Calidus Resources Identifies New Gold Targets

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THE DRILL SERGEANT: Calidus Resources (ASX: CAI) completed an initial review of the company’s recently expanded land holdings across the Warrawoona gold project in the East Pilbara district of the Pilbara Goldfield in Western Australia.

Calidus Resources said the review had generated numerous high priority gold targets.

Calidus received ASTER (Advanced Spaceborn Thermal Emission and Reflection Radiometer) imagery from across the wider Klondyke area.

The company explained this technology is used to map lithology and hydrothermal alteration zones and identify signatures for gold exploration allowing it to highlight target hydrothermal alteration zones of potentially economic gold mineralisation to discriminate them from altered zones with lower potential.

The imagery consists of 14 data channels covering ranges of visible, near infrared, shortwave infrared and thermal infrared regions of the electromagnetic spectrum.

Using this method, Calidus aims to discern the boundary between altered and unaltered rocks based on alteration minerals and mineral assemblages.

This work is currently being undertaken in conjunction with geological and structural mapping to assist with the ranking of exploration targets.

The company carried out exploration target ranking of the newly acquired Novo tenements, from which it has identified the Trump and Cutty Sark prospects, located approximately 7.5 kilometres to the west of the main Klondyke resource area, as highly ranked near surface high-grade gold targets.

Calidus also completed a regional targeting exercise to confirm a number of potential gold-hosting conglomerate targets on its granted tenements and applications.

During an initial field trip that was aimed at locating the contact horizon and determine the extent of basal Mt Roe formations outcropping on tenement application ELA45/4556 close to Marble Bar, gold nuggets were confirmed.

“With a growing resource base at Klondyke, to have such a suite of exciting regional projects highlights the large potential of this goldfield,” Calidus Resources managing director Dave Reeves said in the company’s announcement to the Australian Securities Exchange.

“With the assistance of the CSIRO, we are getting a lot clearer picture of ore shoot control and methods that will allow us to rapidly and inexpensively explore the majority of our landholding.

“This, combined with extensive conglomerate outcrops, which are readily accessed from existing roads, provides Calidus with numerous high ranking targets for the year ahead.

“With such a large amount of opportunity, we have recently employed the highly experienced Brenton Siggs as Exploration Manager to accelerate regional greenfields exploration of our wider tenure whilst our current team continue to focus on resource increase around known deposits.”

Email: info@calidus.com.au

Website: www.calidus.com.au

ST George Mining Extends Mt Alexander Drilling

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THE DRILL SERGEANT: St George Mining (ASX: SGQ) has upped the ante by escalating diamond drilling underway at the company’s Mt Alexander project in Western Australia.

St George Mining said the decision to advance the program followed the recent intersection encountered by drill hole MAD71.

The company now has DHEM being carried out in all drill holes completed to date in the current drill program, which it believes will assist in identifying further mineralisation around the drill holes.

Additional drill holes are currently being designed at the Stricklands prospect, to follow-up on the MAD71 intersection of magmatic nickel-copper sulphides.

The mineralisation in MAD71 is open to the west and north, and is associated with strong SAMSON and SQUID EM anomalies that remain largely untested in this area.

A strong magnetic anomaly also covers this area, which St George considers likely to represent prospective ultramafic stratigraphy.

A diamond drill rig that is currently on site will continue drilling at Mt Alexander 24 hours a day, 7 days a week until the Christmas break.

A second drill rig has now also arrived at the company’s 100 per cent-owned East Laverton project to drill three, strong late-time conductors at the Windsor nickel sulphide prospect.

“The thickness of the ultramafic and the nickel-copper sulphides intersected at Stricklands is supportive of further significant mineralisation being intersected at this prospect,” St George Mining executive chairman John Prineas said in the company’s announcement to the Australian Securities Exchange.

“The target area for further drilling is to the west and north of MAD71 where the SAMSON and SQUID EM anomalies remain largely untested and a strong magnetic anomaly also indicates further prospective ultramafics.

“We are excited to be able to fast-track this follow-up drilling to the significant intersection in MAD71.”

Email: info@stgm.com.au

Website: www.stgm.com.au

Aruma Resources Commences Drilling At Slate Dam And Beowulf

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THE DRILL SERGEANT: Aruma Resources (ASX: AAJ) received a state government nod of approval to commence exploration activities on mining tenement E25/553 within the company’s Slate Dam gold project east of Kalgoorlie in Western Australia.

Aruma received the consent of the relevant minister under ‘Section 18’ of the Aboriginal Heritage Act for access to carry out the work.

Subsequently, Aruma has mobilised its contractors to commence a 5,000 metre RC drill program in early December at both Slate Dam and the company’s other advanced exploration project east of Kalgoorlie, the Beowulf gold project, where all approvals have been received.

