Alchemy Resources Wins Kalgoorlie Tenement Raffle

/in , /by

THE BOURSE WHISPERER: Alchemy Resources (ASX: ALY), via its wholly owned subsidiary company Goldtribe Corporation Pty Ltd picked up three new exploration licence applications from a raffle drawn straight out of the hat of the Mining Warden in Kalgoorlie.

Alchemy Resources reported that Goldtribe won three ballots for three key exploration licence applications (E28/3048, E28/3053 and E28/3058).

These tenements form part of Alchemy’s Lake Rebecca project that sits strategically between three major gold deposits and spans 50 strike kilometres covering 562 square kilometres.

The new licences are located just 140km to the east of Kalgoorlie and are contiguous with both Breaker Resources (ASX: BRB) to the south and St Barbara (ASX: SBM) to the north in what Alchemy described as being “a highly strategic geological position along the Claypan shear”.

Most of these applications are close to Northern Star Resources (ASX: NST) Carosue Dam operations and Breaker Resources’ Lake Roe project in an area Alchemy considers highly prospective.

As such, Goldtribe’s applications were competing with multiple applications.

It was decided the best way to determine who got the tenements was to hold a raffle, which resulted in Goldtribe being drawn first in all three ballots conducted by the Kalgoorlie Mining Warden.

The applications will now progress through statutory process with title expected to be granted in early 2022.

“E28/3048, E28/3053 and E28/3058 are strategically located along strike of Breaker Resources’ Lake Roe deposit and build on our footprint of highly prospective tenure which sits along some of the most prolific gold projects in Western Australia,” Alchemy Resources CEO James Wilson said in the company’s ASX announcement.

“The new leases cover 50.3 square kilometres of greenstone and intrusive units and have seen limited testing with modern exploration methods.

“We are delighted to have secured this ground and look forward to starting work as soon as the tenements are granted.”

 

 

Email: info@alchemyresources.com.au

 

Web: www.alchemyresources.com.au

 

Encounter Resources Expands BHP Northern Territory Partnership

/in , /by

THE BOURSE WHISPERER: Encounter Resources (ASX: ENR) has expanded its formal Farm-in and Joint Venture Agreement with BHP covering the Elliott copper project in the Northern Territory.

Encounter Resources said the expansion will increase the size of the Elliott farm in from 4,500 square kilometres to 7,200sqkm while the earn-in amount for BHP to earn a 75 per cent interest has been increased from $22 million to $25 million.

Recent datasets provided by the Northern Territory Geological Survey and Geoscience Australia as part of the Exploring for the Future Program, have provided crucial new data to facilitate exploration in what is a covered, highly prospective and underexplored region of Australia.

New datasets released in 2019 and 2020 supported the conceptual and structural targeting model at Elliott where a standout, copper-in-groundwater anomaly (order of magnitude above background) in the extensive sampling program is located.

A joint BHP / Encounter designed validation program at Elliott was completed earlier in 2021, which involved the compilation, interpretation, modeling and integration of new and existing data packages at Elliott including seismic, airborne EM, magnetics, gravity, gechemistry and hydro-geochemistry.

“Irrespective of the pace of global energy transition, new sources of copper supply are required in the medium term,” Encounter Resources managing director Will Robinson said in the company’s ASX announcement.

“Greenfields exploration success of globally significant, new resources at projects like Elliott is vital to meet burgeoning copper demand projections.

“Encounter identified the Greater McArthur Superbasin in the NT as having significant untested potential for the discovery of large sediment-hosted copper deposits under shallow cover and we now control an extensive portfolio in the region.

“Through our portfolio of 100 per cent-owned copper projects, and an expanded partnership with BHP, Encounter provides exceptional leverage to the premium front end of the copper value chain.

“We are delighted to be working with BHP at Elliott and we look forward to providing shareholders with further updates on the groundbreaking search for Tier-1 copper deposits in the NT.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: contact@enrl.com.au

 

Web: www.enrl.com.au

 

Cazaly Resources Spin Out to List on ASX

/in , /by

THE BOURSE WHISPERER: Cazaly Resources (ASX: CAZ) announced that Tara French has transitioned into the role of managing director of the company.

French steps into the role at an important time for the company as it prepares for the proposed divestment of the jointly owned Hamersley Iron Ore Project and subsequent listing of spin ot company Equinox Resources (ASX: EQN).

Equinox Resources has been admitted to the Official List of the ASX with commencement of trade of its securities anticipated for launch at 10:00am (WST) on Wednesday, 13 October 2021.

The admittance of Equinox to the Official List of the ASX, follows completion of a $9 million initial public offering.

