Ausgold Encounters High-Grade Gold at Jinkas South

THE DRILL SERGEANT: Ausgold (ASX: AUC) released results from recent reverse circulation (RC) drilling undertaken at the Jinkas South prospect, one of what the company considers to be many near-resource targets recently identified at its 100 per cent-owned Katanning gold project (KGP) in Western Australia.

Ausgold completed an additional eight RC holes at Jinkas South during March following up positive results from previous drilling seeking to expand the broad zone of gold mineralisation that company has identified at the prospect, which lies approximately 275m south along strike from the Jinkas deposit.

The eastern-most hole drilled in this program (BSRC0814) intersected a zone of high-grade gold mineralisation similar in width and grade to those found along the northern portion of the Jinkas Resource of 20.9 million tonnes at 1.17 grams per tonne gold for 785,000 ounces of gold.

Assays of hole BSRC0814 returned:

26 metres at 6.6g/t gold from 117m, including 4m at 37.19g/t gold from 119m; and

4m at 3.35g/t gold from 124m.

Ausgold said the recent drilling supports the company’s geological interpretations and provides potential for the extension of the Jinkas Resource further along strike to the south and down dip to the east.

“These RC results from Jinkas South highlight the exploration potential that exists relatively close to the Jinkas deposit and the Resource areas at the KGP,” Ausgold chief executive officer Matthew Greentree said in the company’s announcement to the Australian Securities Exchange.

“The new drilling has shown the potential for the discovery of further high-grade mineralisation along strike and the down dip of the main Jinkas deposit.

“At Jinkas South there is 650 metres of potential strike length in addition to the existing 1,400 mertes strike length of the Jinkas resource.

“Such high-grade mineralisation has the potential to significantly increase the Resource base and grade of the KGP as a whole.”

 

Email: info@ausgoldlimited.com

Website: www.ausgoldlimited.com

 

Rox Resources Brings Fisher East Resource to JORC 2012 Compliancy

THE DRILL SERGEANT: Rox Resources (ASX: RXL) released an updated version of the gold resource at the company’s Mt Fisher gold project in Western Australia.

Rox Resources explained the update now complies with the 2012 version of the JORC Code.

“There is no difference between the figures in the 2004 JORC Code resource estimate and this updated one,” Rox Resources said in its ASX announcement.

“However, the current updated version now has additional background information and disclosure as required by the 2012 JORC Code.”

Mt Fisher comprises three separate gold deposits at Moray Reef, Mt Fisher and Damsel.

The current JORC 2012-compliant Resource stands at:

973,000 tonnes at 2.75 grams per tonne gold for 86,080 ounces of gold, comprising:

Measured: 171,900 tonnes at 4.11g/t gold for 22,712 ounces;
Indicated: 204,900 tonnes at 2.82g/t gold for 18,548 ounces; and
Inferred: 596,200 tonnes at 2.34g/t gold for 44,821 ounces.

“With outstanding results from recent aircore drilling, a number of strong targets for gold mineralisation and increased resources have been identified,” Rox said.

“A 3,600 metre program of RC drilling has been designed to test these targets at Dam, Dam North, Damsel, Damsel South, Dirks and Shiva.”

 

Email: admin@roxresources.com.au

Website: www.roxresources.com.au

 

Metalicity Seeking TSX-V Listing for Admiral Bay Project

THE BOURSE WHISPERER: Metalicity (ASX: MCT) is chasing a TSX Venture Exchange-listing for the company’s Admiral Bay zinc project located in Western Australia.

Metalicity said the idea of listing Admiral Bay in Canada on the TSX Venture Exchange (TSX-V) had received endorsement from project stakeholders and some of the world’s largest mining investors including Resource Capital Funds (RCF) and China Minmetals.

“During the course of the previous six months the company has received numerous reverse enquiries from Canadian investment banks and fund managers concerning Admiral Bay, with the scale and quality of Admiral Bay being of particular interest,” Metalicity explained in its ASX announcement.

“Further, the relative value ascribed to the asset by ASX investors is very attractive to those investment banks and fund managers.

“While some of those market participants can invest on the ASX, and indeed a number of North American institutions corner-stoned the Company’s recent capital raising, far and away the majority of them predominantly focus on the North American markets, and have actively encouraged the Company to seek a listing of Admiral Bay on the TSX-V.”

