Meteoric Resources to Sell Juruena Gold Project for $30M

THE BOURSE WHISPERER: Meteoric Resources (ASX: MEI) is set to be $30 million to the good after announcing a deal to sell the company’s Juruena gold project in Brazil.

Meteoric Resources is selling Juruena with a price tag of US$22 million to Keystone Resources Ltd, a wholly-owned subsidiary of Alchemist Investments Inc., a holding group with experience in developing mines globally, including Brazil.

Meteoric signalled the deal will allow it to accelerate the development of its Palm Springs gold project in Western Australia whilst seeking further acquisition and investment in complimentary resources projects.

“We are pleased to announce the sale of our Juruena gold project in Brazil for up to US$22,000,000,” Meteoric Resources managing director Andrew Tunks said in the company’s ASX announcement.

“I am very proud of the work we have completed in firstly identifying then securing Juruena followed by our successful exploration of the project over the past three years.

“During this time the team has produced some truly amazing drilling results ultimately resulting in a substantial Mineral Resource of 1.9 million tonnes at 6.3 grams per tonne gold for 387,000 ounces.

“We consider this the ideal moment at which the pass Juruena to a group far better placed than ourselves to now develop the project, allowing Meteoric to focus on what it does best, which is the identification, acquisition and advancement of projects through high quality exploration focusing on results generated at the drill bit.”

The company also announced that Tunks will be standing down as managing director.

“Having delivered this result for shareholders, I feel this is the right time for me to step down from the position of managing director into a non-executive director role,” Tunks said.

“I personally would like to thank shareholders and the Board for the opportunity to lead Meteoric since 2018.”







Black Cat Syndicate Eyes 302oz Gold Production on Release of Kal East PFS

THE DRILL SERGEANT: Black Cat Syndicate (ASX: BC8) released results from a Preliminary Feasibility Study (PFS) completed on the company’s Kal East gold project in Western Australia.

Black Cat Syndicate reported the PFS has defined initial Ore Reserves and a robust, base case production plan for Kal East, which already has approvals in place and a short pathway to commencement of construction when labour market conditions improve.

The PFS has determined a robust, base case, production plan for Kal East of 301,700 ounces to generate an Operating Cashflow (after all capital and before tax) of $105.9 million at an All-in Sustaining Cost of $1,510 per ounce ($2,500/oz gold price).

The initial production plan is based on 5.5 years of production at an average of 56,000 ounces per annum with growth potential beyond that.

The company indicated that a final investment decision for Kal East will be deferred until construction conditions improve with near-term development focus on the newly acquired Coyote and Paulsens operations.

Drilling is scheduled to resume at Kal East this month to support Resource upgrades and Ore Reserve increases including final grade control drilling at Myhree.




“In just four years Black Cat has gone from a junior explorer with 80 square kilometres of ground and nil Resources to a multi-project near term gold producer with Kal East and the near finalised acquisitions of Coyote and Paulsens,” Black Cat Syndicate managing director Gareth Solly said in the company’s ASX announcement.

“This initial Kal East Ore Reserve and the base case production plan from the PFS is encouraging and shows attractive metrics from only a portion of the growing 1.3 million ounces Resource base.

“Our stated objective was to define an initial three-year Ore Reserve which has been exceeded with clear near-term growth potential.

“Recent mining cost increases have been factored into the Study capital and operating costs and Kal East remains highly competitive against other operating WA gold operations.

“The company has deferred the decision to build the Kal East processing facility until labour availability conditions improve and allow construction to commence.

“The project is fully permitted and we will use the deferral period to further enhance the Kal East opportunity.

“The Resources included in the base case remain open with strong potential for additional Ore Reserves.

“We are also considering options to mine and toll treat the Myhree/Boundary deposits to generate early cashflow while working on restart plans at Coyote and Paulsens.

“Coyote and Paulsens are regionally significant assets in gold rich regions.

“The installed infrastructure at these projects has an estimated replacement value of more than $140 millionn.