Equinox’s sole focus is on the exploration and development of the Hamersley Iron Ore Project, led by a dedicated Board and management team with plenty of iron ore experience.

“This is a great result for Cazaly as the Hamersley project now has the requisite funds to progress and be managed by a highly experienced team whose sole focus is the further development of the project,” French said in the company’s ASX announcement.

“We congratulate the Equinox Board on their ASX listing and look forward to the future advancement of the Hamersley project.”

 

TO READ THE FULL ANNOUNCMENT: CLICK HERE

 

Email: admin@cazalyresources.com.au

 

Web: www.cazalyresources.com.au

 

 

Kin Mining Rattles the Tin to Raise Exploration Funds for Cardinia Gold Project

/in , /by

THE BOURSE WHISPERER: Kin Mining (ASX: KIN) is looking to maintain momentum at the company’s Cardinia Gold Project (CGP) near Leonora in Western Australia.

Kin Mining announced it will undertake a non-underwritten non renounceable 1-for-6.5 pro-rata Entitlement Offer to raise up to $12.92 million to progress the next phase of exploration at the company’s 100 per cent-owned Cardinia gold project.

The company said the proceeds would be used for its next phase of exploration across established and new prospects at the CGP, as part of an exploration-driven strategy to further expand the project’s 1.28 million ounces inventory and make new discoveries.

The next phase of systematic exploration work will follow up on new discoveries and targets identified as part of Kin Mining’s drilling campaigns completed during 2020 and 2021.

These include the Mt Flora and Iron King discoveries, as well as multiple new prospects that were identified as the company improved its understanding of the geology and potential of the CGP, such as the Eagle and Crow prospects.

“We’ve had considerable success converting our improving geological understanding into exploration results, and then converting those results into additional Mineral Resources,” Kin Mining managing director Andrew Munckton said in the company’s ASX announcement.

“At Cardinia Hill, we have successfully added 106,000 ounces of new Mineral Resources, while the Bruno-Lewis Mineral Resource has been expanded by 20 per cent to 374,000 ounces.

“Our systematic approach to exploration has paid off in spades and given us a much better idea of where and how to target the next phase of drilling – which will be designed both to define new resources and to identify additional discoveries with the potential to deliver a step-change in the scale of the project.

“The additional funding will allow us to continue to assess the recent discoveries at Cardinia Hill and follow up on new prospects like Mt Flora, Eagle and Crow – in short to maintain the very strong exploration momentum we have built up over the past two years.

“These other targets have been identified by recent soil geochemistry and modern geophysical surveys over largely untested areas within the highly mineralised Cardinia area.

“We expect this work to generate new follow-up programs of work stretching into 2022.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@kinmining.com.au

 

Web: www.kinmining.com.au

 

Gascoyne Resources Enters Trading Halt to Consider its Options

/in , /by

THE BOURSE WHISPERER: Gascoyne Resources (ASX: GCY) responded to Westgold Resources’ (ASX: WGX) taunt’s by requesting the ASX place the company’s ordinary shares in a trading halt with immediate effect.

Gascoyne Resources requested the trading halt saying it requires time to complete, “the finalisation and Board approval of a material update to its business plan”.

The company indicated that once the trading halt is lifted it expects to be able to provide additional information in respect of the Westgold Resources’ announcements regarding its unsolicited intention to make a takeover bid for the company.

“The Company requests that trading of its ordinary shares be halted until after the expected announcement of the update to its business plan is made or until the market opens on Wednesday 13 October 2021, whichever is the earlier,” Gascoyne said in its request to the ASX.

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: admin@gascoyneresources.com.au

 

Web: www.gascoyneresources.com.au

 

Westgold Resources Goes Bareknuckle in Gascoyne Resources Takeover Stoush

/in , /by

THE BOURSE WHISPERER: Westgold Resources (ASX: WGX) called out the Board of takeover target Gascoyne Resources (ASX: GCY) in an announcement this morning comparing its offer against that of Firefly Resources (ASX: FFR).

Westgold declared it had received a good deal of incoming positive engagement from shareholders of Gascoyne Resources regarding its intention to make an off-market takeover offer for all the issued shares in Gascoyne.

Westgold’s offer is subject to the Firefly Scheme not proceeding and customary off-market takeover bid conditions including, inter alia, a minimum acceptance condition of 50.1 per cent.

Westgold intends to lodge its Bidders Statement with ASIC during the week commencing 10 October 2021.

