Ardea Resources Identifies Gold at Goongarrie Nickel Cobalt Project

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THE DRILL SERGEANT: Ardea Resources (ASX: ARL) completed a first-pass gold exploration program at the Big Four prospect, part of the company’s Goongarrie nickel cobalt project in Western Australia.

Ardea Resources completed 265 aircore holes for 4,861 metres at the Big Four prospect, which it said had confirmed gold mineralisation at the company’s Big Four gold mine and historic gold prospects at Zeus and Dionysus, as well as identifying numerous new anomalies.

Results of the recent Big Four drilling include:

ABFA0245
6 metres at 2 grams per tonne gold from surface to end of hole (EOH);

ABFA0188
24m at 0.8g/t gold from 12m;

ABFA0197
12m at 0.3g/t gold from 78m to EOH;

ABFA0209
6m at 0.4g/t gold from 42m, and 18m at 0.1g/t gold from 66m to EOH; and

ABFA0152
4m at 0.3g/t gold from 6m to EOH.

“The stacking of the nickel-cobalt-scandium laterite mineralisation upon the gold being located in the crustal-scale Bardoc Tectonic Zone appears to be globally and geologically unique,” Ardea Resources CEO Andrew Penkethman said in the company’s announcement to the Australian Securities Exchange.

“The extent and strength of gold anomalism as a conceptual target is exceptional.

“Though much work remains to define the full gold potential, the possibility of multiple revenue streams from nickel, cobalt, scandium and gold at Goongarrie is tantalising.

“Forthcoming integrated drilling programs to define gold resources will complement and potentially add significant value to the economics of our flagship Goongarrie nickel cobalt project.”

 

Email: ardea@ardearesources.com.au

Website: www.ardearesources.com.au

 

Talisman Mining Commences RC Drilling at Blind Calf

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THE DRILL SERGEANT: Talisman Mining (ASX: TLM) has commenced it third RC drilling program at the Blind Calf prospect in the company’s Lachlan copper-gold project in New South Wales.

Talisman Mining is close to completing preliminary site works to enable commencement of RC drilling to consist of an estimated 4,000 metres of drilling in 19 holes across three target areas, including down plunge extensions and DHEM conductors at Blind Calf as well as a number of parallel lodes to the north west, south and south east of the Blind Calf-Dunbars system.

Assay results from a soil and auger geochemical sampling campaign earlier this year have identified a new strong goldin-soil anomaly at the Melrose prospect within the wider Blind Calf region.

Talisman has planning underway for a submission of an initial Stage 2 targeted RC drill program at the Melrose prospect to the NSW Department of Planning and Energy for drill testing later in the 2019 calendar year.

XRF and assay results from the recent soil and geochemical sampling programs in the Blind Calf region also identified several anomalies for follow up work, including the Blind Calf Au prospect, presenting a strong gold-in-soil anomaly that extends for over one kilometre along strike.

“The Blind Calf Au prospect gold anomaly is closely associated with a geophysical feature characterised by a flexure in a regional magnetic trend,” Talisman Mining explained it is ASX announcement.

“Detailed mapping at Blind Calf has shown a similar flexure associated with strong alteration in the vicinity of the high-grade copper lodes.

“Site validation of the large gold anomaly has identified a similar system to that at Blind Calf, with a north south trending shear zone with associated shear veins dipping steeply to the west, hosted within Ordovician sediments close to the contact with Devonian volcanics.”

The company has also commenced planning for an initial program of Stage 2 targeted RC drilling at this new high-priority target area with programs anticipated to be submitted shortly for NSW DPE approval.

“The identification of these new geochemical anomalies from the first areas covered by the regional sampling campaign, validates Talismans strategy of systematic exploration based on proven geological principals and provides high priority targets for RC drill testing currently in the planning phase,” the company continued.

Talisman signalled it was continuing the extensive soil and auger geochemical sampling campaign.

It has two teams on site systematically collecting samples across multiple Stage 1 and Stage 2 target areas.

Sampling is approximately 60 per cent completed and it is anticipated that the remaining sampling programs will also generate further targets for future RC and/or diamond drill testing.

