Magnetic Resources Raises funds to Continue Drilling at Laverton Projects

/in , /by

THE BOURSE WHISPERER: Magnetic Resources (ASX: MAU) has received binding commitments for approximately $2.6 million via a placement of approximately 1.83 million new shares at $1.42 per share.

Magnetic Resources indicated the funds raised will be predominately used at the company’s Hawks Nest 9 and Lady Julie projects for additional RC and deeper diamond drilling, metallurgical work, resource and scoping studies to advance the company’s gold projects.

“We continue to intersect significant gold mineralisation in our drilling at both the Hawks Nest 9 and Lady Julie projects, and we remain encouraged by the mineralisation showing up in our two thickened mineralised zones and the new targets from the seismic interpretation,” Magnetic Resources managing director George Sakalidis said in the company’s ASX announcement.

“These funds will allow the company to continue the significant drilling campaigns we started in January 2021 with the aim of defining JORC at these two projects.

“Our drilling to date has shown four stacked lodes in the top 100 metres and our ongoing drilling will investigate mineralisation at depths down to 300 metres to 400 metres.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@magres.com.au

 

Web: www.magres.com.au

 

Ausgold Raises $11.25M to Advance Katanning Gold Project

/in , /by

THE BOURSE WHISPERER: Ausgold (ASX: AUC) announced commitments from institutional and sophisticated investors for a share placement to raise $11.25 million.

Ausgold indicated the raising, at 4.5 cents per share, would fund continued exploration and Resource expansion drill at the company’s 100 per cent-owned Katanning gold project in Western Australia.

The company received strong demand for the Placement from institutional and sophisticated investors, corner stoned by Dundee Goodman Merchant Partners, which will increase its interest in Ausgold from 7.1 per cent to 9.9 per cent.

“The company is pleased with the level of support we have received from our cornerstone investor Dundee Goodman and from existing and new investors,” Ausgold managing director Matthew Greentree said in the company’s ASX announcement.

“This placement of $11.25 million now enables Ausgold to progress through a transformational period.

“With the release of the upgraded KGP Resource of 1.54 million ounces at a grade of 1.25 grams per tonne gold, we have a meaningful foundation that underpins our ambition to unlock the scale of the Katanning Gold Project.

“Our new geological model and exploration plan in a whole of belt play is designed to add further high-grade Resource ounces.

“It is an exciting time to be an Ausgold shareholder.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@ausgoldlimited.com

 

Web: www.ausgoldlimited.com

 

Xanadu Mines Conducts $10.2 million Placement for Kharmagtai High Grade Exploration

/in , /by

THE BOURSE WHISPERER: Xanadu Mines (ASX: XAM) is raising an impressive $10.2 million to advance the company’s Kharmagtai copper-gold project, located in the Omnogovi province of Mongolia.

Xanadu Mines announced it has received firm commitments for a placement to eligible professional and sophisticated investors of approximately 163.8 million fully-paid ordinary shares at an issue price of 6.2 cents each to raise approximately $10.2 million.

The company explained the proceeds of the placement, together with existing cash resources, will be applied towards the Kharmagtai Phase 2 exploration program in accordance with its strategy to target higher-grade, bornite rich zones at depth and for general working capital purposes.

“We are pleased with the strong support received from both existing shareholders and new institutional investors,” Xanadu Mines non-executive chairman Colin Moorhead said in the company’s ASX announcement.

“This Placement continues to strengthen our share register and fully funds Xanadu to execute its exploration strategy at Kharmagtai.

“Investors can look forward to a period of strong exploration news flow as we embark on an aggressive drilling program to define the higher grade, gold-rich bornite zones at depth and unlock the next stage of development in this globally significant copper-gold project.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@xanadu.com

 

Web: www.xanadu.com

 

Great Boulder Resources Follows Rumble into Earaheedy Basin

/in , /by

THE BOURSE WHISPERER: Great Boulder Resources (ASX: GBR) has secured a major land position in the Earaheedy Basin, east of Wiluna in Western Australia.

Great Boulder Resources is following the example set by Rumble Resources, which this week announced its discovery of a major zinc-lead discovery at its Earaheedy project.

GBR lodged three new tenement applications over a second zinc-lead target identified to the southeast of Rumble’s project, to be named the Wellington project.

