Rox Resources to Demerge Nickel Assets to Concentrate on Youanmi Gold

THE BOURSE WHISPERER: Rox Resources (ASX: RXL) informed the market of its intent to spin-out its Fisher East and Collurabbie nickel and base metal assets in Western Australia.

Rox Resources explained the demerger would enable it to focus on the development of the company’s Youanmi gold project near Mt Magnet in WA.

The nickel and base metal assets will be demerged into a new company, Cannon Resources Limited.

There is to be a fair bit of corporate activity involved with Rox proposing a 1 for 15 share consolidation prior to the Cannon transaction to simplify its share structure.

Eligible Rox shareholders will receive new Cannon Resources shares via an in-specie distribution, subject to Rox shareholder approval, at a rate of one ordinary share in Cannon Resources Limited for every 4.3 shares (approximately) held in Rox on a post-consolidation basis.

“The demerger of Rox’s nickel and base metal assets will allow a crystal-clear focus for Rox to develop Youanmi into a high-grade producing mine, while allowing Rox investors to retain exposure to the nickel and base metal assets through a pro-rata holding in Cannon,” Rox Resources managing director Alex Passmore aid in the company’s ASX announcement.

Rox holds substantial nickel assets via its Fisher East and Collurabbie projects it considers highly prospective for base metals.

However, with the company’s focus shifting to the advanced exploration and development of Youanmi, Rox has been seeking to unlock the value inherent within its nickel and base metal assets and it believes the demerger is its best course of action.

Rox’s main project is now the Youanmi gold mine that it co-owns Youanmi with Venus Metals.

The company deems Youanmi to present upside in both development and exploration potential as it currently boasts a JORC 2012-compliant Mineral Resource Estimate of 12.4 million tonnes at 2.97 grams per tonne gold for 1,190,600 ounces of gold, including a near surface portion of 10 million tonnes at 1.65g/t gold for 532,000 ounces of gold.

 

 

Email: admin@roxresources.com.au

 

Web: www.roxresources.com.au

 

 

Moho Resources Identifies New High-Grade Gold Zones

THE DRILL SERGEANT: Moho Resources (ASX: MOH) reported hitting additional high-grade gold zones at the northern end of the company’s East Sampson Dam prospect in Western Australia.

Moho Resources encountered the mineralisation during phase 2 reverse circulation (RC) infill and extension resource definition drilling on the prospect.

Assay results from the final 20 RC holes of the program contain mineralised intervals and new mineralised zones that extends high-grade gold mineralisation a further 40 metres north along strike.

Results include:

SSMH0139
6 metres at 11.03 grams per tonne gold from 62m, including 1m at 43.5g/t gold from 64m, 1m at 10.7g/t gold from 63m and 1m at 8.8g/t gold from 62m;

SSMH0132
4m at 1.82g/t gold from 42m, including 1m at 5.22g/t gold from 45m;

SSMH0130
2m at 3g/t gold from 43m;

SSMH0144
3m a 2.95g/t gold from 19m, including 1m at 5.2g/t gold from 19m and 1m at 2.38g/t gold from 21m; and

SSMH0142
1m at 7.05g/t gold from 42m.

“Moho’s exploration team continues to make excellent progress at East Sampson Dam,” Moho Resources managing director Shane Sadlier said in the company’s ASX announcement.

“The latest RC drill results extend gold mineralisation down plunge at the southern end of the prospect and highlight the potential to discover additional gold mineralisation at the northern end of the prospect.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: admin@mohoresources.com.au

 

Web: www.mohoresources.com.au

 

 

De Grey Mining Claims New Gillies Gold Discovery

THE DRILL SERGEANT: De Grey Mining (ASX: DEG) claimed a new gold discovery, located 30 kilometres southwest of the company’s Hemi gold discovery in Western Australia.

De Grey Mining identified a new shear hosted gold target via broad spaced RC drilling at the Gillies prospect, situated within the Farno Joint Venture.

De Grey undertook the drilling to increase its equity from 30 per cent to 75 per cent interest in the JV that involves tenement E47/2502 where De Grey is manager with TSX-listed Novo Resources Inc (TSX: NVO) its 25 per cent partner.

