Metalicity Defines New Lithium Targets

THE DRILL SERGEANT: Metalicity (ASX: MCT) has identified further lithium targets at the company’s 100 per cent-owned Pilgangoora North lithium project located in the Pilbara Region of Western Australia.

Metalicity reported on recent field work, from which it identified two lithium target areas to advance additional field work and potential drilling at the Pilgangoora North lithium project, located approximately nine kilometres north of the world class Pilgangoora group of lithium deposits currently being developed by Pilbara Minerals (ASX: PLS) and Altura Mining (ASX: AJM).

Metalicity completed preliminary mapping, satellite imagery interpretation and rock ship sampling to define a series of pegmatites over a 10km trend.

The recent reconnaissance mapping and rock chip sampling, combined with the earlier rock chip sampling results, has identified priority target areas for further work.

“The exploration program has confirmed the likely source granite for many of the pegmatites with rare-element geochemical signatures present within the Pilgangoora North tenements and has provided additional information which supports the two priority target areas (PN 2 and PN 3) in which to focus further exploration activity for lithium bearing pegmatites,” Metalicity managing director Matt Gauci said in the company’s announcement to the Australian Securities Exchange.

 

Website: www.metalicity.com.au

 

Impact Minerals Following Silica Hill Mineralisation

THE DRILL SERGEANT: Impact Minerals (ASX: IPT) has commenced a new round of drilling at the company’s 100 per cent-owned Commonwealth project north of Orange in New South Wales.

Impact Minerals is carrying out follow up diamond drill program to test the depth extent of high-grade gold and silver mineralisation at the Silica Hill prospect

The drill holes are targeted at the down dip and down plunge extension of the southern and northen mineralised zones that company identified either side of a recently identified porphyry unit within the Silica Hill rhyolite.

The company outlined the southern mineralised structure has good grade and geological continuity over a strike extent of at least 150 metres and recently returned high-grade gold and very high-grade silver results within the north west trendng part of the zone.

The lower-grade northern mineralised zone also demonstrates continuity and recently returned its thickest zone of mineralisation to date, which Impact has interpreted to suggest that, similar to the southern zone, lower-grade mineralisation is increasing in thickness and grade at depth and also to the east.

Impact declared the Silica Hill results continue to demonstrate the potential for bulk mining and to increase the Resources at the Commonwealth project, which currently stand at 720,000 tonnes at 2.8 grams per tonne gold, 48g/t silver, 1.5 per cent zinc and 0.6 per cent lead.

“The recently identified porphyry unit within the Silica Hill rhyolite is similar in composition to the porphyry unit at the Commonwealth deposit 150 metres to the west which comprises a gold-silver rich base metal massive sulphide lens and veins and disseminations of gold and silver mineralisation,” Impact Minerals said in its ASX announcement.

“This suggests a common link between the two mineralised areas and importantly indicates that this new porphyry unit could be the top of a pipe or sheet like feature that extends to some depth.”

 

Email: info@impactminerals.com.au

Website: www.impactminerals.com.au

 

Blackstone Minerals’ Consistent Cobalt Hits Continue to Polish Little Gem

THE INSIDE STORY: Blackstone Minerals (ASX: BSX) has made a rapid start and impressive progress since joining the competition to discover high-grade cobalt deposits.

Blackstone Minerals listed on the ASX in January 2017 and in July that year acquired 100 per cent of the Little Gem project, located in British Columbia, Canada.

Cobalt is very much a metal-of-the-moment, due mainly to its 60 per cent contribution to the makeup of lithium-ion batteries, which is the basis for 50 per cent of global demand.

Expected growing demand for electric vehicles leads the lithium-ion battery charge that is sweeping cobalt along in its wake.

As a result, cobalt is expected to have a supply deficit, especially as current global mining output is only just meeting demand.

The cobalt price has enjoyed a buoyant run over the past two years, rising from US$10 per pound (US$22,000/tonne) to US$40/lb (US$87,000/t).

Current prices are still well short of the highs of US$52/lb (US$115,000/t) experienced in 2008, which was the last time cobalt was in deficit.

