Bellevue Gold Identifies New Near-Mine Gold Targets

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THE DRILL SERGEANT: Bellevue Gold (ASX: BGL) updated the market on regional exploration activities underway within 20 kilometres of the company’s Bellevue gold deposit in Western Australia.

Bellevue Gold has been busy, developing targets towards initial drill testing implementing a combination of low-cost exploration including mapping, rock chipping and data review of multiple historic data sets.

The company has identified three high-grade gold target areas within the Agnew-Wiluna Greenstone Belt to the immediate north and west of its gold discovery at Bellevue.

The targets include the Government Well prospect, a four-kilometre-long gold trend the company defined by mapping, rock chipping and looking at historical drilling.

Recent rock chip results recorded results of 40 grams per tonne gold, 31.8g/t gold and 31.9 g/t gold.

There has been limited historic drilling undertaken at Government Well, however historical shallow drill results include 2 metres at 19.7g/t gold from 32 m; and 2m at 22.8g/t gold from 8 m.

Recent rock chip results from the Bellevue North West prospect returned 102g/t gold.

There has also been multiple, undrilled, Bellevue Style mineralised veins identified that are ready for drill testing.

Bellevue North West is 1.6km along strike from the recent high-grade drill intercept the company achieved at Tribune Lode of 6.5m at 22.2g/t gold.

The Bellevue West prospect demonstrates multiple new Bellevue Style mineralised veins to the west of current BGL drilling with initial rock chip results of 4.3g/t and 2.9g/t gold.

There has been over 2km of highly anomalous downhole gold identified in historical drilling with Bellevue Lode style mineralisation observed in historical drill chips.

Wide spaced and shallow historical drill results include: 1m at 4.58g/t gold and 1m at 3.25g/t gold.

“In tandem with the company’s resource step-out and extension drilling that is ongoing at the high-grade Bellevue gold deposit the company has also commenced a significant near-mine exploration targeting program over the past few months that has been focussed on developing multiple, high-grade gold targets along strike of the high-grade gold discovery at Bellevue,” Bellevue Gold managing director Steve Parsons said in the company’s announcement to the Australian Securities Exchange.

“Bellevue Gold’s land package includes eighteen kilometres of strike potential of the Bellevue Gold Trend as well as a significant area outside the immediate Bellevue mine that remains highly prospective for repeats and satellite orebodies of which this latest work has focussed on getting these targets into a drill ready state.

“Excitingly, the mineralisation styles and high-grade nature of the identified near mine targets exhibit strong similarities to those observed at the globally significant Bellevue gold deposit.

“With four diamond core drill rigs focussed on delivering an update to the resource estimate in the second quarter of this year the recently identified targets will be subjected to further exploration through a combination of surface and geophysical exploration ahead of initial drill testing in the very near term.”

 

Email: admin@bellevuegold.com.au

Website: www.bellevuegold.com.au

 

Galan Lithium Hits Further Brines With Third Hole

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THE DRILL SERGEANT: Galan Lithium (ASX: GLN) has completed a third drillhole, C‐03‐19, at the company’s Candelas lithium brine project located southeast of the Hombre Muerto salar in Argentina.

Galan Lithium drilled the hole approximately 2.5 kilometres south of its maiden drillhole (C‐01‐19) that provided results including an intercept of 192 metres at 802mg/l lithium with low impurities.

“The geological sequence largely replicates that observed in the maiden drillhole comprising a thick layer of ignimbrite lying below surficial alluvial cover,” Galan Lithium Said in its ASX announcement.

“The hole then encountered a sequence of sands and clays hosting salty waters which then, at approximately 276 metres, turned to brines hosted within a permeable breccia‐ conglomerate and, from 398 metres, within fractured basement.”

Galan Lithium said it would now case the hole and conduct downhole geophysical logging and further sampling of the brine.

Once this has been completed, it anticipates moving the drill rig to a new location to undertake drilling of a fourth drillhole.

The company is also awaiting the permitting for further drillholes at Candelas beyond the initial five holes approved by the Catamarcan authorities.