Aruma stated that both projects contain proven evidence of gold mineralisation, mineralised intersections at Slate Dam, as well as the successful alluvial mining by prospectors at Beowulf.

“Project evaluation has identified a bottom of hole geochemical gold anomaly of considerable size over the Slate Dam prospect stretching seven square kilometres across sediments contacts within the pressure shadows of recently identified granite bodies,” Aruma Resources said in its ASX announcement.

“All of the geological needs for a gold system are in place, however they have been masked due to the presence of Lake Yindarlgooda over the top of the anomaly.

“A substantial bottom of hole geochemical gold anomaly has been drill defined, however not yet sufficiently drill tested.”

Aruma indicated the drill program will test a high tenor (>200ppb Au) anomaly, which will also include testing the basement of a historic intersection of 6 metres at 2.45 grams per tonne gold from 24m from an aircore drill hole.

Email: info@arumaresources.com

Website: www.arumaresources.com

Gascoyne Resources Raises $215M To Advance Dalgaranga And Gelnburgh

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THE BOURSE WHISPERER: Gascoyne Resources (ASX: GCY) completed a placement to raise approximately $21.5 million at an issue price of 38 cents per share.

Gascoyne Resources said the placement attracted strong support shown from existing institutional shareholders and demand from new major domestic and international institutional investors.

The company indicated the funds will be applied towards regional exploration at the company’s Dalgaranga and Glenburgh gold projects in Western Australia, in particular development of the Dalgaranga gold mine.

Gascoyne signalled its intentions to undertake an aggressive exploration program at both Dalgaranga and Glenburgh, with the aim of extending mine life at the Dalgaranga gold mine, expanding the resource base at Dalgaranga and Glenburgh, and to target new discoveries.

The company has budgeted an exploration spend of approximately $6.5 million at Dalgaranga and Glenburgh through to 30 June 2018.

“We are very appreciative of the strong support we have received for the Placement, in particular, from our existing shareholders,” Gascoyne Resources managing director Mike Dunbar said in the company’s announcement to the Australian Securities Exchange.

“While we are focused on bringing Dalgaranga into production and remain on track and on budget to commence production in the first half of 2018, the recent growth in the Dalgaranga mine plan has demonstrated the positive impact that exploration success, such as that at Sly Fox, can have on the project economics.

“With gold production commencing at our Dalgaranga gold project in the first half of 2018 and an aggressive exploration program on our highly prospective acreage about to commence, we look forward to delivering on an exciting phase for the company as it progresses from developer to producer, and systematically drill testing the significant exploration potential of our two WA gold projects.”

 

Email: admin@gascoyneresources.com.au

 

Website: www.gascoyneresources.com.au

Millennium Minerals Declares New Nullagine Gold Discovery

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THE DRILL SERGEANT: Millennium Minerals (ASX: MOY) declared outstanding results from ongoing exploration programs across the company’s 100 per cent-owned Nullagine gold project in Western Australia.

Millennium Minerals carried out a program of follow-up drilling within the Yates trend, part of the Twenty Mile Sandy Mining Centre located approximately 40 kilometres north-east of the company’s Nullagine processing plant.

Millennium said the drilling results produced the discovery a new high-grade zone of shallow gold mineralisation.

The company originally identified the Yates trend by way of a regional soil sampling program.

The trend was identified as being coincident with a gold-arsenic-Antimony anomaly.

Geological mapping defined a 2.5km long trend, from which rock chip sampling returned high-grade results of up to 16.4g/t gold.

Drilling under the area of highest-grade rock chips returned high-grade intercepts, including:

TMX112
8 metres at 8.44 grams per tonne gold from surface, including 7m at 9.32g/t gold from surface;

TMX113
10m at 5.79g/t gold from 15m, including 5m at 9.09g/t gold from 18m, void from 12-15m; and

TMX114
5m at 4.03g/t gold from 38m.

Millennium has named the prospect Redbeard, and further drilling is now underway along strike to further define the extent of the mineralised zone.

Millennium also completed drilling at Bartons Underground designed to upgrade the current Inferred Mineral Resource to Indicated status as part of an ongoing Feasibility Study.

This drilling returned visible gold in core as well as a series of high-grade results, including:

BARD0313A
10.5m at 38.64g/t gold from 164m, including 5m at 79.96g/t gold from 164m with visible gold in core;

BARD0303A
1.6m at 3.56g/t gold from 181.4m, including 0.7m at 7.06g/t gold from 182.3m with visible gold in core; and

BARD0314
6m at 7.72g/t gold from 153m, including 1m at 38.8g/t gold from 155m.

