Cassini Resources Welcomes New Investor with $7M Placement

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THE BOURSE WHISPERER: Cassini Resources (ASX: CZI) received further support for the company’s West Musgrave project (WMP) from a $7 million placement to institutional, sophisticated and strategic investors.

Cassini Resources said the funds from the placement will be used for working capital throughout the feasibility study stages of the WMP and to progress its exploration stage projects (Yarawindah Brook and Mt Squires) in Western Australia.

The WMP studies are funded by Earnin/JV partner OZ Minerals (ASX: OZL), with OZ sole funding activities at the WMP until the delivery of a Definitive Feasibility Study and decision to mine.

A key cornerstone investor in the placement was Tinci (HK) Limited, a 100 per cent subsidiary of Guangzhou Tinci Materials Technology Co. Ltd, a leading manufacturer and marketer for lithium-ion battery materials.

Tinci Materials was a pioneer electrolyte manufacturer in China for lithium-ion batteries and has established business collaborations with first class international customers.

Tinci Materials is currently conducting a feasibility study on the production of nickel sulphate from nickel sulphide concentrate for the battery industry.

“We are delighted to welcome Tinci (HK) onto our register and look forward to exploring various opportunities between Tinci (HK) and Cassini Resources,” Cassini Resources managing director Richard Bevan said in the company’s announcement to the Australian Securities Exchange.

“This includes discussions with Tinci regarding potential project off-take funding which will be evaluated alongside our other funding options to realise value for shareholders.

“This investment from Tinci (HK) is further recognition of the size, scale and quality of Cassini’s West Musgrave project and the development and operating reputation of our JV partner, OZ Minerals.”

Cassini said the placement was further supported by existing major shareholders who have a history of project development, off-take and financing of battery minerals assets.

 

Email: admin@cassiniresources.com.au

Website: www.cassiniresources.com.au

 

Spectrum Metals Hits New Gold Zone at Penny West

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THE DRILL SERGEANT: Spectrum Metals (ASX: SPX) released first assay results from drilling carried out below the open pit at the company’s Penny West deposit, south of the Youanmi mining center in Western Australia.

Spectrum Metals has received assay results from eight holes drilled beneath the open pit that encountered high-grade gold intercepts, including:

SPWRC006
5 metres at 28.9 grams per tonne gold from 203m, including 1m at 103g/t gold from 203m, within 31m at 5.5g/t gold from 203m.

The company explained this intersection was hit in the deepest and southern most hole yet received from the drilling program underneath the Penny West open pit.

Describing it as being “unusually thick” Spectrum believes the intersection may represent a new zone of structural thickening to the south and at depth and has generated a large new target for further drilling.

Encouraged by the results, Spectrum is currently designing a program of RC and diamond holes to follow up the intersection in hole SPWRC006 down dip and to the south in addition to the holes that are still to be drilled under the northern end of the pit.

Further assays are pending for drilling at other targets of Magenta (3 holes), Penny West (3 holes) and Penny North (12 holes).

“This is another incredible intersection for Spectrum and once again clearly demonstrates the capacity of the Penny West gold system to deliver significant gold mineralisation,” Spectrum Metals managing director Paul Adams said in the company’s announcement to the Australian Securities Exchange.

“Hole SPWRC006 is the deepest hole on the southern-most line drilled into the Penny West lode in our program and was designed to discover depth extensions to the known mineralisation.

“This intersection could open up a new exploration front under and south of the Penny West Pit.”

 

Email: info@spectrummetals.com.au

Website: www.spectrummetals.com.au

 

Alliance Resources Continues Weednanna Gold Growth

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THE DRILL SERGEANT: Alliance Resources (ASX: AGS) announced results of the latest round of reverse circulation (RC) drilling at the company’s Weednanna gold deposit on the Eyre Peninsula, South Australia.

Alliance Resources said the results from this latest round of drilling program had continued to grow the size of the Weednanna deposit outside of the Maiden Mineral Resource area, with highlights including:

High grade gold intersected near the southern end of Shoot 4 with intersections of:

19WDRC017
2 metres at 46.8 grams per tonne gold from 101m; and

19WDRC020
3m at 9.7g/t gold.