The new tenements exemplify nearology as they overlie the prospective Frere Formation within the Proterozoic Earaheedy Basin, with targets generated by GBR from analysis of publicly available geochemical data sets.

Great Boulder first identified prospective areas in the Earaheedy Basin in mid-2020 during a desktop study of the province’s regional potential, following initial promising drill results by Rumble.

The potential of the region was further validated by Rumble’s recent results which underpin a shallow, large-scale exploration target of 40 to 100 million tonnes at 3.5 per cent to 4.5 per cent zinc and lead over 40km of strike.

The new GBR tenement position covers an area of 1,134 square kilometres, including more than 60km of strike highlighted by pathfinder geochemistry.

This is a similar target scale to the early-stage exploration data that led to Rumble’s major discovery.

“This is an exciting development for Great Boulder as it gives us a massive landholding with a compelling large-scale target over a major new zinc-lead province in Western Australia,” Great Boulder Resources managing director Andrew Paterson said in the company’s ASX announcement.

“Having previously completed the targeting study during 2020 we were following Rumble’s progress closely, and we were able to act quickly on Monday to secure these tenements as soon as the scale of Rumble’s discovery became apparent.

“This doesn’t impact any of our current exploration priorities in the medium term.

“In effect, it’s a free option over an emerging, world-class base metals province that has the potential to add serious value to our project portfolio.”

 

 

Email: admin@greatboulder.com.au

 

Web: www.greatboulder.com.au

 

Platina Resources to Expand WA Golden Footprint

/in , /by

THE BOURSE WHISPERER: Platina Resources (ASX: PGM) is set to widen its Western Australian gold presence by acquiring the Xanadu gold project, located in the Ashburton province of the state.

Platina Resources made a point of indicating the project is close to the multi-million-ounce Mt Olympus gold deposit of Kalamazoo Resources (ASX: KZR).

“Xanadu has immense appeal given the number and width of economic grade gold drill intercepts which have never been followed up with a systematic exploration campaign,” Platina Resources managing director Corey Nolan said in the company’s ASX announcement.

“The project has been the subject of a number of mainly shallow drilling programs and a historical gold heap leach operation.

“Our exploration strategy will initially comprise low-cost geophysics and geochemistry to build a deeper knowledge of the geological potential of the project and to define both shallow and deeper targets for drilling.”

Work by previous owners at Xanadu has identified a large alteration system with gold occurrences, which Platina believes outlines potential for discovery of a meaningful gold mineralising system.

The company will be targeting Telfer and Hemi-styles of intrusion related gold mineralisation as well as sediment-hosted Carlin type, found in Nevada USA.

“Whilst we believe there is significant potential to expand upon the known oxide mineralisation, the longer-term prize is targeting primary mineralisation within the alteration core of the system, which has never been tested by historical drill programs,” Nolan said.

Xanadu comprises seven prospecting licences and five exploration licences covering 498 square kilometres.

Platina expects logistics and operations to be low cost given access to the project is relatively easy from the regional mining centre of Paraburdoo, just 38km away.

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: admin@platinaresources.com.au

Web: www.platinaresources.com.au

 

New World Resources to Demerge US Cobalt Assets

/in , /by

THE BOURSE WHISPERER: New World Resources (ASX: NWC) is to spin its American cobalt projects into a new company.

New World Resources informed the market it intends to pursue a demerger of its portfolio of cobalt assets in North America, subject to shareholder and other requisite approvals.

The company came to this decision following a strategic review of its asset base considering the ongoing resource and exploration drilling program being carried out at the company’s high-grade Antler copper deposit in in Arizona, also in the USA.

The company believes its current focus at Antler detracts from the value of its cobalt assets, which it thinks should now sit in a separately listed vehicle specifically focused on progressing their exploration and development.

New World cited the recent rise of the global cobalt price, saying that since the start of 2021 the price of cobalt has risen by more than 50 per cent from ~US$33,000/tonne to ~US$50,000/tonne (London Metals Exchange).

This rising price is widely attributed to increasing demand for minerals that are integral in the production of electric vehicles, including cobalt.

Since 2017 New World has held a 100 per cent interest in two cobalt projects in the United States – the Colson cobalt-copper project in Idaho and the Goodsprings copper-cobalt project in Nevada.

Between 2017 and 2019 the company focused on, and undertook extensive exploration programs at, these projects.

