Matsa Resources Commences Mining at Red October

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THE BOURSE WHISPERER: Matsa Resources (ASX: MAT) has commenced underground mining operations at the company’s 100 per cent-owned Red October gold project in Western Australia’s Eastern Goldfields.

Matsa Resources said that mining activities, including decline preparation and other site preparation are underway with first ore scheduled to be produced and ready for delivery in April.

The company explained that the commencement of mining operations at Red October is the culmination of two mine studies, which have delivered a comprehensive mine plan, that proposes a highly profitable, low cost targeted mining operation over an initial seven month period – with strong potential to extend mining in-line with the company’s goal of delivering a substantial long term mining operation at Red October.

Matsa anticipates the mining operation to generate revenue of $16.09 million and deliver a net cash surplus $4.075 million.

All necessary approvals for mining at Red October are in place, and toll milling/ore purchase agreements are currently being negotiated.

“I am delighted with the work done in getting the Red October gold mine to the point where we can announce mining and production in early 2019, subject to a suitable toll milling/ore purchase agreement being finalised,” Matsa Resources executive chairman Paul Poli said in the company’s announcement to the Australian Securities Exchange.

“Although planning indicates initial production over a seven-month period, I am very confident ongoing exploration and increased knowledge will see production go beyond that timeframe.”

 

Email: reception@matsa.com.au

Website: www.matsa.com.au

 

Kalium Lakes has Mining Tenure Granted

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THE BOURSE WHISPERER: Kalium Lakes (ASX: KLL) has had all of the required Mining Tenure for the company’s 100 per cent-owned Beyondie sulphate of potash project granted by the Department of Mines, Industry Regulation and Safety (DMIRS).

Kalium Lakes’ tenure includes two Mining Leases, 15 Miscellaneous Licences and a gas pipeline licence, in addition to 15 granted Exploration Licences.

The company explained all Mining Tenure has been granted with the consent of the Determined Native Title holders, the Gingirana People and the Birriliburu People, in accordance with the signed Mining Land Access Agreements.

All of the Exploration Licences have also been granted in accordance with the Land Access and Mineral Exploration Agreements.

“The grant of all of our Mining Tenure requirements allows the full value chain to be accomplished including, extraction of the brine, evaporation to form salts, SOP purification and haulage to the Australian agricultural industry or an export port,” Kalium Lakes managing director Brett Hazelden said in the company’s announcement to the Australian Securities Exchange.

“Kalium Lakes is the only company to have all the tenure requirements granted to develop what we expect will be the first commercial SOP production facility in Australia.

“We would like to thank the Gingirana People and the Birriliburu People traditional owners for their consent and ongoing support of the project.”

 

Email: info@kaliumlakes.com.au

Website: www.kaliumlakes.com.au

 

Black Cat Syndicate Released Maiden Bulong Resource

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THE DRILL SERGEANT: Black Cat Syndicate (ASX: BC8) released a maiden JORC Code 2012-compliant Mineral Resource Estimate at the Bulong gold project in Western Australia.

Black Cat Syndicate boasted it had delivered the 1.4 million tonnes at 2.5 grams per tonne gold for 109,000 ounces of contained gold Resource just 10 months since it commenced drilling in March last year.

The Resources are located over 2.4 kilometres on the project’s Myhree–Boundary, Trump and Queen Margaret corridors, which have a combined mineralised length of 17kms.

The company outlined this represents only 14 per cent of the interpreted extent of the three corridors which remain, in its opinion, underexplored.

Black Cat has rapidly progressed Myhree from a new discovery to a high-grade Resource of 486,000 tonnes at 3.2 grams per tonne gold for 50,000 ounces in just seven months.

“We are pleased to report a maiden Resource at Bulong from only 10 months of activity,” Black Cat Syndicate managing director Gareth Solly said in the company’s announcement to the Australian Securities Exchange.

“This time last year we had just completed our IPO, had one full time employee and had not started drilling.

“The maiden Resource has come about quickly and demonstrates what can be achieved when you have a great project in a great location.

“Importantly, the maiden Resource sits on only 14 per cent of the length of the three main corridors that remain open along strike and at depth.

“This is only the first step in the rediscovery of the Bulong goldfield as we continue to drill these highly prospective corridors.

