Cazaly Resources Spin Out to List on ASX

THE BOURSE WHISPERER: Cazaly Resources (ASX: CAZ) announced that Tara French has transitioned into the role of managing director of the company.

French steps into the role at an important time for the company as it prepares for the proposed divestment of the jointly owned Hamersley Iron Ore Project and subsequent listing of spin ot company Equinox Resources (ASX: EQN).

Equinox Resources has been admitted to the Official List of the ASX with commencement of trade of its securities anticipated for launch at 10:00am (WST) on Wednesday, 13 October 2021.

The admittance of Equinox to the Official List of the ASX, follows completion of a $9 million initial public offering.

Equinox’s sole focus is on the exploration and development of the Hamersley Iron Ore Project, led by a dedicated Board and management team with plenty of iron ore experience.

“This is a great result for Cazaly as the Hamersley project now has the requisite funds to progress and be managed by a highly experienced team whose sole focus is the further development of the project,” French said in the company’s ASX announcement.

“We congratulate the Equinox Board on their ASX listing and look forward to the future advancement of the Hamersley project.”

 

TO READ THE FULL ANNOUNCMENT: CLICK HERE

 

Email: admin@cazalyresources.com.au

 

Web: www.cazalyresources.com.au

 

 

Kin Mining Rattles the Tin to Raise Exploration Funds for Cardinia Gold Project

THE BOURSE WHISPERER: Kin Mining (ASX: KIN) is looking to maintain momentum at the company’s Cardinia Gold Project (CGP) near Leonora in Western Australia.

Kin Mining announced it will undertake a non-underwritten non renounceable 1-for-6.5 pro-rata Entitlement Offer to raise up to $12.92 million to progress the next phase of exploration at the company’s 100 per cent-owned Cardinia gold project.

The company said the proceeds would be used for its next phase of exploration across established and new prospects at the CGP, as part of an exploration-driven strategy to further expand the project’s 1.28 million ounces inventory and make new discoveries.

The next phase of systematic exploration work will follow up on new discoveries and targets identified as part of Kin Mining’s drilling campaigns completed during 2020 and 2021.

These include the Mt Flora and Iron King discoveries, as well as multiple new prospects that were identified as the company improved its understanding of the geology and potential of the CGP, such as the Eagle and Crow prospects.

“We’ve had considerable success converting our improving geological understanding into exploration results, and then converting those results into additional Mineral Resources,” Kin Mining managing director Andrew Munckton said in the company’s ASX announcement.

“At Cardinia Hill, we have successfully added 106,000 ounces of new Mineral Resources, while the Bruno-Lewis Mineral Resource has been expanded by 20 per cent to 374,000 ounces.

“Our systematic approach to exploration has paid off in spades and given us a much better idea of where and how to target the next phase of drilling – which will be designed both to define new resources and to identify additional discoveries with the potential to deliver a step-change in the scale of the project.

“The additional funding will allow us to continue to assess the recent discoveries at Cardinia Hill and follow up on new prospects like Mt Flora, Eagle and Crow – in short to maintain the very strong exploration momentum we have built up over the past two years.

“These other targets have been identified by recent soil geochemistry and modern geophysical surveys over largely untested areas within the highly mineralised Cardinia area.

“We expect this work to generate new follow-up programs of work stretching into 2022.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@kinmining.com.au

 

Web: www.kinmining.com.au

 

Gascoyne Resources Enters Trading Halt to Consider its Options

THE BOURSE WHISPERER: Gascoyne Resources (ASX: GCY) responded to Westgold Resources’ (ASX: WGX) taunt’s by requesting the ASX place the company’s ordinary shares in a trading halt with immediate effect.

Gascoyne Resources requested the trading halt saying it requires time to complete, “the finalisation and Board approval of a material update to its business plan”.

The company indicated that once the trading halt is lifted it expects to be able to provide additional information in respect of the Westgold Resources’ announcements regarding its unsolicited intention to make a takeover bid for the company.

“The Company requests that trading of its ordinary shares be halted until after the expected announcement of the update to its business plan is made or until the market opens on Wednesday 13 October 2021, whichever is the earlier,” Gascoyne said in its request to the ASX.

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: admin@gascoyneresources.com.au

 

Web: www.gascoyneresources.com.au

 

Dreadnought Resources Hits Massive Sulphides at Orion

THE DRILL SERGEANT: Dreadnought Resources (ASX: DRE) reported encountering massive sulphide mineralisation in multiple holes on the Orion copper-gold-silver-cobalt target at the company’s Tarraji-Yampi project in the West Kimberley region of Western Australia.

