THE BOURSE WHISPERER: Black Range Minerals (ASX: BLR) has received a funding boost from the company’s major shareholder and cornerstone investor, Azarga Resources.

Black Range said the$2 million of funds by way of an unsecured convertible loan facility would ensure the company has sufficient funds to continue the commercialisation of its Ablation technology Joint Venture while it continues to develop its 100 per cent-owned 90.9 million pound Hansen/Taylor Ranch uranium project in Wyoming.

Black Range holds a 50 per cent interest in Ablation through a joint venture with Ablation Technologies LLC.

Black Range said Ablation could have a very positive effect on the economics of developing not only the Hansen/Taylor project but also many other sandstone-hosted uranium deposits around the world.
 

In recent months the Ablation JV has been constructing a semi-commercial scale Ablation Unit, with nominal capacity of 5 tonnes per hour.

 

Initial hydraulic flow tests being undertaken on the three
interconnected Ablation modules that will comprise part of the 5tph
Ablation Unit that is nearing completion. Source: Company announcement

 

This 5tph Unit will be used to undertake large-scale tests on samples of ore from deposits that are potentially amenable to Ablation, to demonstrate the economic viability of the technology.

The 5tph Unit comprises six modules:

–    A feed/slurry-mix tank;

–    Three interconnected Ablation modules;

–    A grain size classification (screening) module; and

–    A dewatering module.

A slurry-mix tank and Ablation units are expected to be completed and fully operational within several weeks.

Ablation was patented by Wyoming-based Ablation Technologies LLC.

Black Range describes the technology as a low cost method of separating uranium mineralisation by applying a physical, grain-size separation process, to ore slurries.

No chemicals are added in the process, yet very high mineral recoveries can be achieved with considerable mass reduction, using grain-size classification to separate a high-value, high-grade ore product from a coarse-grained barren “clean sand” product.

Black Range claimed testwork has shown that, from amenable sandstone-hosted uranium ore types, typically more than 90 per cent of the uranium mineralisation can be separated into approx. 10 per cent of the initial sample mass.

Recent development work on a secondary upgrade circuit has seen recoveries in test work exceed 99 per cent.

Azarga has agreed to provide up to $2 million of funds by way of an unsecured convertible loan facility, which will be repayable in cash or in shares at one cent per share.

Azarga is under no obligation to draw-down any or all of the Facility, but can do so in amounts of up to $750,000 in the first month and thereafter up to $500,000 per month.

The term of the loan is 24 months and it is only convertible to shares at maturity, if not redeemed prior.

THE BOURSE WHISPERER: The regular game of musical chairs continues within the boardrooms across the resources industry.

Appointment / Resignation of managing director

Northern Iron (ASX: NFE) managing director John Sanderson has decided to resign effective from 8 July 2013 after close to five years with the company and its operations in Northern Norway.

Sanderson has been with NFE from December 2008 and has been the managing director since February 2010.

Sanderson will continue as a consultant to the company for a period expected to last until the end of 2013, during which time he will continue to represent the company for sales and marketing activities in addition to being available to assist the management team of Sydvaranger Gruve and newly appointed managing director Antony Beckmand.

Beckmand has been the chief financial officer of Northern Iron since October 2009 and has held positions at Exxaro Resources, Robe River Iron, and Perilya Limited.

“We would like to thank John for his contribution to the company over the last five years and are appreciative of his offer to make his skills and experience available for the next six months to assist Tony and the management team in Kirkenes in what will be a seamless transition,” Northern Iron chairman Peter Bilbe said.

“We wish Tony all the best in his new role, and note that his significant experience with the company, the management team and current knowledge of the challenges ahead make him an ideal candidate for this role.”

Board Appointment
 
Buccaneer Energy (ASX: BCC) advised the market that Brian Moller has been appointed to the board as a non-executive director.

In addition Dean Gallegos has been appointed as chairman of the board.