“With the 2019 drilling campaign now in progress, we expect strong news flow to continue throughout 2019, including an upgrade of the Resource in the September 2019 quarter.”

 

Email: admin@blackcatsyndicate.com.au

Website: www.blackcatsyndicate.com.au

 

Stavely Minerals Encounters Second Thick Bornite Zone

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THE DRILL SERGEANT: Stavely Minerals (ASX: SVY) update the market on progress of a diamond drill hole currently underway at the Thursday’s Gossan prospect, part of the company’s 100 per cent-owned Stavely copper-gold project, in Western Victoria.

Stavely Minerals reported the hole had encountered a second substantial zone of visual copper sulphide mineralisation including an interval containing bonanza bornite mineralisation.

Stavely previously reported an intersection from drill hole SMD044 at Thursday’s Gossan of a broad zone of copper sulphide mineralisation from 584 metres to 697m down-hole.

The new interval is from 890m to 938m and contains semi-massive and vein pyrite with bornite-chalcocite stringers and disseminations.

The latest result follows the earlier 110-metre intercept of chalcopyrite-bornite mineralisation and, based on visual inspection of the core by experienced Stavely geologists, has outdone the previous interval to be the best visual intercept returned from the project to date.

“The second, deeper zone of visual mineralisation encountered in the latest drill hole represents another exciting breakthrough for the company’s exploration team in its search for the core of the porphyry system at Thursday’s Gossan,” Stavely Minerals executive chairman Chris Cairns said in the company’s announcement to the Australian Securities Exchange.

“Hot on the heels of the 110-metre intercept of chalcopyrite-bornite copper mineralisation we announced last week, this is some outrageously good looking bornite-chalcocite copper mineralisation.

“Importantly, we are confident that this assemblage is clearly hotter and is likely proximal to the porphyry we are after.

“We believe that these two well-mineralised structures converge to the south and that will be the target for our next drill hole – which, after a small ‘wedge’ hole to get another intercept to confirm the orientation of the mineralisation, we hope to commence in early March.”

 

Email: info@stavely.com.au

Website: www.stavely.com.au

 

Antipa Minerals to Kick Off 2019 Greenfields Exploration

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THE DRILL SERGEANT: Antipa Minerals (ASX: AZY) indicated its intention to commence drilling as part of an ongoing exploration program on the company’s Paterson Province projects in Western Australia.

Antipa Minerals declared its objective is to aggressively advance multiple exploration and development opportunities across the company’s 100 per cent-owned North Telfer and Paterson projects, which are close to both Newcrest Mining’s Telfer gold mine and Rio Tinto’s Winu discovery.

“We are pleased to confirm that drill testing of the company’s exciting greenfields geophysical targets is on track to commence in early April,” Antipa Minerals managing director Roger Mason said in the company’s announcement to the Australian Securities Exchange.

“This new breed of targets, concealed beneath shallow cover, were generated during our 2018 expanded greenfields exploration program via state-of-the-art geophysical survey techniques.

“The 2018 AEM and 2019 aeromagnetic targets will be systematically evaluated this year with the aim of making a world-class discovery in Western Australia’s underexplored Paterson Province.”

Antipa’s first phase of the 2019 exploration program will consists of Air Core and slim-line Reverse Circulation (RC) drilling, testing up to 25 greenfields geophysical targets and one brownfield prospect.

The greenfield program will focus on the El Paso corridor, which extends for approximately 40 kilometres on Antipa’s Citadel Project Joint Venture with Rio Tinto and 100 kilometres on the company’s 100 per cent-owned ground.

The objective of this program is the discovery of large-scale gold and/or copper deposits.

Antipa evaluated historic data during 2018 that identified several high-priority brownfields prospects.

The first phase of Antipa’s 2019 greenfield exploration plan includes Air Core and slimline RC drill testing of the Turkey Farm prospect, located just one kilometre west of the Chicken Ranch deposit, and surface geochemical sampling and geological mapping programs focussed on the Pajero and Triangle brownfield target areas.

 

Website: www.antipaminerals.com.au

 

Venture Minerals Reviews Riley Revisitation

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THE BOURSE WHISPERER: Venture Minerals (ASX: VMS) informed the market it is reviewing the economics of the company’s Riley DSO iron ore mine in Tasmania.

Venture Minerals said it carried out the review on the back of a recovery in the iron ore price and expressions of interest by several third parties in the Riley ore.