Dreadnought Resources has completed eight RC drill holes to date at Orion, six of which intersected massive sulphides, confirming base metal mineralisation over 120 metres of strike and remaining open in all directions.

“We are off to an encouraging start with our drilling program at Orion,” Dreadnought Resources managing director Dean Tuck said in the company’s ASX announcement.

“Strong mineralisation has been observed in six of eight holes with copper, cobalt and zinc sulphide mineralisation present.

“Down hole EM is currently underway to assist with our targeting at Orion.

“Orion remains open in all directions.

Drilling at Fuso, and Grant’s Find will commence tomorrow and will be followed by the balance of the Orion program on the back of the down hole EM results.

“Orion, Fuso and Grant’s Find are considered to be part of a large mineralised system and this program is well on its way to providing the framework to determine the scale of the opportunity.”

 

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

 

Email: info@dreadnoughtresources.com.au

 

Web: www.dreadnoughtresources.com.au

 

Breaker Resources Extends Tura High-Grade Zone at Bombora

THE DRILL SERGEANT: Breaker Resources (ASX: BRB) reported on recent drilling activity at the company’s Lake Roe gold project east of Kalgoorlie in Western Australia.

Breaker Resources said the drilling at the 1.4 million ounce project had continued to extend high-grade gold mineralisation at relatively shallow depths below the Bombora open pit Resource.

The diamond drilling delivered:

BBDD0129
6.8 metres at 12.07 grams per tonne gold from 277m (estimated true width of 3.4m), including 3m at 21.53g/t gold from 280m.

A step-out hole BBDD0130 was drilled a further 80m to the south that intersected the Tura lode, displaying numerous specks of visible gold with assays pending.

Breaker said these latest results have extended the down-plunge extent of high-grade mineralisation on the Tura lode to 900 metres with the system remaining open down plunge.

“These results provide more strong evidence that the roots of the Bombora ore system have high-grade lodes with genuine underground mining potential,” Breaker Resources managing director Tom Sanders said in the company’s ASX announcement.

“Given what we are seeing in the core, we are eagerly awaiting the assay results from BBDD0130.

“The underground potential is growing rapidly with high-grade lodes opening at scale in several areas directly below the three kilometres-long open pit Resource.

“So far, we have partially defined two of these with the steeply dipping, 900 metres-long Tura lode in the central area, and the 2.2 kilometres-long package of stacked flat lodes to the north.

“There is also the emerging potential of other steeply dipping lodes such as Daisy and Brigalow Mick, and the known potential of the strike-extensive west-dipping lodes like Quarries.”

Drilling at the Lake Roe project is continuing with two diamond drill rigs running continuously, and one Reverse Circulation (RC) rig operating on a campaign basis depending on availability.

The diamond rigs are targeting high-grade lode extensions on 80m step-outs, while the RC rig is primarily focussed on near-surface extensions of the open pit Resource, and on exploratory drilling outside Bombora.

Assay results are pending for seven diamond drill holes targeting the Bombora deposit, and for thirty RC drill holes targeting several areas including the Carbineer prospect; the Windward prospect situated 14km north of Bombora; and the margin of the Swan Lake Syenite to the east of Bombora.

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: breaker@breakerresources.com.au

 

Web: www.breakerresources.com.au

 

Westgold Resources Goes Bareknuckle in Gascoyne Resources Takeover Stoush

THE BOURSE WHISPERER: Westgold Resources (ASX: WGX) called out the Board of takeover target Gascoyne Resources (ASX: GCY) in an announcement this morning comparing its offer against that of Firefly Resources (ASX: FFR).

Westgold declared it had received a good deal of incoming positive engagement from shareholders of Gascoyne Resources regarding its intention to make an off-market takeover offer for all the issued shares in Gascoyne.

Westgold’s offer is subject to the Firefly Scheme not proceeding and customary off-market takeover bid conditions including, inter alia, a minimum acceptance condition of 50.1 per cent.

Westgold intends to lodge its Bidders Statement with ASIC during the week commencing 10 October 2021.

“It has been more than a week since Westgold announced its intention to make a bid on terms that are far superior to Gascoyne’s proposed merger with Firefly,” Westgold Resources executive director Wayne Bramwell said in the company’s ASX announcement.

“Bemusingly, the Gascoyne Board has provided no guidance to Gascoyne’s shareholders nor to Westgold regarding the Board’s intentions on either the Firefly Scheme or the Westgold Offer.

“The silence from the Gascoyne Board in relation to our Offer is in stark contrast with the volume of calls and emails we are receiving from Gascoyne shareholders wanting our Offer to be considered by their Board.