 

Website: www.galanlithium.com.au

 

Rox Resources JVs with Venus Metals

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THE BOURSE WHISPERER: Rox Resources (ASX: RXL) has struck a Joint Venture with Venus Metals (ASX: VMC) to jointly explore the Youanmi shear zone in Western Australia.

The JV includes a large tenure position along strike from the high-grade Penny West gold deposit.

Rox will acquire an initial 50 per cent interest in the Youanmi gold mine JV (OYG JV) with the ability to increase to 70 per cent.

Rox will manage the project.

The Youanmi gold mine is currently held by Oz Youanmi Pty Ltd (OYG) and is on care and maintenance.

VMC is a party to a Call Option Deed under which it has been granted the option to acquire all of the issued share capital in OYG on or before 30 June 2019.

VMC also holds a substantial regional tenement position and as a 90 per cent participant in JV with a third party.

The agreement between Rox and VMC results in the formation of two further JVs: the VMC Joint Venture, and the Youanmi Joint Venture, granting Rox the right to earn 50 per cent and 45 per cent respectively of the gold rights on those tenements.

VMC is to be the manager of these joint ventures initially with Rox to take over operatorship if it elects to move to a 70 per cent interest in the OYG Joint Venture.

“The acquisition of the Youanmi gold project is consistent with the company’s stated objective of acquiring near-production assets within its financial capacity,” Rox Resources chairman Stephen Dennis said.

Since our new CEO Alex Passmore joined the company, our efforts to identify a suitable development project have increased and we look forward to realising the potential we believe exists at Youanmi”.

 

Email: admin@roxresources.com.au

Website: www.roxresources.com.au

 

Galan Lithium Raises $4M

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THE BOURSE WHISPERER: Galan Lithium (ASX: GLN) announced it has received commitments via a share placement to professional and sophisticated investors to raise gross proceeds of $4 million.

Galan Lithium said the placement received strong support from a range of sophisticated and institutional investors from Australia and North America.

Approximately 14.5 million shares will be issued under the placement at an issue price of 27.5 cents per share.

The company indicated the funds raised will enable it to continue and expand its maiden drilling campaign along the Candelas channel at the Hombre Muerto lithium project in Argentina, commence initial resource work and for working capital purposes.

“We are pleased to have received such strong support from a range of Australian and North American investors, who now join our existing shareholders in aligning themselves to the success we are looking to achieve through our ongoing exploration at the Hombre Muerto lithium project,” Galan Lithium managing director Juan Pablo (JP) Vargas de la Vega said in the company’s announcement to the Australian Securities Exchange.

“We have achieved positive results to date, which we plan to expand through well planned exploration activities.”

 

Website: www.galanlithium.com.au

 

St George Mining Progresses Mt Alexander Drilling

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THE DRILL SERGEANT: St George Mining (ASX: SGQ) is in the middle of a nickel-copper sulphide drilling campaign at the company’s Mt Alexander project, located near Leonora in the north-eastern Goldfields.

St George Mining has completed numerous drill holes along the Cathedrals Belt that have intersected the host ultramafic unit as well as nickel sulphides, which the company says supports potential for extensions of the known zones of nickel-copper sulphide mineralisation along the Cathedrals Belt.

DHEM surveys are being carried out in the completed drill holes, from which strong off-hole EM conductors have been identified.

Several of these new EM conductors are located down-plunge of known high-grade nickel-copper sulphides, towards the north-northwest that ST George has interpreted to be in a down-dip direction of the host ultramafic unit and identifying it as a priority target area for potential massive sulphides at depth.

To date, 32 drill holes have been completed in the current program and a further 13 drill holes have been planned to test the additional targets identified to date.

He company anticipates adding more drill holes to the program as DHEM survey results are reviewed and further drill targets are prioritised for testing.

“Infill and extensional drilling in the current drill program has successfully increased the continuity of the mineralised horizon at the Cathedrals Belt, where high-grade discoveries at Investigators, Stricklands and Cathedrals have been made over a strike of 4.5 kilometres,” St George Mining executive chairman John Prineas said in the company’s announcement to the Australian Securities Exchange.

““Results at Cathedrals West are particularly pleasing with multiple intersections of ultramafic and nickel sulphide mineralisation extending into the Fairbridge area, where numerous known nickel-copper gossans are located.

