Sipa Resources Commences Akelikongo AMT Survey

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THE DRILL SERGEANT: Sipa Resources (ASX: SRI) is about to commence a Natural Source Audio Magneto Telluric (NSAMT) survey over the Akelikongo and Akelikongo West mineralised intrusions, part of the company’s 100 per cent-owned Akelikongo nickel-copper sulphide project in northern Uganda.

Sipa Resources said by conducting the survey it hopes to confirm the shape and orientation of intrusive pipe-like bodies down-plunge in order to optimise further drill targeting.

“AMT surveys have shown to be highly effective in delineating similar mineralised intrusions at depth including Jacomynspan in South Africa where AMT detected the intrusion down to one kilometre below the surface,” Sipa Resources said in its ASX announcement.

“Akelikongo and Akelikongo West are nickel and copper sulphide continuously mineralised bodies located within a pipe or conduit, comprising multiple intrusive pulses of mafic to ultramafic magmas.

“More than 10 additional Akelikongo ‘suite’ intrusions have now been identified as a result of soil sampling and recent field mapping, in a north-north west-trending zone 80 by 30 kilometres in extent from Goma to the Northern Ugandan border.

“Lithogeochemistry and dating of selected rock samples is currently underway with the objective of proving that the suite of intrusions (of which only Akelikongo and Akelikongo West have been tested by drilling) are genetically related and hence also prospective for nickel-copper and PGE’s.”

Sipa explained that the AMT survey will initially be completed over the known Akelikongo mineralisation.

Should it define an intrusion, the company intends extending the survey to up to one kilometre to the north where previous drilling of EM targets AKD003 and AKD012 returned subtly anomalous nickel-copper-PGEs in the host gneisses.

Sipa has interpreted this anomalism to indicate proximity to the intrusive conduit or geochemical leakage from the intrusion.

Should the survey prove successful, Sipa will generate further drill targets at Akelikongo using the data from the survey.

 

Email: info@sipa.com.au

Website: www.sipa.com.au

 

Blackstone Minerals Hits Encouraging Cobalt Numbers with First Hole at Little Gem

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THE DRILL SERGEANT: Blackstone Minerals (ASX: BSX) announced results from the first hole drilled at the company’s Little Gem cobalt-gold project in British Columbia, Canada.

Blackstone Minerals explained the hole had kicked off its first drilling program to be carried out at the project and had intersected massive, semi-massive and disseminated mineralisation, producing results including:

4.3 metres at 1 per cent cobalt and 15 grams per tonne gold, including 1.1m at 3 per cent cobalt and 44g/t gold.

Blackstone claimed the initial results from the maiden drilling program are consistent with historic drilling and adit channel sampling, which returned average grades of 3 per cent cobalt and 20g/t gold.

The company indicated that the first hole had only tested the upper portion of the mineralised target where multiple zones of massive sulphide (cobalt-gold) mineralisation has been identified within a broader alteration halo.

The drilling is also consistent with historic underground drilling from adits including:

1.8m at 2.4 per cent cobalt and 112g/t gold;

3.3m at 1.4 per cent cobalt and 80g/t gold; and

3.3m at 1.4 per cent cobalt and 12.3g/t gold.

Results from historic adit channel sampling at Little Gem include:

1.8m at 4.4 per cent cobalt and 73g/t gold;

2m at 3.1 per cent cobalt and 76g/t gold; and

1.5m at 5.4 per cent cobalt and 26g/t gold.

“An outstanding result from our first drill hole at Little Gem,” Blackstone Minerals managing director Scott Williamson said in the company’s announcement to the Australian Securities Exchange.

“We look forward to recommencing the maiden drill program in Q2 2018.

“With further regional exploration results pending we continue to expand our understanding of the full potential of the project.

“These initial results confirm Little Gem as one of the highest-grade cobalt-gold projects in the world located within a region completely unexplored for cobalt.”

 

 

Email: admin@blackstoneminerals.com.au

 

Website: www.blackstoneminerals.com.au

 

Ramelius Resources Surpasses December Gold Production Guidance

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THE BOURSE WHISPERER: Ramelius Resources (ASX: RMS) announced it has exceeded the guidance range and produced record gold production at the company’s operations in Western Australia.

Ramelius Resources declared gold production of 58,012 ounces (Guidance: 51-55,000 ounces) in the December 2017 quarter.

The breakdown of contributions came from:

Mt Magnet 23,352 ounces;

Vivien 13,283 ounces; and

Edna May’s first contribution to the Group of 21,377 ounces.

“I am delighted to provide this update showing that Ramelius has attained our targeted annualised production rate of over 200,000 ounces,” Ramelius Resources managing director Mark Zeptner said in the company’s announcement to the Australian Securities Exchange.

“This record quarter exceeded guidance due to the hard work and focus by our operations teams across our three sites, including the newly acquired Edna May gold mine.