Blackstone Minerals commenced a six-hole maiden diamond drilling program at Little Gem in 2017, which came up trumps from the get go.

The first drill hole intersected massive, semi-massive and disseminated mineralisation, returning:

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.

These results were encouraging and were consistent with high-grade historic underground drilling and adit channel sampling data results of 1.8m at 2.4 per cent cobalt and 112g/t gold and 1.8m at 4.4 per cent cobalt and 73g/t gold respectively.

The first hole only tested the upper portion of the mineralised target but was able to identify multiple zones of massive sulphide (cobalt-gold) mineralisation within a broader alteration halo.

Blackstone re-commenced its 2018 field season drilling in April and immediately revealed the Little Gem alteration halo to be much larger than the company had previously estimated.

The 2018 drilling results the company had received at the time of writing had consistently intersected a broad alteration zone, highlighting potential for a major hydrothermal system at Little Gem.

The third hole to be completed at Little Gem, LGD18-002, continued to encourage Blackstone, returning:

3.2m at 0.8 per cent cobalt and 4g/t gold, including 1m at 1.2 per cent cobalt and 5g/t gold.

“It’s very clear that the results we have achieved to date are in line with our expectations, especially with our first hole at Little Gem hitting three per cent cobalt,” Blackstone Minerals managing director Scott Williamson told The Resources Roadhouse.

“We have now followed that result with further high-grade cobalt hits of one per cent and over.

“To put that in perspective – our peers in Australia are averaging around 0.1 per cent cobalt.

“We have recorded two intersections of over one per cent cobalt, which is ten times anything our Australian peers have encountered.

“We believe we are, potentially, dealing with a major hydrothermal system, which means there is a lot of fluid flow and a broad halo around this mineralisation.”

On the back of these positive results, Blackstone initiated a geophysical survey to test for further high-grade cobalt-gold prospects within the identified plus-1.8-kilometre strike target zone at Little Gem and the nearby Jewel prospect located 1.1km north-northeast of Little Gem.

“We are now seeing a significantly larger alteration zone at Little Gem and we are also seeing that the disseminated mineralisation is carrying good widths within flat lying zones of mineralisation,” Williamson said.

“To really understand that, we need to carry out more geophysical studies, so we can unlock what is really happening within the deposit.

“Over the next three to six months we will be focused on doing just that.”

The second mineral occurrence to attract Blackstone’s attention at the Little Gem project is the historic Jewel gold prospect which supported limited gold production from 1938 to 1940.

The Jewel prospect is located only 1.1 km north-northeast of the Little Gem Mine, near the (serpentinite/ granodiorite) contact zone which is prospective for cobalt-gold mineralisation in a fashion the company considers being analogous to the world class Bou-Azzer primary cobalt district in Morocco.

The comparisons to Bou-Azzer are inevitable with the district Little Gem is situated in having been well-explored and well-understood for gold and other metals, however, Blackstone is the first to be primarily on the hunt for cobalt.

The multi-element potential of the district has been demonstrated since Blackstone began working on the Little Gem project.

The company has verified mineralisation identified historically at the Little Gem prospect as well as at the Jewel gold prospect and discovered a new high-grade gold prospect named Roxey.

The Roxey gold prospect is located 1.5km west-southwest of the Little Gem prospect and was visually identified by Blackstone during the company’s original due diligence site visit, during which it took rock chip samples that returned assays of up to 24g/t gold, 1.9 per cent copper and 24g/t silver.

This was supported by surface rock chip samples taken at the Jewel prospect, which returned up to 98g/t gold and 3.2 per cent copper.

These results confirm what Blackstone found from its investigation of historical samples.

The Little Gem Project was discovered in the 1930s by prospectors who identified a pink cobalt-bloom on weathered mineralisation that led to the development of three adits.

A total of 1,268m of underground drilling was completed at this time and detailed channel sampling was taken from the adits.

Results from this historic work generated exceptional cobalt and gold assays including:

Historic drilling
1.8m at 2.4 per cent cobalt and 112g/t gold 3.3m at 1.4 per cent cobalt and 12g/t gold; and
4.1m at 1.4 per cent cobalt and 11g/t gold.

