Blackham Resources consolidates with Wiluna acquisition

/in /by

THE BOURSE WHISPERER: Blackham Resources (ASX: BLK) has finalised an agreement to acquire the Wiluna gold project in Western Australia.

Blackham considers the purchase to be an ideal fit for its 100 per cent-owned
Matilda gold project as well as re-positioning the company as a near-term gold producer with a large prospective exploration package.

The acquisition is to be funded out of the company’s $13 million funding facility with Great Central Gold Pty Ltd.
 
“The acquisition of the Wiluna plant and infrastructure is a major step towards bringing the Matilda Gold project further towards production,” Blackham Resources chairman joseph Gutnick said in the company’s announcement to the Australian Securities Exchange.

“The acquisition of the plant saves Blackham millions of dollars in development costs for the Matilda gold project and will slash years off our development timetable, both of which should be a significant win to Blackham’s shareholder returns going forward.”

 

Source: Company announcement

 

The Wiluna gold project covers approximately 44 square kilometres and 10km of strike along the Wiluna Mine Sequence which hosts numerous deposits with resources totalling 16.7 million tonnes at 5.3 grams per tonne for 2.8 million ounces of gold.

The project has produced over four million ounces of gold.

Blackham explained the deal expands its footprint to approximately 780sqkm and 55km of strike along the Wiluna and Coles Find Mines Sequences.

Blackham’s Matilda gold project sits adjacent to the Wiluna project with resources of 23.7 million tonnes at 1.9g/t for 1.4 million ounces of gold.
 
All the Matilda deposits sit within 26km by existing haul roads to the Wiluna gold plant.

According to Blackham 87 per cent of the Matilda project resources are free milling.

Since it acquired Matilda in November 2011, Blackham has increased its resource by 360 per cent.

Website: www.blackhamresources.com.au

Centaurus Metals granted Jambreiro mining leases

/in /by

THE BOURSE WHISPERER: Centaurus Metals (ASX: CTM) has been granted three Mining Leases (Concessão de Lavra) that comprise the tenement package at the company’s Jambreiro iron ore project in Brazil.
 
The Mining Leases were granted by the Ministry of Mines and Energy (MME) in Brazil and have been officially gazetted in the Diário Oficial da União (DOU).

Centaurus considers the Leases to represent a key strategic asset for future mining operations at Jambreiro as well as helping the company complete the funding process for the development of the Jambreiro project.
 
While the grant of the Mining Leases was not required to enable construction to commence at Jambreiro, Centaurus explained it will ensure it is able to commence operations and generate positive cash flows on completion of the construction process.
 
“While we already had the necessary approval required to start construction on site in the form of the previously granted Installation Licence (LI), the grant of the Mining Leases represents the culmination of the approval process with the Mines Department (DNPM) and the Ministry of Mines and Energy and marks a further key milestone in our development process,” Centaurus Metals managing director Darren Gordon said in the company’s announcement to the Australian Securities Exchange.
 
“It will also greatly assist with our funding process, which in turn will clear the way for us to commence construction of a one million tonnes per annum project at Jambreiro in the coming months under the new development plan announced just before Christmas.

“From this initial production base – and with all approvals secured for up to three million tonnes per annum of production at Jambreiro – the company can quickly expand production as cash flows are generated and market forces allow.
 
“2014 is set to be a transformational year for Centaurus and it’s great to kick off the New Year with this very important piece of news.

“The grant of the Mining Leases clearly demonstrates that there are no approval-related impediments to commencing operations at the project and should further reduce the financing risk, putting us in a strong position as we enter what is shaping up as a very busy period for the company.”

Email: office@centaurus.com.au

Website: www.centaurus.com.au

Dampier Gold and Ord River agree on Plutonic relationship terms

/in /by

THE BOURSE WHISPERER: Dampier Gold (ASX: DAU) has informed the market that all conditions have been satisfied for its Farm-In and Joint Venture Agreement (FIJVA) with Ord River Resources (ASX: ORD).

