Miramar Resources (ASX: M2R) executive chairman Allan Kelly lives by the mantra that if you don’t drill you don’t make discoveries. Kelly zoomed into The Resources Roadhouse to tell Wally Graham about the company’s current drilling programs that are underway across its portfolio of Western Australia-based projects.
THE DRILL SERGEANT: Gateway Mining (ASX: GML) reported “outstanding” new high-grade assay results from in-fill Reverse Circulation (RC) drilling completed within the company’s Gidgee gold project in the Murchison Region of Western Australia.
The drilling was undertaken on the emerging Julias oxide gold deposit and was carried out to provide regular data coverage across the 500 metres of strike length at the main Julias oxide zone.
A total of 46 holes of RC drilling were completed over the Julias discovery, primarily targeting oxide mineralisation within the top 70m with holes designed to in-fill existing RC drilling.
Results included:
GRC796
11m at 6 grams per tonne gold from 58m;
GRC781
4m at 6.1g/t gold from 30m;
GRC811
8m at 3.2g/t gold from 60m; and
GRC845
4m at 4g/t gold from 57m.
“The Julias oxide deposit has rapidly emerged as one of the most exciting new discoveries at the Gidgee gold project,” Gateway Mining managing director Mark Cossom said in the company’s SX announcement.
“The recent in-fill RC program has well and truly lived up to expectations, delivering consistent high-grade results across the currently defined 500 metres strike length of the deposit.
“The oxide mineralisation has been clearly defined and we now have sufficient data to commence work on a Mineral Resource Estimate, which we are aiming to complete later this quarter and add to our overall Gidgee Resource inventory.
“Importantly, we believe that this will represent just the first step at Julias, as the oxide zone has been traced for a further 700 metres to the south-west.
“Detailed RC drilling is required over this extension before we can advance it to resource status, and we intend to progress this work as a priority over the rest of this year.
“The drilling completed at Julias has established this deposit as having potential to make a material contribution to our resource inventory at Gidgee, and we are looking forward to completing the work to make this happen.”
TO READ THE FULL ANNOUNCEMENT: CLICK HERE
Email: info@gatewaymining.com.au
THE BOURSE WHISPERER: Kin Mining (ASX: KIN) is ready to commence the next stage of development at the company’s 100 per cent-owned Cardinia gold project (CGP) near Leonora in Western Australia.
Kin Mining’s preparedness comes from the completion of a capital raising of approximately $20.4 million to underpin the next phase of growth at CGP.
The raising comprised a placement of approximately 129.9 million shares at 7.5 cents to raise $9.7 million and a proposed non-renounceable entitlement offer, also at 7.5 cents, to raise an additional $10.7 million.
The company said the funds will strengthen the balance sheet and place it in a strong position to complete the next phase of growth at the CGP.
This will entail following up on new discoveries and targets Kin has identified via exploration campaigns over the past three years that will include the developing discoveries along the Eastern Corridor (Cardinia Hill, East Lynne, Rangoon, Fiona and Helens East) as well as multiple new prospects which have been identified.
“While the past three years have been busy, exciting and rewarding – with nearly 200,000 metres of drilling completed and an additional 494,00 ounces of Mineral Resources added – we know that the company’s properties are located in an exciting and well sought-after mineral field and remain convinced that our tenure will yield further significant discoveries,” Kin Mining managing director Andrew Munckton said in the company’s ASX announcement.
“The geological and technical advances made across the company’s prospects, particularly at Cardinia, with the use of modern geophysics and detailed geological data collection, has transformed our understanding of the field.
“Armed with this knowledge and our expanding geochemical, geophysical, and drilling database, we believe Kin can continue to identify new, shallow deposits that are the surface expression of larger and higher-grade mineralisation in the underlying fresh rock.
“We have plans to drill significant new targets throughout the next 12 months across a range of established and new prospects, as well as assessing other opportunities within the broader Leonora district.”
TO READ THE FULL ANNOUNCEMENT: CLICK HERE
Email: info@kinmining.com.au
Web: www.kinmining.com.au
THE DRILL SERGEANT: Horizon Minerals (ASX: HRZ) reported new gold drilling results from the company’s 100 per cent-owned Greater Boorara – Cannon project area located just outside Kalgoorlie – Boulder in Western Australia.
Horizon Minerals explained the drilling is part of its current FY23 exploration program that is focussing on new discoveries within the Greater Boorara – Cannon, Lakewood and Yarmany project areas.
The company considers the Cannon to be highly prospective with several historic prospects sitting within a one kilometre radius of the open cut mine.
