Gold Road Resources Takes 100% at South Yamarna

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THE BOURSE WHISPERER: Gold Road Resources’ (ASX: GOR) subsidiary, Gold Road (South Yamarna) Pty Ltd (GRSY), is to acquire Sumitomo Metal Mining Oceania Pty Ltd’s (Sumitomo) 50 per cent interest in the South Yamarna project for $7 million.

Gold Road Resources said the acquisition will consolidate the company’s ownership of the majority of the Yamarna Belt, which currently hosts 6.8 million ounces of gold in resource.

The addition of Gold Road becoming owner of 100 per cent of the South Yamarna project adds to its 100 per cent-ownership of the North Yamarna project and 50 per cent of the Gruyere Joint Venture.

“We established the South Yamarna Joint Venture with Sumitomo in 2013, at a time when Gold Road and most other junior explorers were experiencing severe funding constraints,” Gold Road Resources managing director and CEO Ian Murray said in the company’s announcement to the Australian Securities Exchange.

“Since then we have discovered the 6.2 million ounce Gruyere gold deposit, which will be producing gold and significant cash flows from 2019, and our economic circumstance have improved through the joint venture we concluded in 2016 with Gold Fields Limited.

“The partnership with Sumitomo has been an integral part in unlocking the potential of the South Yamarna project which we have shown to be prospective.

“The acquisition of Sumitomo’s 50 per cent interest in South Yamarna gives us greater control of the Yamarna Belt where we will be increasing exploration activities upon completion of the summer targeting and ranking process.”

 

Email: perth@goldroad.com.au

Website: www.goldroad.com.au

Kin Mining Approved to Commence LGP Plant Construction

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THE BOURSE WHISPERER: Kin Mining (ASX: KIN) has secured all statutory approvals documentation for Phase 1 – Process Plant Construction to commence at the company’s 100 per cent-owned Leonora gold project (LGP) located in the North-Eastern goldfields of Western Australia.

Kin Mining said the regulatory sign off marks another important step towards gold production, forecast for the second half of 2018.

A Mining Proposal has been approved by the Department of Mines, Industry Regulation and Safety (DMIRS) and a Works Approval has been approved by the Department of Water and Environmental Regulation (DWER).

Kin reached an agreement with the regulators to conduct a phased approval process, which has resulted in the construction of the processing plant commencing earlier than would have been possible if it had to wait for final project mining parameters.

The company will lodge Phase 2 applications in this half of the year for the balance of activities required to commence gold production.

Kin Mining also confirmed all proposed mining operations and infrastructure locations relating to the construction, commissioning and gold production of the LGP are located on granted mining leases and granted miscellaneous licenses.

“Phase 1 Approval is a major milestone achievement by the Kin team,” Kin Mining managing director Don Harper said in the company’s announcement to the Australian Securities Exchange.

“Our focus is now on dismantling and relocating the Lawlers process plant and commencing construction of the LGP process plant.”

 

Email: info@kinmining.com.au

Website: www.kinmining.com.au

Millennium Minerals Identifies Cost Cuts to Extend Nullagine Minelife

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THE BOURSE WHISPERER: Millennium Minerals (ASX: MOY) announced the appointment of Australia-based consulting engineering firm Ausenco to complete a Feasibility Study on an alternate processing option for the company’s 100 per cent-owned Nullagine gold project in Western Australia.

Millennium Minerals explained the alternate processing option had been identified as part of a Sulphide Ore Expansion Study at the project.

The company has identified an alternative processing configuration, which it believes could result in a reduction in both capital and operating costs compared to the integrated CIL and flotation circuit that had previously been touted.

The alternative process could also deliver several strategic benefits to Millennium’s expansion plans at Nullagine.

The basis of the new process method is scavenging un-leached sulphide concentrates from the existing CIL tailings and subjecting them to ultra-fine grinding and intense cyanidation to achieve an improvement in the overall leach recovery.

“The Sulphide Ore Expansion Study, which underpins our corporate objective of becoming a 100,000 ounces-a-year producer by unlocking the existing large sulphide Mineral Resource inventory at Nullagine, is now in its final and most important stages,” Millennium Minerals chief executive Peter Cash said in the company’s announcement to the Australian Securities Exchange.