The agreement covers the company’s 100 per cent-owned Plutonic Dome project in central Western Australia.

Dampier Gold said the FIJVA will accelerate exploration and possible development of the project.

The company has framework terms in place for a proposed ore purchase agreement to access the Plutonic mine processing facility, which it expects will enhance the prospect of rapid development of the project.

“The company is pleased that the conditions precedent have now been satisfied allowing the deal to come into effect,” Dampier Gold managing director Richard Hay said in the company’s announcement to the Australian Securities Exchange.

“We look forward to working closely with the Ord team to advance Dampier’s aspiration of progressing the project towards production in the near term, whilst retaining significant shareholder exposure to the upside.

“In addition to testing compelling 3D targets generated by Dampier in 2013, Ord intends to focus on pre-development activities for the K2 and Trident deposits.

“Furthermore, during the term of the FIJVA, Ord will be responsible for all project holding costs, concurrent rehabilitation work and maintaining the tenements in good standing thereby allowing the company to focus on the search for other value-add opportunities.”

Ord River Resources has the right to earn a maximum of 75 per cent interest in the Plutonic Dome project by sole funding expenditure of up to $6 million over 24 months, conditional on satisfying the following expenditure milestones:

The first $2 million Farm In expenditure will entitle Ord to a 30 per cent Joint Venture Interest provided the expenditure is incurred within nine months of the agreement coming into effect;

The next $1 million expenditure will entitle Ord to a further 15 per cent Joint Venture Interest (total 45 per cent) provided the expenditure is incurred within 14 months of the agreement coming into effect;

The next $1 million will entitle Ord to a further 15 per cent Joint Venture Interest (total 60 per cent) provided the expenditure is incurred within 19 months of the agreement coming into effect; and

The final $2 million will entitle Ord to a further 15 per cent Joint Venture Interest (total 75 per cent) provided the expenditure is incurred within 24 months of the agreement coming into effect.

Ord may elect to cease sole funding once the minimum Farm In expenditure of $2 million in nine months is satisfied.

Email: info@dampiergold.com

Website: www.dampiergold.com

Joint Venture announcements

/in /by

THE BOURSE WHISPERER: They say that earning 50 per cent of a project is better than earning 50 per cent of no project.

Farm-in of Gunson copper project

Gunson Resources (ASX: GUN) has entered into a farm-in agreement with unlisted public company Terrace Mining in respect of Gunson’s MG14 and Windabout copper-cobalt-silver deposits at Mount Gunson in South Australia.

These deposits were excised from the Mount Gunson Farm-in and Joint Venture Agreement with Xstrata subsidiary, Noranda Pacific, in June 2009 and are currently 100 per cent-owned by Gunson.

“We are delighted to have entered into this agreement with the very experienced team at Terrace Mining,” Gunson Resources managing director Bill Blokingh said.

“It is entirely consistent with our stated strategy of using farm-outs to share risks, complement our internal skills, and accelerate development of our resources.

“The proposed metallurgical test program has the potential to create significant shareholder value if it is able to establish the viability of extracting the copper, cobalt and silver metal from the host mineralisation.”

Midas agrees terms for new JV over Mount Isa copper-gold targets

Midas Resources (ASX: MDS), through its wholly-owned subsidiary Hammer Metals, has reached an agreement on terms with private company Kabiri Resources for a proposal to farm into EPM18084 located near Mount Isa in NW Queensland.

EPM18084 adjoins Hammer’s Devoncourt and Duchess tenement applications to the south east of Midas’s Kalman copper-molybdenum-gold-rhenium deposit and secures magnetic and copper-gold geochemical anomalies considered prospective for copper-gold mineralisation of the Ernest Henry style.

Hammer has been granted an exclusivity period of 12 months to make a minimum exploration expenditure of $50,000.

At the end of the exclusivity period Hammer can elect to earn an 80 per cent interest in the tenement by spending an additional $200,000.