Metalicity went on to say that the current strong market interest will allow the progression of Admiral Bay through a Preliminary Economic Assessment (PEA), its next round of resource and exploration drilling, followed by completion of a PreFeasibility Study (PFS), and ultimately into production.

The company said it held meetings with leading North American investment banks, stock brokers, research analysts and fund managers, during and after the PDAC Conference in early March, from which it had determined there to be plenty of North American market interest in Admiral Bay.

“The overwhelming view of these market participants was that the most attractive listing process and structure for MCT shareholders and new investors is an Initial Public Offering (IPO) of Admiral Bay onto the TSX-V,” the company said.

To conduct the listing, Metalicity will form a 100 per cent-owned subsidiary company in Vancouver, Canada, to be named Kimberley Mining Limited, into which, pending shareholder approval, it will effectively vend Admiral Bay.

Kimberley Mining would then undertake an IPO in Canada and seek a listing on the TSX-V concurrently with the completion of the offering.

 

Website: www.metalicity.com.au

 

Azure Minerals Completes Oposura Drill-Out

THE DRILL SERGEANT: Azure Minerals (ASX: AZS) announced completion of a resource definition drilling program undertaken at the company’s flagship Oposura project in Mexico.

Azure Minerals released further high-grade zinc and lead assay results from the drilling program with the latest batch stemming from the East Zone, which delivered thick intervals of high-grade zinc and lead sulphide mineralisation.

The company explained the mineralisation has been shown to commence in surface outcrop, extending horizontally at shallow depths over an area of approximately 400 metres (east-west) by 300 metres (northsouth).

The mineralised zone remains unconstrained to the north and west.

Some of the more impressive East Zone mineralised intersections from the latest results include:

OPDH-053
5.5m at 20.9 per cent zinc and lead (Zn+Pb) from 95.15m;

OPDH-059
9.6m at 18.2 per cent Zn+Pb from 50.6m;

OPDH-067
7.2m at 13.9 per cent Zn+Pb from 41.7m;

OPDH-072
3.4m at 19.3 per cent Zn+Pb from 13.05m;

OPDH-077
7.4m at 17 per cent Zn+Pb from 38.85m; and

OPDH-087
5.4m at 16 per cent Zn+Pb from 00.00m.

Azure identified the near-surface mineralisation within the eastern and southern areas is likely to be mined by open pit and, where the terrain rises to the west and north, underground mining is expected to be carried out using a simple room and pillar mining method utilising industry-standard mechanised mining equipment.

Azure explained the need to increase the number of drill holes within and surrounding both the East and West zones from the initial estimate of 120 to 156 to get the best result possible out of the drilling program.

“This expansion of the drill program resulted in an extra two months of drilling, and accordingly a commensurate increase in time to complete the resource estimate,” Azure Minerals said in its ASX announcement.

“The resource estimate is now expected to be completed in late May to June.

“These extensions are not expected to affect the delivery of the Scoping Study / Preliminary Economic Assessment, which is still scheduled for completion in the third quarter of 2018.”

 

 

Website: www.azureminerals.com.au

 

Impact Minerals Drills Further Evidence of Silica Hill Mineralised System

THE DRILL SERGEANT: Aruma Resources (ASX: AAJ) is preparing to commence the next phase of drilling at the company’s 100 per cent-owned Slate Dam gold project in the Eastern Goldfields of Western Australia.

Aruma Resources said the second phase of drilling at Slate Dam will commence in April and will consist around 30 reverse circulation (RC) drill designed to follow up from the maiden drilling program completed in February, which resulted in the discovery of a new gold system at Slate Dam.

The drilling will also target new areas to the northeast of the earlier drilling with the aim of discovering new gold zones in potential repetitions of the mineralised sequence, where the mineralisation will be closer to the granites and grades are predicted to be higher.

Aruma indicated drill targeting for this component of the program will be guided by results from a soil geochemical program to be undertaken before the drilling commences.

“The results of the first phase drilling are significant and have confirmed Aruma’s sediment hosted gold exploration model for Slate Dam,” Aruma Resources said in its ASX announcement.

“The addition of historic drill results from the project has further validated and strengthened the company’s model.