“I look forward to continuing this positive trend and solidifying our position as a growing mid-tier gold producer.”

 

 

Email: info@rameliusresources.com.au

 

Website: www.rameliusresources.com.au

 

Millennium Minerals Upgrades Bartons Underground Resources and Reserves

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THE DRILL SERGEANT: Millennium Minerals (ASX: MOY) has progressed development of the proposed underground mining operation at the company’s 100 per cent-owned Nullagine gold project in Western Australia.

Millennium Minerals has completed an updated Mineral Resource and interim Ore Reserve for the Bartons deposit, comprising 627,300 tonnes grading 4.9 grams per tonne gold for 97,900 ounces of contained gold – a 22 per cent increase on the Phase 1 Mineral Resource announced in August 2017.

Millennium explained the updated Mineral Resource features a more than sixfold increase in Indicated Resources to 407,400 tonnes grading 5.6g/t gold for 72,900 ounces, up from 10,100 ounces previously.

The company said both the Phase 2 Mineral Resource and the maiden Ore Reserve will underpin a Feasibility Study on the Bartons underground mine, due for completion this quarter.

The Nullagine gold project achieved gold production of 21,400 ounces for the December 2017 quarter from ore sourced predominantly from the Bartons open pit cut-back, as well as the Au 81 West and Little Wonder deposits.

The fourth quarter operational performance took production for CY 2017 to 72,800 ounces of gold.

The company has finalised mine plans and production budget for the March 2018 quarter, which it expects to be underpinned predominantly by high-grade ore feed from the new Bartons open pit cut-back, supplemented by ore from the Au 81 West deposit and the new Golden Eagle South deposit.

Production for the quarter is expected to be 18,000 to 20,000 ounces of gold.

“Our strong production result for the December quarter reflects a huge effort by the entire team at Nullagine, and it’s important to note that the slight shortfall in ounces compared to our guidance is expected to be more than made up in the March 2018 quarter,” Millennium Minerals chief executive Peter Cash said in the company’s announcement to the Australian Securities Exchange.

“The company’s strong production profile in a rising gold market environment, underpinned by a debt-free balance sheet, gives us a unique opportunity to continue to invest strongly in the Company’s next chapter of growth.

“In that regard, completion of an upgraded Mineral Resource and Ore Reserve for Bartons Underground provides a very strong platform for us to move ahead rapidly with the development of our first new underground gold mine at Nullagine.”

Cash explained the free-milling ore from Bartons Underground will be processed through the existing CIL plant at Nullagine, which will form an important part of our production profile from the second half of this year onwards.

“At the same time, we are continuing to invest strongly in exploration to continue to grow our Resource and Reserve inventory,” he continued.

“Our exploration team has been incredibly successful in turning exploration concepts and prospects into new discoveries – most recently at Au81 West and Redbeard.

“Redbeard in particular is shaping up as a very exciting discovery for Millennium, having returned some of the thickest and highest-grade intercepts we have ever seen at Nullagine.

“A maiden Mineral Resource estimate for Redbeard is currently in progress and should be announced later this month.

“With our rigs back in the field from 4 January across multiple areas, we are continuing our strong commitment to growth through exploration and shareholders can now look forward to strong and consistent news flow on several fronts – exploration, development and, ultimately, the expansion of the operation as we complete the various studies designed to support a significant upgrade of the Nullagine processing plant later this year.”

 

 

Email: info@mmltd.com.au

 

Website: www.millenniumminerals.com.au

 

 

Gascoyne Resources Progresses Dalgaranga Towards Gold Production

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THE BOURSE WHISPERER: Gascoyne Resources (ASX: GCY) informed the market of the construction progress being made at the company’s 100 per cent-owned Dalgaranga gold project in Western Australia.

Gascoyne Resources has worked up a Measured, Indicated and Inferred Resource at Dalgaranga of 31.1 million tonnes at 1.3 grams per tonne gold for 1,320,000 ounces of contained gold.

This includes Proved and Probable Ore Reserves of 15.3 million tonnes at 1.3g/t gold for 612,000 ounces of gold.

Gascoyne Resources said that GR Engineering (GRES) has made inroads to the design, engineering and construction of the 2.5 million tonnes per annum Dalgaranga processing plant with design and engineering complete and construction well advanced.

The company expects completion of work in approximately 5 months, which meets its scheduling.

“Construction of the project has been progressing on or slightly ahead of the original schedule, which will see commissioning and first gold production in the second quarter of 2018,” Gascoyne Resources said in its ASX announcement.

Construction activites completed to date include: concrete and civil works, including SAG mill foundations, CIL tank foundations, reagent storage foundations and wet area foundations.

SAG mill shell and ends have arrived on site, and installation has commenced.

Crusher foundations have also been completed while the modular crusher is scheduled to be loaded for shipping with delivery to site by mid-February.

