Calidus Resources Drilling Intercepts Underpin Resource Upgrade

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THE DRILL SERGEANT: Calidus Resources (ASX: CAI) received results for the remaining 32 RC and AC drillholes of a 42-hole RC program aimed at expanding the current Resources at the company’s Warrawoona gold project in Western Australia.

The total program comprised 35 RC drillholes within the current Klondyke/St George pit designs, as well as four initial shallow holes to test a section of the Highway Shear chargeability anomaly.

Eleven RC holes were drilled into the St George PFS pit designs to assist in converting these resources to an Indicated category.

Assays from this drilling included:

19SGRC078
13 metres at 11.1 grams per tonne gold from 30m, including 1m at 107.16g/t gold from 36m;

19SGRC081
13m at 5.58g/t gold from 46m; and

19SGRC075
12m at 1.73g/t gold from 23m.

Drilling on the eastern side of the Klondyke PFS pit design was planned to increase resources in an area that had limited drill density and as a result allow the PFS pit design to be driven deeper.

Calidus has been encouraged by the intercepts received that appear to have achieved their aim.

Highlights from this part of the resource included:

19KLRC192
10m at 6.81g/t gold from 47m, including 1m at 50.77g/t gold from 49m;

19KLRC193
5m at 3.16g/t gold from 126m;

19KLRC201
22m at 2.13g/t gold from 19m; and

19KLRC195
15m at 1.71g/t gold from 41m.

“With the completed PFS showing a robust six-year initial mine life, we are now focussing growing the mine life and continuing to de-risk this quality WA gold development story,” Calidus Resources managing director Dave Reeves said in the company’s announcement to the Australian Securities Exchange.

“This drilling was planned to build confidence in the resource categories and potentially add further open pit reserves by increasing pit depth in areas of low drill density.

“The high-grade tenor of the results confirms that areas of the pit will contain bonanza grades.

“With one rig on site and a second rig to be mobilised for the remainder of this calendar year, there will be strong newsflow as we continue to add mine life and increase confidence in the resource and reserves at Klondyke.”

 

Email: info@calidus.com.au

Website: www.calidus.com.au

 

Kairos Minerals Claims New Conglomerate-Style Gold Discovery

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THE DRILL SERGEANT: Kairos Minerals (ASX: KAI) kicked off its 2019 exploration field season at the company’s 100 per cent-owned Pilbara gold project in Western Australia by claiming the discovery of an extensive area of conglomerate-hosted gold nuggets and visible gold.

Kairos Minerals made the discovery during ground-based exploration activities at the Croydon project, located within the central part of the Pilbara project, situated around 100 kilometres to the west of the Mt York gold project.

Kairos said the new discovery was a major advance in its conglomerate exploration program and was the first time the company has encountered intact gold nuggets hosted directly in a conglomerate unit and is considered to be directly analogous to the Purdy’s Reward discovery near Karratha, which first sparked interest in conglomerate-hosted gold in the Pilbara.

To date, Kairos has recovered a total of 223 nuggets for 656 grams/21.1 ounces at the base of the conglomerate outcrop near the contact with the granitic rocks of the Archean basement.

The company said its metal detector is also indicating that there is gold in five different locations in-situ.

A more detailed mapping program is now underway to define the mineralised horizon within the conglomerate unit.

“Our 2019 exploration field season in the Pilbara is off to a great start with our field team achieving a significant early breakthrough with the discovery of a large area of visible gold and nuggets hosted in conglomerate sequence,” Kairos Minerals executive chairman Terry Topping said in the company’s announcement to the Australian Securities Exchange.

“This is the first time that we have found intact gold nuggets hosted directly in rock on our tenements – a really exciting development.

“The gold-bearing conglomerate horizon is located in a valley which lies just two kilometres from the six nugget patches discovered last field season and extends over a strike length of approximately 700 metres and width 200 metres.

“The conglomerate horizon occurs at surface and is therefore easily accessible from the perspective of metal detecting and potential future sampling and trial mining.