“The intersections and the outcrop assay demonstrate that the shoots will likely be close to surface.

“This may impact on the testing methods and result in reduced drilling costs in order to delineate JORC Resources at the Slate Dam project.”

Email: info@arumaresources.com

Website: www.arumaresources.com
THE DRILL SERGEANT: Impact Minerals (ASX: IPT) revealed new drill assays and detailed studies on core from the Silica Hill prospect at the company’s 100 per cent-owned Commonwealth project north of Orange in New South Wales.

Impact Minerals declared the latest results further demonstrate the large scale and high-grade nature of the mineralised system in the area.

Impact completed drilling hole CMIPT72, the eastern most hole it has drilled to date at the emerging high-grade gold-silver discovery at Silica Hill.

The hole intersected two zones of strong silica-sulphide alteration with anomalous gold and silver values over a combined thickness of more than 200 metres downhole, including a high-grade gold and silver vein within the upper zone, which the company interpreted to indicate potential for more veins nearby in particular to the south.

The upper zone in Hole CMIPT72 returned:

46 metres at 0.04 grams per tonne gold and 5g/t silver from 200m downhole, including 0.4m at 2.5g/t gold and 327g/t silver from 257.2m.

The lower zone returned:

67m at 0.3g/t gold and 1g/t silver from 402m downhole.

Additional detailed studies conducted on drill core demonstrated the two east-west trending mineralised structures at Silica Hill become more north west-south east orientated to the east and that the Silica Hill rhyolite is more extensive at depth to the south than previously recognised.

“Following the recent discovery of high-grade gold and very high-grade silver veins at Silica Hill, these new results are a further breakthrough for Impact as it demonstrates the system extends over an area of at least 500 metres by 500 metres in dimension and also to considerable depth,” Impact Minerals managing director Dr Mike Jones said in the company’s announcement to the Australian Securities Exchange.

“We are also recognising different units within the Silica Hill rhyolite that are an important control on the mineralisation and may also be the upper parts of a deep rooted intrusion that could be mineralised over a significant vertical extent.

“This augers well for our 2018 drill program.”

 

Email: info@impactminerals.com.au

Website: www.impactminerals.com.au

 

Aruma Resources to Commence Second Phase Drilling at Slate Dam

THE DRILL SERGEANT: Aruma Resources (ASX: AAJ) is preparing to commence the next phase of drilling at the company’s 100 per cent-owned Slate Dam gold project in the Eastern Goldfields of Western Australia.

Aruma Resources said the second phase of drilling at Slate Dam will commence in April and will consist around 30 reverse circulation (RC) drill designed to follow up from the maiden drilling program completed in February, which resulted in the discovery of a new gold system at Slate Dam.

The drilling will also target new areas to the northeast of the earlier drilling with the aim of discovering new gold zones in potential repetitions of the mineralised sequence, where the mineralisation will be closer to the granites and grades are predicted to be higher.

Aruma indicated drill targeting for this component of the program will be guided by results from a soil geochemical program to be undertaken before the drilling commences.

“The results of the first phase drilling are significant and have confirmed Aruma’s sediment hosted gold exploration model for Slate Dam,” Aruma Resources said in its ASX announcement.

“The addition of historic drill results from the project has further validated and strengthened the company’s model.

“The intersections and the outcrop assay demonstrate that the shoots will likely be close to surface.

“This may impact on the testing methods and result in reduced drilling costs in order to delineate JORC Resources at the Slate Dam project.”

 

Email: info@arumaresources.com

Website: www.arumaresources.com

 

Intermin Resources Upgrades Guidance for Teal Gold Mine

THE BOURSE WHISPERER: Intermin Resources (ASX: IRC) released an update on recent activities at the company’s 100 per cent-owned Teal gold mine, located near Kalgoorlie-Boulder in Western Australia.

Intermin Resources completed pre-stripping at Teal Stage 2 in the December Quarter 2017, and hass since focused on completion of ore mining from both Stage 1 and Stage 2 of the pit.

The company explained that as the pit progressed to the end of the design life, additional ore was identified within and below the design and was mined out where possible.

In March this year, the final load of ore was hauled to the ROM pad and mine closure activities commenced.