 

Website: www.talismanmining.com.au

 

St George Mining Identifies Mt Alexander Extension Targets

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THE DRILL SERGEANT: St George Mining (ASX: SGQ) informed the market it has identified new, high-priority nickel-copper sulphide targets at the company’s Mt Alexander project, located near Leonora in the north-eastern Goldfields.

St George has previously reported intersections of high-grade nickel-copper sulphides across a 4.5-kilometre strike of the Cathedrals Belt – spanning from the Investigators prospect in the west to the Cathedrals prospect in the east.

Work completed by St George has inferred the Cathedrals Belt extends from the western margin of the Investigators prospect to the Ida Fault approximately 2.5km to the west.

The company recently carried out a SAM survey, identifying a large conductive feature, with an interpreted strike in excess of 300 metres, at the intersection of the Ida Fault and the Cathedrals Belt.

The Ida Fault is a deep, tectonic fault known to be associated with mineral deposits to the north and south of the Mt Alexander project.

This area remains largely undrilled and is referred to by St George as the West End prospect.

The company considers this new conductive and structurally important area to be a high-priority target for the discovery of nickel-copper sulphides and will be the first target to be drilled when drilling re-commences at Mt Alexander shortly.

An additional four new EM anomalies have been identified coincident with major conductive features close to known nickel-copper sulphides at both the Investigators prospect (a 1.5km east-west striking ultramafic dipping at 30 degrees to the north) and at the underexplored Bullets prospect (east of the Cathedrals prospect).

“The new target areas are located along strike or down-dip of high-grade nickel-copper sulphide mineralisation already discovered at the highly mineralised Cathedrals Belt, and are supported by three separate geophysical surveys,” St George Mining executive chairman John Prineas said in the company’s announcement to the Australian Securities Exchange.

“The new conductive target adjacent to the Ida Fault is particularly exciting.

“This area has never been drilled and we look forward to drilling this large target soon.

“We are also very enthusiastic about the new conductive anomalies to the north of Investigators as our geological model for the Cathedrals Belt supports the scope for continuity of high-grade mineralisation either at depth in the northerly down-dip direction or through the repetition of the mineralised ultramafic in the north.

“These are compelling targets for the potential discovery of further nickel-copper sulphides which could significantly expand the footprint of high-grade mineralisation at Mt Alexander.”

St George Mining said the drilling of these new anomalies will represent a major step-out for the company from the large mineralised horizon it has already established at Investigators and will test for extensions of the known high-grade mineralisation.

 

 

Website: www.stgm.com.au

 

King Island Scheelite Completes Updated Feasibility Study

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THE BOURSE WHISPERER: King Island Scheelite (ASX: KIS) released results of an updated Feasibility Study and Revised Mineral Reserve Estimate for the redevelopment of the company’s 100 per cent-owned Dolphin tungsten project in King Island, Tasmania.

The probable reserves, in accordance with JORC 2012 code, have estimated to be 3 million tonnes at 0.73 per cent tungsten oxide WO3 (Cut‐off 0.2%).

King Island Scheelite reported the study outlined the Dolphin Open‐cut project is planned to mine and process approximately 400,000 tonnes per annum of ore for eight years to produce approximately 3,500 tonnes of tungsten concentrate per year.

This concentrate will be sold into a market the company expects to be of growing demand and constrained supply.

The Dolphin processing plant has been substantially modified since a Reserve Estimation carried out in 2015.

Processing will now be conducted through, primarily, a gravity circuit followed by a small flotation circuit to which some of the gravity tails will report.

The company has carried out further site infrastructure engineering works, resulting in capital and operating cost savings from the previous estimation.

King Island indicated its relatively advanced engineering studies and proposed methodology based on a modular design, has allowed its engineering consultants to determine that detailed design, procurement, construction and commissioning could be achieved within a fifteen‐month period after financial close.

The company is confident that once financial close has been reached, commissioning of the mine and processing plant can be achieved within the stated fifteen month period, meaning that should financial close can be achieved in the second half of 2019 then first shipment of product could be achieved in the first quarter of 2021.