A follow-up RC drilling program is already planned for Q2 2021 along with additional aircore drilling is planned to test numerous bedrock gold anomalies, including several Hemi style intrusion targets within the Farno JV.

“Gillies is shear zone hosted, similar to Withnell, Wingina, Mallina and Mt Berghaus, which make up a significant portion of the company’s regional 2.2 million ounce existing endowment,” De Grey Mining managing director Glenn Jardine said in the company’s ASX announcement.

“Exploration within the Farno JV area is at a very early stage however this new gold system provides strong evidence on the potential of the region.

“De Grey has formed a dedicated regional exploration team which is preparing for the company to restart exploration outside of the Greater Hemi area, in parallel with extensional and exploration work within the Greater Hemi area.

“We anticipate following up the Gillies discovery hole in the next quarter.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: admin@degreymining.com.au

 

Web: www.degreymining.com.au

 

 

Kin Mining Upgrades Cardinia Hill Potential

THE DRILL SERGEANT: Kin Mining (ASX: KIN) has highlighted the potential of the Cardinia Hill deposit to expand the current 61,000 ounce Inferred Mineral Resource at the company’s 100 per cent-owned Cardinia Gold Project (CGP), near Leonora in Western Australia.

Kin Mining reported wide, high-grade assay results from an initial Reverse Circulation and diamond Resource Definition drilling program at the Cardinia Hill deposit, located two kilometres from the project’s proposed processing plant location.

The company declared the results have confirmed its understanding of the geology in the oxide and sulphide zones at Cardinia, with assays including:

CH21RC142
8 metres at 14.9 grams per tonne gold from 194m;

CH21DD093
12m at 7g/t gold from 80.6m;

CH21RC116
13m at 5.98g/t gold from 38m; and

CH21RC112
24m at 3.12g/t gold from 19m, including 9m at 6.95g/t gold from 34m.

“This is a great way to close-out the first quarter, with the first batch of assays from the Resource Definition drilling program at Cardinia Hill well and truly coming up with the goods,” Kin Mining managing director Andrew Munckton exclaimed in the company’s ASX announcement.

“The results have exceeded our expectations and upgraded the potential of this deposit, as well as our understanding of, and growing confidence in, the emerging Eastern Corridor which hosts Cardinia Hill and numerous other recently defined targets.

“The recent drilling has intersected high-grade gold associated with pyrite mineralisation at shallow depths in the Southern Shoot and strong intersections were also achieved at depth within the extension of this shoot of mineralisation.

“The number of results exceeding 30 gram-metres, plus standout intercepts such as 8 metres at 14.9 grams per tonne gold from 194m down-hole in CH20RC142, 12 metres at 7 grams per tonne gold from 80.6m down-hole in CH21DD093 and 13 metres at 6 grams per tonne gold from 38m down-hole in CH20RC116 in the main lode position, demonstrates the continuity of the high-grade zone to significant depths at the Southern Shoot and augurs well for an improving grade profile for the near-surface component and the overall deposit.

“The 25 metres by 25 metres Resource Definition drilling program, with a strong diamond drilling component, is giving the geological team a detailed understanding of the controls on the mineralisation at Cardinia Hill and has confirmed the importance of porphyry intrusions as a controlling factor in the distribution of the high-grade mineralisation.

“Deeper diamond drilling is also providing new insights into the depth extensions of the Southern Shoot into potential underground mining positions.

“This information is now being applied to the remaining drilling at Cardinia Hill and the upcoming drilling at other Eastern Corridor targets, which is now well underway.

“Elsewhere across the project, air-core drilling at 200 metres line spacing over the Eagle soil geochemical anomaly located on the western side of the CGP is nearing completion and RC drilling has commenced to test the seven targets in the Eastern Corridor which were highlighted in the recent gravity survey work.

“These targets have the potential to reveal new discoveries for the company similar in scale to Cardinia Hill and align with our view that the Cardinia area hosts a number of potentially large, high-grade positions across the project area.