The cobalt price peaked at more than US$95,000/tonne in mid-2018, and for a period the company’s market capitalisation exceeded $40 million, which is where it would like to be again.

 

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@newworldres.com

Web: www.newworldres.com

 

Coda Minerals Commences Elizabeth Creek JV with Torrens Mining

/in , /by

THE BOURSE WHISPERER: Coda Minerals (ASX: COD) reached an important stage by meeting the Free-Carry Expenditure Limit under its Farm-in and Joint Venture Agreement with Terrace Mining, a wholly owned subsidiary of Torrens Mining (ASX: TRN) at the Elizabeth Creek copper project in South Australia.

Coda Minerals has spent $8.62 million on exploration to date at Elizabeth Creek, and accordingly, Coda and Torrens have now formed an unincorporated JV, under which each party will now contribute funding to continued exploration and feasibility work in accordance with their respective interests in the project.

Coda is the operator and majority owner of Elizabeth Creek, holding a 70 per cent interest with Torrens holding a 30 per cent interest.

“This is another significant milestone in the Agreement signed between Coda and Terrace in 2017,” Coda Minerals chief executive officer Chris Stevens said in the company’s ASX announcement.

“We have come an extremely long way since 2017, having achieved JORC 2012 Compliant Indicated Mineral Resource Estimates over the MG14 and Windabout deposits with a total Resource of 280,000 tonnes of copper equivalent now on our books.

“Our focus is now on proving up Emmie Bluff as we work to convert the previously announced JORC Compliant Exploration Target into a JORC Compliant Mineral Resource Estimate by the third quarter of this year.

“The Joint Venture Committee has now approved an exploration and feasibility budget to continue drilling and undertake the work required to deliver the Mineral Resource Estimate at Emmie Bluff as well as to test the highly prospective IOCG Target at Emmie Bluff Deeps and undertake an ambitious regional exploration programme across the Elizabeth Creek Tenure.

“We expect the drill rigs to be turning again at Elizabeth Creek before the end of this month and we are looking forward to what we expect to be a really busy and potentially transformational 6-8 months for the newly-formed Joint Venture as we take our Mineral Resource base at Elizabeth Creek to the next level and begin testing highly-prospective IOCG targets at depth.”

 

 

 

Email: info@codaminerals.com

 

Web: www.codaminerals.com

 

 

Panoramic Resources to Restart Savannah Nickel Operation

/in , /by

THE BOURSE WHISPERER: Panoramic Resources (ASX: PAN) announced it is to restart the company’s Savannah nickel operation, located in the Kimberley region of Western Australia.

Panoramic Resources said it had made the decision following a rigorous assessment process and 12 months of activities designed to reduce operating and financial risk for the operation as well as improving expected profitability.

The upshot from all this is a 12-year mine life with an average annual production target1 of 9,072 tonnes nickel, 4,683 tonnes copper and 676 tonnes cobalt in concentrate.

“It is pleasing to see that Savannah, one of the most advanced nickel sulphide development asset in Australia, is forecast to come into production as the battery thematic continues to grow worldwide,” Panoramic Resources managing director and CEO Victor Rajasooriar said in the company’s ASX announcement.

“We learnt many lessons in the lead up to the temporary suspension of operations at Savannah in April 2020, amid the onset of the COVID-19 pandemic.

“Since that time, we have recapitalised the business and undertaken a range of planning and site-based initiatives to put the operation in a much stronger position for restart.

“This process of optimisation combined with the improved outlook for Savannah’s high-quality nickel, copper and cobalt products, has given the Board confidence in approving the restart with a target of first shipment from Wyndham Port by the end of 2021.

“By engaging a contractor for both the underground mining and processing at Savannah, we are significantly reducing the human resourcing risk in a tightened labour market, which proved to be one of the key challenges encountered at Savannah during 2018 and 2019.

In support of the restart, Panoramic has entered into a new five-year nickel and copper concentrate offtake agreement for the period February 2023 to February 2028 with Trafigura Group Pte Ltd, with the deal set to commence in line with the expiry of an existing offtake agreement with Jinchuan.

Trafigura has also agreed to provide a US$45 million secured loan financing facility which, combined with revenue projections, is expected to fully cover the costs of the restart.

“The new offtake agreement and loan financing facilities with Trafigura are a critical piece of the restart,” Rajasooriar continued.