“Having recently secured the first of a number of multi‐year offtake agreements, together with the flexibility in the operating site and supportive local community, we now look forward to achieving frequent operational milestones as we proceed to tungsten production, anticipated in 2021,” King Island Scheelite chairman Johann Jacobs said in the company’s announcement to the Australian Securities Exchange.

“The King Island Scheelite team has actively progressed and de‐risked the 100 per cent-owned Dolphin tungsten project, both technically and commercially.

“As part of this process, we commissioned independent consultants to provide inputs into a financial model to prepare scenario analysis to assist in interpreting the net present value ranges, potential returns and expected payback period, associated with the Dolphin open‐cut project.

“The impressive indicative economics reiterate that we have chosen to develop the right project with the right commodity in the right place and time.”

 

Website: www.kingislandscheelite.com.au

 

Spectrum Metals to Run SAM Survey Over Penny West Shear

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THE DRILL SERGEANT: Spectrum Metals (ASX: SPX) is preparing a Sub‐Audio Magnetic (SAM) survey to be carried out over the Penny West Shear and surrounds at the company’s Penny West gold project in Western Australia.

Spectrum Metals has engaged Gap Geophysics to complete the SAM survey covering the Penny West Shear from south of the Penny West open pit to the northern lease boundary.

In 2015, a ground magnetic survey conducted over the entire Penny West project area, consisting of Mining Leases M57/180 and M57/196 produced magnetic data showing a clear and distinct low magnetic intensity zone striking north to south, from the Penny West open pit, to the northern lease boundary.

Spectrum Metals explained the proposed SAM survey, consisting of around 85 linear kilometres and covering an area of four-square kilometres, will encompass the entire Penny West Shear Zone in addition to other structures to the east and west.

Besides providing a higher resolution magnetic survey the SAM technique will be used to identify conductive material within the rock and resistive anomalies in conductive terrain.

The results will then be combined with recent auger geochemistry, which Spectrum will use as a layered data approach to help guide its future drilling programs on the tenements and in the gap Zone between Penny North and Columbia‐Magenta.

“Spectrum is eagerly anticipating the commencement of the SAM geophysics survey,” Spectrums Metals managing director Paul Adams said in the company’s announcement to the Australian Securities Exchange.

“We believe that this technique, which has been of significant value to other explorers in the goldfields recently, will greatly enhance our structural understanding at the Penny West project and will be used to target additional potential gold mineralisation along the Penny West Shear.”

 

Email: info@spectrummetals.com.au

Website: www.spectrummetals.com.au

 

Strong Resources Line-up Awaits Gold Coast Investment Showcase Attendees

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THE CONFERENCE CALLER: It’s only a few weeks until we pack our bags and shine our white shoes to head off to the land of sunshine to attend the 2019 Gold Coast Investment Showcase.

In the lead up to the event The Resources Roadhouse will take a weekly look at a few of the resource industry-focused companies that will be in attendance.

 

BMG Resources (ASX: BMG) announced it has formally commenced the Chilean lithium brine Joint Venture with Lithium Chile SpA (LCS) following execution of full formal documentation.

BMG entered a binding agreement with project owner LCS in 2018 to form a JV to progress and develop three Lithium brine projects.

The company executed a revised binding term sheet in February 2019 after undertaking due diligence investigations, an initial geophysical survey at Salar West, and expanding the project area that now spans over 20,000 hectares across three claims in the Salar de Atacama, Salar de Pajonales and Salar de Tuyajto – Natalie in the Chilean region of the ‘Lithium Triangle’ – a region of the Andes encompassing parts of Northern Chile, southwest Bolivia and northwest Argentina.

This is lithium brine heartland, hosting more than 50 per cent of the world’s lithium resources and the largest and highest-grade lithium brine deposits in the world.

BMG is now gearing up for its maiden drill program, which is expected to comprise two diamond holes of around 200 metres each in key conductive units in the Southern area (4,200 Ha) of Salar West the company identified in recent geophysical surveys.

