Metalicity Drilling at Kookynie Gold Project

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THE DRILL SERGEANT: Metalicity (ASX: MCT) has kicked off drilling at the company’s Kookynie gold project, south of the Western Australia Goldfields town of Leonora.

Metalicity is to carry out a program of reverse circulation (RC) and diamond drilling (DD) at Kookynie to confirm and extend zones of known mineralisation.

The program is to consist of approximately six holes in total (four planned into the DCC Trend, one planned into the McTavish prospect, and a final hole into the Champion prospect) for approximately 600 metres of RC and 600 metres of DD.

Metalicity recently completed mapping of the targeted area that it said supports the company’s interpretation of the controls of mineralisation.

The drilling on the DCC Trend is designed to also test mineralised cross cutting (east-west) structures that control the main north-south mineralised trends that host the Diamantina, Cosmopolitan and Cumberland historical workings.

The Company expects initial results from this drilling program to be available during July.

“We are very pleased to be undertaking the initial drilling program at Kookynie,” Metalicity CEO Mat Longworth said in the company’s announcement to the Australian Securities Exchange.

“We look forward to the results which will determine the direction of future drill programs to advance the understanding and confidence in the potential mineral resources.”

 

Website: www.metalicity.com.au

 

Pioneer Resources Identifies Spodumene Targets at Pioneer Dome

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THE DRILL SERGEANT: Pioneer Resources (ASX: PIO) has identified two spodumene-bearing pegmatites at the Dome North prospect within the company’s 100 per cent-held Pioneer Dome project near Norseman in Western Australia.

Pioneer Resources identified the two targets from recent mapping and rock sampling, resulting in the first time that spodumene, a major source of lithium, being identified within the Pioneer Dome project.

Spodumene Target 1: Orientation rock chips assays returned 1.4 per cent lithium oxide (Li2O); 1.71 per cent Li2O and 1.73 per cent Li2O.

Pioneer said these and a further four samples of outcropping rocks were confirmed as containing spodumene using a Bruker Bravo Raman spectrometer.

Samples were taken over a strike length of 150 metres.

Spodumene Target 2: 18 rock chips containing spodumene were taken along 400m of outcropping pegmatite before becoming covered by soil.

Spodumene was again confirmed by Raman.

Pioneer has submitted both targets for confirmatory chemical analysis, however, it did acknowledge that it already considers both targets drill ready.

The company has completed a program of extensional drilling at its Sinclair pollucite mine and is currently waiting on assay results.

The drilling encountered lithium mineralisation (lepidolite and petalite) along strike, running approximately 150 metres to the north of the northern pit wall and 80 metres to the south of the southern pit wall.

Pioneer has now received payments totalling US$2.6 million for sales of pollucite, from which it has repaid the loan facility of US$4.8 million provided by offtake partner Cabot Specialty Fluids Limited.

The Resources Roadhouse spoke with Pioneer Resources CFO Tim Spencer at the 2019 Gold Coast Investment Showcase to get the lowdown on the company’s recent progress.

 

 

Email: pioneer@pioresources.com.au

Website: www.pioresources.com.au

 

Share Collective Aims to Take Mystery Out of Resources Investment

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THE CONFERENCE CALLER: At the 2019 Gold Coast Investment Showcase, The Roadhouse met Tyson Keen CEO of Share Collective.

A quick squiz of the Share Collective website tells you it provides punters with a, “unique opportunity to view any mining project in the world with transparency”.

“It brings critical data to your fingertips, enabling you to compare and contrast any mining project in the world.

“This catalysis intelligent discussion and understanding for the entire industry.”

We asked Keen to fill us in on what that all means and what Share Collective has to offer to assist investors to part with their money in a more informed way.

 

 

Email: customercare@sharecollective.co

Web: www.sharecollective.co

 

 

Piedmont Lithium Increases Resources by 47 per cent

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THE DRILL SERGEANT: Piedmont Lithium (ASX: PLL) released a major update to the Mineral Resource estimate for the company’s wholly-owned Piedmont lithium project located within the Carolina Tin-Spodumene Belt (TSB) in North Carolina, USA.

Piedmont Lithium has increased the Mineral Resource for the Core property to 25.1 million tonnes at 1.09 per cent lithium oxide (Li2O), bringing the project’s total Mineral Resources to 27.9 million tonnes at 1.11 per cent Li2O, containing 309,000 tonnes of lithium oxide or 764,000 tonnes of lithium carbonate equivalent (LCE) the benchmark used in the lithium industry.