The company will undertake the review of the Riley project in conjunction with an updated scoping study on its neighbouring Mount Lindsay tin-tungsten project, which is due to be completed in the coming weeks.

Venture has had the Riley iron ore mine on care and maintenance since August 2014 having suspended clearing of the plant site.

Venture Minerals believes the current market trend demands a review of its iron ore operation with the price for 62 per cent iron, which is like what will be produced at Riley, having risen by almost forty per cent.

The company believes recent events in the global iron ore community, namely at Vales’ mines in Brazil, could sustain the current price levels at least the near term, which may suit the production ready nature of the Riley project.

Venture has already completed extensive pre-production work at Riley putting in place all the necessary requirements to commence mining, making it a ‘quick to market’ opportunity for the company.

Highlights at the Riley DSO hematite project are:

Riley is a fully permitted iron ore mine that is positioned to recommence operations within a very short period;

Approximately 90 per cent of the equipment that was previously purchased is still on hand;

Riley has Reserves of 1.8 million tonnes at 57 per cent iron with low impurities;

The Riley DSO deposit is all at surface, located less than two kilometres from a sealed road that accesses existing rail and port facilities.

“The previous work at the Riley iron ore mine has placed Venture in a strong position and with the iron ore price improving it affords the company the opportunity to commence production with relatively short notice,” Venture Minerals managing director Andrew Radonjic said in the company’s announcement to the Australian Securities Exchange.

 

Email: info@ventureminerals.com.au

Website: www.ventureminerals.com.au

 

Cassini Resources Confirms Potential of Succoth Deposit

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THE DRILL SERGEANT: Cassini Resources (ASX: CZI) announced results from recent drilling at the Succoth deposit, situated within the West Musgrave Project in Western Australia.

Cassini Resources is developing the WMP with its Joint Venture partner OZ Minerals.

The JV partners are currently undertaking a Prefeasibility Study (PFS) on the project’s Nebo-Babel deposits as well as a regional exploration program.

The Succoth deposit is a large, Inferred copper resource of 156 million tonnes at 0.6 per cent copper, located only 13km northeast of Nebo the JV believes could benefit to the project by providing additional mineralisation to a future mining operation at Nebo-Babel.

Cassini reported the recent results have confirmed thick zones of copper mineralisation that support a favourable, folded mineralisation geometry, with significant implications for future resource updates and mining evaluation.

Drilling has also provided further evidence of a proximal source of nickel sulphide mineralisation.

Three diamond drill holes were completed in late 2018, infilling a strategic section critical to resolving the folded stratigraphy model hypothesis.

Results from the program included:

CZD0096
76.3 metres at 0.71 per cent copper and 0.17g/t platinum group elements (PGE) from 46.7m;

CZD0097
92.55m at 0.75 per cent copper and 0.19g/t PGE from 271.45m;

Cassini highlighted an intersection encountered within CZD0097 of 0.25m of re-mobilised massive sulphide within a dolerite dyke grading 3.17 per cent nickel, 1.41 per cent copper and 0.22 per cent cobalt; and

CZD0098
141.3m at 0.5 per cent copper and 0.11g/t PGE from 431.5m.

“The importance of these results goes well beyond the assays themselves,” Cassini Resources managing director Richard Bevan said in the company’s announcement to the Australian Securities Exchange.

“They support a favourable geological interpretation that has significant potential benefit for the scale of the resource at Succoth, its amenability to open pit mining and our goal of building a multi-decade mining operation in the West Musgrave.

“The perseverance of our geological team is successfully unlocking the potential of Succoth and we look forward to further drilling success in 2019.”

The JV considers the Succoth deposit presents future optionality on copper with likely low capital intensity development costs that may support a multi-decade project in the region.

Cassini indicated a second infill section requiring approximately 2,000m of drilling will be undertaken to confirm a folded geological interpretation that has been identified that extends along strike.

Site works have already been completed and drilling will commence early in the 2019 field program.

 

Email: admin@cassiniresources.com.au

Website: www.cassiniresources.com.au

 

Gold Road Resources Outlines Gruyere Production Guidance

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THE BOURSE WHISPERER: Gold Road Resources (ASX: GOR) provided the market with an update on 2019 production guidance for the Gruyere gold project Joint Venture with Gruyere Mining Company, a member of the Gold Fields Limited group.