“Importantly, the gold-bearing conglomerate appears to be directly analogous to the extensive gold-bearing horizon reported previously by Novo Resources Corp at its Purdy’s Reward project near Karratha – demonstrating just how widespread this style of gold mineralisation is in the Pilbara.

“Together with the results of previous stream sediment sampling and the extensive program of soil sampling currently underway, this has added significantly to our understanding of the scale of the exploration opportunity at the Croydon project.

“We have so far identified multiple high-priority gold targets over 22 kilometres of strike, established access tracks to facilitate 4WD-assisted exploration and now discovered our seventh significant nugget patch – this time with gold hosted directly in the conglomerate sequence.

“Field exploration activities are continuing with sampling, mapping and metal detecting, and we are looking forward to reporting further results as they come to hand.”

 

Website: www.kairosminerals.com.au

 

Dark Horse Resources Demonstrates Continuation of Cachi Gold Mineralisation

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THE DRILL SERGEANT: Dark Horse Resources (ASX: DHR) has identified a further anomalous gold prospect at the company’s Cachi gold project in Argentina.

Dark Horse Resources identified the new prospect, named El Camino, from assays results from recent rock chip sampling, bringing the total number of prospects to fifteen in the southern half of the Cachi tenement.

The company explained the El Camino prospect is another high potential mineralised structure close to the south-eastern border of the caldera.

Fourteen rock chip samples were collected from over 900m of vein subcrop that returned anomalous gold and arsenic values averaging 0.4 grams per tonne gold and 540g/t arsenic, with maximum values of 1.1g/t gold, and 982g/t arsenic.

“This association of gold with high arsenic values appears to place EL Camino, along with Aurora, Vetas Cachi and Valiente, near the top of the mineralised epithermal system opening potential for high-grade gold discoveries with drilling,” Dark Horse Resources said in its ASX announcement.

 

Website: www.darkhorseresources.com.au

 

Lithium Australia Forms Partnership to Market LFP Lithium Batteries

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THE BOURSE WHISPERER: Lithium Australia (ASX: LIT) announced it is forming a business partnership with Chinese battery producer DLG Battery Co. Ltd (DLG).

Lithium Australia said the partnership would be launching a new range of lithium-ion batteries (LIBs) in the Australian market, with a focus on industry-scale energy storage systems (ESS).

The company’s new marketing division will be known as Soluna Australia Pty Ltd and will provide technical support, customer service and, importantly, a range of lithium-iron-phosphate (often referred to as lithium-ferro-phosphate or LFP) battery options for greater safety and superior performance in ESS applications.

From a new Australian-based facility, Soluna Australia will supply and service a range of energy-storage products – from residential energy-storage through to industrial energy storage units.

Custom products for applications such as large-scale storage (including microgrids), will be provided to bespoke specifications.

Lithium Australia said that establishing an Australian warehousing and technical facility will provide greater certainty for ESS users currently relying on offshore suppliers.

The company noted that Australia leads the world in the installation of rooftop solar and domestic energy storage units and has also led the world in the installation of utility-scale ESS and the development of microgrids relying on battery storage for load levelling.

Remote hybrid-power applications can allow consumers the advantage of substituting diesel generating capacity with renewables, provided an efficient battery pack forms part of the installation.

Soluna Australia is assessing the potential for installing a number of hybrid power management systems for evaluation in the local energy market.

“Our partnership with DLG, a leading Chinese battery producer, provides an opportunity to establish our new division, Soluna Australia, as a leading Australian-based provider of LIBs and technical solutions to the fast-growing ESS market that sits in our own backyard,” Lithium Australia managing director Adrian Griffin said in the company’s announcement to the Australian Securities Exchange.

“In addition, Lithium Australia is well on the way to meeting the requirements that will enable VSPC to commercialise its cathode materials and provide Australia with access to purpose-built LFP battery storage, the safest and most effective option for energy storage systems.”

 

Email: info@lithium-au.com

Website: www.lithium-au.com

 

Carawine Resources Identifies New Paterson Project Targets

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THE DRILL SERGEANT: Carawine Resources (ASX:CWX) released preliminary results from a VTEM™ Max heli-EM survey completed during June 2019 at the company’s Paterson Project, located in the Paterson Province of Western Australia.