“The identification of this new processing option could transform the economics of the expansion project, dramatically reducing both capital and operating costs and resulting in a major reassessment of our reserve inventory.

“We still have further work to do to confirm that this is the case, but the early indications are extremely positive.

“The imminent completion of the Expansion Study dovetails with our move underground at Nullagine, with development of our first underground mine at Bartons set to begin by the end of this quarter.

“It also comes at a time when our exploration team is continuing to enjoy success with deeper drilling identifying the potential to significantly grow the Mineral Resource base below and along strike of the existing open pits.”

 

Email: info@mmltd.com.au

Website: www.millenniumminerals.com.au

Southern Gold Granted Tenure Over New Hampyeong Targets

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THE DRILL SERGEANT: Southern Gold (ASX: SAU) has been granted formal tenure over its recent discovery of kilometre-scale surface gold and silver at the company’s wholly-owned Hampyeong project in the southwest of South Korea.

Southern Gold announced new assays, which have returned intercepts of:

Nabi
13.4 grams per tonne gold;

East Main
11.5g/t gold and 8.4g/t gold; and

Saseun Vein Zones
up to 6.8g/t gold.

Southern Gold explained that this target area has never been previously drilled, and these new surface gold samples are from veins that are commonly three to five metres true-width in outcrop within stockwork vein zones up to 20m wide.

The company indicated it has plans for an immediate first phase drilling program at Hampyeong to be carried out over the next two to three months.

“Hampyeong is shaping up to be a very interesting project,” Southern Gold managing director Simon Mitchell said in the company’s announcement to the Australian Securities Exchange.

“It isn’t often you get a chance to test epithermal quartz veins chipping high-grade gold at surface that have never been historically drill tested.

“There is huge potential to discover multiple economic low to high sulphidation epithermal gold-silver projects in South Korea.

“From my point of view, Hampyeong is just the beginning of a major exploration effort in a uniquely prospective geological terraine.”

 

Email: info@southerngold.com.au

Website: www.southerngold.com.au

Mincor Resources Begins Drilling at Cassini Prospect

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THE DRILL SERGEANT: Mincor Resources (ASX: MCR has launched into its 2018 nickel exploration program with a program of diamond drilling at the Cassini prospect, located within the company’s Kambalda ground holdings in Western Australia.

Mincor Resources will be spending cash raised in a recent fund raising to carry out the drilling, which is to progress a suite of high-quality targets.

At first, the program will focus on shallow regional targets where Mincor considers there to be potential to delineate Resources or extend existing Resources.

The Cassini prospect is a near-surface nickel sulphide discovery where Mincor has identified several channel structures.

The Cassini CS2 channel has already returned high-grade intersections over a plunge of 430m and remains open.

Previous intersections from Cassini include:

MDD248
6.73 metres at 4.81 per cent nickel (estimated true width 5.4m);

MDD255
5.16m at 6.45 per cent nickel (est. true width 4m), and 6.42m at 7.25 per cent nickel (est. true width 5.5m);

MDD274
7.98m at 4.35 per cent nickel (est. true width 6.5m); and

MDD272
4.99m at 6.08 per cent nickel (est. true width 4.4.m).

Mincor has also commissioned a high-resolution aeromagnetic survey for Cassini, which it expects to have finished in February, weather permitting.

Results from the magnetics will assist to identify early stage targets immediately surrounding Cassini, including the northern half of the Cassini magnetic anomaly, Cassini South and Black Caviar.

“Mincor believes it has consolidated nearly all the prospective ground in the Kambalda for shallow nickel sulphide mineralisation, and together with its existing nickel Mineral Resources inventory, has an exciting opportunity to grow a quality nickel Ore Reserve inventory in the district,” Mincor Resources said in its ASX announcement.

 

Website: www.mincor.com.au

Alloy Resources Commences Ophara Project Exploration

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THE DRILL SERGEANT: Alloy Resources (ASX: AYR) commenced exploration activities at the company’s Ophara cobalt-gold project located near Broken Hill in New South Wales.

Alloy Resources completed a data review and field inspection during January with an Independent Geochemist.

A surface sampling program has subsequently been designed and approved for commencement.

Alloy said the program will cover an area of approximately 60 square kilometres and will comprise conventional surface soil sampling on a 200 metre by 200 metre grid.

During the program soil mapping will be completed to enable accurate interpretation of different soil types which will assist interpretation of results.