“Underpinned by a strong bank balance, our 2021 exploration campaign is now off to a flying start and we are very optimistic about what we can deliver for our shareholders with the drill rig this year!”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@kinmining.com.au

 

Web: www.kinmining.com.au

 

Saturn Metals Continues Apollo Hill Gold Encounter

THE DRILL SERGEANT: Saturn Metals (ASX: STN) has continued its run of near surface gold intersections at the Apollo Hill deposit within the company’s 100 per cent-owned Apollo Hill gold project, south-east of Leonora in Western Australia.

Saturn Metals reported further results from ongoing RC drilling at Apollo Hill, which is being undertaken as part of the company’s strategy to grow the Apollo Hill Mineral Resource hat it upgraded to 944,000 ounces in January.

The company has a further resource upgrade pencilled in for later in 2021, after results come in from the next 30,000m of planned drilling across the Apollo Gold camp.

Latest results include:

AHRC0618
54 metres at 3.72 grams per tonne gold from 43m, including 33m at 5.8g/t gold from 49m;

AHRC0535
12m at 5.79g/t gold from 22m;

AHRC0590
45m at 1.58g/t gold from 0m, including 14m at 2.88g/t gold from 0m and 12m at 1.5g/t gold from 28m;

AHRC0610
65m at 0.96g/t gold from 43m, including 25m at 1.7g/t gold from 48m, including 8m at 3.13g/t gold from 57m; and

AHRC0591
50m at 1.11g/t gold from 4m, including 22m at 1.63g/t gold from 6m.

“Results from this program have increased our confidence in the deposit’s potential and provided some excellent intersections for Saturn’s next planned resource upgrade,

“These results, along with other expansionary exploration, and recently reported drill results, provide strong leverage for ongoing growth at Apollo Hill.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@saturnmetals.com.au

 

Web: www.saturnmetals.com.au

 

Genesis Minerals Increases Ulysses to 1.6 Million Ounces

THE DRILL SERGEANT: Genesis Minerals (ASX: GMD) delivered an updated Mineral Resource Estimate for the company’s 100 per cent-owned Ulysses gold project near Leonora in Western Australia.

Genesis Minerals reported the updated Mineral Resource Estimate dispenses a 26 per cent increase in contained ounces to approximately 1.6 million ounces of gold.

The updated incorporates results of drilling programs completed at the Ulysses project over the second half of 2020 following the acquisition of the Kookynie tenements.

The updated Measured, Indicated and Inferred Mineral Resource now totals 27.3 million tonnes at 1.8 grams per tonne gold for 1,608,000 ounces of contained gold, which represents an increase of 327,000 ounces over the previous June 2020 Mineral Resource.

Contributions to the new estimate, include:

Admiral-Butterfly-Clark Group Deposits:

Total combined Mineral Resource for Admiral Group deposits increased by 87 per cent (213,000 ounces) to 459,000 ounces; and

Orient Well Group Deposits:

Total combined Mineral Resource for Orient Well Group deposits increased by 305 per cent (186,000 ounces) to 247,000 ounces.

“This is a result that confirms the scale and quality of the Ulysses project, reflecting the outcomes of the highly-successful drilling programs completed over the expanded project area over the past six months,” Genesis Minerals managing director Michael Fowler said in the company’s ASX announcement.

“It’s been a fantastic effort and I would like to thank and commend everyone involved on delivering this result.

“The updated Mineral Resource will now form the foundation of our ongoing Feasibility Study on a standalone gold project at Ulysses, which is on-track for delivery next Quarter and is expected to potentially comprise both an open pit and underground mining operation.

“We were very pleased to see a strong increase in the Measured and Indicated components of the Resource, which now total 984,000 ounces, providing a strong foundation from which to deliver our maiden Ore Reserve.

“This Resource will continue to be updated, with strong growth potential.

“Drilling is continuing and a further update is expected late this year.

“This puts Genesis firmly on track to become a substantial player in the mid-tier gold space, and we are looking forward to adding further significant value to the Ulysses project over the coming months and ultimately advancing it towards development and production.”

 

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@genesisminerals.com.au

 

Web: www.genesisminerals.com.au

 

 

 

 

Black Cat Syndicate Hits Big Gold at Fingals Fortune and gets Myhree Go-Ahead

THE DRILL SERGEANT: Black Cat Syndicate (ASX: BC8) continued its golden run with the announcement of recent activity at the company’s Kal East gold project in Western Australia.