“The new conductors identified from the downhole EM surveys are very exciting and have the potential to significantly increase the down-plunge extent of the high-grade nickel-copper sulphides.

“Mineralisation remains open in the down-dip direction to the north-northwest and we will continue to scope out the extent of the mineralisation in this area with deeper drilling.

“The ongoing results from the drilling and downhole EM surveys indicate strong potential for further mineralisation to be discovered at the extensive mineral system at the Mt Alexander project, and we are pleased to extend the current drill program to further test the high-priority targets evolving from the ongoing exploration programs.”

 

Website: www.stgm.com.au

King Island Scheelite Inks Offtake Deal

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THE BOURSE WHISPERER: King Island Scheelite (ASX: KIS) announced an Off-take Agreement for tungsten concentrate with Wolfram Bergbau und Hutten AG, a wholly owned subsidiary of Sandvik AB.

King Island Scheelite said the Wolfram Agreement is for the delivery of 140,000 metric tonne units (mtu) or 1,400 tonnes of tungsten oxide, over a four-year period.

The company said this equates to the export of approximately 2,200 tonnes of concentrate, produced by its redeveloped Dolphin mine over that period.

The Wolfram Agreement embodies contractual take or pay principles and is subject to the seller (KIS Group) achieving certain financial and operational milestones leading up to 31 March 2021.

Milestones are commencement of groundworks after placement of orders for longer lead time items, commencement of dry commissioning, and completion of ramp up.

At full production, the redeveloped Dolphin mine is expected to produce approximately 2,000 tonnes of tungsten oxide per annum, contained in 3,100 tonnes of concentrate.

The Wolfram Agreement therefore represents approximately 20 per cent of its annual production.

“It is extremely pleasing to have attracted the internationally renowned Wolfram Group as our first customer, in what is a highly competitive market,” King Island Scheelite chairman Johann Jacobs said in the company’s announcement to the Australian Securities Exchange.

The company indicated negotiations with other international APT producers are at an advanced stage for the balance of the annual production.

APT – Ammonium Paratungstate – is an intermediate product, containing 88.5 per cent tungsten oxide.

 

Website: www.kingislandscheelite.com.au

 

Galileo Mining Turns On Prospective Nature of Lantern

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THE DRILL SERGEANT: Galileo Mining (ASX: GAL) declared final drilling and petrology results from maiden aircore drilling carried out at the company’s Lantern prospect within the Fraser Range province in Western Australia.

Galileo Mining declared the latest nickel assays have confirmed the highly prospective nature of the Lantern area.

Petrography -the scientific description of rock composition and drilling results – also demonstrated that mafic-ultramafic rocks, with the capacity to host magmatic nickel mineralisation, occur at Lantern as large-scale intrusions over at least seven kilometres.

The company said the aircore drilling program delineated target zones within the Lantern area of sufficient scale to potentially host large volumes of economic mineralisation.

Ground electro-magnetic (EM) surveying designed to look for conductors associated with nickel sulphide mineralisation is planned to commence in May.

“Our exploration team at Galileo has come out of the privately-owned Creasy Group where we previously made the Silver Knight discovery in the Fraser Range,” Galileo Mining managing director Brad Underwood said in the company’s announcement to the Australian Securities Exchange.

“We currently hold a high-quality land package in the Fraser Range, in Joint Venture with the Creasy Group, and are aiming to repeat our earlier success.

“The first round of aircore drilling at Lantern has delivered numerous positive indicators with sample results, mineralogy, and rock types, all increasing the prospectivity of the area.

“The upcoming work at Empire Rose will be the first time Galileo has conducted deep drilling in the Fraser Range.

“Empire Rose is a stand-out target and it is an exciting time for the Company as we prepare for drill testing.”

 

Email: info@galmining.com.au

Website: www.galmining.com.au

 

Gold Predicted to Continue Price Rise

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COMMODITY CAPERS: According the Office of the Chief Economist, gold prices are projected to rise gradually over the next five years, to an average US$1,428 an ounce (2019 dollars) in 2024.

This is predicted to maintain gold’s status as a haven asset and in turn fuel investor demand over the short term as world mine supply declines from 2020.