“These latest drilling results confirm that, as evidenced at Shoot 4, significant gold can occur near the footwall contact of the Paleo-Proterozoic calc-silicate and magnetite skarn, and that lower grade gold zones can act as a vector towards higher-grade gold mineralisation,” Alliance Resources said in its ASX announcement.

“In general, the footwall contact of the skarn is poorly tested by drilling and significant potential remains to discover further gold in this geological position.”

Shoot 5E continues to be defined with intersections of:

19WDRC004
3m at 6.9g/t gold from 106m;

19WDRC007
10m at 7.7g/t gold from 117m, including 7m at 10g/t gold from 118m; and

19WDRC010
2m at 19.9g/t gold from 77m;

The gold potential of Shoot 11 emerged with intersections of:

19WDRCC012
3m at 7.3g/t gold from 97m; (hanging wall)

19WDRC012
12m at 2.5g/t gold from 108m, including 8m at 3g/t gold from 108m;

19WDRC013
16m at 3.7g/t gold from 134m, including 10m at 4.3g/t gold from 134m;

19WDRC022
1m at 19g/t gold from 77m; (hangingwall) and

19WDRC022
7m at 4.5g/t gold from 90m.

Alliance explained that Shoot 11 was identified during 2018 while the company conducted 3D modelling of the geology of the Weednanna deposit.

This shoot is positioned near the footwall contact of the Paleo-Proterozoic calc-silicate and magnetite skarn.

 

Email: info@allianceresources.com.au

Website: www.allianceresources.com.au

 

VRX Silica Raises Finds to Progress Arrowsmith and Muchea Projects

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THE BOURSE WHISPERER: VRX Silica (ASX: VRX) announced it has received commitments for a capital raising via a share placement to professional and sophisticated investors to raise approximately $2.26 million before costs.

VRX Silica said the placement received strong support from a range of sophisticated and institutional investors together with existing shareholders and will result in the issue of approximately 37.67 million new fully paid ordinary shares at an issue price of six cents per share.

VRX directors committed to subscribe for an aggregate of shares under the placement, representing approximately $260,000, subject to shareholder approval.

“We are delighted with the strong support received for the Placement from a wide range of investors,” VRX Silica managing director Bruce Maluish said in the company’s announcement to the Australian Securities Exchange.

“The Placement positions VRX to continue to rapidly progress both the Arrowsmith and Muchea silica sand projects.

“Near term activity includes an updated JORC Resource following the completion of our recent drilling program and the release of a bankable feasibility study, currently targeted to be completed in the early part of the September quarter 2019.”

VRX indicated the funds raised will be allocated to completion of feasibility studies and progression of environmental approvals and mining lease applications at the company’s Arrowsmith and Muchea projects

A portion of the net Placement proceeds will be directed towards exploration activities at the company’s Boyatup silica sand project and Warrawanda HPQ project and for general working capital.

 

Email: info@vrxsilica.com.au

Website: www.vrxsilica.com.au

 

Cygnus Gold Identifies New Kepler Gold Zone

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THE DRILL SERGEANT: Cygnus Gold (ASX: CY5) is set to commence drilling targeting the recently identified Kepler Zone at the company’s Stanley project in the Wheatbelt of Western Australia.

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

Cygnus considers this metadacite unit to be a key stratigraphic control on the distribution of gold mineralisation in this part of the 20-kilometre-long Stanley greenstone.

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

“The company is keen to test the Kepler Zone target and undertake further drilling at McDougall South over the coming weeks,” Cygnus Gold managing director James Merrillees said in the company’s announcement to the Australian Securities Exchange.

“We’re excited to be out drilling the Kepler Zone later this month.

“Our new understanding of the controls on gold mineralisation at Stanley has demonstrated a large, and previously unrecognised area of the prospective belt has never been drill tested.

“We’re also looking forward to further testing the encouraging early results from McDougall South later in the month.”

 

Email: info@cygnusgold.com

Website: www.cygnusgold.com

 

Barra Resources Drilling at Burbanks North

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THE DRILL SERGEANT: Barra Resources (ASX: BAR) has commenced an air core drilling program on the company’s Burbanks project, south of Coolgardie in Western Australia.

Barra Resources indicated the drilling is aimed at extending known mineralisation along the Burbanks North Trend.

The company’s previous air core drilling, undertaken at the Burbanks North deposit, identified broad and continuously gold mineralisation at shallow depths over an initial strike length of 350 metres.