“Westgold knows the Gascoyne Board is cognisant of its fiduciary duty to its shareholders and would expect the Board to dutifully and proactively act to ensure their loyal shareholders have the opportunity to evaluate and respond to our value accretive proposition.”

The company compared the details of each offer, saying that “Based on the Independent Expert’s Report contained in the Firefly Scheme booklet”, should the Firefly Scheme taken up the value would equate to 18.3 cents per Gascoyne share.

The Westgold Offer of one Westgold share for every four Gascoyne Shares implies a value of 44 cents per Gascoyne share.

The gloves were then removed:

“The Gascoyne Board must act in accordance with its fiduciary duties to its shareholders and take all steps necessary to terminate the inferior proposed Firefly Scheme,” the company stated rather firmly.

“At the very least, Westgold considers that the Gascoyne Board must postpone the proposed Firefly Scheme meeting to allow its shareholders the opportunity to consider the merits of the Westgold Offer, as compared to the dilutive Firefly Scheme.

“The Firefly Scheme structure denies Gascoyne shareholders any vote or choice on this value destructive transaction.

“Westgold considers that once given the choice, a Gascoyne shareholder’s acceptance of the Westgold Offer is in effect also a vote against the Firefly Scheme.

“Westgold encourages Gascoyne shareholders to demand that its Board act in its shareholder’s best interests and provide an opportunity for Gascoyne shareholders to consider and accept the Westgold Offer.

“Westgold is committed to ensuring that Gascoyne shareholders are provided an opportunity to consider and accept the compelling Westgold Offer and has appointed an advisory team of Argonaut PCF and HopgoodGanim Lawyers to assist with the preparation of our Offer.”

 

At the time of publication neither Gascoyne Resources or Firefly Resources had released responding statements.

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: perth.reception@westgold.com.au

 

Web: www.westgold.com.au

 

Johann Jacob King Island Scheelite (ASX: KIS) October 2021

King Island Scheelite (AX: KIS) just raised $31M to develop the company’s Dolphin tungsten mine on King Island off Tasmania. KIS executive chairman Johann Jacob zoomed into The Resources Roadhouse to tell Wally Graham how the company raised the cash and how they intend to spend it.

Miramar Resources Reports Strong Gold Hits at Gidji

THE DRILL SERGEANT: Miramar Resources (ASX: M2R) reported new aircore drilling results from the company’s 80 per cent-owned Gidji JV project in the Eastern Goldfields region of Western Australia.

Miramar Resources said the new results had resulted from aircore holes drilled at the Marylebone, Railway, Piccadilly and 8-Mile targets and have continued to reinforce the potential for one or more new gold discoveries at Gidji.

The company has determined the Marylebone target comprises at least four parallel zones of coherent aircore gold mineralisation, stretching over almost two kilometres of strike, which are related to contacts between mafic and ultramafic rocks like the Paddington and Panglo deposits along strike to the northwest.

The recent drilling outlined a new zone of gold anomalism greater than 0.25 grams per tonne gold, west of previous drilling, which is at least 1km long returning a result at its northern end of:

GJAC426
6 metres at 1.23 grams per tonne gold.

New drilling within the central target zone included two holes drilled either side of earlier holes that did not reach basement.

The new holes encountered:

GJAC428
1m at 2.63g/t gold; and

GJAC429
5m at 1.21g/t gold.

Both new holes encountered high-grade gold in weathered basement directly beneath the unconformity with the transported material.

“Marylebone continues to deliver significant aircore results from each program, which increases our confidence that there could be a significant new gold discovery to be outlined,” Miramar Resources executive chairman Allan Kelly said in the company’s ASX announcement.

“After four aircore programs of relatively wide-spaced holes, we still have not yet determined the full extent of the Marylebone footprint, which is currently about two kilometres long, and still growing.

“In addition, even though our focus has been mostly on defining the extents of the Marylebone target, we have also continued to test other targets that add to the developing opportunity at Gidji.”

Miramar has interpreted the recent results to show the Marylebone target now apparently closed off at the south-eastern end but remains open along strike to the northwest onto the company’s recently granted tenement applications.

Miramar plans to extend its aircore drill coverage to the northwest, as well as conducting selected infill holes, with plans to complete this drilling by the end of 2021.

The aim of the next aircore drilling campaign will be to refine targets for RC drill testing in early 2022.