“The program is expected to take two to three weeks to complete and a similar time for analysis,” Alloy Resources said in its ASX announcement.

“The objective of the program is to outline new drill targets for extensions and repetitions of the Great Goulburn cobalt-gold mineralisation.

“The area is regarded as highly prospective geologically as it is located between the Thackaringa project being advanced by Cobalt Blue Holdings (ASX:COB) and the Mutooroo project held by Havilah Resources (ASX:HAV) who have recently entered into a Memorandum Of Understanding.”

 

Email: info@alloyres.com

Website: www.alloyres.com

IPO Watch

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IPO WATCH: IPOs in the resources sector have been benefiting from renewed interest in the space. The Roadhouse looks at one recent listing and a prospective lister.

 

BlackEarth Minerals (ASX: BEM)

BlackEarth Minerals listed on 19 January 2018 expressing its focused on the exploration and development of the company’s 100 per cent-owned Madagascan and Western Australian graphite projects.

BlackEarth Minerals’ Madagascan projects consist of two primary exploration areas: the main Maniry project, and the Ianapera project.

Maniry is considered highly prospective for largescale, high-quality graphite deposits and is currently at an advanced evaluation stage pending additional work to establish an initial resource, which is currently expected to be completed by mid-2018.

Results, from samples taken within 50 metres of surface, have been received and include 10m at 10.2 per cent total graphitic carbon (TGC), 12m at 11.6 per cent TGC and 14m at 11.3 per cent TGC.

Ianapera consists of a series of high-grade outcrops, up to 800m long and 30m wide, of graphite mineralisation within a broader graphite trend.

These high-grade (15%+ TGC), near-surface exposures of graphite mineralisation lie over the top of a large conductive body, which BlackEarth believes indicates the potential presence of a large graphitic mineralised system.

The company’s Western Australian graphite assets include project areas that have been partially explored by a number of companies in the past, with encouraging results reported from several locations.

BlackEarth researched graphite data via the historical Western Australian Mineral Exploration (WAMEX) database, which has already led to the identification of targets which will be the focus of initial exploration activities.

www.blackearthminerals.com.au

 

Saturn Metals

Saturn Metals is a wholly-owned subsidiary spin out of Peel Mining (ASX: PEX).

Peel Mining has sold off its 100 per cent-interest in the Apollo Hill gold project in Western Australia to Saturn, which is currently in the process of listing on the ASX by way of an initial public offering.

Saturn Metals has issued a prospectus to raise up to $7 million to progress its exploration activities at the Apollo Hill project.

The company has declared the purpose of the offer is to provide funds to immediately commence exploration on the Apollo Hill and Ra Resource areas.

It will also conduct further exploration activities within those areas to identify and grow new higher-grade gold lode/vein exploration targets and commence a cost-effective exploration program across the tenement package seeking to identify a large new Archaean Lode gold deposit.

www.saturnmetals.com.au

Corazon Mining Ready to Recommence Fraser Lake Complex Drilling

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THE DRILL SERGEANT: Corazon Mining (ASX: CZN) is preparing to kick off the next phase of drilling at the Fraser Lake Complex (FLC), located just five kilometres south of the company’s 100 per cent-owned Lynn Lake nickel-copper-cobalt Mining Centre in Canada.

Corazon Mining advised that preparation for drilling at the FLC is nearing completion and that drilling is expected to begin the week commencing Monday, 12 February.

Access tracks and drill pads have been completed in preparation for drilling, and the drill rig is on site with personnel currently being mobilised.

Corazon has systematically explored the FLC since December 2016, carrying out a range of activities, including drilling, ground geophysics, downhole geophysics and geochemistry.

“The large amount of data generated from this targeted exploration has produced geophysical and geochemical models supporting the company’s view that the FLC has the potential to host significant nickel-copper-cobalt sulphide deposits,” Corazon Mining said in its ASX announcement.

The company has confirmed a number of priority drill targets from its 2017 fieldwork programs with the initial drill target being a deeply rooted, funnel-shaped, strongly magnetic feature, with similar characteristics to the nearby EL Mine deposit (a high-grade sulphide breccia pipe within the nearby historic Mining Centre).