“The in-situ high-grade Resources at each project have the potential to deliver rapid cashflow due to the anticipated low capital restart costs.

“Black Cat is working towards a five-year vision and plan to have all three of our operations producing gold.”







Nic Matich Heavy Minerals (ASX: HVY) June 2022

Heavy Minerals (ASX: HVY) recently released a maiden Mineral Resource Estimate for the company’s Port Gregory garnet project in Western Australia. CEO Nic Matic zoomed into The Resources Roadhouse to provide Wally Graham with all the ins and outs.

Calidus Resources Drills Open Pit Potential at Blue Spec

THE DRILL SERGEANT: Calidus Resources (ASX: CAI) reported drilling results it declared highlights potential for an open-pit operation at the company’s Blue Spec East prospect in the Pilbara.

Calidus Resources achieved the results during a RC drilling campaign conducted in December 2021 and January 2022.

Thirteen holes were drilled with the best intercepts, using a cut-off of 0.5g/t gold, consisting of:

52 metres at 1.4 grams per tonne gold from 22m;

20m at 1.41g/t gold from 44m;

10m at 1.95g/t gold from 81m;

10m at 1.26g/t gold from 34m; and

4m at 2.42g/t gold from 12m.

The company explained the results had better defined the shape of previously identified intersections and confirm that known mineralisation at depth continues to near the surface where it may be amenable to open-pit mining.

Follow-up drilling is needed to determine the potential for an open-pit resource.

“These results clearly demonstrate there is opportunity for additional mine life at Blue Spec beyond the current resource,”

“In addition, anomalous gold results from a parallel shear are encouraging for the wider area where targeted soil sampling is scheduled to begin shortly.

“At Marble Bar, the initial drilling program has demonstrated the presence of shallow high-grade gold down dip from the old workings.

“These results will be followed up with further drilling as this area may provide additional high-grade ore to Warrawoona given it is just 25 kilometres from the processing plant.”









Blackstone Minerals Claims New Massive Nickel Sulphide Discoveries at Ta Khoa

THE DRILL SERGEANT: Blackstone Minerals (ASX: BSX) updated the market on drilling activities underway at the company’s Ta Khoa nickel project (TKNP) in northern Vietnam.

Blackstone Minerals has drilled at two new massive nickel sulphide targets within the Ta Khoa district the company has claimed to have identified Massive Sulphide Vein (MSV), Semi-Massive Sulphide Vein (SMSV) and Net-textured Sulphide (NTS) mineralisation.

At the Suoi Phang prospect, drill hole SP22-01 intersected 2.95 metres of sulphide (including MSV, SMSV and NTS), from which Portable XRF readings indicated the presence of up to 20 per cent nickel.

At the Suoi Chanh prospect, the second drill hole SC22-02 intersected SMSV consistent with the company’s Electromagnetic (EM) targeting.

Elsewhere at Ta Khoa, Blackstone has continued drilling on its most advanced MSV deposits, Ban Chang and King Snake.

This has primarily focused on upgrading current resources into a higher confidence category.

Results from infill drilling at Ban Chang include:

9.6 metres at 2.02 per cent nickel, 1.92 per cent copper, 0.1 per cent cobalt and 3.04 grams per tonne PGE from 60.1m, including 4.8m at 3.38 per cent nickel, 3.07 per cent copper, 0.16 per cent cobalt and 5.29g/t PGE from 63.7m.

At King Snake, the most recent drilling has indicated potential for the deposit to continue to plunge further west and at depth.

Results from infill drilling at King Snake include:

15.7m at 1.25 per cent nickel, 0.69 per cent copper, 0.05 per cent cobalt and 1.66g/t PGE from 249.5m, including 6.02m at 2.18 per cent nickel, 0.62 per cent copper, 0.08 per cent cobalt and 2.97g/t PGE from 250.4m.

“It is an exciting phase of exploration for the company as we start to look at massive sulphide opportunities in addition to Blackstone’s established resources at Ban Chang and King Snake,” Blackstone Minerals managing director Scott Williamson said in the company’s ASX announcement.