Appointment of Director
 
Rey Resources (ASX: REY) has appointed Dachun Zhang as independent non-executive director to the company.

Zhang has a Bachelor’s Degree from Poznan University, Poland and a Master’s Degree from the University of Wales, UK and was conferred the qualification of Senior Economist in Shipping Management by the Ministry of Communications of China.

Zhang was most recently executive director and president of China Merchants Group, as well as the chairman of Merchants International Co. Ltd (a listed Hong Kong company).

Previously his career was with COSCO (a Chinese company and one of the world’s largest shipping groups) where he held the positions of executive vice-chairman and president of COSCO (Hong Kong) Group Ltd, as well as vice-chairman of two Hong Kong-listed companies: COSCO Pacific Co. Ltd and COSCO International Holdings Co. Ltd.

Appointment of executive director
 
Argo Exploration (ASX: AXT) has appointed Andrew Van Der Zwan as an executive director of the company.
 
Van Der Zwan was appointed as a non-executive director of the company in March 2013 and since his appointment has been running the company on a day to day basis.

He is to be remunerated at a level of $60,000 per annum.

Retirement of chairman

Walkabout Resources (ASX: WKT) announced the retirement of George Kenway as chairman and director of the Board as at 30 June 2013.

Kenway is a founder member of Walkabout Resources and has served as chairman since shortly after the company merged with Nimrodel Resources in 2011.

The company has, until further notice, decided not to replace the position of Chairman.

Changes to Board of directors
 
Lawson Gold (ASX: LSN) announced a number of changes to its Board to introduce a new approach to the management of the company’s tenement package and search for on-going investment opportunities.

The company has accepted the resignations of David Hillier, David Turvey and Peter Watson and appointed Simon O’Loughlin as chairman, Peter Reid as an executive director and Donald Stephens as non–executive director.

Stephens will also continue as company secretary.

The incoming board will stand for approval at the next AGM of the company. They will hold these positions in a temporary capacity until approved by shareholders.

Management changes
 
Kula gold (ASX:KGD) announced that managing director and chief executive officer, Lee Spencer and chief financial officer, John Watkins will step down from their executive roles and remain on the Board as non-executive directors.

Stuart Pether, previously chief operations officer will be appointed chief executive officer.

Pether is a qualified mining engineer with over 25 years of experience, who started with the company in February this year.

“On behalf of the Board, I would like to thank Lee and John for their considerable contribution and efforts,” Kula Gold chairman David Frecker said.

“Both have been instrumental in developing the company’s Woodlark Island gold project from discovery, through a successful Bankable Feasibility Study to the current permitting stage.

“We are fortunate to retain Lee and John’s experience, skills and established stakeholder relationships on the Board as the company implements a number of cost control measures and works towards achieving its key project development milestones.

“Stuart has proved to be an invaluable addition to the management team.

“He has the right skill set to lead the company through the next crucial permitting and construction phase and into its transition to becoming a gold producer.”

THE BOURSE WHISPERER: Sovereign Gold (ASX: SOC) has identified extension to mineralisation at the company’s Mt Adrah Hobbs gold deposit, located 60 kilometres south-east of Wagga Wagga in New South Wales.

AS part of the company’s ongoing drilling program at Mt Adrah, drilling at Pipe 1 is currently at 770 metres depth.

Sovereign Gold has claimed a strong sulphide-sericite sulphide mineralisation – an indicator of gold mineralisation – has been observed throughout the entirety of the hole from surface.

Drill core has been sent for assaying and a turnaround time of approximately two weeks is anticipated.

Sovereign Gold indicated that previous drilling it has conducted demonstrated the grade of the gold increases with depth.

Sovereign intends to drill this initial hole of its exploration program to more than 1,000m to test the deeper extension of previously identified gold mineralisation.