Carawine Resources said the results of the geophysical survey over the Red Dog tenement had identified several new high priority anomalies, adding to the company’s current list of targets within the tenement and setting the it up for an exploration program at the Paterson project this year.

“Helicopter-borne EM systems like VTEM have been successfully deployed to detect anomalies associated with a number of recent discoveries in the Paterson Province, including Rio Tinto’s Winu discovery, as well as defining discrete resistive alteration zones within otherwise conductive sequences such as those associated with Metals X’s Nifty copper deposit,” Carawine Resources managing director David Boyd said in the company’s announcement to the Australian Securities Exchange.

“Preliminary data from our Red Dog survey has resulted in much better definition of targets at known prospects Leatherneck, Earl and Bravo, as well as identifying several new, discrete conductive anomalies.

“Once we have received the final processed data, we will model the sources of these anomalies so they can be prioritised for further groundwork and drill testing.”

Analysis of the preliminary, pre-processed VTEM™ Max data identified twelve conductive and four resistive anomalies in new areas and at previously identified prospects.

All anomalies are in areas with recent transported cover, essentially rendering them ‘blind’ to surface geochemical exploration techniques.

The depth to the basement host rocks under this cover is relatively shallow, ranging from 30m in the west to about 120m in the east of the tenement, meaning any drill testing of the anomalies can be done using relatively inexpensive drilling techniques.

Carawine Resources declared its next step to advance these targets is to confirm and model the anomalies once the finalised dataset has been received, which is expected during August.

This will allow prioritisation of the targets for follow-up ground EM surveys and/or drill testing.

 

Email: info@carawine.com.au

Website: www.carawine.com.au

 

Spectrum Metals Hits High-Grade Penny North Extensions

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THE DRILL SERGEANT: Spectrum Metals (ASX: SPX) announced the latest results from the high-grade Penny North lode at the company’s 100 per cent-owned Penny West project near Youanmi in Western Australia.

Spectrum Metals said the results, which stem from four new holes, demonstrate the continuity of high-tenor mineralisation within the high-grade Penny North shoot.

The results from the latest four holes included:

SPWRC067
3 metres at 34.4 grams per tonne gold from 264m, including 1m at 99.9g/t gold from 265m;

SPWRC068
9m at 24.1g/t gold from 265m, including 3m at 69.3g/t gold from 267m;

SPWRC069
9m at 15.9g/t gold from 294m, including 6m at 22.5g/t from 295m; and

SPWRC070
2m at 16.6g/t gold from 274m.

Spectrum also reported additional results to complete six holes whose main lode intersections had been previously reported.

Results from the further two holes included:

SPWRC051
4m at 16.8g/t gold from 116m, including 2m at 31.1g/t gold from 116m; and

SPWRC048
4m at 6.1g/t gold from 68m.

Spectrum explained that it had previously considered hole SPWRC070 to lie outside the interpreted high-grade shoot boundary, but its position now lies within the 20to 40gm contour.

It also stated that the intersection encountered by hole SPWRC051 of 2m at 31.1g/t from 116m sits in a hanging wall lode position, 20m up-hole from the structure that hosts the main high-grade mineralisation at Penny North.

The company has drilling continuing at Penny North with further rigs planned to commence mid to late August to expand the project on multiple fronts.

“We are impressed by the width and grade of the latest drill results from Penny North, particularly as these results lie at the edge of the high-grade envelope,” Spectrum Metals managing director Paul Adams said in the company’s announcement to the Australian Securities Exchange.

“We have been able to increase the known strike length at the base of the zone to at least 200 metres and have very high-grade mineralisation in the deepest hole yet drilled at Penny West in hole SPWRC069.”

 

Email: info@spectrummetals.com.au

Website: www.spectrummetals.com.au

 

Todd River Resources Identifies New Mt Hardy Mineralised Areas

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THE DRILL SERGEANT: Todd River Resources (ASX: TRT) has identified seven new areas of surface mineralisation from a systematic mapping and sampling program carried out at the company’s 100 per cent-owned Mt Hardy copper-zinc project in the Northern Territory.