Underground channel sampling
1.8m at 4.4 per cent cobalt and 73g/t gold; and
2m at 3.1 per cent cobalt and 76g/t gold.

Surface channel sampling
0.4m at 5.7 per cent cobalt and 1,574g/t gold; and
0.1m at 4.6 per cent cobalt and 800g/t gold.

The Little Gem deposit is mostly underlain by granite of the Coast Plutonic Complex and ultramafic rocks on what has been interpreted to be the northern extension of the Cadwallader fault zone.

These are the major geological units and structures important to the mineral deposits either as the host rocks or sources of the mineralising fluids that gave rise to the Bridge River mining camp.

This camp has 60 mineral localities including the Bralorne-Pioneer mining complex, which boast an endowment of 4.4 million ounces at 17g/t gold and is the biggest gold producer in British Columbia and the sixth largest in Canada.

Little Gem is only 15km along strike to the north of the Bralorne-Pioneer mining complex.

Incredibly, there has been very little modern-day exploration carried out at Little Gem and what has been undertaken mostly consists of airborne geophysical surveys, including magnetic, radiometric and electromagnetic (EM) surveys completed in the 1970s and a further two drill holes completed in 1986.

“Results from the first three drill holes have confirmed Little Gem has some of the world’s highest-grade cobalt-gold mineralisation,” Williamson said.

“We are looking forward to the next round of assays and results from geophysical surveys to define the full potential of the mineralised system and the extensive alteration zone discovered at Little Gem.”

 

Blackstone Minerals Limited (ASX: BSX)
…The Short Story

HEAD OFFICE
Suite 3, Level 3
24 Outram Street
West Perth, WA, 6005

Ph: +61 8 9425 5217

Email: admin@blackstoneminerals.com.au
Web: www.blackstoneminerals.com.au

DIRECTORS
Hamish Halliday, Scott Williamson, Andrew Radonjic, Steve Parsons, Bruce McFadzean, Michael Konnert

 

Alliance Resources Promoting Weednanna from Gold Prospect to Gold Region

THE INSIDE STORY: Alliance Resources (ASX: AGS) is beginning to realise the potential lying within its flagship Weednanna gold prospect and other regional targets.

As Alliance Resources progresses Weednanna towards a maiden mineral resource estimate, the company has also turned its attention to the regional gold potential surrounding the prospect.

The Weednanna gold prospect is the most advanced of the Wilcherry Project Joint Venture in the Gawler Craton of South Australia between Alliance and Tyranna Resources (ASX: TYX).

As of 31 March 2018, Alliance had increased its interest in the Wilcherry Project Joint Venture Exploration Area to 71.09 per cent.

At Weednanna, high-grade gold shoots are associated with a calc-silicate and magnetite skarn system.

Alliance has stated its objective to establish a maiden mineral resource estimate for Weednanna this year and working towards that goal includes a staged program of metallurgical work on Weednanna gold mineralisation with the aim of optimising gold recovery and culminating in process design criteria and capital and operating costs for the processing base case.

Should the outcomes of both work streams be positive, Alliance intends feeding them into a scoping study to commence in the second half 2018.

The company has already demonstrated the exploration potential at Weednanna, however historic high-grade gold intercepts at the Mawson and Ultima Dam South prospects, both within a short trucking distance to Weednanna, also have the company very excited.

The most recent work at Weednanna consisted of Alliance’s fourth RC drilling program at the prospect, returning results that included four holes assaying greater than 50 grams per tonne-metres gold (grade by thickness).

Around the same time, Alliance completed a further 22-hole RC drilling program to define the geometry of Target 4 and initial testing of Target 5.

Fifteen holes at Target 4 reported intercepts greater than 1g/t gold, including four holes returning greater than 50g/t-m gold.

After a short break in drilling at Weednanna, Alliance returned in June to conduct a further 14 holes at Weednanna Target 4 with the aim to bundle together Targets 1 – 4 and 3D modelling to establish a mineral resource estimate.

“We finished a high-resolution gravity survey at Weednanna earlier this year, because we really wanted to fully understand the targets we are drilling,” Alliance Resources managing director Steve Johnston told The Resources Roadhouse.