“Drilling so far has clearly vindicated our theory that this pipe-like intrusion extends to, and is mineralised, at depth,” Sovereign Gold managing director Michael Leu said in the company’s announcement to the Australian Securities Exchange.

“As is typical of other world-class deposits in this region (Cadia, Northparkes) Mt Hobbs Pipe 1 is likely part of a much larger mineralised intrusion-related gold system.

“We are very excited about the findings to date and look forward to the initial set of assay results due in a couple of weeks.”

The Mt Adrah Hobbs deposit also sits on the same geological structure as Newcrest Mining’s (ASX: NCM) Cadia Ridgeway gold mine, which hosts 60 million ounces gold equivalent, and Rio Tinto’s (ASX: RIO) eight million ounces gold equivalent Endeavour gold mine.

THE BOURSE WHISPERER: Nemex Resources (ASX: NXR) has been granted 100 per cent interest in three exploration licences for gold and base metals, in the West African country of Côte d’Ivoire.

The three licences cover a total 1,186 square kilometres and have been granted for an initial three year term.

They can subsequently be renewed twice for a further two year term at each renewal.

The licences are called Dabakala, Abengourou and Alepe.

 

Location of Nemex’s granted projects (Dabakala, Abengourou and Alepe) in Côte d’Ivoire. Source: Company announcement

 

Nemex indicated it its set to commence soil sampling over the Abengourou Licence where previous explorers have reported soil anomalies.

The Dabakala Licence geology is dominated by thrust faulting and alteration of host rocks, which the company considers to be prospective for gold.

The Alepe Licence hosts 33 kilometres of shear structures along-strike of the 17 million ounce Ahafo gold deposit.

Nemex is of the opinion that all three licences host high-priority targets for gold mineralisation.

“Côte d’Ivoire is underlain by Birimian rocks that are highly-prospective for gold mineralisation, yet the country has not been the subject of systematic mineral exploration,” ” Nemex Resources managing director Peter Turner said in the company’s announcement to the Australian Securities Exchange.

“Nemex now has tenure to some of the most prospective areas.

 “I am very pleased to secure new licences over prospective geology where there is a real chance of making new gold and base metal discoveries.”

Nemex has also lodged applications for a further three licences.

The company stressed the granting of the new licences does not detract from its intentions to develop its Télimélé Direct Shipping Ore iron project in west Guinea into an operating mine.

THE BOURSE WHISPERER: MZI Resources (ASX: MZI) has inform the market that private equity group Resource Capital Fund has taken a 12 per cent cornerstone stake in the company through a $3 million share placement at 1.296 cents per share.

As part of the placement, RCF has the right to appoint a representative to the MZI Board.

MZI indicated it is currently in further discussions with RCF concerning a larger funding package that will help underpin development of MZI’s Keysbrook mineral sands project in Western Australia.

“RCF’s decision to invest in the company is an immense vote of confidence in Keysbrook and will play an important role in securing the full funding for the project’s development,” MZI Resources chief executive officer Trevor Matthews said in the company’s announcement to the Australian Securities Exchange.

“MZI is in the process of finalising the Keysbrook debt arrangements with the Joint Lead Arranger banks, and is also assessing proposals for the construction and mining contract works at Keysbrook.

“There is a high level of activity and confidence in the company, and we look forward to finalising the funding arrangements and moving Keysbrook into development.

“The SPP gives shareholders the opportunity to take up further shares at the same price as RCF, and we look forward to their ongoing support.”

The price of the placement represents a 14 per cent discount to the volume weighted average price (VWAP) of MZI shares in the five trading days immediately prior to the company’s recent trading halt.

The placement will result in approx. 231.5 million new shares issued.

The placement to RCF will be followed by a Share Purchase Plan (SPP) to eligible MZI shareholders at 1.296 cents per share.

The SPP will be offered to eligible shareholders registered on 28 June 2013.

Resource Capital Funds invests exclusively in the resources industry.

The group currently manages US$3.4 billion of assets.