The company highlighted that 74 per cent of the Core Mineral Resource sits within 100 metres of surface and 97 per cent is within 150m of surface.

Approximately 50 per cent (12.5 million tonnes) of the Mineral Resource is classified in the Indicated Resource category.

All Mineral Resource tonnes at both the Core and Central properties are attributable to spodumene mineralisation.

Piedmont says it expects to complete a pre-feasibility level metallurgical testwork program followed by a Scoping Study update in July.

“We are very pleased with the resource update at our Core property, bringing our total project-wide resources to 27.9 million tonnes at 1.11 per cent lithium oxide,” Piedmont Lithium president and chief executive officer Keith D. Phillips said in the company’s announcement to the Australian Securities Exchange.

“As we expand our land holdings and drill out other highly prospective targets, we are optimistic that we will ultimately identify North America’s largest spodumene ore body.

“This scale, combined with high grade, strong mineralogy and metallurgy, and our superior location in North Carolina, all support the unique strategic nature of the Piedmont lithium project.”

 

Email: info@piedmontlithium.com

Website: www.piedmontlithium.com

 

Spectrum Metals Achieves High-Grade Extensions at Penny North

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THE DRILL SERGEANT: Spectrum Metals (ASX: SPX) released further high-grade gold intersections from the company’s Penny North prospect in Western Australia.

Spectrum Metals is currently conducting an extensional Phase II RC drilling program at the Penny North prospect.

The latest results are from 12 recently completed holes with results pending from a further eight holes.

An additional 11 holes have been designed and are yet to be drilled.

So far, SPX has drilled 44 RC holes into the Penny North prospect.

Intersections achieved from the latest batch of assays received include:

SPWRC053
5 metres at 13.3 grams per tonne gold from 202m within 9m at 6.9g/t gold from 200m;

SPWRC054
1m at 24g/t gold from 231m within 7m at 4.9g/t gold from 225m, and 3m at 15g/t gold from 239m;

SPWRC051
1m at 26g/t gold from 149m, within 13m at 3.2g/t gold from 141m;

SPWRC047
1m at 18g/t gold from 111m, within 4m at 4.6g/t gold from 111m; and

SPWRC048
1m at 8.2g/t gold from 134m.

The drilling has now extended the Penny North high-grade mineralisation down dip, south and north taking the gold mineral system at Penny West / Penny North to now measure 650m in strike length extending to a vertical depth of 230m and is open in all directions.

Spectrum indicated it still has a number of infill holes still to drill from its Phase I program under the Penny West pit, and as part of Phase II will follow up an earlier intersection in SPWRC006 of 5m at 28.9g/t gold from 203m, which it said is open in all directions and could represent a new zone of increased lode thickness.

“The Penny North Lode is displaying an apparent southerly high-grade plunge, much like the mineralisation associated with the Penny West lode beneath the open pit,” Spectrum Metals said in its ASX announcement.

“However, mineralisation remains open to the north with additional holes planned with the aim of extending the mineralisation in a northerly direction.”

 

Email: info@spectrummetals.com.au

Website: www.spectrummetals.com.au

 

Winchester Energy to Commence Lightning Prospect Drilling

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THE BOWSER: Winchester Energy (ASX: WEL) announced it will spud a new well, Arledge 16#2, in July targeting relatively shallow Cisco Sands at the newly defined Lightning prospect within the company’s operations base in Houston, Texas, USA.

Winchesters Energy activities are focused on oil exploration, development and production in the Permian Basin of Texas.

The Cisco Sands are a proven producer in the Permian Basin, historically producing over 5 million barrels and 2.25 billion cubic feet of gas with 89 producing wells averaging 57,000 barrels and 25 million cubic feet of gas per well a broad area.

The Cisco sands have produced approximately 100,000 barrels in the Bast Field located one mile to the northeast of the Arledge 16 #2 proposed well location.

The Lightning prospect has a Gross Prospective Resource best estimate P50 of 1.95 million barrels of oil (mmbo) in the lower sand lobe within the Cisco Formation.

The well will test a 150-foot section of the Cisco Formation targeting a thick sequence of thin bedded pay, demonstrated in offset wells and mappable on seismic.

Winchester described it as being a stratigraphic trap and the Arledge 16#2 well will test 150 feet of potential gross oil pay in the lower sand lobe with anticipated net potential of 29 per cent.

The company has interpreted the target interval, the lower lobe, to have about 40 feet of net pay based on wireline logs in Arledge 16#1 well.