Todd River Resources identified the new areas of surface mineralisation across the project tenure around known prospects by combining the mapping and sampling with reconnaissance mapping and prospecting over areas of outcrop and disturbance it had previously identified from high resolution satellite imagery.

The company said the sampled material is similar to that at the surface of Mt Hardy’s Hendrix prospect, where a small area of gossanous outcrop is the only surface manifestation of the underlying mineralisation that comprises the Hendrix Mineral Resource estimate of 2.6 million tonnes at 10.5 per cent zinc-equivalent.

Assay results Todd River received from the first batch of rock chip samples returned grades of up to 41.4 per cent combined base metals with the highest individual grades being 28.8 per cent copper, 29.9 per cent lead and 12.7 per cent zinc, all of which are associated with brecciated sulphide material in gossan form.

Source: Company announcement

“Following the maiden Resource estimate for Hendrix, identifying and testing new areas of mineralisation and ultimately adding to the mineral inventory is clearly the priority for us,” Todd River Resources managing director Will Dix said in the company’s announcement to the Australian Securities Exchange.

“These seven new areas of surface gossans and mineralisation, none of which have ever been drill tested, are highly promising.

“It would be highly unusual for the style of mineralisation at Hendrix to occur in isolation and the discovery of new zones of surface mineralisation further reinforces that model.

“We plan to get out on the ground and commence the next phase of exploration on these targets with detailed geophysics to commence early in August and ultimately drilling to follow up refined targets.”

Todd River outlined its August exploration program will focus on a number of priority target areas including adding to the mineral inventory around Hendrix by shallow drill testing the new extensional targets to the south and the north west.

The company also intends testing new electromagnetic conductors north and south of the main Hendrix mineralisation and is keen to follow up the high priority regional targets with a combination of further mapping to determine the extents of the targets, focused geophysics to better define drill targets and ultimately drilling to test the depth extent and continuity of the mineralisation observed at surface.

 

Email: corporate@trrltd.com.au

Website: www.trrltd.com.au

 

Marenica Energy Raises $1.6M to Continue Uranium Exploration

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THE BOURSE WHISPERER: Marenica Energy (ASX: MEY) completed a capital raising for a total of $1.6 million.

Marenica Energy completed the placement of approximately 16 million fully paid ordinary shares at an issue price of 10 cents per share plus around 16 million free attaching options, expected to raise an approximate total of $1.6 million.

The company explained the options will be granted on the basis of one option for every share subscribed and have an exercise price of 17 cents per share, exercisable within two years.

The placement was completed to sophisticated and new institutional shareholders with Patersons Securities Limited as lead manager.

Marenica said the funds raised will be applied to fund exploration activities and working capital, including to continue to explore Marenica’s Namibian uranium tenement portfolio and, its extensive tenement position in the Erongo region.

Marenica has been granted five new tenements in the Erongo region and it plans to progressively explore each tenement as soon as possible.

Drilling has commenced on the first of those tenements, being EPL 6987, known as Koppies.

The company also intends to advance its Australian uranium projects, being the Angela, Thatcher Soak, Minerva and Oobagooma project areas and Joint Venture holdings in the Bigrlyi, Malawiri, Walbiri and Areva JV, subject to completion of their acquisition from Optimal Mining Limited.

The company will also continue to assess the application of its patented U-pgrade™ beneficiation process to third party assets.

“Over the past 12 months, we have assembled an impressive portfolio of tenements and in the near-term, we expect to have the largest uranium tenement holdings in Namibia,” Marenica Energy managing director Murray Hill said in the company’s announcement to the Australian Securities Exchange.

“We are excited about the potential of the drilling which has recently commenced on EPL 6897 in Namibia and the expected extensions of that drilling into our tenement applications.

“Marenica’s recent counter-cyclical agreement to purchase high-grade uranium resources in Australia, averaging 859ppm U3O8, will increase our uranium resources by 48 million pounds U3O8, when and subject to the expected completion of the acquisition in September.

“Following completion of the acquisition, Marenica will have one of the largest uranium resource inventories of ASX-listed companies, diversified by location and with a revolutionary uranium beneficiation process.