Gold road Resources intimated that with first gold on target for the June 2019 quarter, the Gruyere Project is anticipated to achieve commercial production during the second half of this calendar year.

Ramp‐up to full nameplate capacity is expected to be completed within six to seven months of first gold.

Gold production for year 2019 is estimated between 100,000 and 120,000 ounces with Gold Road’s share of guided production estimated to be 50,000 to 60,000 ounces.

Once commercial production is declared, all‐in sustaining costs for the remainder of 2019 are expected to be between $1,050 and $1,150, which the company said was slightly higher than the forecast life‐of‐ mine average of $1,025 per ounce, as production ramps up to full nameplate capacity.

Prior to commercial production being declared, production costs (net of revenue from any gold sold) will be capitalised.

The final forecast capital (FFC) cost estimate remains at $621 million and Gold Road anticipates funding a total share of the FFC cost of $284 million.

As of 31 December 2018, Gold Road’s remaining share of capital development costs is approximately $40 million.

Gold Road’s remaining share of JV management costs is approximately $10 million.

As at 14 February 2019 the Gruyere JV had mined 185,000 tonnes of ore, from which a substantial stockpile of ore is being amassed in preparation for initial production to facilitate a smooth ramp up during 2019.

“It is good to see the Gruyere project develop from conceptual plans through Feasibility Study to a well‐designed large scale, long‐life, low‐cost operation that is on the threshold of delivering substantial value for our shareholders,” Gold Road Resources chairman Tim Netscher said in the company’s announcement to the Australian Securities Exchange.

“We look forward to pouring first gold in the June 2019 quarter.”

 

Email: perth@goldroad.com.au

Website: www.goldroad.com.au

 

Comet Resources Welcomes New Non-Exec

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THE BOURSE WHISPERER: Comet Resources (ASX: CRL) has appointed Alex Molyneux as a non-executive director of the Company.

Comet Resources said it was pleased to welcome Molyneux and his skills and experience, particularly with respect to strategic partnerships and project financing within the mining and metals sector, as it transitions to the next phase of development of the company’s 100 per cent-owned Springdale graphite project, located east of Hopetoun in Western Australia.

Molyneux has plenty of runs on the board as a metals and mining industry executive and financier.

He is currently CEO of Galena Mining (ASX: G1A), which just over two weeks ago announced a $90 million project equity investment from Toho Zinc of Japan, for a 40 per cent ownership interest it’s Abra base metals project.

Prior to Galena, Molyneux spent three-years as CEO of Paladin Energy (ASX: PDN), where he completed a US$700 million recapitalisation including raising US$115 million in new capital and a re-listing of the company on the ASX.

This was after a five-year stint with Ivanhoe Mines Group and Ivanhoe Energy in various leadership capacities.

“I believe strongly in high-quality mineral projects where the relevant commodities are in shortage or are likely to benefit from technological change,” Molyneux said in Comet Resources’ announcement to the Australian Securities Exchange.

“In the case of Comet, I believe its Springdale graphite project is a high-quality graphite project but with the unique benefit that it supports electrochemical exfoliation of graphene.

“In my view, graphene is something we will hear a lot more about in the coming years because of its ideal properties for next-generation electronics.”

 

Email: comet@cometres.com.au

Website: www.cometres.com.au

 

Panoramic Resources Moves First Shipment from Recommissioned Savannah

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THE BOURSE WHISPERER: Panoramic Resources (ASX: PAN) completed the first shipment of bulk nickel/copper/cobalt concentrate from the company’s recently recommissioned Savannah project in the Kimberley region of Western Australia.

Panoramic Resources loaded the shipment aboard the MV Heemskerkgracht, which departed the port of Wyndham bound for Lianyungang, China with 7,735 wet metric tonnes (wmt) of nickel/copper/cobalt concentrate onboard.

The load represents a preliminary invoice value of approximately $8.6 million.

“It is wonderful to see Savannah concentrate being shipped again from Wyndham,” Panoramic Resources managing director Peter Harold said in the company’s announcement to the Australian Securities Exchange.

“This is a significant milestone in the recommissioning of the mine and processing plant at Savannah and I would like to thank the team at Savannah for their efforts to get the project going again.”

 

Website: www.panoramicresources.com.au