“We are excited to have formalised our joint venture agreement with Lithium Chile SpA, and are now finishing preparations for our first drilling program at Salar West, which we expect to commence within the next month,” BMG Resources managing director Bruce McCracken said.

“Surveys we completed during due diligence identified a consistent strongly conductive unit on the southern properties, so we look forward to drilling this area with the support of our JV partners to gain a closer understanding of the scope of potential lithium resources.”

BMG is set to invest US$3.5 million over three years to earn a 50 per cent interest in the projects.

 

FYI Resources (ASX: FYI) received results from a recently completed drilling program undertaken at the company’s 100 per cent-owned Cadoux kaolin project (EL/4673) in Western Australia.

FYI Resources said the results came from a combination of diamond (DDH) and reverse circulation (RC) drilling and have confirmed the presence of high-grade, high-quality high purity alumina (HPA) feedstock characteristics.

The company indicated the drilling data and results will assist in progressing the current bankable feasibility study (BFS) and project permitting.

FYI said the combined RC and diamond drilling program was carried out at the Cadoux kaolin project to meet several key technical project objectives and contribute to delivery of a robust BFS for the company’s integrated HPA strategy.

As FYI progresses the BFS and commences pilot plant project studies, undertaking the detailed drilling campaign provides the company with an increased understanding of the project’s metallurgical model in terms of grade and variation of the deposit as a feedstock.

The drilling should also increase FYI’s technical understanding and confidence in the deposit for an upgrade from a Measured to a Proven Reserve for the first phase of mining as well as grade control data for the first phase of mining, increasing the predictability of the future production schedule.

“The program and subsequent results of the latest round of drilling are particularly pleasing as it confirms our view that the quality of the Cadoux kaolin has excellent feedstock characteristics for HPA processing and it also provides us with specific detailed information to finalise our environmental permitting and mining study phases in preparation for mine plan application – well ahead of normal submission timeframes,” FYI Resources managing director Roland Hill said.

 

Blackstone Minerals (ASX: BSX) struck a binding term sheet for the exclusive option to acquire a 90 per cent interest in the Ta Khoa nickel project.

The Ta Khoa nickel project is located 160 kilometres west of Hanoi in the Son La Province of Vietnam and includes an existing modern nickel mine built to Australian Standards that is currently under care and maintenance.

The Ban Phuc nickel mine operated as a mechanised underground nickel mine from 2013 to 2016 and its previous owners invested more than US$136 million in capital and generated US$213 million in revenue during a 3.5-year period of falling nickel prices.

The project was placed into care and maintenance in mid-2016 during some of the lowest nickel prices in the past 10 years.

Existing infrastructure associated with the project includes an internationally designed 450,000 tonne per annum processing plant connected to local hydro grid power with a fully permitted tailings facility and a modern 250- person camp.

Blackstone Minerals also has its eyes on the potential the project offers with the 150 square kilometre land package hosting more than 25 advanced stage massive sulphide vein (MSV) targets and many large disseminated sulphide (DSS) targets including the unmined Ban Phuc DSS.

Blackstone also signal its interest in investigating 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.

“This is an exciting opportunity for Blackstone to acquire a 90 per cent interest in a project that has a history of profitable nickel production even during low nickel prices,” Blackstone Mineral managing director Scott Williamson said.

“Blackstone will be the first company to explore Ta Khoa for both MSV and DSS nickel sulphide deposits all the while investigating downstream processing opportunities to meet the demands of the growing Asian lithium ion battery sector.”

 

 

Piedmont Lithium Progresses Core Property Resource Drilling

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THE DRILL SERGEANT: Piedmont Lithium (ASX: PLL) announced Phase 4 drill results for the company’s Piedmont lithium project located within the Carolina Tin-Spodumene Belt (TSB) in North Carolina, USA.

Piedmont Lithium completed 41 drill holes at the project’s Core property, encountering mineralisation in 40.

The company said the Phase 4 drilling had continued to expand the extent and continuity of the pegmatite system on Core, providing confidence of a substantial Mineral Resource estimate update in June.