Two of the more advanced prospects, Monument and Homerton, were recently drilled to both validate historic drilling and test for potential strike and depth extensions.
Drilling at Monument encountered new high-grade mineralisation with results including:
CARC22024
4m at 4.63 grams per tonne gold from 68m and 4m at 7.76g/t gold from 80m;
CARC22004
7m at 2.4g/t gold from 59m;
CARC22022
5m at 4.09g/t gold from 99m, including 1m at 16.13g/t gold from 99m; and
CARC22005
4m at 3.78g/t gold from 44m.
At the Homerton prospect midway between Cannon and Monument, four holes were drilled in a new line to test the interpreted southwest trend.
Results included:
CARC22011
3m at 0.99g/t gold from 50m;
CARC22013
9m at 1.94g/t gold from 75m; and
CARC22014
4m at 1.02g/t gold from 104m.
“These excellent drilling results at Monument and Homerton clearly demonstrate the potential of the area to deliver significant resource growth in close proximity to the advanced Cannon underground gold project,” Horizon Minerals managing director Jon Price said in the company’s ASX announcement.
“We now look forward to the results of the next round of drilling and resource modelling to complement our existing resource base in the area supporting both an open pit and underground production hub as part of our contract mining – toll milling model for cash generation.”
TO READ THE FULL ANNOUNCEMENT: CLICK HERE
Email: info@horizonminerals.com.au
Web: www.horizonminerals.com.au
THE DRILL SERGEANT: Gascoyne Resources (ASX: GCY) claimed discovery of a “substantial” new high-grade lode system on the company’s 100 per cent-owned Dalgaranga gold project in Western Australia.
Gascoyne announced the discovery of a plunging lode system it identified through recent drilling that confirmed a high-grade extension on the immediate western flank of its new Gilbey’s North prospect, located less than one kilometres from the 2.5 million tonnes per annum processing plant.
New drilling results include:
DGRC1110
59 metres at 12.5 grams per tonne gold from 139m, including 13m at 51.1g/t gold; and
DGRC1109
39m at 3.09g/t gold from 99m and 20m at 1.12g/t gold from 156m.
Alongside the other recently reported results from this newly discovered east-west oriented mineralised position, other drilling intercepted consistent width and continuity at the high-grade Never Never lode, another part of the emerging Gilbey’s North near-mine discovery.
Recent high-grade gold intercepts from the Never Never lode include:
DGRC0971
54m at 6.55g/t gold from 116m down-hole, including 12m at 20.1g/t gold; and
DGRC1026
32m at 8.58g/t gold from 167m down-hole, including 14m at 16.4g/t gold.
“It’s not every day that you see results like this in the WA gold sector and we are incredibly excited by the potential of this newly discovered lode system on the western edge of the Gilbey’s North discovery,” Gascoyne Resources managing director and CEO Simon Lawson said in the company’s ASX announcement.
“Finding a northerly extension to the main Gilbey’s system was itself a major discovery coup for Gascoyne earlier this year.
“Being situated right in front of the mill and at a time when the company and its loyal investors needed some vision for the future, our team and our aggressive drilling strategy came through.
“To then back that up and discover a completely different style of consistently thick and very high-grade gold mineralisation in the Never Never Lode – an ore body style that has immense potential – is a remarkable achievement by our exploration team and has the potential to reshape our future very quickly.
“We currently have two drill-rigs on the Never Never Lode, one RC rig and one diamond drill rig, and we are aggressively chasing this exciting target.
“We will change the future of Gascoyne one drill-hole at a time.”
TO READ THE FULL ANNOUNCEMENT: CLICK HERE
Email: admin@gascoyneresources.com.au
Web: www.gascoyneresources.com.au
THE DRILL SERGEANT: Caprice Resources (ASX: CRS) recently completed its first RC drilling on the Solis prospect at the southern end of the company’s Island gold project in the Murchison Region of Western Australia.
Caprice drilled Aircore at Solis earlier this year that delineated a regolith gold anomalous zone over one kilometre.
The recent RC drilling tested the anomalism down to around 100m depth compared to the average depth achieved by the aircore of 30m.
The company declared the 15 hole RC program had confirmed the geology and structural setting to be prospective for gold mineralisation and remains open.
Results include:
4m at 4.4 grams per tonne gold from 60m, including 1m at 11g/t gold from 63m;
1m at 1.5g/t gold from 35m; and
2m at 1.2g/t gold from 33m.
“We are very pleased with how exploration has progressed at Solis,” Caprice Resources managing director Andrew Muir said in the company’s ASX announcement.
“All three drill programs have generated very encouraging results.
“This latest RC program has further validated the potential for Solis, as well as other areas under Lake Austin, to host gold mineralisation.