Once Hammer has earned this interest Hammer and Kabiri will form a joint venture whereby Kabiri will be free carried to completion of a pre-feasibility study at which time Kabiri can either contribute to project expenditure or convert its interest to a 1.5 per cent Net Smelter Royalty.

IronClad signs manganese JV
 
IronClad Mining (ASX: IFE) has signed a formal Joint Venture agreement with Trafford Resources (ASX: TRF) whereby IronClad has the right to earn an 80 per cent interest in all manganese over the Wilcherry Hill project area in the north of the Eyre Peninsula of South Australia.

The company said signing of this Agreement allows the Joint Venture parties to begin manganese exploration in earnest.

An initial exploration program is planned to commence early in the New Year.

“The signing of this agreement is an important milestone for the company,” IronClad Mining managing director Robert Mencel said.

“The inclusion of manganese and its synergy with the Wilcherry Hill iron project has the potential to add significant value to the company.”

Cassini Resources picks up new WA base metals project

/in /by

THE BOURSE WHISPERER: Cassini Resources (ASX: CZI) has executed a Share Sale agreement, which will result in it taking up to 75 per cent of Crossbow Resources.

The attraction is Crossbow Resources 100 per cent interest in the West Arunta project (X17) in Western Australia.

“We see the X17 project as an exciting, highly-prospective greenfields exploration prospect,” Cassini Resources managing director Richard Bevan said in the company’s announcement to the Australian Securities Exchange.

“The project has been generated through the same rigorous exploration targeting process as our West Musgrave project, and is consistent with our strategy of identifying projects with large scale potential in under-explored, frontier regions of Western Australia.” Cassini Resources managing director Richard Bevan said in the company’s announcement to the Australian Securities Exchange.

The X17 project is located in the Gibson Desert region of north eastern Western Australia.

 

Project location – X17. Source: Company announcement

 

Cassini said the project is considered to be prospective for two major geological targets: the first is Mt Isa age, intrusion hosted, copper-gold deposits in the northern part of project; the second being Nifty-age, sediment hosted, base metal deposits (either copper or lead-zinc) in the south.

X17 is located at a major tectonic intersection of the juncture of Central Australian Suture with a NE trending crosscutting structural zone, known as the Lake Mackay or the Top Up Rise Fault.

Cassini claims there is known copper-gold mineralisation located along strike to the east (Mt Webb and Pokali prospects), and to the north, where Corazon Mining (ASX: CZN) has identified copper sulphides at its Top Up Rise project.

Recent analysis of the existing Geological Survey of Western Australia’s (GSWA) West Arunta geochemical dataset has indicated a large surface lead, arsenic and antimony anomaly.

These elements are commonly associated pathfinder elements for hydrothermal gold and base metal mineralisation.

There has been some historical sub-surface validation of the anomaly provided by lead and zinc anomalous aircore drill results located at its margin, but the primary anomaly has never been drilled and remains untested.

Email:
admin@cassiniresources.com.au

Website:
www.cassiniresources.com.au

Musgrave Minerals encounters massive sulphides at Pallatu

/in /by

THE BOURSE WHISPERER: Musgrave Minerals (ASX: MGV) has intersected massive and disseminated nickel-copper sulphide while conducting recent diamond drilling at the Pallatu target on the company’s Deering Hills project in the far north-west of South Australia.

Musgrave Minerals holds a 100 per cent interest in licence EL5317 that hosts the newly-discovered nickel-copper sulphide mineralisation.

 

Location of Musgrave Minerals’ exploration licences in the Musgrave Province. Source: Company announcement

 

Musgrave drilled five holes testing five separate conductive targets it had identified from surface EM surveys.

Musgrave explained the drilling had encountered a combination of massive, matrix and disseminated sulphide in all five drill holes from as shallow as 35.7 metres down hole.

The drilling has shown the system to be mineralised with peak assays up to 0.5 per cent nickel, 0.8 per cent copper and 0.6 grams per tonne platinum, palladium and gold over narrow intervals in fresh rock.