The company explained the primary objective for the Phase 4 drilling program on Core is to increase the size of the current Core Mineral Resource estimate of 16.2 million tonnes at 1.12 per cent lithium oxide (Li2O) and extend the overall projected life-of-mine.

“We are very pleased with these interim results from Phase 4 drilling, which continue to highlight high-grade mineralisation near surface,” Piedmont Lithium president and chief executive officer Keith D. Phillips said I the company’s announcement to the Australian Securities Exchange.

“The shallow nature of the ore body, combined with pure spodumene mineralogy, local by-product markets and exceptional infrastructure, are important factors which should position the Piedmont lithium project in the first quartile of the cost curve.

“We look forward to reporting a significant increase to our property-wide resource in June, and to reflecting that enlarged resource in an updated scoping study in July.”

 

Email: info@piedmontlithium.com

Website: www.piedmontlithium.com

 

Mako Gold Recommences Côte d’Ivoire Drilling

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THE DRILL SERGEANT: Mako Gold (ASX: MKG) has recommenced drilling at the company’s Napié project in Côte d’Ivoire.

Mako Gold indicated the planned drilling program will concentrate on areas close to a mineralised shear on the Tchaga Prospect, as well as regionally test the undrilled areas along an interpreted shear between the Tchaga and Gogbala prospects.

The company encountered multiple wide gold zones, including high-grade intervals, during previous drilling on the Tchaga prospect.

The aim of the current RC drilling program on Tchaga is to extend gold mineralisation over a strike length of 1.4 kilometres by targeting the dilational jog (curvature of shear) along the 17km shear.

The company also intersected gold in wide-spaced drilling undertaken on the Gogbala prospect, which it considers having demonstrated potential for large deposits.

Mako Gold believes that gold mineralisation intersected at the Tchaga and Gogbala prospects could be part of the same system as they both lie along the newly interpreted 17km-long shear zone.

The regional drilling program is planned to drill test this mineralised shear with wide-spaced drill fences between the two prospects.

“The current drilling campaign aims to extend mineralisation to 1.4 kilometres on the Tchaga prospect, which we view as the next step to progress towards a resource, and to highlight the ‘blue sky’ along nine kilometres of the 17 kilometre interpreted shear, thereby demonstrating the potential for one or more large gold deposits along the shear,” Mako Gold managing director Peter Ledwidge said in the company’s announcement to the Australian Securities Exchange.

“Mako looks forward to providing results of the drilling program.”

 

Website: www.makogold.com.au

 

Peel Mining Readies for Maiden Resource Calculation

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THE DRILL SERGEANT: Peel Mining (ASX: PEX) has completed Resource drilling at the company’s Wagga Tank and Southern Nights projects in New South Wales with a maiden Mineral Resource Estimate on track for delivery in June.

Peel Mining indicated the drilling had extended mineralisation to at least 450 metres below surface in the Southern Nights Central Zone highlighting the depth extent of the ore body, returning multiple deeper intercepts including:

WTRCDD192
42.78 metres at 5.38 per cent zinc, 2.71 per cent lead, 0.63 per cent copper, 80 grams per tonne silver and 0.42g/t gold from 349.22m, including 30.38m at 7.31 per cent zinc, 3.69 per cent lead, 0.59 per cent copper, 107g/t silver and 0.51g/t gold from 349.22m;

WTRCDD166W1
88m at 3.13 per cent zinc, 1.09 per cent lead and 26g/t silver from 407m, including 4.7m at 9.22 per cent zinc, 2.32 per cent lead, and 80g/t silver from 442.3m;

WTRCDD188W1
40m at 3 per cent zinc, 1.03 per cent lead and 49g/t silver from 477m, including 10m at 4.87 per cent zinc, 1.58 per cent lead, and 71g/t silver from 496m;

WTRCDD190
29.1m at 4.23 per cent zinc, 1.4 per cent lead, 0.21 per cent copper, 50g/t silver and 0.11g/t gold from 401m, including 4.72m at 13.79 per cent zinc, 4.84 per cent lead, 0.24 per cent copper, 170g/t silver and 0.07g/t gold from 402.28m; and

WTRCDD204
18.9m at 3.49 per cent zinc, 2.25 per cent lead, 0.19 per cent copper, 145g/t silver and 0.17g/t gold from 348.2m, including 3.7m at 12.21 per cent zinc, 10 per cent lead, 0.89 per cent copper, 673g/t silver and 0.63g/t gold from 348.2m.