“These latest results are a major boost to our growth initiatives, delivering a new greenfields gold discovery at Redbeard and providing strong support for our plans to establish our first underground mining operation at Bartons early next year,” Millennium Minerals chief executive Peter Cash said in the company’s announcement to the Australian Securities Exchange.

“This puts us in an exceptionally strong position to deliver on our growth objective, aimed at delivering a five-year mine life at Nullagine based on production of 100,000 ounces per annum.”

 

Email: info@mmltd.com.au

 

Website: www.millenniumminerals.com.au

Battery Metals Raises 20M To Fast Track Graphite Projects

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THE BOURSE WHISPERER: Battery Minerals (ASX: BAT) has received commitments from institutional, sophisticated and professional investors to raise $20 million.

Battery Metals said the Capital Raising was oversubscribed, explaining it comprises of $19.5 million by way of placement and $500,000 in commitments under a drilling-for-equity arrangement.

The company received commitments from its drilling contractor, Mitchell Group Holdings, to provide drilling services in return for equity, on the same terms as the placement.

Under the Placement, Battery Metals will issue approximately 325 million shares at six cents per share in two tranches to professional, institutional and sophisticated investors.

Each New Share will be issued with one free option which will be exercisable at ten cents on or before 31 July 2018.

“This capital raising is a key milestone in the Company’s strategy to become a graphite supplier to the lithium battery industry Battery Minerals executive chairman David Flanagan said in the company’s announcement to the Australian Securities Exchange.

“The overwhelming support we have received from investors around the world reflects the quality of our project and its outstanding potential to tap into the lithium battery market.

“We have received a huge response to our strategy to develop a project with low capital costs, limited funding requirements and a short lead-time to production.

“This approach will enable us to maximise financial returns and minimise risks and time delays, enabling us to capitalise on the huge opportunity unfolding in the energy sector as quickly and efficiently as possible.”

Battery Minerals has commenced work at its Montepuez and Balama graphite projects in Mozambique.

At Montepuez, detailed grade control drilling is underway to underpin daily mining plans ahead of the anticipated grant of a mining lease, which the company expects later this year.

Final approvals are due in the March Quarter 2018 to facilitate the scheduled start of construction in April 2018.

Battery Metals indicated it is on track to commence mine commissioning in the December Quarter, 2018 with first graphite concentrate exports scheduled for the March Quarter, 2019.

The company is also working to fast-track a Definitive Feasibility Study (DFS) at its Balama Central project, where a recently completed Concept Study highlighted the project’s high grade nature and strong fundamentals.

Battery Metals has interpreted the results to suggest the project has potential to, in time, become a world-leading graphite mine.

Battery Metals aims to complete the Balama DFS in mid-2018.

Email: info@batterymetals.com

Website: www.batterymetals.com

Rox Resources Encounters Thick Disseminated Nickel Sulphides at Olympia North

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THE DRILL SERGEANT: Rox Resources (ASX: RXL) announced the intersection of thick disseminated nickel sulphides from RC drilling recently completed at the company’s Collurabbie project north of Laverton in Western Australia.

Rox Resources carried out the four-hole drilling program to follow-up strong nickel-copper-platinum-palladium aircore drilling anomalies it had recently defined at the Olympia North and Ortus prospects.

Rox declared the new results confirm the presence of nickel sulphides at Olympia North and that the ultramafic belt there is fertile for nickel sulphide mineralisation.

The company has traced this horizon for over 15 kilometres along strike and its analysis shows very little previous exploration along it.

Thick intersections of disseminated nickel sulphides were intersected, including:

CXRC001
32 metres at 0.48 per cent nickel, 0.28 per cent copper, 0.03 per cent cobalt, 218ppb platinum, 347ppb palladium from 64m; and

CXRC003
5m at 0.63 per cent nickel, 0.3 per cent copper, 0.03 per cent cobalt, 239ppb platinum, 422ppb palladium from 76m.

A third hole at Olympia North encountered a porphyry intrusion and the nickel sulphide interval was stoped out.

The hole drilled at the Ortus prospect did not intersect any nickel sulphides.

“We are encouraged by the results from Olympia North because they confirm that a fertile ultramafic belt for nickel sulphides exists, extending north from our Olympia deposit through Olympia North and beyond for up to 15 kilometres,” Rox Resources managing director Ian Mulholland said in the company’s announcement to the Australian Securities Exchange.”

Email: admin@roxresources.com.au

Website: www.roxresources.com.au

Pioneer Resources Drilling Cobalt Targets at Golden Ridge

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THE DRILL SERGEANT: Pioneer Resources (ASX: PIO) has started a program of reverse circulation (RC) drilling at the company’s 100 per cent-owned Golden Ridge cobalt project, located on the Blair Dome in Western Australia’s Eastern Goldfields.

Pioneer Resources will carry out approximately 30 RC holes for 2,000 metres, however the company indicated additional holes may be drilled should field observations be positive.