Corazon has completed a capital raising Placement, funds from which will fully fund the company’s next phase of exploration at its two flagship projects, the Cobalt Ridge deposit within the Mt Gilmore cobalt-copper-gold project in New South Wales and the Fraser Lake Complex within the Lynn Lake nickel-copper-cobalt project in Canada.

 

Email: info@corazon.com.au

Website: www.corazon.com.au

Havilah Resources strikes MoU with Cobalt Blue to Test Mutooroo Ore

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THE BOURSE WHISPERER: Havilah Resources (ASX: HAV) and Cobalt Blue Holdings (ASX : COB) have struck a Memorandum of Understanding (MoU).

Havilah Resources explained the MoU covers a joint investigation of the applicability of Cobalt Blue’s proprietary process for the recovery of cobalt from pyrite ores.

Havilah will provide Cobalt Blue a representative 10 kilogram Mutooroo sulphide ore sample, on which COB will perform laboratory test-work using its proprietary technology including crushing, grinding, flotation, calcining and leaching.

Havilah anticipates results by 30 April 2018.

“COB’s positive metallurgical work to date has identified a potential processing path that is demonstrating strong cobalt recoveries, for its pyrite hosted cobalt at Thackaringa,” Cobalt Blue said in its ASX announcement.

“Based on ASX releases and discussions between technical staff, the parties believe HAV may have similar metallurgical requirements to commercialise cobalt from Mutooroo.

“The key question is whether the COB process has the potential to unlock economic value for Mutooroo.”

Havilah Resources CEO Walter Richards told the market that, “Given we are neighbours and face similar metallurgical challenges in the recovery of cobalt from cobaltian pyrite ores, this agreement presents a mutually beneficial opportunity for us to work with COB at this time.”

“We have been impressed by COB’s rigorous scientific approach towards the recovery of cobalt from its Thackaringa pyrite ores, and feel that we can gain much from their experience and expertise,” he continued.

“Because of the large total resources of cobaltian pyrite, with appreciable gold, that we have, not only at Mutooroo, but also at our Kalkaroo and North Portia copper-gold deposits the outcome of this work has important economic implications for Havilah.

“If COB’s processes enable the recovery of cobalt, it will be a major step forward in enhancing the economic returns from all of our projects, and could well lead to ongoing cooperation with COB.”

 

Email: info@havilah-resources.com.au

Website: www.havilah-resources.com.au

Stavely Minerals Raises $8.3M to Advance Exploration

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THE BOURSE WHISPERER: Stavely Minerals (ASX: SVY) completed a capital raising of up to $8.3 million to be spent on fast-tracking exploration of the company’s gold and porphyry copper-gold projects in western Victoria and Queensland.

Stavely Minerals explained the capital raising was underpinned by a Share Placement of 20 million shares at 34 cents per share to sophisticated and institutional investors to raise $6.8 million before costs.

Stavely has not left its existing shareholders out of the fun and is undertaking a Share Purchase Plan (SPP), also at 34 cents, to raise up to a further $1.5 million.

The company indicated the funds raised through the combined Share Placement and SPP will primarily be used to accelerate drilling programs in western Victoria testing a suite of porphyry copper-gold targets, including advanced exploration at the Thursday’s Gossan prospect where recent deep diamond drilling has delivered results indicating proximity to a potentially large-scale copper-gold porphyry.

Follow-up exploration programs are also planned this year on the company’s Queensland projects targeting epithermal and intrusive-related gold mineralisation.

“Over the past 18 months we have been systematically narrowing in on a potential copper-gold porphyry discovery at the Thursday’s Gossan prospect and we are now well funded into the next phase of exploration drilling at this very exciting prospect,” Stavely Minerals managing director Chris Cairns said in the company’s announcement to the Australian Securities Exchange.

“And, with a recent Earn-in and Joint Venture Agreement in-place with Navarre Minerals, Stavely Minerals has further augmented a dominant tenure position in an under-explored alkalic copper-gold porphyry belt.

“With drill testing also about to commence at the exciting Toora West porphyry target, we have the opportunity to highlight multiple discovery opportunities within the belt – and therefore to realise greater value for shareholders by emphasising that Stavely Minerals could have its foot on an entire porphyry belt rather than just one very exciting prospect.

“This is a key attribute that can enhance Stavely’s attractiveness to the larger gold and resources companies.”

 

Email: info@stavely.com.au

Website: www.stavely.com.au