Forty-six thousand (46,000) barrels of oil was produced from the same interval in Arledge 215 #1 down dip from the current location and oil shows were observed in up dip wells along with a positive DST test, all of which support the possible presence of oil.

Arledge 16#2 has a planned total depth of 5,500 feet and will satisfy lease hold drilling commitments and extend the Arledge lease (3,342 acres) by a further year.

 

Website: www.winchesterenergy.com

 

AVZ Minerals Increases Manono Project Stake

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THE BOURSE WHISPERER: AVZ Minerals (ASX: AVZ) has executed a Share Sale Purchase Agreement with Dathomir Mining Resources SARL that will result in an increase to the former’s equity in the Manono lithium and tin project in the Democratic Republic of Congo (DRC).

AVZ Minerals said it has been in discussions with Dathomir over the past few months, from which Dathomir has agreed to sell a five per cent equity share in Dathcom Mining SAS to AVZ for a total consideration of US$5.5 million.

Dathcom currently holds 100 per cent of the Manono lithium and tin project concession.

AVZ explained the terms of this purchase agreement represent a highly accretive transaction for AVZ shareholders with minimal upfront payment.

The first tranche payment of US$500,000 is to be paid within 14 days of execution and the balance of the consideration can be paid at any time within a period of 36 months from execution of the agreement.

At the completion of the transaction, AVZ’s equity interest in the project licence will increase to 65 per cent, representing an NPV value added, based on the recent 5 million tonnes per annum Scoping Study of some US$130 million to approximately US$1.68 billion for AVZ’s 65 per cent equity interest (based on ±35% accuracy and including US$78M in capital contingency).

The deal will need to pass an Extraordinary General Meeting of Dathcom to be convened in late July or early August to approve the sale of additional equity within Dathcom to AVZ.

“AVZ is pleased to be able to secure further equity interest in the Manono lithium and tin project, given its Tier 1 status,” AVZ Minerals managing director Nigel Ferguson said in the company’s announcement to the Australian Securities Exchange.

“We are still in discussion with our main partner, La Congolaise D’Exploitation Miniere (Cominiere) to secure additional equity from them on similar terms.

“Cominiere, as with all parastatal entities in the DRC, are currently under a ‘suspension of signature authority’ following the Presidential elections.

“It is hoped that this will soon be lifted and a positive outcome to purchase further equity in the project, as discussed to date with Cominiere, can soon be achieved for AVZ.

“The extra equity in the Manono lithium and tin project will add significantly to the bottom line and Net Present Values and it is critical for project financing as AVZ continues discussions with potential financiers and offtakers.”

 

Email: admin@avzminerals.com.au

Website: www.avzminerals.com.au

 

Meteoric Resources to Commence Juruena Drilling

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THE DRILL SERGEANT: Meteoric Resources (ASX: MEI) announced the signing of a contract with Brazil’s largest drilling Company GEOSOL to carry out a maiden diamond drilling program on the company’s 100 per cent owned Juruena gold project.

Metroric Resources said it anticipates a drill rig and associated equipment to be onsite shortly with drilling to commence in July.

Meteoric explained the significance of the signing of the Brazilian drillers saying that GEOSOL has a logistical base located in the Alta Floresta Belt in the township of Peixoto de Azevedo that means it has access to nearby logistical support for remote drilling operations that is crucial to minimising unwanted delays and costs.

The company’s initial program will concentrate on high‐grade zones at the project’s Dona Maria and Querosene prospects, in addition to testing other known prospects including Mauro, Tomate and Uilliam, comprising 26 holes for 4,700 metres of diamond drilling.

Targets will be refined as drilling progresses, considering a combination of visual logging of the drill cores and assay results from the laboratory.

“Since the formal completion of the Acquisition of Juruena and Novo Astro was completed…we have been working hard to commence our exploration,” Meteoric Resources managing director Dr Andrew Tunks said in the company’s announcement to the Australian Securities Exchange.

“The initial drill program will be weighted towards following up bonanza grade intercepts at Dona Maria and Querosene, but will also test additional nearby targets at Mauru, Tomate and Uilliam, which also contain multiple exciting gold grade intercepts from limited drilling.

“I have just completed two weeks onsite at Juruena, overseeing the smooth transition of the Brazilian projects into Meteoric as we gear up to begin our first drill campaign.

“I am pleased to report that Juruena is even more exciting than I anticipated, and the team has produced a quality drill program with excellent targets for our maiden exploration.

“I very much look forward to reporting our results as we progress.”