“Suoi Chanh is yet another example of our in-house geophysics teams proven track record, with success being achieved from the second drill hole.

“We look forward to continuing to systematically assess the massive sulphide potential at Ta Khoa.”









Aeris Resources Intersects High-Grade Gold at Golden Plateau

THE DRILL SERGEANT: Aeris Resources (ASX: AIS) reported on progress of resource definition drilling underway at the Golden Plateau deposit, located within the company’s 100 per cent-owned Cracow tenement package in southeast Queensland.

The Golden Plateau deposit was previously mined at Cracow, historically producing over 850,000 ounces of gold from 1930s through to 1990s.

Aeris Resources’ resource definition drilling program is targeting remnants and extensions to Golden Plateau and has, to date, returned results with high-grade drill intersections from the north lode, including:

11 metres at 7.4 grams per tonne gold from 6.4m;

10m at 4.1g/t gold from 5.6m, including 1.5m at 9.3g/t gold from 0.8m; and

8m at 3.3g/t gold from 3.9m.

Aeris said the current drilling campaign had also improved its geological understanding of vein structures at and around Golden Plateau.

“The latest drilling results at Golden Plateau are very exciting,” Aeris Resources executive chairman Andre Labuschagne said in the company’s ASX announcement.

“Not only are we getting high-grade gold intercepts within the footprint of the known deposit but we have also identified multiple new north-south structures.

“Our understanding of the structural controls on the gold mineralisation has improved significantly as a result of this new work, which materially increases the prospectivity of Golden Plateau.

“These new structures have largely been ignored during previous drill campaigns at Golden Plateau and remain untested.

“The current drill program will now focus on testing the potential for high grade shoots within these structures.

“Resource definition drilling is currently underway with the target of releasing a maiden Mineral Resource at Golden Plateau in the September quarter.”








Musgrave Minerals increases Cue Mineral Resource

THE DRILL SERGEANT: Musgrave Minerals (ASX: MGV) reported an update to the Mineral Resource estimate on the company’s 100 per cent-owned ground at the Cue gold project in Western Australia.

Musgrave Minerals declared the total Cue project MRE to now stand at 12.3 million tonnes at 2.3 grams per tonne gold for 927,000 ounces of contained gold with the high-grade Mineral Resources hosted in the Break of Day trend totalling 982,000 tonnes at 10.4g/t gold for 327,000 ounces of contained gold.

Musgrave expects the near-surface high-grade component of its total resource base to drive future value and the company’s exploration efforts that will continue to focus on identifying and testing near-surface, high-grade gold targets to further grow the resource base.

The updated MRE includes healthy contributions from the new White Heat-Mosaic and Big Sky deposits where drilling to date has focussed on the top 100 to 160m.

These maiden Mineral Resource estimates (Indicated and Inferred) are:

White Heat-Mosaic: 185,000 tonnes at 11g/t gold for 65,000 ounces; and
Big Sky: 4.65 million tonnes at 1.2g/t gold for 173,000 ounces.

“This is a significant result for the company and the growth in Mineral Resources will improve the future development potential of the project,” Musgrave Minerals managing director Rob Waugh said in the company’s ASX announcement.

“The ongoing focus is to continue to grow our near-surface high-grade resources at Cue and progress PFS level studies to accommodate these new deposits and potential future resource upgrades.

“The deposits sit on a combination of granted Mining and Exploration Licences in a region with excellent infrastructure within a favourable mining jurisdiction.

“This latest Mineral Resource estimate increases the near surface, potentially, open pittable gold ounces while also increasing confidence, with approximately 47 per cent of resource ounces in the Indicated category.

“The company is confident it can continue to expand its resource base as exploration drilling continues to intersect high-grade gold on new regional targets.”








Miramar Resources Expands Glandore Project

THE BOURSE WHISPERER: Miramar Resources (ASX: M2R) has expanded the land position of the company’s 100 per cent-owned Glandore project in the Eastern Goldfields region of Western Australia.