“The financing package avoids any dilutive equity raising by providing what we expect to be sufficient working capital to support a smooth ramp-up.

“The offtake agreement with Trafigura follows a competitive tender process and has terms which overall are more attractive than our current contract which is scheduled to expire in February 2023.

“Production from Savannah is now committed until February 2028, or for about half of the current 12-year mine life.”

Panoramic has a current cash balance of approximately $27 million and no debt.

 

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@panres.com

 

Web: www.panoramicresources.com

 

Rox Resources to Demerge Nickel Assets to Concentrate on Youanmi Gold

/in , /by

THE BOURSE WHISPERER: Rox Resources (ASX: RXL) informed the market of its intent to spin-out its Fisher East and Collurabbie nickel and base metal assets in Western Australia.

Rox Resources explained the demerger would enable it to focus on the development of the company’s Youanmi gold project near Mt Magnet in WA.

The nickel and base metal assets will be demerged into a new company, Cannon Resources Limited.

There is to be a fair bit of corporate activity involved with Rox proposing a 1 for 15 share consolidation prior to the Cannon transaction to simplify its share structure.

Eligible Rox shareholders will receive new Cannon Resources shares via an in-specie distribution, subject to Rox shareholder approval, at a rate of one ordinary share in Cannon Resources Limited for every 4.3 shares (approximately) held in Rox on a post-consolidation basis.

“The demerger of Rox’s nickel and base metal assets will allow a crystal-clear focus for Rox to develop Youanmi into a high-grade producing mine, while allowing Rox investors to retain exposure to the nickel and base metal assets through a pro-rata holding in Cannon,” Rox Resources managing director Alex Passmore aid in the company’s ASX announcement.

Rox holds substantial nickel assets via its Fisher East and Collurabbie projects it considers highly prospective for base metals.

However, with the company’s focus shifting to the advanced exploration and development of Youanmi, Rox has been seeking to unlock the value inherent within its nickel and base metal assets and it believes the demerger is its best course of action.

Rox’s main project is now the Youanmi gold mine that it co-owns Youanmi with Venus Metals.

The company deems Youanmi to present upside in both development and exploration potential as it currently boasts a JORC 2012-compliant Mineral Resource Estimate of 12.4 million tonnes at 2.97 grams per tonne gold for 1,190,600 ounces of gold, including a near surface portion of 10 million tonnes at 1.65g/t gold for 532,000 ounces of gold.

 

 

Email: admin@roxresources.com.au

 

Web: www.roxresources.com.au

 

 

Ardiden Takes Time Out to Remind Market of Canadian Lithium Project Potential

/in , /by

THE BOURSE WHISPERER: Ardiden Limited (ASX: ADV) reminded the market that apart from its Canadian gold projects it also has 100 per cent-owned hard-rock lithium projects.

Ardiden holds full ownership of three high-grade, low impurity lithium projects, comprising 95 square kilometres.

This lithium portfolio includes a 4.8 million tonnes at 1.25 per cent lithium (Li2O) JORC Resource and an Exploration Target of a further 4.5 to 7.2 million tonnes at 0.8-2 per cent Li2O at the Seymour Lake lithium deposit.

Metallurgical testwork by Ardiden on Seymour concentrate confirmed achievement of +99.5 per cent Standard Battery grade Lithium Carbonate product.

Ardiden indicated it is exploring strategic alternatives for its lithium projects to unlock shareholder value, including options such as retention, potential sales, spin-offs, joint ventures or business collaborations, subject to shareholder and regulatory approvals, as required.

“Ardiden is well positioned to extract benefit from re-invigorated interest in the Critical Minerals sector,” Ardiden managing director and CEO Rob Longley said in the company’s ASX announcement.

“Lithium is a key ingredient in rechargeable batteries used in electric vehicles (EV’s).

“The company’s three high-grade lithium projects are in close proximity, and well connected to the rapidly expanding US EV battery market.

“While we remain firmly committed to our gold exploration at Pickle Lake, have received significant interest in our lithium assets and are working diligently to deliver the best possible value to Ardiden shareholders.”

 

 

ROB LONGLEY RECENTLY SPOKE WITH THE RESOURCES ROADHOUSE ABOUT THE LITHIUM PROJECTS: WATCH IT NOW

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@ardiden.com.au.au

 

Web: www.ardiden.com.au