Part A of the announcement was results of recent RC drilling undertaken at the Fingals Fortune deposit within the project.

Black Cat has drilled 96 infill RC holes at Fingals Fortune to date in 2021, designed to upgrade the Resource in areas of lower drill density.

Results from the first 60 holes encountered multiple high-grade zones within the Resource and at depth. The deposit remains open in all directions.

Results include:

21FIRC041
4 metres at 34.05 grams per tonne gold from 122m. The hole ended in mineralisation and is to be extended as a priority;

21FIRC048
12m at 2.99g/t gold from 61m; and

21FIRC071
3m at 8.7g/t gold from 106m.

Black Cat has interpreted the results to show strong potential for underground mining following a two-stage open pit and will be incorporated into a Resource upgrade to be released in April 2021.

Black Cat’s drilling program is progressing with approximately 62,000m drilled since July 2020.

Further to the Fingals Fortune drilling, an RC rig recently completed an exploration and extension program at the Majestic Mining Centre and is now targeting a line of historical shafts that extend for around 750m to the south of Fingals Fortune.

Black Cat also received full approval from the Department of Mines, Industry Regulation and Safety in respect of the initial planned open pits at Kal East, being Myhree Stages 1 and 2.

No further approvals are required to commence mining this deposit.

“Fingals Fortune has the potential to be a significant two stage open pit with satellite pits at Fingals East and underground mining at depth,” Black Cat Syndicate managing director Gareth Solly said in the company’s ASX announcement.

“Additional drilling targeting high-grade extensions will be ongoing in order to grow Resources and to further increase potential mine life.

“With the recent acquisition of grinding mills and good progress in sourcing other key components of a processing facility, we are well placed to transform into a near-term producer.

“This has been reinforced by approval of the planned Myhree open pit.

“Ongoing drilling will focus on Resource and mine life extensions.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: admin@blackcatsyndicate.com.au

 

Web: www.blackcatsyndicate.com.au

 

 

Ausgold Drills Towards Resource Upgrade

THE DRILL SERGEANT: Ausgold Limited (ASX: AUC) is anticipating a Resource upgrade following recent drilling results received from the company’s 100 per cent-owned Katanning Gold Project (KGP) in Western Australia.

Ausgold has completed RC and diamond drilling at the KGP with a total of 31,050m of drilling undertaken within the KGP Central zone since a 2019 Resource update.

Recent drilling within the Jinkas, White Dam and Jinkas South lodes identified new areas of high-grade gold mineralisation within a broad zone of mineralisation consistent with the company’s new geological model.

This extensive zone of gold mineralisation occurs at the culmination of the Jinkas and White Dam lodes within the Jinkas South lode, a fold hinge zone.

New results include:

BSRC1076
29 metres at 1.23 grams per tonne gold from 86m, including 1m at 19.3g/t gold and 32m at 0.56g/t gold from 153m;

BSRC1102
9m at 2.83g/t gold from 197m, including 3m at 6.5g/t gold;

BSRC1075
11m at 1.11g/t gold from 88m; and

BSRC1082
17m at 1.11g/t gold from 145m, including 9m at 1.39g/t gold.

The upgraded Resource estimate due out shortly is confined to the 4.5km strike length of the Central Zone and includes new RC and diamond drilling that has identified zones of high-grade gold mineralisation within the three stacked Jinkas, White Dam and Jackson lodes.

This will be the first time the high-grade Jinkas South lode will be included along a 1.3km strike length.

The new Resource estimate will be completed using improved estimation techniques and new geological model that will better incorporate the high-grade gold mineralisation of the KGP.

“Our improved geological model led to the discovery of the Jinkas South lode where we have just completed a substantial 30,000 metres program of new drilling, focused on key Resource areas within the Central Zone,” Ausgold managing director Matthew Greentree said in the company’s ASX announcement.

“Results have consistently shown a broad zone of higher-grade gold mineralisation over 1.3 kilometres of strike length, which will feed into our Resource upgrade due out shortly.