The drill samples will be used for bench-scale test work which will focus on the hydrometallurgical extraction of cobalt.

“The drilling program will take approximately two weeks to complete and assays are expected to be to hand by the end of January 2018,” Pioneer Resources said in its ASX announcement.

Pioneer said composite samples of cobalt mineralisation encountered by the drilling will be used for first pass extraction test work.

The company noted the current number of alternative metallurgical processes being developed to treat cobalt and nickel laterite ores.

The targets have been determined from a historical summary of cobalt results Pioneer has established from drill holes completed since 1978, including the GRB-series RAB holes and GRA-series aircore holes it drilled between 2004 and 2015.

“A detailed review of the Golden Ridge drilling database specifically looking for cobalt mineralisation within the project has identified multiple, broad, high-grade zones of high-grade cobalt mineralisation,” Pioneer said.

“To date, the study has identified 11 separate prospects with significant cobalt deposited in the weathered rock mantle (lateritic cobalt).

“The tenor of cobalt values are at least the equivalent of other cobalt-laterites in the Kalgoorlie mineral district.

“The ‘reconnaissance’ drilling completed between 1978 and 2015 demonstrates the presence of widespread cobalt mineralisation, and each target has significant exploration upside to identify extensions to the indicated mineralisation deposits as cobalt-specific drilling proceeds.”

Email: info@pioresources.com.au

Website: www.pioresources.com.au

Intermin Resources Announces Evolution Drilling at Binduli

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THE DRILL SERGEANT: Intermin Resources (ASX: IRC) announced commencement of reverse circulation (RC) drilling at the Binduli JV gold project, located just outside of Kalgoorlie-Boulder in Western Australia.

Intermin Resources said its Joint Venture partner Evolution Mining (ASX: EVN) has kicked off the 4,000 metre drilling program, comprising up to 39 angled RC holes to test for gold mineralisation within extensional veins related to shearing along contacts between brittle porphyritic intrusions with the White Flag intermediate volcanic sediments.

At the Coot and Crake prospects, 26 RC holes will be drilled to test for new mineralisation for approximately two kilometres north along strike from previously identified mineralisation.

At the Honey Eater prospect, four kilometres southwest of the company’s 100 per cent-owned Teal gold mine, 13 RC holes are planned to test new targets along strike from historic drill intercepts.

Intermin recently completed a re-interpretation of regional geophysical data, from which it has identified numerous high magnetic anomalies it has interpreted as felsic porphyry units that have intruded the White Flag volcanic sediments.

The company considers the prospect to be a highly prospective structural setting as it occurs at the intersection of an extensive northwest-southeast trending shear zone and a crosscutting late stage fault.

“It is extremely pleasing to see the latest drilling program underway testing the higher priority drill targets in the prospective Binduli region of the WA Goldfields,” Intermin Resources managing director Jon Price said in the company’s announcement to the Australian Securities Exchange.

“Very little modern exploration has been undertaken in this area and we look forward to working with the team at Evolution to unlock the potential of these projects for mutual benefit.”

Email: iadmin@intermin.com.au

Website: www.intermin.com.au

Gold Road Resources Inks Gold Forward Sales Facility

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THE BOURSE WHISPERER: Gold Road Resources (ASX: GOR) signed margin Gold Forward Sales with two major banks for up to 200,000 ounces of Australian dollar denominated forward sales.

Gold Road Resources explained the Hedging Facilities equate to 100,000 ounces of gold with each bank.

Gold Road has already locked in forward sales contracts for 25,000 ounces at an average forward price of $1,705 under the Hedging Facilities.

These latest Hedging Facilities are unsecured but require cash backing if the mark-to-market increases beyond $25 million with any bank and are due to expire at 30 June 2018, unless the parties agree to extend.

The company indicated, that part of a “prudent management of financial risks”, it is currently reviewing options for standby revolving credit or working capital facilities, which would also include discretionary gold hedging facilities.

Gold Road indicated the end of March 2018 quarter as a target for the finalisation of any Standby Facilities.

It stated its intention is to merge these early hedges into the Standby Facility, and to roll the delivery dates of the hedged ounces to meet forecast gold production dates.

“Construction at Gruyere is well under way to meet the forecast first gold production in 2019,” Gold Road Resources managing director Ian Murray said in the company’s announcement to the Australian Securities Exchange.

“With the gold price currently 14 per cent above the modelled Gruyere Feasibility Study gold price of $1,500 per ounce, we believe it is prudent to lock in a small portion of our forecasted production.

“The combination of these higher gold prices and the Standby Facilities lowers our risk and ensures we have flexibility in an environment which can be volatile.”

Email: perth@goldroad.com.au

Website: www.goldroad.com.au