Musgrave said all five surface EM conductors it has drilled to date have been interpreted to be sourced from a combination of massive and matrix sulphide and graphite which is associated with the mineralisation.

The company explained the mineralisation is hosted within sulphide bearing interpreted Giles Complex, gabbros and pyroxenites.

Giles Complex gabbroic intrusives are known to host nickel sulphide mineralisation elsewhere in the Musgrave Province.

“This discovery is potentially very significant as it has defined a new mineralised intrusive system in the region,” Musgrave Minerals Managing Director Rob Waugh said in the company’s announcement to the Australian Securities Exchange.

“A re-assessment of ground EM data has highlighted a potentially significant and extensive subtle conductor at depth to the north of the current drilling.

“The new target identified as Pallatu 7 is interpreted as approximately 1,500 metres long at a vertical depth of approximately 280 metres.

“This is right at the limit of the interpretability of the existing EM survey data and further ground EM will be required to better define this potentially significant conductor.

“The important question for us is; are we on the edge of something significant? Only further exploration, including additional EM and drilling will answer that question.”

Musgrave has down hole electromagnetic (DHEM) surveys and additional surface EM surveys planned for early 2014 prior to potential drilling recommencing.

Future exploration will be focused on defining areas with the potential for the accumulation of high-grade nickel-copper massive sulphide zones and platinum group elements (PGEs).

Musgrave has been encouraged by the PGE results it has achieved so far, which it said has highlighted the potential of the area to host economic PGE mineralisation.

Email:
info@musgraveminerals.com.au  

Website:
www.musgraveminerals.com.au

Mount Gibson to acquire Shine iron ore project

/in /by

THE BOURSE WHISPERER: Mount Gibson Iron (ASX: MGX) is to acquire the Shine hematite iron project from Gindalbie Metals (ASX: GBG).

The Shine project is located approximately 250 kilometres east of Geraldton in the Mid West region of Western Australia, some 85km north-north west of Mount Gibson’s Extension Hill iron ore mine, and around 200km by road from the company’s rail siding at Mullewa, from which it presently rails ore from its Tallering Peak mine.

 

Shine iron ore project – proximity to infrastructure and Mount Gibson assets. Source: Company announcement

 

Mount Gibson said it considers Shine has potential for near term low-capex development that can partly offset the scheduled closure of the company’s Tallering Peak mine in the second half of 2014, at which point it will have available rail and port capacity in the Mid West.

Gindalbie has completed exploration and feasibility activities at the project, including the securing of key regulatory approvals needed to proceed with development, including mining, heritage and environmental approvals.

Gindalbie has also previously reported a Measured, Indicated and Inferred hematite Mineral Resource totalling 6.1 million tonnes grading an average of 59.8 per cent iron for the Shine project.

“Building our hematite iron resources in the Mid West is a key priority for Mount Gibson and this represents a low-cost near term development opportunity that fits perfectly with our strategy,” Mount Gibson Iron chief executive officer Jim Beyer said in the company’s announcement to the Australian Securities Exchange.

“Given the advanced nature of the Shine project, its proximity to our existing operations and availability of existing infrastructure capacity as production from Tallering Peak winds down in the coming year, we will be looking to advance to development as quickly as possible.”

Email:
admin@mtgibsoniron.com.au

 

Website:
www.mtgibsoniron.com.au

Joint Venture announcements

/in /by

THE BOURSE WHISPERER: They say that earning 50 per cent of a project is better than earning 50 per cent of no project.

Ventnor-Sandfire JV settles

Ventnor Resources (ASX: VRX) advised the market the JV agreement between it and Sandfire Resources (ASX: SFR) has settled following satisfaction of the last of the conditions precedent.

The Transaction comprises a farm-in, funding and toll treatment agreement with Sandfire to advance Ventnor’s Thaduna/Green Dragon project to production, utilising Sandfire’s facilities at its DeGrussa copper project.

