Black Cat Syndicate Extends Bulong Ground Position

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THE BOURSE WHISPERER: Black Cat Syndicate (ASX: BC8) has entered into Farm-in and Joint Venture Agreements in respect of the Balagundi project (E27/558) with Pioneer Resources (ASX: PIO).

Balagundi sits adjacent to the north-west portion of Black Cat Syndicate’s Bulong gold project in Western Australia and runs parallel to a major structural trend bounding the Balagundi and Bulong Subdomains.

The company explained the 40.6 square kilometre tenement increases the size of Bulong by around 46 per cent from 87sqkm to 128sqkm.

Balagundi currently comprises five key gold and base metal targets:

Black Widow (gold);
Funnel Web (gold);
Montana (gold);
Trap Door (gold); and
Anvil (base metals).

The Farm-in involves a minimum spend by Black Cat of $150,000 over a maximum period of two years, at which time Black Cat can withdraw.

Black Cat can earn 75 per cent by completing earning expenditure of $600,000 over five years and Pioneer would retain a 25 per cent free carried interest to completion of an approved Bankable Feasibility Study.

Black Cat is the Manager of the Joint Venture.

“Balagundi sits along a major structural trend immediately adjacent to our Bulong gold project,” Black Cat Syndicate managing director Gareth Solly said in the company’s announcement to the Australian Securities Exchange.

“This is a strategic move by Black Cat to expand our footprint around Bulong. Balagundi has four attractive gold targets and one base metal target which will be evaluated over the next two years.

“This work can be done in conjunction with other activities planned for our existing landholdings.

“We look forward to working with the Pioneer team and to unlocking further value around our core landholding.”

Work already completed at Balagundi includes that by Pioneer and previous owners that has collected geochemical and soil data across the project.

Historic drilling has been limited to 281 RAB and AC holes and a further 20 RC holes at an average depth of 72m.

Black Cat draws similarities between Balagundi and Bulong, saying that Balagundi has seen mainly shallow drilling and remains underexplored and highly prospective.

Black Widow: is an extensive gold in soil anomaly partly drilled by Anglo/Redback in the 1990s.

Several discrete geochemical trends exist that split this area into a number of sub anomalies that trend onto Black Cat’s existing leases.

This broad target is hosted by mafic volcanic, gabbro and high magnesian basalt near the eastern margin of the Balagundi Subdomain.

Minimal historic work has been conducted in this area.

Black Widow has only been tested with first pass RAB drilling on a 400m by 100m spaced grid.

Funnel Web: is a large gold in soil anomaly generated by Acacia in the 1990s.

Drill intercepts are interpreted to contain both paleochannel and bedrock hosted gold.

Historic drilling shows bedrock mineralisation is associated with mafic rocks and the southern end of a large, interpreted magnetic alteration zone.

Previous intersections include: 2m at 6.33g/t gold from 49m, 2m at 5.34g/t gold from 42m, and 1m at 8.54g/t gold from 56m.

Montana: is an extensive gold in soil anomaly developed over the contact between high-magnesian basalt and ultramafic units on the eastern boundary of the Balagundi Subdomain.

Montana has only been tested with first pass RAB drilling on a 300m by 100m spaced grid that insufficiently tested the anomaly and warrants further work to identify the source of the gold anomalism.

Trap Door: is a discrete linear gold in auger anomaly which also contains a copper anomaly.

The gold anomalism is associated with an extensive potassic alteration zone, hosted in felsic volcaniclastic sediment and cut by a NW trending structure.

RAB drilling returned intersections of 4m at 3.2 per cent copper from 20m, and 1m at 2.2g/t gold from 10m.

RC drilling chips show copper being hosted by fine veinlets/fracture zones in the volcaniclastic.

Further work is warranted to assess the gold and copper potential in this area.

Anvil: was defined on a 400m by 100m auger grid, with results showing a discrete copper anomaly with values up to 634ppm over an approximate 1.5km of strike length.

Infill soil sampling subsequently defined a coincident copper-lead-zinc (Cu-Pb-Zn) anomaly that remains untested by drilling.