“They are discreet targets and most have relatively narrow extents in cross section, but have potential for continuity down plunge and, of course, there is potential for repetition.

“We are trying to throw as much at it as we can in terms of geophysics because we already possess good magnetic data sets, a good regional gravity data set and previous IP work there has lit up sulphides which are often associated with gold.”

The high-resolution gravity survey revealed several structures, including a dominant NW-SE trending set.

The Weednanna Target 1 gold shoot is located along the most prominent of these NW-SE trending structures, which continues to the south of Target 4.

Alliance will use the gravity data to assist with mapping the sub-surface geology, particularly the target corridors of calc-silicate and magnetite skarn that host high-grade gold shoots.

The data will complement the existing geophysical datasets at Weednanna and will be utilised for constrained 3D inversion modelling to assist with targeting new gold lodes.

“The idea of doing the high-res gravity survey was to get a handle on the calc-silicate target, which hosts the gold mineralisation,” Johnston explained.

“We found some really large northwest-trending structures cutting across the project, which we had a hint of from the magnetics, but they really showed up from the gravity survey.

“One of the structures goes through Target 1, which is our largest target sitting in the west of the project.

“Target 1 is quite constrained at only 130 metres of strike, but this structure that trends through it, and continues on, is about one kilometre and, historically, there hasn’t been much drilling along the length of it.

“That has really opened that area for further exploration, so we will be looking at that too.

“Once we have modelled these targets we will be able to see if there are any other localities that might provide for structural repetition.

“It could be quite a powerful model that we will have at the end of it, so the wireframing we are doing is not just for a mineral resource estimate, it is also for targeting additional mineralisation.

“I’m confident that we will identify other target areas, I don’t know how many at this stage, but we have potential to add to the number of target areas we already have at Weednanna.”

In May this year, Alliance announced the commencement of a review of regional gold prospectivity in a bid to identify prospects with potential for gold mineralisation situated within five kilometres of Weednanna.

The company compiled results from historic geochemical and drilling databases that showed gold was encountered at the Mawson, Ultima Dam South and Weednanna North prospects, with anomalous gold of greater than 0.2g/t gold at the Ultima Dam and Ultima Dam North prospects.

The Mawson prospect sits 3,600m to the northwest of Weednanna and was initially identified by calcrete sampling in in the 1990s that defined a gold-in-calcrete anomaly over the southern part of the prospect.

Drilling by Anglogold into the anomaly in 1999 intersected 29m at 0.86 per cent copper from 41m.

Trafford Resources drilled nine RC holes across Mawson in 2008, including four with diamond tails with five holes reporting intercepts greater than 1g/t gold, with a best intercept of 5m at 2.46g/t gold from 159m, including 3m at 3.3g/t gold from 161m.

The Ultima Dam South prospect, 3,200m northeast of Weednanna, was also drilled by Anglogold in 1999.

Two holes reported intercepts over 1g/t gold, with a best and shallow intercept of 1m at 4.09g/t gold from 14m.

When it released the announcement, Alliance was surprised that it seemed to fly under the radar of market watchers and analysts.

“The market doesn’t always understand the implications of such an announcement,” Johnston said.

“That announcement was really a statement of historic results within a five-kilometre radius of Weednanna that we don’t believe had been published before.

“This was work completed by previous owners and explorers that included results of five metres at close to 2.5 grams per tonne gold at the Mawson prospect, just to the northwest of Weednanna and another of one metre at four grams per tonne gold from the Ultima Dam South prospect to the east.

“What is important to note is that the drilling was not targeting gold but copper at Mawson and iron ore at Ultima Dam South.

“Serendipitously there was gold and it appears to be associated with the calc-silicates and magnetite similar to what we’re getting at Weednanna.

“We will be having a really good look at that next year with a view to doing more geophysics and drilling to try and identify some of these target areas.

“We have only just scratched the surface at Weednanna, but there seems to be potential for multiple Weednanna-style deposits at these other localities.”