“It has been more than a week since Westgold announced its intention to make a bid on terms that are far superior to Gascoyne’s proposed merger with Firefly,” Westgold Resources executive director Wayne Bramwell said in the company’s ASX announcement.

“Bemusingly, the Gascoyne Board has provided no guidance to Gascoyne’s shareholders nor to Westgold regarding the Board’s intentions on either the Firefly Scheme or the Westgold Offer.

“The silence from the Gascoyne Board in relation to our Offer is in stark contrast with the volume of calls and emails we are receiving from Gascoyne shareholders wanting our Offer to be considered by their Board.

“Westgold knows the Gascoyne Board is cognisant of its fiduciary duty to its shareholders and would expect the Board to dutifully and proactively act to ensure their loyal shareholders have the opportunity to evaluate and respond to our value accretive proposition.”

The company compared the details of each offer, saying that “Based on the Independent Expert’s Report contained in the Firefly Scheme booklet”, should the Firefly Scheme taken up the value would equate to 18.3 cents per Gascoyne share.

The Westgold Offer of one Westgold share for every four Gascoyne Shares implies a value of 44 cents per Gascoyne share.

The gloves were then removed:

“The Gascoyne Board must act in accordance with its fiduciary duties to its shareholders and take all steps necessary to terminate the inferior proposed Firefly Scheme,” the company stated rather firmly.

“At the very least, Westgold considers that the Gascoyne Board must postpone the proposed Firefly Scheme meeting to allow its shareholders the opportunity to consider the merits of the Westgold Offer, as compared to the dilutive Firefly Scheme.

“The Firefly Scheme structure denies Gascoyne shareholders any vote or choice on this value destructive transaction.

“Westgold considers that once given the choice, a Gascoyne shareholder’s acceptance of the Westgold Offer is in effect also a vote against the Firefly Scheme.

“Westgold encourages Gascoyne shareholders to demand that its Board act in its shareholder’s best interests and provide an opportunity for Gascoyne shareholders to consider and accept the Westgold Offer.

“Westgold is committed to ensuring that Gascoyne shareholders are provided an opportunity to consider and accept the compelling Westgold Offer and has appointed an advisory team of Argonaut PCF and HopgoodGanim Lawyers to assist with the preparation of our Offer.”

 

At the time of publication neither Gascoyne Resources or Firefly Resources had released responding statements.

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: perth.reception@westgold.com.au

 

Web: www.westgold.com.au

 

Kin Mining Denies St Barbara Before Launching Fund Raiser

/in , /by

THE BOURSE WHISPERER: Kin Mining (ASX: KIN) has shaken off a takeover offer to launch a $13 million raising to progress the next phase of exploration at the company’s 100 per cent-owned Cardinia Gold Project (CGP) near Leonora in Western Australia.

Kin Minin revealed it had been subjected to a clandestine non-binding indicative offer (NBIO) from St Barbara (ASX: SBM).

The suitor company had offered to acquire 100 per cent of Kin shares via a Scheme of Arrangement at an implied price of 16 cents per share that was subsequently rejected by Kin Board, which believed the NBIO would not have been approved by the requisite 75 per cent voting majority of Kin’s shareholders.

The NBIO was highly confidential, secret squirrel stuff, being subject to a number of conditions, including no leak or public disclosure of the NBIO, due diligence, the unanimous recommendation of the Kin Board, the execution of a scheme implementation agreement between SBM and Kin containing exclusivity mechanisms, and no further issuance of equity securities by Kin.

“The Kin Board welcomed the continued interest from St Barbara noting that the proposed NBIO price suggests that the current Kin share price is significantly undervalued,” Kin Mining managing director Andrew Munckton said in the company’s ASX announcement.

“The Kin Board remains focussed on progressing company activities to maximise the value of the company for all shareholders.”

With the St Barbara dust settled, Kin Mining announced its intention to launch an Entitlement Offer, which will be available to all eligible shareholders that will be priced based on recent share trading.

The company indicated the funds raised will provide sufficient working capital to complete the next phase of systematic exploration work at the CGP and to follow up on the new discoveries and targets identified as part of its recent drilling campaigns completed during 2020 and 2021.

These include the emerging discoveries at Mt Flora and Iron King, as well as multiple new prospects which have been identified following t improvements in the company’s understanding of the geology and potential of the CGP such as the Eagle and Crow prospects.

“We’ve had considerable success converting our improving geological understanding into exploration results, and then converting those results into additional Mineral Resources,” Munckton said

“At Cardinia Hill, we have successfully added 106,000 ounces of new Mineral Resources, while the Bruno-Lewis Mineral Resource has been expanded by 20 per cent to 374,000 ounces.