Miramar Resources applied for a new Exploration Licence, E25/611, immediately adjacent to its existing Glandore project tenements that is located along strike to the northeast from the Glandore West and Glandore East targets, where high-grade mineralisation up to 4m at 44.3 grams per tonne gold was intersected by historic diamond drilling.

“Our drilling to date has highlighted northeast trending gold mineralisation over about two kilometres of strike, similar to that seen at the nearby Majestic and Trojan gold deposits,” Miramar Resources executive chairman Allan Kelly said in the company’s ASX announcement.

“The new tenement application covers similar geology along strike from the historic high-grade diamond drilling results at Glandore East, so was an obvious piece of ground for us to pursue.”

Miramar explained it is planning to complete a diamond drilling program at the Glandore East target and is currently waiting on availability of a suitable drill rig to do so.








Azure Minerals to Sell Mexican Assets for $20 million

THE BOURSE WHISPERER: Azure Minerals (ASX: AZS) is about to be much richer to the tune of $20 million having entered binding, conditional sale agreements to sell its subsidiary companies that own and operate the company’s Mexican precious and base metals projects to Bendito Resources Inc.

On completion of the deal Azure will bank $10 cash and hold the same amount’s worth of equity in Bendito, which intends listing on the Toronto Stock Exchange within 18 months of completion of the transaction with the Alacrán, Oposura and Promontorio projects forming the company’s core assets.

Alacrán, Oposura and Promontorio are located within the Laramide Copper Province, North America’s most prolific copper-producing district.

“This is a great outcome for Azure and our shareholders,” Azure Minerals managing director Tony Rovira said in the company’s ASX announcement.

“We have realised a significant cash return for the assets while retaining exposure to the upside as the projects are further developed.

“We still see potential in these high-quality, advanced-stage projects and it makes sense for them to sit within a dedicated special purpose group focused solely on Mexico, which can take them through development funded by the North American capital markets.

“The team behind Bendito have a successful track record of identifying, acquiring, developing and operating projects, so retaining exposure to these assets that we know so well should be both exciting and rewarding for Azure shareholders.

“With these extra funds, we will accelerate activities on our Andover nickel-copper project in WA which is proving to be a company-maker for Azure as we progress along the dual pathways of growing the mineral resources and advancing the development studies.”









Aruma Resources Drills High-Grade Lithium-Rubidium Results at Mt Deans

THE DRILL SERGEANT: Aruma Resources (ASX: AAJ) reported high-grade lithium and rubidium results from the company’s 100 per cent-owned Mt Deans lithium project in the south-east of Western Australia.

Aruma Resources received high-grade lithium of up to 1.96 per cent Li2O (lithium oxide) and very high-grade rubidium of up to 1.42 per cent Rb2O (rubidium oxide), plus caesium values up to 1,550ppm, from a recently completed surface rock chip sampling program.

A total of 11 rock chip samples along a 500 metres strike were taken after the company had completed the first phase of drilling at Mt Deans that had delivered positive results including high-grade rubidium.

The subsequent rock chip sampling program was designed to test for strike extensions to the interpreted pegmatite zone at Mt Deans which has a strike length of at least 1,500m, and help refine targets for the second phase of the drilling.

“The first phase of drilling delivered highly encouraging lithium and rubidium grades in numerous intersections, some with significant widths,” Aruma Resources managing director Peter Schwann said in the company’s ASX announcement.

“The follow-up rock chip sampling program has returned excellent results and will help refine our drill targeting for the remaining holes to be completed in our maiden drilling program at Mt Deans.

“Our initial drilling represented just the start of exploration at the project, and based on the results, we moved quickly to undertake the surface sampling to investigate strike variations in grades.

“The high-grade lithium and rubidium rock chip results from the Mt Deans pegmatite is highly encouraging, and our upcoming drilling will seek to deliver further validation of Mt Deans’ potential as a valuable multi-metal asset.”