 

Alliance Resources Limited (ASX: AGS)
…The Short Story

HEAD OFFICE
Suite 3
51 – 55 City Road
Southbank, VIC, 3006

Ph: +61 3 9697 9090

Email: info@allianceresources.com.au
Web: www.allianceresources.com.au

DIRECTORS
Ian Gandel, Tony Lethlean, Steve Johnston

 

Panoramic Resources Signs New Savannah Sales Agreement

THE BOURSE WHISPERER: Panoramic Resources (ASX: PAN) reported a new four-year Concentrate Sales Agreement over concentrate that may be produced from the company’s Savannah nickel-copper-cobalt project in the East Kimberley of Western Australia.

Panoramic Resources announced that Sino Nickel Pty Ltd, Jinchuan Group Co., Ltd and Savannah Nickel Mines Pty Ltd (a wholly owned subsidiary of Panoramic) have executed a new four-year Concentrate Sales Agreement.

The agreement covers 100 per cent of the concentrate that may be produced from the Savannah nickel-copper-cobalt project.

This new Agreement replaces the Extended Concentrate Sales Agreement struck in 2010, which was due to expire on 31 March 2020.

Panoramic said the terms of the new Agreement will be applicable from the first shipment of concentrate from the recommissioned Savannah project and incorporate improved payabilities for certain contained metals compared to the 2010 Extended Concentrate Sales Agreement.

Panoramic declared the terms of the Agreement are highly competitive in the global market for Savannah’s bulk nickel-copper-cobalt concentrate, based on the bids for the concentrate received from several parties and the knowledge that the market for nickel concentrates has tightened in the past 12 months.

The general terms and conditions of the new Agreement are as follows:

Product – sulphide concentrate with a typical specification of 8 per cent nickel, 4.5 per cent copper, 0.6 per cent cobalt, 46 per cent iron, less than 1 per cent manganese oxide;

Quantity (in-bulk) – 100 per cent of production from the Savannah Project;

Load Port – Wyndham, Western Australia;

Payable metals – nickel, copper and cobalt;

Price basis – agreed per centage of LME cash price for nickel and copper and agreed per centage of Metal Bulletin Co price; and

Life of new contract – four years commencing from the date of the first shipment or 31 March 2019, whichever occurs first.

“The new Agreement, which will cover concentrate produced from the Savannah and Savannah North orebodies, is an important condition precedent to restarting the Savannah project,” Panoramic Resources said in its ASX announcement.

“Now that the new offtake has been concluded, the finalisation of the project debt financing is the last remaining condition precedent to the Board making the decision to restart the project.

“Negotiations with potential financiers on the debt funding are progressing well and the company should be a position to make an announcement on project debt funding shortly.”

 

 

Intermin Resources Finalises Goongarrie Lady Feasibility Study

THE BOURSE WHISPERER: Intermin Resources (ASX: IRC) announced Feasibility Study results from the company’s 100 per cent-owned Goongarrie Lady gold project, located 85km north of Kalgoorlie-Boulder in Western Australia.

Intermin Resources released details of the study results, including an updated JORC 2012 Mineral Resource Estimate for the project now totalling 0.31 million tonnes at 2.4 grams per tonne gold Au for 24,000 ounces (1.0g/t gold lower grade cut-off).

Over 87 per cent of the Mineral Resource Estimate has been promoted to the Measured and Indicated categories.

A maiden Ore Resrve has been calculated of 0.135 million tonnes at 2.94g/t gold for 12,700 ounces.

Metallurgical test work completed on representative samples from all ore zones included estimated recoveries of 94 per cent.

Statutory approvals are well advanced and the study assumes contract mining and haulage and ore processing at one of three nearby third party facilities.

Intermin Resources said that Feasibility Study findings indicate a technically strong and financially viable project with the following:

Open pit mine design producing 135,000 tonnes at a fully diluted grade of 2.94g/t gold for 12,700 ounces over a seven month mine life;

Third party milling at 94 per cent metallurgical recovery producing 11,938 ounces;

Low up-front capital costs of $0.73 million;

C1 Costs of $1,131 per ounce and All In Sustaining Costs of $1,164 per ounce;

The project is expected to generate $5.7 million in free cash flow in seven months at a $1,700 per ounce gold price.