CIL tank erection is also complete, including painting.

Foundations for a power station, along with a fuel storage facility have been completed.

Gascoyne indicated it expects the power station and fuel facility to be operational in late April/early May, in preparation for dry plant commissioning, with wet commissioning expected in May.

A tailings storage facility (TSF) and evaporation pond construction has also been completed

The initial TSF lift comprises construction of a 3.5 metre embankment.

The tailings pipeline is currently being installed.

Next to the 240-person Dalgaranga village, clearing has been completed for an airstrip, for which runway construction is well advanced and on schedule to allow direct flights to site from March 2018.

 

Email: admin@gascoyneresources.com.au

 

Website: www.gascoyneresources.com.au

Kin Mining Inks $35M Debt Facility

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THE BOURSE WHISPERER: Kin Mining (ASX: KIN) announced the execution of a binding term sheet for $35 million (US$27M) with Canadia-based Sprott Private Resource Lending.

Kin Mining said the debt package will support the full pre-production and construction cost of the company’s 100 per cent-owned Leonora gold project (LGP) located in the North-Eastern goldfields region of Western Australia, forecast to be in production during the second half 2018.

Key terms include:

First payback is expected 18 months after first drawdown (expected 28 June 2019);
Annual interest rate of 8 per cent, plus the greater of US 12-month LIBOR or 1 per cent;
No cash flow sweep;
No hedging;
No cost overrun facility;
3,500,000 KIN ordinary shares will be issued to Sprott on closing with the shares to be escrowed for four months;
1.5 per cent NSR on first 100,000 ounces of gold produced by the LGP; and
Three-year loan term.

Kin explained the Credit Facility provides sufficient funding to carry out the necessary pre-production capital works, including the relocation and upgrade of the Lawlers mill to commence production at the LGP.

A Definitive Feasibility Study estimated a pre-production capital cost of $30 million with an 18 per cent contingency of $5.4 million for a total of $35.4 million.

Sprott has concluded technical due diligence and received investment committee approval, however the Credit Facility remains conditional on completion of legal and formal documentation and is expected to be closed by 23 December 2017.

A minimum equity raise will be required as a condition.

As a leading investor in the natural resource sector, Sprott said it was excited to partner with Kin to develop the LGP.

“We are delighted to partner with Sprott, the Credit Facility will allow us to immediately commence the development of the LGP and set us on a clear pathway to gold production and cash flow,” Kin mining managing director Don Harper said in the company’s announcement to the Australian Securities Exchange.

“Sprott is known to be well-versed in determining the viability of resource projects and making astute investment decisions.

“We look forward to collaborating with Sprott to become Western Australia’s next gold producer.”

Email: info@kinmining.com.au

Website: www.kinmining.com.au

Corazon Mining Completes Phase 2 Metallurgy Work at Cobalt Ridge

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THE DRILL SERGEANT: Corazon Mining (ASX: CZN) declared the achievement of highly positive results from a recently completed Phase 2 metallurgical testwork program at the company’s Mount Gilmore cobalt-copper-gold project in New South Wales.

Corazon Mining completed the testwork on a composited sample of drill core from recent drilling undertaken at the Cobalt Ridge deposit.

The testwork follows Phase 1 metallurgical testwork results the company reported in March this year.

Corzon explained that the Phase 2 testwork targeted lower grade material than that tested in Phase 1, claiming it to have delivered exceptional results.

Using a simple flotation processing has yielded recoveries of 93.6 per cent cobalt and 98.4 per cent copper.

The concentrate mass represented only 5 per cent of the initial mass feed, with the concentrate grading at 2.02 per cent cobalt and 5.18 per cent copper.

The company tested mineralisation that included what it considers to be the ‘background’ grade for the main lode within the Cobalt Ridge deposit.

The assayed grade of the sample was 0.14 per cent cobalt, 0.32 per cent copper and 0.09ppm gold, providing a variation to the previously tested high-grade mineralisation in the first phase metallurgical testwork.

“On-going testwork for the Cobalt Ridge deposit will focus on defining the down-stream concentrate processing options and detailed process engineering studies,” Corazon Mining said in its ASX announcement.

“Results to date suggest excellent potential for the production of a concentrate for hydrometallurgical processing.”

Email: info@corazon.com.au

Website: www.corazon.com.au

Genesis Minerals Results Enhance Ulysses Underground Potential

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THE DRILL SERGEANT: Genesis Minerals (ASX: GMD) reported further results from the current resource upgrade and extensional drilling program underway at the company’s 100 per cent-owned Ulysses gold project, south of Leonora in Western Australia.

Genesis Minerals said the latest batch of assays had provided further evidence of the potential for a standalone underground mining and processing operation.

The company has now received assay results for the RC holes (17USRC141 to 151), following the initial batch of 13 RC holes reported on 10 November.