Sandfire has now acquired a 35 per cent interest in the project following an upfront payment of $3 million which has been used by Ventnor to discharge outstanding loans secured over the project and fees.

Sandfire will now manage and sole fund the development of the project and may earn up to 80 per cent interest in consideration for further expenditure of $6 million.

Laneway signs MoU to process test ore

Laneway Resources (ASX: LNY) has signed a binding Memorandum of Understanding with JKO Mining Pty Ltd to complete a metallurgical test sample through JKO’s CIL plant at Georgetown.

The CIL plant is located 90 kilometres to the north of Laneway’s Agate Creek gold project in Queensland.
 
Laneway recently completed drilling and sampling activities over a small area of the Sherwood deposit at Agate Creek to outline a bulk sample of high-grade surface ore.

Based on the drilling and sampling program, approximately 4,000 tonnes at 9g/t gold (before mining dilution) has been outlined to form the basis of the bulk test.

Following the results from these activities Laneway entered into a binding MoU with JKO to mine, transport and process the ore.

Laneway said this was a significant milestone for the company as it provides the opportunity to process the ore from Sherwood on a plant scale, which if successful will form a baseline for feasibility studies potentially leading to full scale mining, processing and ongoing cashflow.

Platypus farms into Gobbos

Platypus Minerals (ASX: PLP) has signed an agreement with Gondwana Resources (ASX: GDA) to farm into and earn a 75 per cent interest in granted exploration licence E45/3326 located 40 kilometres NE of Nullagine in the East Pilbara region of Western Australia.

Platypus is farming into the licence through its wholly-owned subsidiary Southern Pioneer.

The company said its attraction to the deal is the Gobbos prospect, a strongly defined Archaean copper-porphyry prospect marked by coincident geological, geochemical and geophysical signatures on the northern flank of the McPhee Dome in the Pilbara Craton.

Platypus considers Gobbos represents an opportunity to drill an untested, long-standing, advanced copper-porphyry target in Western Australia.

Caravel inks deal with First Quantum Minerals

Caravel Minerals (ASX: CVV) has entered into a non-binding letter of intent (LOI) with TSX-listed company, First Quantum Minerals.

The transaction proposed under the LOI will secure Caravel the support of First Quantum to accelerate the exploration and development of the company’s Calingiri copper-molybdenum project in Western Australia.

First Quantum will be issued with shares in Caravel in return for a $1.25 million investment in the company, acquiring a cornerstone 12.9 per cent stake.

In addition, the two companies will enter into a Technical Cooperation Agreement, which will enable Caravel to access First Quantum’s geological, operational and technical expertise and accelerate the exploration and evaluation of the Calingiri project.

First Quantum operates seven mines and is developing five projects worldwide.

First Quantum currently produces copper, nickel, gold, zinc and platinum group metals across Australia, Africa and Europe.

“The agreement with First Quantum represents a major milestone for the company and we greatly appreciate the significant financial and technical commitment,” Caravel Minerals chief executive officer Marcel Hilmer said.

“It is clearly evident that First Quantum have formed the view that Calingiri has the potential to emerge as a major new copper mining district right on the doorstep of Perth.

“The cash proceeds from the issue of shares to First Quantum will support our current and upcoming exploration programs at Calingiri while the Technical Cooperation Agreement will enable us to access one of the best technical and geological teams in the world to help us evaluate the potential of a large-scale, large-tonnage copper-molybdenum project.

“We are looking forward to a long and successful relationship with First Quantum as we work together to unlock the potential of the Calingiri project.”

Elvis has left the building

/in /by

THE BOURSE WHISPERER: The Boardroom Mazurka continues unabated this week amongst the junior mining companies.

Board appointments/resignation

Tellus Resources (ASX: TLU) announced the appointment of Robert (Bob) Kennedy and Neil Young as non-executive directors.
 
Kennedy was also voted in as chairman.