“The Goongarrie Lady Feasibility Study has delivered robust economic results with strong projected cash margins and reduced geological risk,” Intermin Resources managing director Jon Price said in the company’s announcement to the Australian Securities Exchange.

“As with the successful Teal gold mine, the company has taken a conservative approach to both Resource estimation and development studies with the infill drilling increasing geological confidence and mine optimisation studies adopting conservative cut off grades to ensure acceptable cash margins.

“The company now looks forward to completing final statutory approvals and determining the optional development pathway to maximise and realise value for Intermin shareholders as Goongarrie Lady is confirmed as the next development in the production pipeline to enable our self-funded organic growth.”

 

Email: iadmin@intermin.com.au

Website: www.intermin.com.au

 

Galena Mining Completes Abra Scoping Study

THE BOURSE WHISPERER: Galena Mining (ASX: G1A) released details of a Scoping Study undertaken at the company’s 100 per cent-owned Abra base metal project in Western Australia.

Galena Mining said the Study had confirmed Abra as an economically and technically robust opportunity, with potential to become a long-life, high margin West Australian lead-silver producer.

Study results include:

Initial mine life of 11 years, with opportunities identified to extend beyond 11 years;

Annual throughput of one million tonnes per annum, with average grades of 9.7 per cent lead and 15 grams per tonne silver, producing 91,000 tonnes per annum of lead and 450,000 ounces of silver annually; and

Average life of mine cash (C1) costs of US$0.46 per pound and total costs (C3) costs of US$0.56 per pound (includes all royalties) – high margin, strongly cash generative operation.

Galena declared exploration potential exists to add to the lead-silver mineralisation already identified to be converted to JORC Resource with additional drilling.

The company believes the potential development of Abra coincides with a very strong outlook for lead with increasing demand and reducing supply producing an average spot lead price of US$0.97 per pound over the last 10 years.

Base case analysis in the study uses a US$0.95 per pound lead price.

On the back of the study results, Galena has signalled it is progressing into the next phase of work at Abra, across multiple fronts and at a maximum pace.

A Pre-Feasibility Study (PFS) is due for completion in September 2018.

“This Scoping Study has confirmed the economic viability of the Abra project and has increased our confidence in the real potential of the project as a near-term Western Australian development opportunity,” Galena Mining CEO Ed Turner said in the company’s announcement to the Australian Securities Exchange.

“This is an exciting long life, high margin and low capital project in a Tier-1 jurisdiction.

“Abra’s latest representative metallurgical test work demonstrates that it can produce a very high-grade (74.5 per cent lead and 140g/t silver), high quality clean concentrate that is in high demand.”

 

Website: www.galenamining.com.au

 

Draig Resources Achieves High Gold Recoveries from Tribune Lode

THE BOURSE WHISPERER: Draig Resources (ASX: DRG) reported excellent initial gravity and cyanide leach recovery test work results from the Tribune Lode discovery at the company’s Bellevue gold project in Western Australia.

Draig Resources tested three composite samples during the metallurgical program, all of which were sourced from hard rock samples of primary Lode material for testwork conducted by ALS Metallurgy in Perth.

The work returned total gold extraction results of up to 98.8 per cent through a combination of gravity and 48-hour cyanide leach bottle rolls.

Exceptional gravity recoveries of up to 82.5 per cent of total gold recovered by the Knelson Concentrator prior to cyanide leaching.

Draig Resources said the results of the preliminary program were in line with company expectations based on historical performance at the adjacent Bellevue mine.

The company said the results also indicate that Tribune Lode will be amenable to a conventional gravity and cyanide leach processing circuit.

The company indicated it will be continuing drill testing of deeper extension targets below the Bellevue underground mine over the coming weeks leading to an anticipated Resource estimate for the Bellevue gold project in quarter three this year.

“The confirmation of excellent gold recoveries from the Tribune Lode is in line with our expectations and demonstrates a conventional processing technique can be used to extract gold from the Tribune Lode,” Draig Resources executive director Steve Parsons said in the company’s announcement to the Australian Securities Exchange.