 

Email: admin@blackcatsyndicate.com.au

Website: www.blackcatsyndicate.com.au

 

Mako Gold Doubles Napié Project Strike Length

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THE DRILL SERGEANT: Mako Gold (ASX: MKG) reported assay results from the first sixteen holes of a recent twenty-seven hole reverse circulation (RC) drill program at the company’s Napié project in Côte d’Ivoire.

Mako Gold is earning up to a 75 per cent interest in the Napié project under a farm-in and Joint Venture agreement with Occidental Gold SARL, a subsidiary of West African-focused gold miner Perseus Mining (ASX: PRU).

Mako currently holds 51 per cent interest in the permit and is operator of the project.

The recent drilling consisted twenty-four RC drill holes drilled on the Tchaga prospect and three RC holes to test mineralisation between the Tchaga and Gogbala prospects.

The drilling was designed to extend mineralisation previously outlined over a 500 metre strike length on the Tchaga prospect.

Mako said the assays it has received to date from drilling on Tchaga have doubled the strike extent of gold mineralisation to one kilometre.

Broad and high-grade zones of gold mineralisation were intersected in shallow drilling, returning results including:

NARC080
18 metres at 3.25 grams per tonne gold from 39m;

NARC084
23m at 2.46g/t gold from 15m;

NARC082
15m at 1.13g/t gold from 104m;

NARC079
2m at 6.37g/t gold from 4m;

NARC072
27m at 1.29g/t gold from 15m;

NARC073
4m at 3.19g/t gold from 72m.

NARC075
10m at 0.95g/t gold from 66m; and

NARC087
1m at 16.12g/t gold from 7m.

Mako is currently awaiting assays from drilling of the three further RC drill holes testing the interpreted shear in an undrilled area between the gold mineralised Tchaga and Gogbala prospects.

The company believes the gold mineralisation intersected at the Tchaga prospect and the Gogbala prospect could be part of the same system and both lie along the recently interpreted 17km-long shear zone.

“We are encouraged by the results received to date from our recent drilling program on Tchaga, which has doubled the strike length of gold mineralisation and further enhanced the potential of the project,” Mako Gold managing director Peter Ledwidge said in the company’s announcement to the Australian Securities Exchange.

“We eagerly await the remaining assay results from our Tchaga drilling which may extend the mineralised trend even further, as well as our regional drilling results.

“Mako looks forward to providing the final assay results from the drilling program shortly.”

 

Website: www.makogold.com.au

 

Galan Lithium Receives Argentine Drilling Permits

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THE DRILL SERGEANT: Galan Lithium (ASX: GLN) has received permits from the Secretaria de Estado de Minería ‐ Gobierno de Catamarca (the authority that approves drilling permits in Catamarca, Argentina).

The permitting allows Galan Lithium to conduct a maiden drill program over the company’s Western Basin projects located on the Hombre Muerto salar in Argentina.

The permits come following the recent completion of Galan’s initial resource drilling phase over the Candelas project located in the south‐east region at Hombre Muerto.

The company has been granted permits to drill a total of 14 drillholes plus five water bores within 18 months.

Work to enable access in preparation for drilling is now underway with drilling to commence thereafter.

Initial exploratory drilling is planned within the Pata Pila and Rana del Sal project areas.

“The drilling will target highly conductive anomalies recorded from CSAMT (Controlled Source Audio‐frequency Magnetotellurics) surveys previously completed in late September last year,” Galan Lithium said in its ASX announcement.

“These were the first surveys ever conducted over these targets with cover alluvial fans interpreted by the company to overlie prospective salar.

Pata Pila covers a large alluvial fan along the western margin of the salar with the geophysical profile showing an upper, horizontal conductive layer over approximately two kilometres being compatible with geological units interpreted to contain brines.

The Rana de Sal profile covers an alluvial fan area interpreted to overlie the salar.

The geophysical profile shows a highly conductive response over approximately 1.5km that are compatible with units interpreted to contain brines.

The eastern end shows the conductive anomaly remaining open, as expected, as the line enters the salar in the area where Livent has its operations.