In its March Resources and Energy Quarterly Report, our chief economist reported that world gold production is projected to fall after 2020, as some long and large established mine projects in Australia and other major gold producing countries reach the end of their life.

Global gold consumption is projected to fall after 2020, driven by falling central bank purchases and industrial demand, however the demand for jewellery in countries such as China and India is expected to offset this decline.

The value of Australia’s gold exports is forecast to peak in 2019–20 at nearly $22 billion (in 2018/19-dollar terms), driven by higher prices and export volumes.

Export values are projected to decline to $16 billion by 2023–24, due to lower domestic production and export volumes.

Australian gold mine production is forecast to increase by 6.8 per cent in 2018/19 and 6.9 per cent in 2019/20, reaching a peak of 346 tonnes in 2019-20.

The chief rattled off all the usual suspects, such as Northern Star and Evolution, but also had room for a special mention for Gold Road Resources and its Gruyere gold mine that is due to come on stream early this year with forecast annual production of 8.4 tonnes.

Delegates attending the RIU Sydney Resources Roundup in May will find there will be plenty of up and coming gold exploration plays to get their teeth into.

Breaker Resources NL (ASX: BRB)

Breaker Resources has been busy at the company’s Lake Roe project, 100 kilometres east of Kalgoorlie in Western Australia.

Drilling undertaken by Breaker extended the strike length of mineralisation at its Bombora gold discovery by 700 metres to 3.2 kilometres whilst enhancing its underground mining potential.

Breaker has continued drilling with four rigs in action to extend and upgrade the Bombora deposit, and to identify the outer limits of initial open pit mining to finalise an open pit Pre-Feasibility Study (PFS).

The company plans to update the existing 1.1 million ounce gold Resource in the June quarter that will include results from drilling the 700m of strike length which has been added since the Resource was last calculated.

After two years of resource drilling, Bombora remains open in every direction and new zones of mineralisation were still being discovered.

Cygnus Gold Limited (ASX: CY5)

Cygnus Gold has a portfolio of 100 per cent-owned projects in the Wheatbelt region of Western Australia.

The projects range in developmental stage from early exploration areas through to advanced, drill-ready targets where high-grade gold results were achieved in drilling by previous explorers.

Recent activity has been happening within the Stanley project, with drilling targeting the Kepler Zone.

Cygnus Gold identified the Kepler Zone via a detailed review of drillhole STRC0002, drilled in late 2018 that ended in mineralisation.

Resampling of the original mineralised intercepts returning encouraging results.

The Kepler Zone is adjacent to Cygnus’ shallow high-grade Bottleneck gold prospect and the drilling program will initially target a metadacitic rock unit that has only been lightly tested by deeper drilling at Bottleneck.

The drilling is targeting extensions to the McDougall South prospect along the Stanley greenstone belt where drilling intersected gold mineralisation associated with a zone of anomalous gold within a structural zone along the central Stanley fold structure.

De Grey Mining LTD (ASX: DEG)

De Grey Mining is running an exploration program focused on the upgrade and expansion of known resources, as well as in the discovery of new deposits at the company’s Pilbara gold project south of Port Hedland in the Pilbara Region of Western Australia.

De Grey Mining believes in the potential of the Pilbara gold project to define additional resource ounces along the existing 200 kilometres strike length of mineralised shears zones, throughout the 1,500 square kilometre landholding.

Exploration carried out by De Grey to date has entailed detailed shallow RC and diamond drilling of approximately 10 per cent of the shear zones around 100m to 150m, from which the company has identified approximately 1.4 million ounces of gold resources.

The largest deposit within the project are is the 6.37 million tonnes at 1.8 grams per tonne gold for 377,300 ounces Withnell deposit.

Recent drilling at Withnell continued to enhance its resource potential, returning:

LODE 1 (West)
8 metres at 20.11 grams per tonne gold from 168m, including 4m at 38.5g/t gold;

LODE 1 (East)
5.47m at 4.57g/t gold from 293m;

LODE 2
16m at 4.21g/t gold from 94m, including 1m at 29.3g/t gold; and

LODE
4m at 16.4g/t gold from 240m.