“The high grades seen on the mafic/high-Mg basalt contact is particularly promising.
“The geology, structures and alteration bode well, and we will look to undertake additional RC drilling to test Solis further.
“Post Solis, we will commence testing the other two islands, Estrella and Luna, with first pass aircore later in the year.”
TO READ THE FULL ANNOUNCEMENT: CLICK HERE
Email: info@capriceresources.com
THE DRILL SERGEANT: Cannon Resources (ASX: CNR) reported a Mineral Resource update for the Sabre prospect at the company’s Fisher East nickel project in Western Australia.
The JORC 2021-complaint Sabre Mineral Resource now stands at 2.9 million tonnes at 1.5 per cent nickel and 0.4 grams per tonne palladium and platinum (Pd+Pt) for 42,300 tonnes of contained nickel and 32,800 ounces (Pd+Pt) at a cut–off grade of 0.9 per cent nickel.
The Fisher East project now has a total of 134,100 tonnes of contained nickel at an average grade of 1.8 per cent nickel in four high-grade sulphide JORC 2012 resources at the Musket, Camelwood, Cannonball and Sabre deposits.
The updated resource extends over a strike length of 670 metres and to a vertical depth of approximately 300m.
The resource remains open along strike and down plunge.
“The Sabre resource update to 42,300 tonnes of nickel is a significant advancement on our understanding of this mineral system and is a 72 per cent uplift on the maiden Sabre resource delivered in April 2022,” Cannon Resources CEO Steve Lynn said in the company’s ASX announcement.
“This update has delivered both an increase in tonnes and an increase in nickel grade.
“Now Sabre is proving to be a deposit of scale at up to 700 metres strike extent, with substantial further resource growth likely as mineralisation is only defined down to 300 metres depth and remains open.
“Cannon listed on the ASX on 12 August 2021, exactly 12 months ago.
“In that time, we have discovered 56,100 tonnes of new nickel resource – all at Fisher East; at a discovery cost of $104 per nickel tonne.
“Both are industry leading metrics.”
TO READ THE FULL ANNOUNCEMENT: CLICK HERE
Email: admin@cannonres.com.au
Web: www.cannonres.com.au
THE DRILL SERGEANT: Black Cat Syndicate (ASX: BC8) had a busy week on the boards with announcements emanating from the company’s Kal East gold project near Kalgoorlie and the Coyote gold operation located on the Western Australia side of the WA/NT border.
The first announcement dealt with final assay results from grade control drilling undertake on the Myhree open pit within the Kal East gold project.
Black Cat said the results had reinforced the Myhree open pit high-grade open pit Ore Reserve of 0.6 million tonnes at 2.4 grams per tonne gold for 46,000 ounces from within the open pit Resource of 0.7 million tonnes at 2.9g/t gold for 65,000 ounces.
The new results included:
22MYGC064
4 metres at 17.47 grams per tonne gold from 46m; and
22MYGC056
4m at 11.62g/t gold from 30m.
The company said the results demonstrate mining can commence at Myhree either as part of a toll treatment arrangement or as the first open pit to be developed once the Kal East processing facility is constructed.
Discussions about potential toll treatment options are ongoing.
“The final assay results from grade control at Myhree have returned more high grades and demonstrate the robust nature of this shallow open pit,” Black Cat Syndicate managing director Gareth Solly said in the company’s ASX announcement.
TO READ THE FULL ANNOUNCEMENT: CLICK HERE
Black Cat’s second release for the week focused on infill and extensional RC drilling at the Speedy deposit within the Coyote gold operation.
A total of 15 RC holes have been completed at the Speedy deposit, from which the first two holes returned high-grade gold results consistent with what the company expected.
The mineralised zones are as modelled by Black Cat and sit on the northern limb of the deposit.
Latest results include:
22CYRC007
1m at 9.97g/t gold from 131m, and 4m at 17.65g/t gold from 161m; and
22CYRC0006
1m at 12.7g/t gold from 94m, 1m at 6.53g/t gold from 154m, and 1m at 13.3g/t gold from 162m.
“The first results from our initial RC drilling at Speedy are encouraging with mineralised structure in line with what we expected and in the modelled location,” Solly, said:
“So, we’ve got ‘our eye in’ early and will be looking to upgrade and extend the Resource at Speedy from the current drilling.
“The next round of drilling results are highly anticipated.
“Likewise, the diamond core into Kavanagh also shows mineralised structures in the predicted locations with visible gold.
“Both Speedy and Kavanagh have strong potential for Resource growth and extensional and infill drilling will continue throughout 2022.