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@miramarresources.com.au

 

Web: www.miramarresources.com.au

 

 

Kin Mining Denies St Barbara Before Launching Fund Raiser

THE BOURSE WHISPERER: Kin Mining (ASX: KIN) has shaken off a takeover offer to launch a $13 million raising to progress the next phase of exploration at the company’s 100 per cent-owned Cardinia Gold Project (CGP) near Leonora in Western Australia.

Kin Minin revealed it had been subjected to a clandestine non-binding indicative offer (NBIO) from St Barbara (ASX: SBM).

The suitor company had offered to acquire 100 per cent of Kin shares via a Scheme of Arrangement at an implied price of 16 cents per share that was subsequently rejected by Kin Board, which believed the NBIO would not have been approved by the requisite 75 per cent voting majority of Kin’s shareholders.

The NBIO was highly confidential, secret squirrel stuff, being subject to a number of conditions, including no leak or public disclosure of the NBIO, due diligence, the unanimous recommendation of the Kin Board, the execution of a scheme implementation agreement between SBM and Kin containing exclusivity mechanisms, and no further issuance of equity securities by Kin.

“The Kin Board welcomed the continued interest from St Barbara noting that the proposed NBIO price suggests that the current Kin share price is significantly undervalued,” Kin Mining managing director Andrew Munckton said in the company’s ASX announcement.

“The Kin Board remains focussed on progressing company activities to maximise the value of the company for all shareholders.”

With the St Barbara dust settled, Kin Mining announced its intention to launch an Entitlement Offer, which will be available to all eligible shareholders that will be priced based on recent share trading.

The company indicated the funds raised will provide sufficient working capital to complete the next phase of systematic exploration work at the CGP and to follow up on the new discoveries and targets identified as part of its recent drilling campaigns completed during 2020 and 2021.

These include the emerging discoveries at Mt Flora and Iron King, as well as multiple new prospects which have been identified following t improvements in the company’s understanding of the geology and potential of the CGP such as the Eagle and Crow prospects.

“We’ve had considerable success converting our improving geological understanding into exploration results, and then converting those results into additional Mineral Resources,” Munckton said

“At Cardinia Hill, we have successfully added 106,000 ounces of new Mineral Resources, while the Bruno-Lewis Mineral Resource has been expanded by 20 per cent to 374,000 ounces.

“Our systematic approach to exploration has paid off in spades and given us a much better idea of where and how to target the next phase of drilling – which will be designed both to define new resources and to identify additional discoveries with the potential to deliver a step-change in the value of the project.

“The additional funding will allow us to continue to assess the recent discoveries at Cardinia Hill and follow up on new prospects like Mt Flora, Eagle and Crow – in short to maintain the very strong exploration momentum we have built up over the past two years.

“Other targets across the land package have been identified by recent soil geochemistry and modern geophysical surveys over largely untested areas within the highly mineralised Cardinia area.

“We expect this work to generate new follow-up programs of work stretching into 2022.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@kinmining.com.au

 

Web: www.kinmining.com.au

 

 

Rox Resources Improves Youanmi Deeps Gold Extraction

THE DRILL SERGEANT: Rox Resources (ASX: RXL) with Joint Venture partner Venus Metals Corporation (ASX: VMC) reported on recent metallurgical testwork conducted on the Youanmi Deeps Resource, located within the OYG JV area (Rox 70% and Manager, VMC 30%) in Western Australia.

The JV is undertaking development studies into potential future production at the Youanmi gold project.

The recent work is a preliminary part of the study to establish processing pathways to optimise gold recovery prior to progressing to more extensive and detailed ‘feasibility study level’ metallurgical testwork.

Rox reported that the testwork demonstrated a well understood pathway to very high gold recoveries, something which was not achieved in the 1990s.

Historical production at the mine averaged 86.8 per cent gold recovery, with new testwork improving extraction to 95.6 per cent.

Further testwork in combination with the costing studies is expected to determine the optimal and most economical feasible process solution, exploring various other suitable processes.

“In June 2021 we reported a 30 per cent increase in the Youanmi Deeps Resource, and now we are pleased to report that advances in gold extraction technology over the last 30 years (since GMA built its processing plant) have made a significant difference in gold recovery,” Rox Resources managing director Alex Passmore said in the company’s ASX announcement.

“Preliminary metallurgical testwork indicates a 10 per cent increase on historical gold recoveries by utilising a pressure oxidation leach process (i.e. POX).

“Furthermore, we look forward to results of (scoping level) process plant design and costing later this year being undertaken by Como Engineers who have a long track record of success for both design and development of similar sized gold processing facilities in WA with a variety of flowsheet designs.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: admin@roxresources.com.au

 

Web: www.roxresources.com.au