The current program is expected to extend on the earlier drilling to test a further 650m of strike length to the north to a total of up to 1,000m along the Burbanks North Trend.

This will include some infill drilling through the Fangjaw prospect where Reverse Circulation (RC) drilling in 2010 yielded encouraging gold results.

“Based on the significant mineralisation identified from the earlier drilling programs alone, Barra expects to be able to estimate a shallow oxide maiden Mineral Resource for the Burbanks North Trend immediately following the drilling program,” Barra Resources said in its ASX announcement.

 

Email: info@barraresources.com.au

Website: www.barraresources.com.au

 

Carawine Resources Extends Hill 800 Gold-Copper Zone

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Carawine Resources (ASX: CWX) declared it latest results as some of the highest gold grades returned to date from Hill 800, an advanced gold prospect within the company’s 100 per cent-owned Jamieson project, located in northeast Victoria

Carawine Resources said the latest diamond drilling program at Hill 800 increased the strike and width of the Stringer Zone mineralisation.

The latest assay results are from the extension of hole H8DD004, targeting strike extensions to gold and copper mineralisation in the Stringer and 650 Zones, returning the following intervals:

H8DD004

Stringer and 650 Zones (combined interval)

67 metres at 2.13 grams per tonne gold, 0.1 per cent copper from 143m (0.3g/t gold cut-off)

Stringer Zone

49m at 2.54g/t gold, 0.2 per cent copper from 143m (0.3g/t gold cut-off), including: 17m at 6.62g/t gold, 0.3 per cent copper from 157m (1g/t gold cut-off), including: 1.1m at 10.3g/t gold, 1 per cent copper from 162m (10g/t gold cut-off);

1m at 20.2g/t gold, 0.2 per cent copper from 166m (10g/t gold cut-off); and

2m at 37.5g/t gold, 0.3 per cent copper from 172m (10g/t gold cut-off)

650 Zone

14m at 1.28g/t gold from 196m (0.3g/t gold cut-off), including: 7m at 2.27g/t gold from 203m (1g/t gold cut-off)

“These latest results were particularly exciting because they have increased the width and strike length of the Stringer Zone, the highest-grade part of Hill 800 mineralised system discovered to date,” Carawine Resources managing director David Boyd said in the company’s announcement to the Australian Securities Exchange.

“We recognised the importance of the Stringer Zone with our first drill holes at Hill 800 and these latest results show its potential to become a significant body of high-grade gold and copper mineralisation.

“Each hole we drill gives us a better understanding of its size, orientation and grade, defining a wide mineralised envelope containing numerous extremely high gold grades which together make a very attractive target.

“This is also just our second hole into the recently discovered 650 Zone, with the results showing an increase in gold grade and alteration intensity.

“Both zones remain open, with a drill hole currently in progress targeting the area immediately above these latest, exceptional intersections.”

 

Email: info@carawine.com.au

Website: www.carawine.com.au

 

Ausgold Intersects Further Jinkas South Mineralisation

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THE DRILL SERGEANT: Ausgold (ASX: AUC) reported results of reverse circulation drilling (RC) undertaken at the Jinkas South prospect, within the company’s 100 per cent-owned Katanning gold project (KGP) in Western Australia’s south-west.

Ausgold commenced the drilling in March targeting high-grade gold mineralisation within the Jinkas South area it considers having potential to add both grade and total ounces to the current KGP Mineral Resource, which stands at 25.1 million tonnes at 1.29 grams per tonne gold for 1.04 million ounces of gold.

Intercepts from the recent RC drilling at Jinkas South include:

BSRC0871
16 metres at 6.21 grams per tonne gold from 114m, including 4m at 22.38g/t gold;

BSRC0871
5m at 1.88 g/t gold from 76m;

BSRC0875
25m 1.13 g/t gold from 115m including 5m at 3.41 g/t gold;

BSRC0875
6m at 2.11 g/t gold from 97m;

BSRC0876
4m at 2.63 g/t gold from 72m including 2m at 4.65 g/t gold;

BSRC0872
12m at 0.85 g/t gold from 63m including 6m at 1.15 g/t gold;

BSRC0878
5m at 1.45 g/t gold from 71m including 4m at 1.70 g/t gold; and

BSRC0877
14m at 0.98 g/t gold from 86m including 1m at 7.30 g/t gold.