Richard Willson has resigned as a director of the company.

Resignation of Director

3D Resources (ASX: DDD) advised that Ian Richer has resigned as a director of the company.

Richer is a former chairman of the company.


Appointment of Director

Rey Resources (ASX: REY) has appointed Jin Wei as non-executive director to the company.

Jin is a nominee director for Crystal Yield Investments Limited, Rey’s cornerstone investor which holds a relevant interest in approximately 19.9 per cent of the issued capital in the company.

Resignation of Director
 
Tellus Resources (ASX: TLY) informed the market Anthony Wehby, as at the closure of the company’s AGM on Friday 29 November 2013, has resigned as director of the Company.

This followed his decision not to stand for re-election.

Appointment of CEO

Chrysalis Resources (ASX: CYS) announced the appointment of Leigh Ryan to the position of chief executive officer.

Dr Neale Fong has resigned as executive chairman and will continue with the company in the position of non-executive chairman.

Grant Kidner has resigned as executive director.

Adrian Paul and Trevor Benson have resigned as non-executive directors.

Jian Hua Sang has resigned as executive director and interim CEO and will remain with the company as a non-executive director.

Ms Jing Wang was appointed as executive director after resigning as a non-executive director.

Director Appointment

Redstone Resources (ASX: RDS) announced that Brett Hodgins has joined the board of directors of the company as its technical director.

Change of Directors

Lincoln Minerals (ASX: LML) has advised Ms Sze Wan Chan retires as a Director and Eddie Lung Yiu Pang and Alex Hooi-Kiang Lim have been appointed as non-executive directors of the company as of 1 December 2013.

Board Changes

Avalon Minerals (ASX: AVI) announced the appointment of Graham Ascough as a non-executive director and new chairman of the company.

Ascough is currently non-executive chairman of three ASX-listed companies: Phoenix Copper Limited, Mithril Resources Limited, and Musgrave Minerals Limited.

The company also advises the following directors have resigned as directors of Avalon, effective from the close of the 2013 AGM:

Dato Siew Mun Chuang (Philip); Dato Siew’s alternate director, Ler Leong Keh, ceases to hold office.

Siew Mun Wai (Edward); Siew’s alternate, David Sanders, ceases to hold office.

Seng Han Goh (Gary); and

Jeremy Read.

With recent changes, the current Avalon Board of directors is as follows:

Graham Ascough – chairman; Crispin Henderson – non-executive director; Paul Niardone – non-executive director exploration.

 

Vital Metals awarded Watershed Mining Leases

/in /by

THE BOURSE WHISPERER: Vital Metals (ASX: VML) has had Mining Leases for the company’s Watershed tungsten project in Queensland granted by the Queensland Department of Natural Resources & Mines.

The grant of the Mining Leases means the Watershed project is now fully permitted and authorised to commence construction.

“With all the necessary approvals now in place, the Watershed project is poised for development and will enjoy a significantly enhanced profile within the global tungsten industry,” Vital Metals managing director Mark Strizek said in the company’s announcement to the Australian Securities Exchange.

“Our core focus will be on the completion of the Watershed Definitive Feasibility Study, in collaboration with our Joint Venture partner JOGMEC, which will establish the framework for the proposed mine development.”

 

Vital Metals Watershed project tenements. Source: Company announcement

 

Vital Metals indicated the Watershed DFS is on-track to be delivered in the first quarter of 2014.

In addition to the granting of the Mining Leases, Vital Metals also announced it has been awarded two additional tenements in close proximity to the Watershed project, expanding the company’s footprint in the region.

“In parallel with the development of the Watershed project, our aim is to apply our geological expertise to build a pipeline of projects supported by the proposed Watershed mining operation,” Strizek said.

“We already have a world-class resource at Watershed, and we believe these new tenements offer outstanding prospectivity for identifying further mineralisation.”

Email:
vital@vitalmetals.com.au

Website:
www.vitalmetals.com.au