Towards the west a more resistive unit is interpreted as basement.

 

Website: www.galanlithium.com.au

 

Bellevue Gold Announces $18.5M Placement

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THE BOURSE WHISPERER: Bellevue Gold (ASX: BGL) has launched a fully underwritten institutional placement to raise approximately $18.5 million.

Bellevue Gold is offering the placement at 57 cents per share, which represents an 8.8 per cent discount to the closing price of the company’s shares on 23 July 2019 of 62.5 cents per share.

The company declared the placement will strengthen its balance sheet and in conjunction with its existing war chest of $20 million of cash, will enable it to undertake exhaustive infill drilling to further define its existing resource base, in addition to expanding its step-out exploration drilling program over the next 12 months.

The placement is fully underwritten by Canaccord Genuity (Australia) Limited and will result in approximately 32.4 million new fully paid ordinary shares in the company issued to sophisticated, professional and institutional investors.

Bellevue indicated the proceeds from the placement will be used to fast-track several key initiatives at the Bellevue gold project, including ongoing step-out resource growth exploration drilling, an infill drilling program to seek to convert existing inferred resources into measured and indicated resources, and other pre-development activities.

Meanwhile, in conjunction with the placement, the company’s Board members Ray Shorrocks (non-executive chairman), Steve Parsons (managing director) and Michael Naylor (executive director) declared their intention to sell shares in the company at the offer price.

The Director Sell-Down will acount for up to approximately 12 million shares, for total proceeds of up to approximately $6.8 million.

Bellevue highlighted that a portion of the sale proceeds from the Director Sell-Down will be used by Steve Parsons and Ray Shorrocks to exercise outstanding options that they currently hold in Bellevue Gold.

Specifically, Parsons will utilise sale proceeds from the Director Sell-Down to exercise approximately 15 million outstanding options, which will result in him holding approximately twice as many shares in the company as prior to the Director Sell-Down.

“The Director Sell-Down represents the first occasion that the Directors have sold any shares in the company,” Bellevue Gold said in its ASX announcement.

“Furthermore, the company notes that since the appointment of Steve Parsons as a Director on 31 March 2017, the Bellevue Gold share price has appreciated from 3.8 cents to 62.5 cents, representing an approximate 16 fold increase.”

 

Email: admin@bellevuegold.com.au

Website: www.bellevuegold.com.au

 

Calima Energy Progresses Sale of Namibia PEL 90

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THE BOWSER: Calima Energy (ASX: CE1) has entered into a formal sale and purchase agreement to sell the company’s interest in the Namibia PEL 90 licence (Block 2813B).

Calima Energy is selling the licence to Tullow Namibia Limited, a subsidiary of Tullow Oil plc, a leading deep-water operator with a track record of working in Africa.

Calima explained the transfer of title contemplated by the agreement is subject to customary Government and partner approvals relating to the assignment of interest and transfer of Operatorship.

Calima will receive US$2 million on completion with subsequent success bonuses totalling US$10 million to be paid in two equal tranches (US$5 million) following the grant of a production licence and then upon the commencement of commercial production.

“The completion of a binding sale and purchase agreement is a significant milestone towards completion of this transaction,” Calima Energy managing director Alan Stein said in the company’s announcement to the Australian Securities exchange.

“We shall now work with the Government and our joint venture partners to secure the necessary consents and approvals required to reach completion.”

 

Email: info@calimaenergy.com

Website: www.calimaenergy.com

 

Strike Energy Completes West Erregulla-2 First Intermediate Section Drilling

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THE BOWSER: Strike Energy (ASX: STX) completed drilling the intermediate hole section of its West Erregulla-2 well to a final TD of 2,499 metres.

Strike Energy said the drilling had encountered the Eneabba formation that had been selected to provide a good setting point.

The company then ran the 11-3/8” casing in hole to the target setting depth of 2,481m before being cemented in place and tied back to the wellhead at surface.

Recent weather conditions have caused some local concerns including road closures, however prior planning for the rain by Strike Energy prevented any material impact on operations to date.