Peel Mining said the Wagga Tank-Southern Nights resource definition drilling program had delineated the approximate dimensions of the high-grade mineralisation associated with the Southern Nights Central Zone.

The drilling has also better outlined the broader mineralised structure across the 700 metres of strike at Southern Nights.

“Detailed structural and geochemical studies have recently been completed aiding in the development of the geological model in preparation for the maiden resource being undertaken in June,” Peel Mining said in its ASX announcement.

“This work will also assist with future drilling targeting additional high-grade centres in this large mineralised system.

“Importantly, mineralisation remains open down-dip/plunge and along strike, with the deeper intersections highlighting continuity at depth, typical of Cobar-style deposits.”

 

Email: info@peelmining.com.au

Website: www.peelmining.com.au

 

First Au Pleased with Gimlet Gold Project Drilling

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THE DRILL SERGEANT: First Au (ASX: FAU) declared “outstanding” assay results from recent drilling undertaken at the company’s Gimlet project near Kalgoorlie in Western Australia.

First Au claimed the drilling had achieved the best intersection the company had encountered to date at the project.

Assay results from the March diamond drilling program include:

19GDD001
32 metres at 4.9 grams per tonne gold from 93m, including 1m at 20.2g/t gold from 93m and 1m at 40.3g/t gold from 122m; and

19GDD002
23m at 1.73g/t gold from 83m, including 2m at 5g/t gold from 98m and 3m at 5.9g/t gold 109m.

These latest results follow the company’s recent announcement of a Maiden JORC Inferred Resource of 68,731 ounces of gold.

The March 2019 Resource RC drilling program at Gimlet included three diamond holes, two of which intersected hefty gold mineralisation.

The diamond core was gold assayed as well as providing First Au valuable density and geological information which went into the determining the JORC Resource.

The company indicated it will also utilise this core for further petrology, metallurgy and geotechnical studies.

Drillholes 19GDD001 and 19GDD002 were drilled in the central and high-grade core of the 450m-long mineralisation system at Gimlet, which is currently open at depth.

First Au explained that the drillholes were positioned to provide information for a geotechnical study it currently has underway.

Observations from the diamond core showed evidence of sheared and altered intermediate sedimentary volcanic fresh rock, containing lenses, disseminated and stringer of sulphides, as well as multiple phases of quartz and carbonate veinlets.

Pyrite appears to be the dominant sulphide phase, while arsenopyrite and galena have also been identified in the logging.

Hole 19GDD001 demonstrated evidence of coarse gold, such as what the company observed in recent ore petrology completed on aircore hole 18GAC063, completed last year, which contained 3m at 462g/t gold from 52m.

The company has interpreted the mineralised shear appearing near vertical in orientation and has estimated the true thickness of the two intersections to be approximately 10m.

Further RC and diamond drilling will be now planned to follow up these excellent results, including a proposed diamond hole to target 100m below the current limits of the Resource.

“Approximate 5000-metres aircore drilling program, consisting of 77 holes is planned for early June,” First Au said in its ASX announcement.

“The priority target (Target 1) is planned to test the major NW-SE structure north of Gimlet, along a further 1.6 kilometres in strike length.

“The March 2019 RC drilling identified mineralisation within the supergene blanket north of the current JORC Resource, which included 3m at 3.98g/t gold from 48m (hole 19GRC005) and 1m at 2.72g/t gold from 56m (hole 19GRC007) which requires follow up as part of the drilling.

“Target 2 and 3 are co-incident geochemical and structural anomalies identified from a recent target generation exercise in May which will also be tested.

“The results for this dill program are anticipated for July.”

 

Email: info@firstau.com

Website: www.firstau.com