De Grey considers Withnell, along with the Toweranna and Wingina deposits to have potential to increase underground resources to positively impact the expanded 2 million tonnes per annum Pre-Feasibility Study (PFS) currently underway.

First Au Limited (ASX: FAU)

First Au is drilling at the company’s 100 per cent-owned Gimlet gold project, just outside Kalgoorlie in Western Australia.

First Au is following up a RC drilling program it completed in December 2018 and earlier aircore drilling that returned several strong high-grade gold intersections, including 4 metres at 393 grams per tonne gold from 52m.

Early results from the RC drilling outlined mineralisation over 400m of strike length encouraging FAU to begin work on a potential JORC Resource.

Although primarily focussed on targeting shallower oxide mineralisation, a decision to push the drilling deeper led to the claim of a new lode gold discovery, which appears open at depth.

 

 

Emmerson Resources Hits Copper and Base Metals at Whatling Hill

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THE DRILL SERGEANT: Emmerson Resources (ASX: ERM) has completed a round of Reverse Circulation and diamond drilling over the Whatling Hill project within the company’s Fifield tenement in New South Wales.

Emmerson Resources reported that drill hole WHDD002 intersected 14 metres of chalcopyrite-pyrite-quartz veins and stockworks 194m down the hole.

Drill hole WHDD001 encountered sporadic veins of chalcopyrite, pyrite and locally molybdenite, sphalerite and galena;

Emmerson said that alterations of epidote-chlorite and base metal mineralisation with pyrite were all consistent with intersecting the distal portions of a porphyry copper system.

Anomalous soil geochemistry and geophysical targets extend over a large square kilometre area with recent drilling testing less than five per cent of this area.

Emmerson anticipates receiving assays and full analysis of the alteration and geology in four to five weeks.

“First pass drilling at Whatling Hill has been successful in establishing the presence of porphyry copper style mineralisation – which is a fantastic result given the aim of this drilling was to gain an insight into the underlying geology in an area that is covered and has seen little previous exploration,” Emmerson Resources managing director Rob Bills said in the company’s announcement to the Australian Securities Exchange.

“While the intersection of chalcopyrite-pyrite in quartz veins and stockworks from WHDD002 is obviously very encouraging, and the detailed geology is even more so with the intersection of multiple intrusions and intense alteration – mainly epidote and chlorite which signals that the drilling has yet to sample the core of the porphyry system.

“Further analysis of the alteration and vein orientations, combined with the assay results and geology, will assist in providing vectors to the core of the mineralisation and determine the location of the next drilling campaign.”

 

Email: admin@emmersonresources.com.au

Website: www.emmersonresources.com.au

 

Galan Lithium Drilling Encounters Highly Conductive Brines

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THE DRILL SERGEANT: Galan Lithium (ASX: GLN) announced highly conductive brines have been intercepted in the third drillhole at the company’s Candelas lithium brine project located on the Hombre Muerto salar in Argentina.

Galan Lithium said field measurements had indicated the upper levels of a brine bearing aquifer were encountered in the third drillhole to be drilled at Candelas, C-03-19.

The brine was intercepted from depths of approximately 280 metres to the current depth of approx. 309m.

This hole is located approximately 2.5 kilometres southeast of the maiden drillhole which provided results including an intercept of 192 metres at 802mg/l lithium with low impurities.

The company explained the geological sequence largely replicates that observed in the maiden drillhole incorporating a thick layer of ignimbrite lying below surficial alluvial cover.

The hole then encountered a sequence of sands and clays hosting salty waters which then, at around 280m, turned to brines hosted within a permeable breccia-conglomerate.

“The discovery of further brines within the Candelas channel reinforces our view that the project has the very real potential to host a significant lithium resource in one of the world’s premium salars at Hombre Muerto,” Galan Lithium managing director Juan Pablo (JP) Vargas de la Vega said in the company’s announcement to the Australian Securities Exchange.

The company has also now received assays from this second drill hole (C-02-19) located some 9.5km south of the maiden drillhole that encountered fractured basement at 632m and was completed to a total depth of 662m.

These assays confirm the field observations which indicated a lower grade lithium bearing aquifer interpreted to be due to dilution from hydrothermal waters.

 

Website: www.galanlithium.com.au