“Based on this, Marenica is set up for an expected turnaround in the uranium sector.

“Marenica continues its exciting phase of development in the uranium space.”

 

 

Website: www.marenicaenergy.com.au

 

Matsa Resources Commences Ore Haulage to Sunrise Dam

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THE BOURSE WHISPERER: Matsa Resources (ASX: MAT) announced the first delivery of ore from the company’s Red October gold mine in Western Australia to the Sunrise Dam gold treatment plant owned by AngloGold Ashanti Australia (AGAA).

Matsa Resources executed a five years Ore Purchase Agreement with AGAA for the purchase of gold ore from the Red October gold mine that is to be treated at the Sunrise Dam gold mine.

AnlgoGold Ashanti’s Sunrise Dam treatment plant is a 3.8 million tonne per annum mill and is located approximately 10 kilometres north of the Red October gold mine and provides Matsa with access to a substantial and modern nearby milling facility.

The haulage route is a predominately Matsa owned and maintained road around Lake Carey of 60kms between Red October and Sunrise Dam.

Matsa has previously delivered ore from its Fortitude and Red Dog gold mines to Sunrise Dam.

“The delivery of first ore from the Red October gold mine is another significant milestone for both Matsa and its shareholders,” Matsa Resources executive chairman Paul Poli said in the company’s announcement to the Australian Securities Exchange.

“It is expected that this will be the start of regular, continuous ore deliveries to Sunrise Dam for the foreseeable future generating a regular income stream in the process.

“Under the previously announced ore purchase agreement, AngloGold are keen to accept potentially all ore from Red October for up to five years allowing us to focus on developing a long-term production profile.

“We remain committed and are confident that we can build a long-term profitable mine at Red October.”

 

Email: reception@matsa.com.au

Website: www.matsa.com.au

 

Dark Horse Resources Confirms High Grades at Las Opeñas Gold Project

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THE DRILL SERGEANT: Dark Horse Resources (ASX: DHR) has completed detailed mapping and a diamond‐sawn rock channel sampling program at the company’s Las Opeñas gold project in Argentina.

Dark Horse Resources declared the recent work had confirmed widespread high-grade zones of gold and silver.

The channel sampling consisted thirty‐four channel samples cut over a two-kilometre strike length of the Presagio mineralized zone, and nine samples cut over the Vultur mineralized zone.

Of these, seventeen produced gold assays in excess of one gram per tonne and another five of gold grades in excess of 5g/t.

The highest gold grade was 54g/t and the highest silver grade was 739g/t.

Best sample results returned with the highest gold grades included:

0.4m at 54.2g/t gold, 83g/t silver
0.8m at 17.9g/t gold, 225g/t silver
0.7m at 10.4g/t gold, 263g/t silver
1.0m at 7.2g/t gold, 271g/t silver
0.8m at 7.7g/t gold, 336g/t silver
0.8m at 4.1g/t gold, 384g/t silver
1m at 2.5g/t gold, 597g/t silver

Before undertaking the detailed mapping and surface exploration, Dark Horse had carried out a first phase drilling program in March-April this year that identified five mineralised vein systems at Las Opeñas, with the Presagio vein target showing the most promising results.

Detailed mapping of the Presagio vein system identified the existence of an altered corridor of more than 2.5km in length, including a 1km long vein‐breccia system containing high gold‐silver grades with massive sulfides, located to the west of a drillhole area investigated during the March‐April 2019 drilling program.

Dark Horse considers the exploration results indicate gold and silver mineralisation is most prevalent where northeast and northwest faults intersect, which it acknowledged to be is common at Las Opeñas.

“The gold‐silver mineralisation is distributed throughout the system in parallel, on‐echelon structures,” Dark Horse Resources said in its ASX announcement.

“A hypothetical geological model of Presagio has been interpreted by the company’s geoscientist team and shows the target mineralisation at depth.

“Positive results of this discovery will be used to target further drilling, which is planned to commence in the last quarter of 2019 following the Argentinean winter.”

 

Website: www.darkhorseresources.com.au