“We are looking forward to updating the market to our activities in quarter three 2018 in regard to the deeper drill targeting, our maiden resource estimate for the Bellevue gold project and the commencement of regional exploration.”

 

Email: admin@draigresources.com

Website: www.draigresources.com

 

BCI Minerals Releases Maiden Kumina Resource

THE DRILL SERGEANT: BCI Minerals (ASX: BCI) released a maiden JORC Mineral Resource estimate for the company’s Kumina tenements in northwest Western Australia, comprising estimates for deposits A, E and J.

BCI Minerals’ Kumina tenements comprise three granted exploration licences covering an area of approximately 480 square kilometres and are located approximately 100km south of Karratha and 50km north-east of the company’s Bungaroo South deposit.

The tenements host numerous channel iron deposit (CID) targets and higher grade bedded iron deposit (BID) targets with associated detrital iron deposit (DID) mineralisation.

The Mineral Resource estimates were completed at Kumina A (Channel Iron Deposit – CID), E and J (both Bedded and Detrital Deposits – BID and DID).

Calculations resulted in an Inferred Mineral Resource of 78.3 million tonnes at 59.1 per cent iron at a 57 per cent iron cut-off, or 115.2 million tonnes at 58 per cent iron at a 53 per cent iron cut-off.

“Proving up three deposits at Kumina to Resource status within nine months of acquisition is a positive result, particularly given these ‘forgotten’ tenements came with zero exploration information when acquired in late 2017,” BCI Minerals managing director Alwyn Vorster said in the company’s announcement to the Australian Securities Exchange.

“We now have a very promising group of deposits, including a significant tonnage of bedded iron mineralisation with a grade of greater than 59 per cent iron and relatively low impurities, providing a credible ore source in the current iron ore market environment.

“Kumina also has substantial exploration upside, with many prospective targets remaining untested, and we see it as an attractive standalone development opportunity.

“The Kumina resource quality is equal or better than many ore sources from the central Pilbara area, and the distance by existing road from Kumina to Port Hedland is shorter than the distance from our Iron Valley tenement (an operating mine) to Port Hedland, making profitable trucking or rail solutions possible.”

 

Email: info@bciminerals.com.au

Website: www.bciminerals.com.au

 

Cassini Resources Intercepts Massive Sulphides at Yappsu

THE DRILL SERGEANT: Cassini Resources (ASX: CZI) announced a ‘significant’ intersection of massive sulphide mineralisation at the Yappsu prospect within the West Musgrave Project (WMP) in Western Australia.

Cassini Resources is conducting the current drilling as part of an Earn-in/JV Agreement with OZ Minerals Limited (ASX: OZL).

The JV Partners are currently undertaking a Pre-feasibility Study (PFS) on the Nebo-Babel deposits as well as a regional exploration program.

Diamond drillhole CZD0076B undertaken at Yappsu was designed to test two distinct ‘off-hole’ DHEM conductors identified from historical drilling.

The hole intersected 6.2 metres of massive sulphide corresponding with an area known as the upper ‘C’ conductor.

Cassini Resources said visual observations have identified pentlandite (nickel sulphide), chalcopyrite (copper sulphide) and pyrrhotite (barren iron sulphide) from 426.1m downhole.

A lower zone measuring over 60m wide, of disseminated and stringer sulphide mineralisation (varying from 5 to 20 per cent total sulphide) and also containing nickel and copper mineralisation was intersected below the massive sulphide.

The company explained this zone corresponds with another area – the ‘B’ conductor.

“Exploration at the prospect is at an early stage and at present mineralisation appears open in all directions,” Cassini Resources said in its ASX announcement

“The intersection is the thickest massive sulphide mineralisation drilled at the prospect to date.

“The hole is continuing through the barren footwall to a proposed depth of 600 metres to provide a suitable platform for DHEM.

“The drill core is currently being logged and cut on site before samples are expedited through the assay laboratory (along with samples from CZD0077 at the H-T Lode as announced on 21 June 2018) in Perth.”

 

Email: admin@cassiniresources.com.au

Website: www.cassiniresources.com.au