Genesis declared the drilling results have confirmed the continuity of the deeper mineralisation below the open pit and current Mineral Resource.

The current RC and diamond drill program, has now been expanded to 59 holes.

The drilling forms part of the Feasibility Study on the Ulysses underground project.

Latest assay results include:

17USRC142
4 metres at 4.55grams per tonne gold from 188m;

17USRC146
2m at 12.15g/t gold from 145m;

17USRC147
14m at 5.93g/t gold from 120m;

17USRC148
6m at 5.08g/t gold from 157m;

17USRC149
5m at 3.95g/t gold from 142m;

17USRC150
2m at 5.17g/t gold from 156m;

17USRC151
2m at 5.03g/t gold from 126m; and

17USRC151
2m at 5.98g/t gold from 150m.

“We continue to add significant value to the Ulysses Project with each successive drilling program we undertake,” Genesis Minerals managing director Michael Fowler said in the company’s announcement to the Australian Securities Exchange.

“The latest assays clearly demonstrate that high-grade mineralisation continues over significant widths below the open pit and well beyond the current resource boundaries, supporting the potential for a standalone mining and processing operation.

“In light of the excellent early results being achieved, we expanded the Phase 2 program to some 10,000 metres, allowing us to continue to test the mineralisation down-plunge.

‘This drilling, which was completed on the weekend, will lay the foundations for our next resource upgrade, which we are targeting for February next year.

“At the same time, we are continuing to progress the Underground Feasibility Study with multiple work streams advancing in parallel.

“We are also working towards a major new drilling program that will be undertaken in the first quarter of 2018 to define the broader potential of the Ulysses underground project.”

Website: www.genesisminerals.com.au

Cobalt Blue Holdings Confirms Railway Mineralisation Grade

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THE DRILL SERGEANT: Cobalt Blue Holdings (ASX: COB) released initial assays from its a resource definition drilling program underway at the company’s Thackaringa cobalt project in New South Wales.

Cobalt Blue Holdings declared the results to have demonstrated strong continuity of cobalt mineralisation along both strike and down dip of previous drilling carried out at Railway.

The company said the assays boost the potential for it to enhance the project Mineral Resource supporting the transition from an Inferred to an Indicated Resource, in line with an ongoing Pre-Feasibility Study (PFS).

The company is currently compiling 2017 drill results into an upgraded resource estimate, which it expects to be released by April 2018.

The latest results come from the first 18 reverse circulation (RC) holes drilled at the Railway deposit.

Best intercepts include:

17THR042
72m at 1,115ppm cobalt, 10.1 per cent sulphur and 9.8 per cent iron from 15m;

17THR045
25m at 1,204ppm cobalt, 9.5 per cent sulphur and 10.6 per cent iron from 154m;

17THR047
18m at 1,145ppm cobalt, 7.5 per cent sulphur and 7.5 per cent iron from 11m;

17THR049
67m at 906ppm cobalt, 9.5 per cent sulphur and 9.1 per cent iron from 64m;

17THR052
20m at 982ppm cobalt, 12.2 per cent sulphur and 11.4 per cent iron from 10m and 113m at 830ppm cobalt, 7.3 per cent sulphur and 7.8 per cent iron from 104m; and

17THR055
41m at 1,096ppm cobalt, 10.4 per cent sulphur and 10 per cent iron from 61m.

The current drilling program totals 75 holes, comprising 16 diamond drill (DD) holes and 59 reverse circulation (RC) drill holes and is designed to upgrade to an Indicated Resource, expand the overall resource base, provide comprehensive geotechnical information and supply sample for additional metallurgical testing.

“The work continues to add substantially to our geological understanding of Thackaringa, with its significant combined strike length of 4.5 kilometres and widths varying from 25 to 100 metres,” Cobalt Blue Holdings chairman Rob Biancardi said in the company’s announcement to the Australian Securities Exchange.

“We look forward to the Indicated Resource upgrade to be released by 1 April 2018.”

Email: info@cobaltblueholdings.com

Website: www.cobaltblueholdings.com

BC Iron to Become BCI Minerals

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THE BOURSE WHISPERER: BC Iron (ASX: BCI) is set to change the company’s name in a bid to reflect its broadening horizons.

BC Iron announced that, in accordance with a special resolution passed by shareholders at the company’s Annual General Meeting it will now be known as BCI Minerals Limited.

The company explained it is hoping to increase the value of its portfolio of assets in iron ore, salt, potash, gold and base metals.

“The Company’s ASX ticker will remain ‘BCI’ and trading on the ASX under the new name will commence on Wednesday 6 December 2017,” BC Iron said in its ASX announcement.

“Other than the new name, nothing will change with respect to shareholdings and no action is required from shareholders.”

Email: info@bciminerals.com.au

Website: www.bciminerals.com.au