Ausgold said the new drilling had combined with a ground gravity program to identify controls on high-grade gold mineralisation and supports the recent geological interpretation along the eastern edge of the Jinkas deposit.

“RC drilling at Jinkas South has again intersected high-grade gold mineralisation, further extending the identified zone of high-grade mineralisation over a strike length of 350 metres,” Ausgold managing director Matthew Greentree said in the company’s announcement to the Australian Securities Exchange.

“This high-grade mineralisation remains open along strike making it an attractive target with the potential to significantly add to the 1.04 million ounces already identified at the KGP.

“With the new gravity survey, several previously unidentified faults have been highlighted allowing more targeted drill programs in the future.

“Further work is currently being undertaken to better delineate gold mineralisation down dip of and along the Jinkas trend.

“These represent immediate exploration targets coincident with gravity anomalies, where the Jinkas and White Dam lodes coalesce.

“This down-dip position towards the east remains poorly tested with the current drilling at the KGP only effectively testing the top 150 metres, leaving the down- dip extent of the Jinkas-White Dam mineralisation largely untested.”

 

Email: info@ausgoldlimited.com

Website: www.ausgoldlimited.com

 

Spectrum Metals Encounters Highest Grade Penny North Intersection

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THE DRILL SERGEANT: Spectrum Metals (ASX: SPX) announced results from a further three holes from recent drilling at the Penny North lode, located south of the Youanmi mining centre in Western Australia.

Highlights from the results include:

SPWRC022
4 metres at 105.2 grams per tonne gold from 151m, including 1m at 292.8g/t gold from 153m;

SPWRC001
2m at 19.7g/t gold from 115m; and

SPWRC021
1m at 10.8g/t gold from 154m.

Spectrum Metals explained the intersection in hole SPWRC022 was encountered immediately down dip of previously released hole SPWRC018, which recorded an intersection of 4m at 35.2g/t within 9m at 16.2g/t gold from 130m.

The company declared the new results add another high-grade section line to the south in the Penny North lode and increases its knowledge of the continuity of the high-grade mineralisation around the initial discovery.

Assays are pending for other drilling – Magenta (3 holes), Penny West (11 holes) and Penny North (12 holes).

“The intersection of four meters at 105.2 grams per tonne gold in hole SPWRC022 is the highest-grade intersection yet seen in our program at Penny North and lies down dip of four metres at 35.2 grams per tonne,” Spectrum Metals managing director Paul Adams said in the company’s announcement to the Australian Securities Exchange.

“At this location, the lode is exhibiting a very strong tenor and builds on our knowledge base of the distribution of high-grade within the lode structure.

“As more results become available, we expect to be able to discern the orientation of this high-grade zone which in turn will inform our targeting of the gold system down plunge as our program continues.”

 

Email: info@spectrummetals.com.au

Website: www.spectrummetals.com.au

 

Technology Metals Australia Upgrades Gabanintha North Resource

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THE DRILL SERGEANT: Technology Metals Australia (ASX: TMT) reported on the update of the JORC Code 2012-compliant Northern Block Mineral Resource estimate and resulting Global Mineral Resource estimate for the company’s Gabanintha vanadium project.

The updated Northern Block Mineral Resource estimate includes a Measured and Indicated Mineral Resource of 30 million tonnes at 0.9 per cent vanadium oxide (V2O5) and 11 per cent titanium dioxide (TiO2), incorporating the maiden Measured Mineral Resource estimate in the North Pit area.

The Global Resource estimate for the project of 131 million tonnes at 0.9 per cent V2O5 and 10.1 per cent TiO2 includes a high-grade component of 71.2 million tonnes at 1.1 per cent V2O5 and 12.7 per cent TiO2 contained within a consistently mineralised massive magnetite zone.

“The significant increase to the Indicated Resource, a key component to support a material extension to the project mine life, and the substantial increase to the high-grade portion of the Resource, provides an indication of the potential very long tenor of this high-quality globally significant vanadium project,” Technology Metals Australia managing director Ian Prentice said in the company’s announcement to the Australian Securities Exchange.

 

Email: investors@tmtlimited.com.au

Website: www.tmtlimited.com.au