In total, 230,000 tonnes of ore have been mined grading 3.2 grams per tonne for 23,500 ounces mined within a total volume of 2.21 million bank cubic metres (bcm).

The company said this compared favourably with the 203,000 tonnes grading 3.2g/t gold for 20,700 ounces mined within a total volume of 2.11 million bcm estimated in the Feasibility Studies for both stages.

Based on the additional tonnage, expected grade and improved recovery from the operation, Intermin Resources has increased production guidance to 21,000 to 22,000 ounces with an All In Cost of $1,000 to $1,100 per ounce.

Intermin completed a 17-day second ore processing campaign at the one million tonnes per annum Lakewood toll milling facility in February, from which full reconciliations have been compiled with 26,632 dry tonnes of ore milled at a final calculated head grade of 3.5g/t gold.

Plant metallurgical recovery exceeded expectations at 97.2 per cent producing 2,910 fine ounces of gold.

The average gold price received for the campaign was $1,684 per ounce, generating $4.9 million in gross revenue.

Intermin said the final milling campaign will be completed in March 2018 with expected treatment of approximately 50,000 tonnes of ore.

Final production and financial reconciliations are expected in the June Quarter.

“While the project has not been without its challenges, Teal has more than delivered on its promises and it is extremely pleasing to see the mine perform well against Feasibility Study estimates,” Intermin Resources managing director Jon Price said in the company’s announcement to the Australian Securities Exchange.

“The company is now in a strong position to fund an aggressive growth strategy.

“In 2018 this growth strategy means resource growth and new discoveries in one of the most productive goldfields in the world.

“We now look forward to delivering ongoing results from the 55,000 metres drill program underway and believe the key Anthill, Blister Dam and Teal project areas have the potential to deliver a significant step change for the business.”

 

Email: iadmin@intermin.com.au

Website: www.intermin.com.au

 

Marindi Metals Strikes Earn-in MoA with JOGMEC

THE BOURSE WHISPERER: Marindi Metals (ASX: MZN) has struck a binding Memorandum of Agreement (MoA) with Japanese resources group, Japan Oil, Gas and Metals National Corporation (JOGMEC).

Marindi Metals said the deal enables JOGMEC to earn-up to a 70 per cent interest in Marindi’s Caranbirini zinc project, located in the McArthur River zinc province in the Northern Territory.

Under the terms of the MoA, JOGMEC will have an exclusive right to earn up to 70 per cent in the project by sole funding $4 million of exploration in two stages over three years.

In the initial two year earn-in period, JOGMEC can earn up to 51 per cent by spending $2 million at Caranbirini then earn the further 19 per cent interest by spending an additional $2 million in year three.

Marindi’s 100 per cent-owned Caranbirini project comprises six tenements (EL31424, EL25313, EL28006, EL28007, EL28951 and EL28952) and is located on the Emu Fault Corridor immediately north of the McArthur River zinc mine owned by Glencore, and north-east of the high-grade Teena zinc deposit owned by Teck.

Marindi considers the tenements as highly strategic claiming they represent the only major holding within the Emu Fault Corridor in the central MacArthur River Basin not under the control of a major mining house.

“We are extremely pleased to be working with such a high calibre international partner in JOGMEC to enable the true potential of our highly prospective and strategic Caranbirini project to be properly evaluated,” Marindi Metals managing director Joe Treacy said in the company’s announcement to the Australian Securities Exchange.

“We consider this agreement, which follows several months of discussions with JOGMEC, represents a very significant vote of confidence in both the prospectivity of the Caranbirini project and Marindi’s exploration expertise.

“Significantly, once the definitive agreement has been executed, our partnership with JOGMEC will both ensure funding for a comprehensive exploration program at Caranbirini, as well as enable Marindi to continue its intensive ongoing exploration programs in Western Australia, namely for lithium at Forrestania and for gold and base metals at the Newman and Bellary Dome projects in the Pilbara.”

 

Email: info@marindi.com.au

Website: www.marindi.com.au

 

Ventnor Resources Secures Option Over New Silica Sand Project

THE BOURSE WHISPERER: Ventnor Resources (ASX: VRX) announced it has secured an option to acquire a potentially high-grade, high-tonnage silica sand project near Muchea, north of Perth in Western Australia.