Strike is now preparing to run in hole with the 10-5/8” drilling assembly and commence drilling a second intermediate section to a nominal TD of 4,230m.

The Basal Wagina, a secondary conventional gas prospect, is expected to be intercepted in this section.

Strike Energy explained it that West Erregulla-2 is being drilled in EP 469, which is adjacent to and targeting analogous Permian gas sands of a similar size and nature as the Waitsia gas discovery.

The well will be drilled to a planned total depth of 5,200m and penetrate two additional independent reservoir targets.

These include a conventional gas target in the Basal Wagina sandstones and the primary gas sand sequence in the Kingia High Cliff.

Strike Energy is the operator and the holder of a 50 per cent Joint Venture interest in EP469, and Warrego Energy (ASX: WGO) the holder of the other 50 per cent JV interest.

 

Email: strike@strikeenergy.com.au

Website: www.strikeenergy.com.au

 

Magnetic Resources Extends HN9 Gold Zone

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THE DRILL SERGEANT: Magnetic Resources (ASX: MAU) claimed a plus 200m-wide gold zone is emerging on the north-eastern part of the company’s Hawks Nest 9 (HN9) gold project near Laverton in Western Australia.

Magnetic Resources completed an extensive drilling program of 250 RC holes at HN9, which remains open downdip and to the north.

The drilling encountered the best shallow grades the company has intersected to date in this north-eastern zone, including:

MHNRC220
4 metres at 10 grams per tonne gold from 28m; and

MHNRC219
4m at 7.1g/t gold from 28m.

The company indicated it has nine new holes planned for this zone to test for further downdip extensions of what it considers to be a highly promising gold mineralised area.

Magnetic highlighted interesting shallow intersections of 8m at 2.9g/t Au from surface in MHNRC270 and 4m at 2.7g/t Au from surface in MHNRC280, which it claimed to have confirmed a very extensive surface gold zone on the western side.

An additional 31 infill holes are planned for this area to further define these thicker zones.

“With the Australian gold price around record levels of $2,050 the HN9 project being only 15 kilometres north-west of the Granny Smith Operations owned by Gold Fields Australia Pty Ltd and only 10 kilometres north-east of the Jupiter Operations owned by Dacian Gold Ltd at Laverton, (HN9) is shaping up and has potential for a large-scale shallow deposit,” Magnetic Resources managing director George Sakalidis said in the company’s announcement to the Australian Securities Exchange.

“This significant 2.1-kilometre target is coherent and is not closed off to the north, south, southwest and downdip to the east and is so far defined by 250 RC holes totalling 9813 metres and is now being tested over a very large 4.5-kilometre length.

“Future deeper drilling will be guided by the outline of the very extensive near surface results both on the downdip north-eastern side with 4 metres at 10 grams per tonne from 28 metres in MHNRC220 and 4 metres at 7.1 grams per tonne in hole MHNRC219 and the surficial gold mineralisation shown up by our latest drilling of 8 metres at 2.9 grams per tonne from surface in MHNRC270.”

 

Website: www.magres.com.au

 

Canyon Resources Working with Cameroon Government on New Train Line

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THE BOURSE WHISPERER: Canyon Resources (ASX: CAY) reported that the Government of Cameroon has completed a rail study involving a link between the company’s Minim Martap bauxite project to the Kribi Deep Water Port.

Canyon Resources said an independent Feasibility Study for the construction of a rail line from Edea to Kribi Port, was completed for the Government of Cameroon by Studi International.

The Feasibility Study focused on a long-term solution for Cameroon’s rail infrastructure linking different parts of the country to the existing rail and ports.

Canyon has engaged with Studi International to gain an insight into the study and the technical aspects of the proposed rail upgrade and development process.

Canyon and Mota-Engil Africa will work together to apply the outcomes of this study to the requirements for Minim Martap.

The Cameroon government has called for tenders to manage the railway infrastructure and develop models for possible Public-Private Partnership financing and operation of the rail line.

Canyon Resources said the tender aims to finalise the financial model for operating the existing Camrail upgraded rail line as well as an extension to the Kribi Port and other potential rail infrastructure.

