South are pending and additional holes have been planned.

“We are very pleased to see continuing high-grade down plunge gold mineralisation at Penny North,” Spectrum Metals managing director Paul Adams said in the company’s announcement to the Australian Securities Exchange.

“In addition, early drilling at Penny South suggests this location may represent a new target in the short term.

“This is separate to hole SPWRC006 (5m at 28.9g/t from 203), that appears to represent a separate hanging wall position to the main lode.”

 

Email: info@spectrummetals.com.au

Web: www.spectrummetals.com.au

 

Musgrave Minerals Intersects Further Cue Gold

/in , /by

THE DRILL SERGEANT: Musgrave Minerals (ASX: MGV) reported encouraging assay results from drilling at the Lena deposit and initial drilling at the Mainland prospect, both part of the company’s Cue gold project in Western Australia’s Murchison district.

Musgrave has received assays from the first reverse circulation (RC) holes drilled in the current program at Lena and from a maiden drilling program at Mainland, a recently acquired tenement holding that has produced abundant alluvial gold but where only minimal basement exploration has been conducted.

The company said the high-grade gold intercepts returned from RC drilling at Lena highlight potential at depth including:

19MORC014
1 metre at 25.7 grams per tonne gold from 110m down hole; and

24m at 3.2g/t gold from 140m down hole, including 4m at 13.1g/t gold from 151m including, 1m at 42.8g/t gold from 153m.

High-grade gold was also intersected at Mainland including:

19MORC008
3m at 5.4g/t gold from 74m down hole.

“These are exciting results at Lena and Mainland. At Mainland, the initial program has returned strong results and further drilling is planned,” Musgrave Minerals managing director Rob Waugh said in the company’s announcement to the Australian Securities Exchange.

“The upside at Lena is significant with drilling confirming high-grade gold mineralisation below the existing resource that remains open.

“Our reinterpretation of the geology and shoot control has highlighted the excellent potential to extend the current Lena resource and we look forward to further strong results as drilling continues.”

 

Email: info@musgraveminerals.com.au

Web: www.musgraveminerals.com.au

 

Horizon Minerals Returns Encouraging Drill Hits at Binduli

/in , /by

THE DRILL SERGEANT: Horizon Minerals (ASX: HRZ) announced reverse circulation (RC) drilling results from the company’s 100 per cent-owned Binduli gold project area located west of Kalgoorlie-Boulder in the Western Australian goldfields.

The results come from a follow up 56-hole RC drilling program completed at the Crake and Coote prospects, part of the Binduli gold project area.

The current Mineral Resource for Crake stands at 1.12 million tonnes at 1.59 grams per tonne gold for 57,700 ounces at a 1g/t lower grade cut-off.

Latest results received from Crake include:

BRC19021
3 metres at 7.41 grams per tonne gold from 81m and 10m at 1.78g/t gold from 102m;

BRC19025
5m at 4.91g/t gold from 36m and 9m at 1.58g/t gold from 65m;

BRC19031
3m at 3.18g/t gold from 14m and 4m at 2.47g/t gold from 55m;

BRC19012
3m at 1.28g/t gold from 10m, 1m at 2.91g/t gold from 17m, 1m at 2.13g/t gold from 25m, 1m at 5.19g/t gold from 32m and 14m at 1.75g/t gold from 44m;

BRC19010
12m at 1.65g/t gold from 32m;

BRC19029
10m at 1.46g/t gold from 77m;

BRC19027
1m at 3g/t gold from 57m and 7m at 2.78g/t gold from 97m.

Horizon Minerals said the results continue to demonstrate both width and grade continuity across a 450m strike length with the mineralisation open along strike to the north, east and to the west at depth.

Mine optimisation and design work has commenced as part of a consolidated Feasibility Study due for completion in the June Quarter 2020.