Ventnor Resources explained the option to acquire the Muchea silica sand project is subject to shareholder and Australian Securities Exchange (ASX) regulatory approvals.

Ventnor said the ASX has determined the option grant constitutes a change in the nature and/or scale of the company’s activities and has told Ventnor that ASX Listing Rules 11.1.2 and 11.1.3 apply to the purchase.

This has given rise to the following:

The proposed transaction requires shareholder approval under the ASX Listing Rules and therefore may not proceed if that approval is not forthcoming;

Ventnor Resources is required to re-comply with ASX’s requirements for admission and quotation and therefore the proposed transaction may not proceed if those requirements are not met; and

The ASX has an absolute discretion in deciding whether or not to readmit the company to the Official List and to quote its securities and therefore the proposed transaction may not proceed if ASX exercises that discretion.

Considering these consequences Ventnor cautioned that, “investors should take account of these uncertainties in deciding whether or not to buy or sell the company’s securities.”

The Muchea silica sand project is located adjacent to the Brand Highway and a rail connection to Kwinana port for bulk handling.

Ventnor Resources has undertaken a due diligence review, from which it claims to confirm the potential of the prospect.

Assays received by the company have indicated a high-quality +99.7 per cent silicon dioxide (SiO2) deposit over an area of more than 3,400 hectares.

Ventnor said that limited historical exploration for silica sand has been undertaken in the project area, however the company has been provided details of a reconnaissance sampling program utilising the existing accessible tracks.

A total of 44 hand auger samples to a depth of around two metres were completed.

Samples were submitted to the SGS laboratory in Perth and analysed for SiO2, via ICP silica by difference, with the results indicating that, at the surface, there exists very high purity silica sand with the average of all samples returning +99.8% SiO2.

Ventnor explained it has been investigating markets in the Asia-Pacific region for the supply of high-quality silica sand used for glass manufacturing, concrete construction and as a tech metal, which is experiencing increasing demand due to diminishing supply.

The company intends to take advantage of this environment with both the Muchea silica sand project and its existing and complementary Arrowsmith silica sand project.

“Early indications, based on the company’s due diligence investigations and the results of testwork to-date, are that both projects are highly prospective, and the Muchea silica sand project is extensive and high-grade, with the potential to be one of the largest high-grade silica sand deposits in the world,” Ventnor Resources said in its ASX announcement.

“The company’s objectives are to progress both projects by conducting further exploration and test work, conduct substantive environmental reviews and seek approvals, and to conduct scoping studies to assess the economic viability of developing, in each case, a medium scale mining and processing operation adjacent to each project and utilising existing rail and port facilities to export high quality silica sand to Asian markets.”

 

Email: info@ventnorresource.com.au

Website: www.ventnorresources.com.au

Broken Hill Prospecting Attracts Big Partnership for Thackaringa Cobalt Project

THE BOURSE WHISPERER: Broken Hill Prospecting (ASX: BPL) and Cobalt Blue Holdings (ASX: COB) announced a major strategic partnership with LG International (LGI) involving the companies’ Thackaringa cobalt project Joint Venture (TJV) near Broken Hill in New South Wales.

Broken Hill Prospecting explained LG International is the resources investment arm of LG Corporation, and is acting in cooperation with LG Chem, an entity with strong technical leadership in the development of next generation batteries in particular for fixed storage and electric vehicles (EVs).

LG Chem is the fourth largest EV battery maker globally.

Under the new partnership, LGI will provide capital and technical assistance for the TJV to make a high-purity battery grade cobalt sulphate.

Cobalt Blue Holdings has executed a binding term sheet with LGI to raise US$6 million (at A$1.10 per COB share) by Monday 16 April 2018.

“The strategic alliance with LGI is a major win for the Thackaringa cobalt project and our Board welcomes LGI’s partnership,” Broken Hill Prospecting managing director Trangie Johnston said in the company’s announcement to the Australian Securities Exchange.

“The LG Group brings valuable expertise in product development and other disciplines to the joint venture and is a significant milestone along the road to developing this world class cobalt resource.

“BPL’s commercial interest in the Thackaringa cobalt project is significantly advanced by the involvement of LGI and we look forward to working with both of our partners to deliver the project as expeditiously as possible.”

 

Email: info@bhpl.biz

Website: www.bhpl.biz