“Our systematic approach to exploration has paid off in spades and given us a much better idea of where and how to target the next phase of drilling – which will be designed both to define new resources and to identify additional discoveries with the potential to deliver a step-change in the value of the project.

“The additional funding will allow us to continue to assess the recent discoveries at Cardinia Hill and follow up on new prospects like Mt Flora, Eagle and Crow – in short to maintain the very strong exploration momentum we have built up over the past two years.

“Other targets across the land package have been identified by recent soil geochemistry and modern geophysical surveys over largely untested areas within the highly mineralised Cardinia area.

“We expect this work to generate new follow-up programs of work stretching into 2022.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@kinmining.com.au

 

Web: www.kinmining.com.au

 

 

Bellevue Gold Raises $106M

/in , /by

THE BOURSE WHISPERER: Bellevue Gold (ASX: BGL) provided early morning Friday risers something to talk about by announcing it has received firm commitments for a $106 million fully-underwritten share placement to institutional investors at 85 cents per share.

Bellevue Gold said the proceeds of the Placement will combine with an existing $200 million debt facility to fund the development of the company’s Bellevue gold project in Western Australia.

“The strong demand from institutions around the world reflects the quality of the Bellevue Gold Project, the exceptional free cashflow generation forecast and the immense potential for further growth,” Bellevue Gold managing director Steve Parsons said in the company’s ASX announcement.

“With the project fully-funded to production, we will proceed full-steam ahead with development while maintaining a strong emphasis on further growth by increasing and upgrading the Mineral Resources and Ore Reserves.

“The Stage Two Feasibility Study is based on a Resource of 1.5 million ounces, which represents just half of the total three million ounces Resource base at Bellevue.

“We have already announced a host of high-grade drilling results outside that Resource, we have another 14,000 samples awaiting assay and there are now two rigs drilling from underground.

“This multi-pronged approach to expanding the Resource is aimed at growing the mine life, which will increase the already-strong financial results forecast in this Study.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: investors@bellevuegold.com.au

 

Web: www.bellevuegold.com.au

 

Bulletin Resources Granted New Project Tenement

/in , /by

THE BOURSE WHISPERER: Bulletin Resources (ASX: BNR) increased its portfolio of Western Australian projects with the addition of the Duketon North project.

Bulletin Resources announced that the Western Australian Department of Mines Industry Regulation and Safety (DMIRS) has granted the Duketon North project E38/3552 totalling 176 square kilometres in area.

The Duketon North project is located 150km north-northwest of Laverton, lying within the Duketon Greenstone belt that hosts Regis Resources’ Moolart Well gold operations to the south and the Olympia nickel deposit to the north.

“Bulletin continues to build on its project portfolio, concentrating on areas that are near existing infrastructure with the potential to build on previous early exploration work,” Bulletin Resources chairman Paul Poli said in the company’s ASX announcement.

“Our portfolio of projects now includes gold, lithium and now nickel targets, and we regularly investigate opportunities that have potential to substantially grow the company.

“We are and will continue to explore at Lake Rebecca, Chifley and Ravensthorpe and I look forward to the future of Bulletin as the company grows.”

 

 

Email: admin@bulletinresources.com

 

Web: www.bulletinresources.com

 

Vimy Resources Gains WA Government Approval of Mulga Rock Project Management Plan

/in , /by

THE BOURSE WHISPERER: Vimy Resources (ASX: VMY) announced approval by the Western Australian Department of Mines Industry Regulation and Safety (DMIRS) for the company’s Mulga Rock Project Management Plan.

The approval is one of three WA Government departmental approvals required by the company to implement the project.

Vimy Resources explained that under section 42(3) of the Mines Safety and Inspection Act 1994 (MSIA), this approval allows for the commencement of mining operations at the Mulga Rock project, subject to the granting of other necessary approvals.

While the company is mobilising field crew to support site works at Mulga Rock, it has also lodged a notification of the appointment of a Registered Manager with DMIRS to supervise those activities, in accordance with section 33 of the MSIA.

“The grant of the first of the three secondary approvals is a significant milestone along the path to developing the Mulga Rock project,” Vimy Resources managing director and CEO Mike Young said in the company’s ASX announcement.

“Vimy has, and will continue to, work cooperatively with the various Government departments to obtain the remaining approvals.

“Diversification and security of supply are front of mind for nuclear utilities as global uranium production shrinks from the middle of this decade.

“Combined with renewed activity in the term uranium market, this approval augurs well for a project Final Investment Decision in the year ahead.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@vimyresources.com.au

 

Web: www.vimyresources.com.au