The Juruena project’s current JORC Code 2012-compliant Global Mineral Resource Estimate of 1.3 million tonnes for 261,000 ounces of gold at 6.3 grams per tonne comprises:

High-grade Dona Maria and Querosene resources of 436,000 tonnes at 14.7g/t for 205,000 ounces of gold; and

The large‐tonnage, lower‐grade Crentes resource of 846,000 tonnes at 2g/t for 55,000 ounces of gold.

 

 

Website: www.meteoric.com.au

 

FYI Resources Completes Capital Raising

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THE BOURSE WHISPERER: FYI Resources (ASX: FYI) has received commitments to raise approximately $811,000 through the issue of approximately 16.22 million shares at five cents per share with one attaching unlisted option for every two shares issued.

FYI Resources said the placement had received support from Regal Funds Management for its full pro rata of 12.9 per cent, while Foster Stockbroking acted as lead manager to the issue.

The company declared the placement received strong support from local and international sophisticated and professional investors including existing major shareholders.

The funds raised will be used for continued development of FYI’s high purity alumina (HPA) strategy, including operation of the pilot plant to produce product for customer qualification (test work), on-going project development at the Cadoux project and completion of the bankable feasibility study (BFS) and general working capital.

FYI informed the market that its High Purity Alumina (HPA) project development is progressing along an active development path for the company’s HPA strategy.

FYI is currently undertaking bankable feasibility studies (BFS) and pilot plant test work of the Cadoux kaolin project feedstock, from which it is achieving excellent technical results from an R&D program which it believes should lead to positive project economics.

“The pilot plant, currently being commissioned, will provide essential product processing data that will be important in refining the BFS economic case,” FYI Resources said in its ASX announcement.

“Importantly, the pilot plant will provide simulated ‘production’ generated HPA in sufficient quantities so that interested parties can trial the alumina for product qualification specific to their individual requirements and applications.

“This feedback will allow FYI to tailor the end product (through further R&D) to suit each customer’s needs.”

FYI is positioning itself to be a substantial producer of 4N and 5N HPA to meet the rapidly developing high-tech product markets.

The foundation of the company’s HPA strategy is the superior quality aluminous clay (kaolin) deposit at the Cadoux project and positive response that the feedstock has to the company’s moderate temperature, atmospheric pressure HCl flowsheet.

 

 

Website: www.fyiresources.com.au

 

Black Cat Syndicate Drilling Boosts Myhree Confidence

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THE DRILL SERGEANT: Black Cat Syndicate (ASX: BC8) declared increased confidence in the company’s Bulong gold project outside of Kalgoorlie in Western Australia.

Black Cat Syndicate recently completed extensional and infill drilling programs at the project’s Myhree deposit.

Results from extensional drilling at Myhree, include:

19MYRC052
7 metres at 4.24 grams per tonne gold from 187m and 4m at 5.85g/t gold from 201m;

19MYRC044
11m at 2.63g/t gold from 185m; and

19MYRC040
6m at 3.53g/t gold from 105m and 6m at 3.58g/t gold from 143m and 4m at 5.67g/t gold from 168m.

Myhree remains open at depth and extensional drilling is continuing to the north and at depth.

Results from Resource infill drilling at Myhree, include:

19MYRC043
10m at 3.82g/t gold from 113m;

19MYRC041
8m at 3.63g/t gold from 78m;

19MYRC037
3m at 8.16g/t gold from 38m; and

19MYRC039
2m at 7.96g/t gold from 122m.

Black Cat said the infill drilling increased the confidence in the existing Resource and is expected to result in an upgrade when updated in July 2019.

RC drilling has also been completed on SAM Target 1, to the south of the Boundary deposit, with results pending.

The mineralised strike over the Myhree and Boundary deposits now totals approximately 1,200m while the undrilled area between the deposits has been reduced to around 400m.

“The drilling at Myhree is now down to an average spacing of approximately 25 metres by 30 metres and continues to provide thick, high grade results,” Black Cat Syndicate managing director Gareth Solly said in the company’s announcement to the Australian Securities Exchange.

“This bodes well for an upgrade of the Resource in July 2019.

“Extensional drilling at depth has also been highly successful and shows the mineralisation is consistent in terms of widths and grades in the deepest holes to date.

“In the meantime, extensional drilling is continuing at depth and to the north of Myhree.

“We continue to close the undrilled gap along this strongly mineralised corridor.”

 

Email: admin@blackcatsyndicate.com.au

Website: www.blackcatsyndicate.com.au