Results received from Coote, 700m to the west include:

CRC19006
1m at 8.18g/t gold from 40m and 1m at 1g/t gold from 64m;

CRC19017
1m at 5.1g/t gold from 53m;

CRC19018
1m at 1.76g/t gold from 17m, 5m at 1.4g/t gold from 24m and 4m at 2.63g/t gold from 51m;

CRC19019
1m at 2.7g/t gold from 9m, 4m at 1.22g/t gold from 36m and 1m at 1.03g/t gold from 59m and 1m at 1.87g/t gold from 65m and 1m at 1.06g/t gold from 91m; and

CRC19005
1m at 1.33g/t gold from 33m, 1m at 1.83g/t gold from 43m, 1m at 1.61g/t gold from 88m, 1m at 2.1g/t gold from 96m and 4m at 1.15g/t gold from 114m.

“The results continue to demonstrate that Binduli is a genuine contributor to our mine development and production pipeline as part of the consolidated Feasibility Study currently underway,” Horizon Minerals managing director Jon Price said in the company’s announcement to the Australian Securities Exchange.

“The drilling has improved geological confidence and demonstrated excellent width and grade continuity over a 450 metres strike length and remains open in all directions.

“Further RC and diamond drilling is planned across the Binduli project area, located only 25 kilometres from our baseload Boorara gold project.”

 

Email: info@horizonminerals.com.au

Web: www.horizonminerals.com.au

 

S2 Resources Signals Potential Finland Gold Discovery

/in , /by

THE DRILL SERGEANT: S2 Resources (ASX: S2R) declared a possible gold discovery at the company’s Aakenusvaara gold prospect in Finland.

S2 Resources advised the market that it had intersected numerous zones of sulphides, alteration and brecciation in the first seven diamond holes it has drilled down dip and along strike from historic gold intercepts at the Aakenusvaara gold prospect.

The company indicated it was now waiting on assays for these intercepts, which it explained are visually similar to those in limited historic near surface drilling undertaken by Outokumpu.

Aakenusvaara is located three kilometres along strike from the Outokumpu’s former Saattopora mine, where copper-gold mineralisation was also associated with visually similar breccia zones and veins of pyrrhotite, pyrite, chalcopyrite, quartz, carbonate and strong albite alteration.

While waiting for the results for the Aakenusvaara holes, S2 will move the rig back to start a phase 2 reconnaissance program.

The phase 2 reconnaissance program at Aarnivalkea will tighten the current broad (320 metre) line spacing, follow up better intercepts from phase 1, and test some of the new base of till gold anomalies identified along strike and to the west of the main trend at Aarnivalkea.

“The optionality afforded by having these two drill-stage prospects in a district otherwise unexplored by Australian standards enables logistical flexibility and continuing momentum,” S2 Resources said in its ASX announcement.

“Both prospects are accessible all year round with the exception of some swampy areas at Aarnivalkea (best drilled in winter) and a seasonal environmental exclusion zone covering part of the Aakenusvaara prospect (with restricted access in spring/early summer).”

 

Email: admin@s2resources.com.au

Web: www.s2resources.com.au

 

Blackstone Minerals Identifies New Ta Khoa Nickel Targets

/in , /by

THE DRILL SERGEANT: Blackstone Minerals (ASX: BSX) has completed a maiden Induced Polarisation (IP) survey at the company’s Ta Khoa nickel project in Northern Vietnam.

Blackstone Minerals said the survey had identified multiple new targets at the Ta Khoa nickel project by indicating a strong correlation exists between high chargeability and high-grade disseminated sulphide (DSS) and massive sulphide vein (MSV) mineralization.

Blackstone is the first company to undertake an IP survey at Ta Khoa and the company indicated the geophysical method it has used defined existing and potential further high-grade zones within both MSV and DSS prospects.

The latest IP results follow-up on Blackstone’s recent drilling at Ta Khoa, which delivered initial substantial nickel sulphide intersections.

Blackstone intends using the IP survey results to target a second phase of deeper drilling that is anticipated to commence over the coming weeks.

The company considers potential exists to delineate further high-grade mineralisation throughout the Ta Khoa nickel project, initially within a five kilometre radius of the existing processing facility.

The Ta Khoa nickel project has existing modern infrastructure built to Australian Standards including a 450,000 tonnes per annum concentrator located within a premier nickel sulphide district.