“New RC and diamond drilling at Jinkas North and Olympia highlight the exploration potential to further add Resource ounces beyond the March 2021 Resource upgrade.
“The team has done an incredible job evolving our geological model which ultimately will unlock the full potential at Katanning.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@ausgoldlimited.com

 

Web: www.ausgoldlimited.com

 

 

Golden Mile Resources Hits High-Grade Gold at Benalla Project

THE DRILL SERGEANT: Golden Mile Resources (ASX: G88) provided the market with an early-Monday-morning wake up call to report exciting aircore drilling results from within the company’s Leonora gold project located near Kalgoorlie in Western Australia.

Golden Mile Resources reported results achieved at the Wanghi prospect, within the Benalla project, within the Leonora project indicating the intersection of a wide zone of high-grade gold mineralisation.

Latest results include:

BTAC187
33 metres at 1.6 grams per tonne gold from 48m, including 16m at 2.95g/t gold from 61m;

BTAC188
3m at 2.74g/t gold from 15m; and

BTAC189
4m at 0.51g/t gold from 36m.

Mapping at Wanghi has identified a previously unrecognised structural trend controlling gold mineralisation which has been lightly tested by the current drilling program.

The newly identified structural zone presents a new target for testing with RC drilling planned to commence mid-late next month.

Re-assay of 1m splits of significant intersections from the 2020 aircore program returned a high-grade intersection of:

BTAC082
1m at 10.6g/t gold from 30m.

“These are exciting results for the company,” Golden Mile Resources managing director James Merrillees said.

“We intersected further wide zones of strong gold mineralisation in fresh rock at Wanghi, and the recognition of important structures controlling mineralisation provides an important new targeting tool for the follow up RC drilling planned next month.

“The plus 10-gram gold intersection in hole BTAC082 at Wanghi also points to the potential for high-grade in the system and is further endorsement of our belief in Benalla to host a meaningful gold system immediately along strike from KIN Mining’s 1.15 million ounces Cardinia Gold Project.

“With assay results received for only six out of a total of 81 holes drilled to date we are looking forward to a period of strong news flow over the coming months.”

 

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

 

JAMES MERRILLEES RECENTLY SPOKE WITH THE RESOURCES ROADHOUSE: WATCH HERE

 

Email: info@goldenmileresources.com

 

Web: www.goldenmileresources.com

 

 

Black Cat Syndicate Encouraged by Drill Results from Fingals East and Trump Deposits

THE DRILL SERGEANT: Black Cat Syndicate (ASX: BC8) completed a busy week of announcements by reporting on recent RC drilling at the Trump and Fingals East depoits, both part of the company’s Kal East gold project in Western Australia.

Black Cat Syndicate drilled 28 infill RC holes at Trump in February 2021, which is planned to be mined in conjunction with the Myhree deposit.

Black Cat said results have confirmed high grades around the core of Trump and will be included in the next Resource upgrade.

These include:

21TRRC018
6 metres at 11.93 grams per tonne gold from 25m;

21TRRC019
3m at 13.14g/t gold from 49m; and

21TRRC004
3m at 8.66g/t gold from 57m.

The company’s first drilling along the Fingals East was aimed at extending mineralisation beyond historically mined pits with results demonstrating potential for a maiden Resource at Fingals East.

Intercepts include:

21FERC043
3m at 14g/t gold from 78m;

21FERC024
2m at 9.59g/t gold from 72m; and

21FERC046
1m at 14.2g/t gold from 65m.

“Drilling at Trump was designed to confirm high grade mineralisation identified in previous drilling and upgrade the Resource category around the proposed open pit, which is planned to be mined in conjunction with Myhree,” Black Cat Syndicate managing director Gareth Solly said in the company’s ASX announcement.

“The results are encouraging and Trump remains open to the north.

“Importantly, the high grades continue at depth where a lack of drilling constrains the Resource.

“Our first program at Fingals East was focused around several historical oxide pits mined in the early 1990s.

“The encouraging results support a maiden Resource which is expected in April 2021.

“Drilling is ongoing and will continue to focus on resource growth.

“With the option to purchase key components of a processing facility now exercised, we are well positioned to transform into a developer in the near term.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: admin@blackcatsyndicate.com.au

 

Web: www.blackcatsyndicate.com.au