TO READ THE FULL ANNOUNCEMENT: CLICK HERE
Email: admin@bc8.com.au
Web: www.blackcatsyndicate.com.au
THE BOURSE WHISPERER: Calidus Resources (ASX: CAI) has increased its fighting fund by the tune of $20 million via a share placement to professional and sophisticated investors through the issue of approx. 29.8 million shares at a price of 67 cents per share.
Calidus Resources said the placement resulted in new institutional shareholders joining the cause along with its largest shareholder, Alkane Resources (ASX: ALK), chipping in for $3 million in support.
The company has earmarked the proceeds of the Placement to be used to:
• Fund an expanded lithium exploration campaign on the Pirra Lithium Joint Venture;
• Costs associated with the proposed demerger of the Pirra Lithium Joint Venture that was announced in June.
• Gold exploration that will include: A Geophysical survey at Blue Spec West; Drilling programs at Blue Spec East, Blue Spec West, Marble Bar, Fieldings Gully and Klondyke Boulder; and Pursuit of potential earn-in’s on nearby known deposits held by third parties;
• Blue Spec early works including the finalisation of permitting, securing available accommodation units and installation of water and communications; and
• Warrawoona plant expansion works, aiming to increase current throughput by up to 20 per cent to 100,000 ounces per annum.
“I would like to thank existing shareholders for their continued support and welcome some new, high-quality institutions to our register,” Calidus Resources managing director Dave Reeves said in the company’s ASX announcement.
“Operations at Warrawoona continue to ramp up well with nameplate production due during this quarter.
“But with the initial cashflow committed to reducing debt, this additional capital will allow us to immediately accelerate our strategy to unlock our growth projects, which have potential to generate significant returns for shareholders.
“These growth projects include plans for drilling at lithium and gold prospects, commencing early works at Blue Spec and expanding the throughput of the Warrawoona Mill to treat fresh material at 20 per cent above nameplate capacity.”
TO READ THE FULL ANNOUNCEMENT: CLICK HERE
Email: info@calidus.com.au
Web: www.calidus.com.au
THE DRILL SERGEANT: Matsa Resources (ASX: MAT) provided a market update on recent exploration drilling undertaken at the company’s Lake Carey gold project in the Eastern Goldfields of Western Australia.
Matsa Resources recently completed two diamond drill holes, one at the Fortitude North target and the other at the FF1 target.
The company explained a further eight diamond holes were also completed at the Devon target, however the results of this drilling were not available yet.
Assays received included:
2FFD001
9.4 metres at 3.27 grams per tonne gold from 120.8m at Fortitude North; and
22FNDD009
1m at 6.57g/t gold from 148m at FF1.
“Over the last few months, we have been busy at our Lake Carey gold project completing a number of ground magnetic and soil geochem surveys in support of exploration drilling which also commenced during the quarter,” Matsa Resources executive chairman Paul Poli said in the company’s ASX announcement.
“The aircore drilling completed to date has already identified new gold in basement anomalism at Phantom Well and Wilga West that adds to our exploration pipeline.
“With a focus on developing the area near the Fortitude gold mine, I’m particularly pleased to say we have recommenced drilling at Fortitude North.
“As a result of the reinterpretation of the Fortitude North mineralising and grade shoot geometry model, we have planned a staged diamond drilling program starting with a hole completed down dip of the northern most high-grade intercept to target an interpreted high-grade shoot.
“We are thrilled that the drilling has confirmed the existence of a higher-grade shoot, so follow-on drilling will be undertaken.
“Notably, the results of this drilling returned a thicker, higher-grade intercept in comparison to previous drilling in that part of Fortitude North.
“What I really like about this intercept is that it has returned 36 per cent more gold than the previous drill hole.
“What also bodes well for this prospect is that these results demonstrate that grades appear to increase as the exploration gets deeper.
“As we develop and improve our geological understanding of the Fortitude North prospect, these types of results give me high confidence we can deliver another Fortitude Gold Mine type resource of between 400,000 and 600,000 ounces in the not too distant future.
“Lastly, at FF1 only one kilometre to the north of Fortitude North, we’ve completed the very first diamond drill hole where in 2020, we defined a large gold in basement anomaly and overlying channel sands.
“It is promising to see an alteration zone of 19 metres in the core, which indicates strong fluid movement and suggests a fertile package of rocks.
“I’m looking forward to developing FF1’s story with more drilling and also drilling the untested large bullseye magnetic anomaly only a couple of hundred meters to the north.”
TO READ THE FULL ANNOUNCEMENT: CLICK HERE
Email: reception@matsa.com.au
Web: www.matsa.com.au