Blackstone declared it would be continuing to investigate the potential to develop downstream processing infrastructure in Vietnam to produce a downstream nickel and cobalt product to supply Asia’s growing lithium ion battery industry.

“Our maiden results from the first ever IP survey at Ta Khoa suggest we have an extensive system of magmatic nickel-copper-cobalt sulphides,” Blackstone Minerals managing director Scott Williamson said in the company’s announcement to the Australian Securities Exchange.

“We look forward to continuing our shallow drilling and commencing the deeper drilling of the new targets with a second drill rig mobilising over the coming weeks.”

 

Email: admin@blackstoneminerals.com.au

Web: www.blackstoneminerals.com.au

 

Lithium Australia Scores Strong Lithium Hits at Youanmi

/in , /by

THE DRILL SERGEANT: Lithium Australia (ASX: LIT) reported further assay results from THE maiden RC drilling program underway at the company’s Youanmi project in Western Australia.

Lithium Australia released the results saying they included widths of high-grade lithium mineralisation from the campaign that has been designed to test down-dip extensions of outcropping lithium-bearing pegmatites.

Highlights of the drilling results include:

19YMRC040
3 metres at 1.68 per cent lithium oxide (Li2O) from 32m;

19YMRC041
3m at 1.27 per cent Li2O from 2m;

19YMRC042
4m at 1.61 per cent Li2O from 21m;
5m at 1.54 per cent Li2O from 62m;

19YMRC044
4m at 1.26 per cent Li2O from 2m; and

19YMRC057
6m at 1.61 per cent Li2O from 22m, including 1m at 4.14 per cent Li2O from 22m.

Lithium Australia said the drilling had confirmed mineralisation over 2.5 kilometres of strike, with assays reporting widths of high-grade lepidolite (lithium mica) mineralisation hosted in LCT pegmatites.

Multiple stacked pegmatites have been intercepted in RC drill fences along this strike.

The drilling has also demonstrated that the pegmatites dip at shallow angles (20-30°) towards the east.

Mineralisation remains open down dip and along strike and further drill testing will be required to determine the extent of the mineralised system.

“These results from our maiden drill program – which confirm significant lithium mineralisation at Youanmi – are most encouraging,” Lithium Australia managing director Adrian Griffin said in the company’s announcement to the Australian Securities Exchange.

“The lithium is hosted in lepidolite, a lithium mica ideally suited to processing via our proprietary SiLeach technology.

“Initial results suggest Youanmi could provide critical local feedstock for Lithium Australia’s lithium-cathode and battery business units.”

 

Email: info@lithium-au.com

 

Web: www.lithium-au.com

 

Black Rock Mining Completes $3M Raising

/in , /by

THE BOURSE WHISPERER: Black Rock Mining (BKT: ASX) announced completion of a placement to raise $3 million by issuing approximately 42.9 million shares at seven cents per share.

Black Rock Mining indicated that the funds raised will go towards progressing project financing activities being supported by its debt advisors, Ironstone Partners, and completion of commercial and permitting activities for the company’s 100 per cent-owned Mahenge graphite project in Tanzania.

“We are delighted with the level of support we have received from our cornerstone investors and from our board,” Black Rock Mining CEO John de Vries said in the company’s announcement to the Australian Securities Exchange.

“This placement of $3 million enables Black Rock to progress financing activities with a view to being construction ready for delivery of the Mahenge graphite project on resolution of the structure of the Tanzanian Government’s participation in the project.

“Our strategy thus far has been to focus on delivery of project development milestones.

“In achieving our development milestones we have progressed our financing objectives by de-risking the project and enhancing our market entry strategy.

“Simply put, the lower our risk profile, the better the financing outcome.

“With the completion of our technical work program, we can now confidently focus on completing our financing and commercial activities and completing documentation the structure of the Tanzanian Government participation in the project.

“We look forward to progressing the project to financing and execution.”

 

Email: info@blackrockmining.com.au

Website: www.blackrockmining.com.au