Canyon Resources managing director Phillip Gallagher said in the company’s announcement to the Australian Securities Exchange.

“It’s pleasing to see the Cameroon Government progressing its rail network to a level that will potentially provide the infrastructure required for Canyon to transport bauxite product from our globally significant project at Minim Martap to the Kribi Port.

“We will continue to work with the Cameroon government and Camrail to ensure the best possible outcome for the rail network, as it is an important piece in unlocking the potential of our Tier 1 bauxite resource at Minim Martap.”

 

Email: info@canyonresources.com.au

Website: www.canyonresources.com.au

 

St George Mining Raises $4M to Continue Drilling at Mt Alexander

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THE BOURSE WHISPERER: St George Mining (ASX: SGQ) completed a placement of approximately 37.2 million fully paid ordinary shares at 11 cents per share to raise $4 million.

“We are very pleased with the strong investor backing which recognises the substantial exploration upside at the high‐grade Mt Alexander project at a time of heightened investor interest in the nickel sulphide market,” St George Mining executive chairman John Prineas said in the company’s announcement to the Australian Securities Exchange.

“We thank new and existing shareholders for their continued support.

“We are preparing a major drill program for Mt Alexander that will test nickel‐copper sulphide targets across the highly mineralised Cathedrals Belt including a large number of EM conductors.”

St George Mining said the funds from the placement will fund upcoming exploration at the company’s Mt Alexander project and other projects as well as working capital and general corporate expenses.

 

Website: www.stgm.com.au

 

ioneer Upgrades Rhyolite Ridge Mineral Resource Estimate

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THE BOURSE WHISPERER: ioneer Ltd (ASX: INR) announced an updated Mineral Resource estimate for the company’s 100 per cent-owned Rhyolite Ridge lithium-boron project in Nevada, USA.

Ioneer has taken the total lithium-boron Mineral Resource for the South Basin at Rhyolite Ridge to be now estimated (at a cut-off grade of 5,000ppm boron) to contain:

154 million tonnes at 1,650ppm lithium (equivalent to 0.9% lithium carbonate) and 14,100ppm boron (equivalent to 8% boric acid); and

1.3 million tonnes of lithium carbonate and 12.4 million tonnes of boric acid.

The company said the update represents an increase of 200,000 tonnes of lithium carbonate and 3.8 million tonnes boric acid compared to the previous lithium-boron Mineral Resource estimate.

The updated Mineral Resource includes a maiden Measured Resource of 41 million tonnes at 1,700ppm lithium and 14,400ppm boron.

This contains a higher-grade Measured Resource of 27.5 million tonnes at 1,900ppm lithium and 17,800ppm boron for the Upper Zone.

“This upgraded Mineral Resource is exactly what we were aiming to achieve with the 2018/2019 drill program at Rhyolite Ridge,” ioneer managing director Bernard Rowe said in the company’s announcement to the Australian Securities Exchange.

“The higher confidence Measured Resource relates to the planned starter pit and due to the significantly higher grades, we can expect to see a material increase in the projected early operating cash flows.

“The total Resource has continued to grow with step-out drilling to the south where both the lithium and boron grades are some of the highest we have seen in the deposit.

“The lithium-boron mineralisation remains open to the south where it continues to be shallow and we expect further increases to the Resource with additional drilling.

“With the recent focus by the US Government on ensuring the supply of critical minerals, ioneer is well placed to become the first major domestic supplier of lithium to the American electric vehicle industry.”

The company explained that a planned starter pit is being developed as part of the Rhyolite Ridge Definitive Feasibility Study (DFS).

This starter pit will mine the Measured Resource and is expected to provide stronger cash flows in the early years of the project compared to the Preliminary Feasibility Study (PFS).

ioneer said the improved cash flows would become evident upon completion of the updated mine plan and schedule currently being undertaken as part of the DFS.

Lithium-boron (searlesite) mineralisation is the focus of the DFS as it represents the highest value material.

The low-clay and high-searlesite content of the lithium-boron mineralisation allows for a low-cost, simple processing route due to being amenable to low-cost acid leaching.

 

Website: www.ioneer.com