Cyprium Metals to Acquire Metals X WA Copper Assets

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THE BOURSE WHISPERER: Cyprium Metals (ASX: CYM) announced it is to acquire Metals X’s portfolio of Western Australian copper assets.

Cyprium Metals has entered into a Share Sale Agreement with Metals X to acquire the latter’s 100 per cent-owned entity Paterson Copper Pty Ltd, the owner of the Nifty copper mine, Maroochydore copper project and the Paterson Exploration Project, which includes a farm-in agreement with IGO Limited.

“This is a truly transformational transaction for Cyprium which provides us with an outstanding portfolio of copper projects,” Cyprium Metals executive director Barry Cahill said in the company’s ASX announcement.

“We have regularly ranked Nifty at the top of our Australia copper project acquisition target list and are delighted to have secured this as part of our quality suite of copper development projects.

“Nifty and Maroochydore are a perfect fit for the skill set of our management team, who have a track record of creating value and producing copper, as most recently demonstrated with Finders Resources at the Wetar copper project.

“With favourable market fundamentals for copper, the acquisition of this portfolio represents an outstanding opportunity to generate significant value by securing more than 1.1 million tonnes of contained copper at Nifty and Maroochydore, including significant infrastructure, as well as the extensive Paterson Exploration JV with IGO in the highly prospective Paterson Province.

“We are excited about the opportunity to execute our simplified development plan which consists of an open pit mining operation, feeding a heap leach and SX-EW processing flowsheet.

“Cash flows generated are intended to be utilised towards the development of the Maroochydore and Cyprium’s existing Murchison copper-gold projects.”

Cyprium has agreed to pay Metals X a total $60 million upon completion of the transaction, comprising an upfront cash payment of $24 million inclusive of the a$1 million deposit already paid, and convertible notes with a face value totalling $36 million.

Cyprium has received binding commitments to fund the transaction through a $90 million placement to professional and sophisticated investors.

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@cypriummetals.com

 

Web: www.cypriummetals.com

 

Miramar Resources Adds Whaleshark EL to WA Portfolio

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THE BOURSE WHISPER: Miramar Resources (ASX: M2R) has been granted Exploration Licence E08/3166, located 40 kilometres east of Onslow in Western Australia.

The EL contains the Whaleshark gold project that is characterised by a large folded Banded Iron Formation (BIF) complex intruded by granite and buried under approximately 100m of sediments of the northern Carnarvon Basin.

Previous exploration of the project area has been limited with a number of companies having undertaken previous exploration, providing Miramar with the belief the project may possess unrealised potential for the discovery of BIF-hosted gold and/or IOCG mineralisation.

Miramar has identified a number of key targets including a ‘pressure shadow’ to the southwest of the granite intrusion.

The company plans to conduct grid surface geochemical sampling using partial and/or selective leach analysis and, given the apparent relationship between the gold mineralisation and sulphides, examine possible options for further ground EM surveys.

Miramar will also look at the potential to conduct further gravity surveys to assist in the identification of potential IOCG targets.

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@miramarresources.com.au

 

Web: www.miramarresources.com.au

 

Calidus Resources Consolidates Warrawoona Land Position

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THE BOURSE WHISPERER: Calidus Resources (ASX: CAI) has entered into a Farm-in Agreement with Nimble Resources, giving it the right to earn up to 90 per cent of a highly promising tenement (E46/1035) located about 75 kilometres from the company’s 1.5 million ounce Warrawoona gold project in Western Australia.

The tenement in question is located along strike of two geochemical trends identified on tenements immediately to the west.

“The farm-in agreement with Nimble provides Calidus with another low-cost opportunity to consolidate the company’s land position in a highly prospective region,” Calidus Resources managing director Dave Reeves said in the company’s ASX announcement.

“The Nimble ground provides Calidus with the potential to add greenfields projects to the Blue Spec satellite mining operation that will provide ore to the central Warrawoona processing facility.

“Many soil and rock-chip anomalies on the tenement have not been previously followed up with drilling.

“Fieldwork will start in earnest this calendar year.”

Under the terms of Farm-in, Calidus can at its election:

Stage 1: Earn a 25% interest with an initial minimum exploration expenditure of $75,000 within 1 year from the commencement date.

Stages 2-4: Earn a 50% interest (Stage 2 Earn In) with a further $125,000 of exploration expenditure within 2 years of the commencement date.

Stage 3: Earn a 75% interest (Stage 3 Earn In) with an additional $300,000 of exploration expenditure within 4 years of the commencement date.

Stage 4: Earn a 90% interest (Stage 4 Earn In) with a further $300,000 of exploration expenditure within 6 years of the commencement date.

Nimble will retain Alluvial Rights on the tenement.

Standard CPs apply including the extension of the term of the tenement until 2025.

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@calidus.com.au

Web: www.calidus.com.au

 

Apollo Consolidated Acquires Further Rebecca Tenure

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THE BOURSE WHISPERER: Apollo Consolidated (ASX: AOP) has added ground to the company’s 100 per cent-owned one-million-ounce Lake Rebecca gold project east of Kalgoorlie in Western Australia.

Apollo Consolidated made the strategic purchase of an additional 1.35 square kilometres of unencumbered tenure around the 775,000 ounce Rebecca deposit to allow full operational and planning flexibility as the Company moves toward commercial studies.

The purchase brings an additional 400m to the east and 400m to the north of the Rebecca gold deposit, allowing more space for future pit design, pit infrastructure and hydrology.

The additional area will also be evaluated as part of ongoing exploration targeting and possible optimised pit extensions.

The area in question was previously part of the larger Bulletin Resources/Matsa Resources Lake Rebecca project.

The deal also involves a first right of refusal over adjoining granted exploration licences owned by Bulletin Resources and Matsa Resources.

Apollo is currently compiling all outstanding 2020 drilling results to feed into a re-estimation of Mineral Resources.

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@apolloconsolidated.com.au

 

Web: www.apolloconsolidated.com.au

 

Matsa Resources Declares New Business Strategy

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THE BOURSE WHISPERER: Matsa Resources (ASX: MAT) woke up this morning with a brand-new lease on life and vision for the company’s Lake Carey gold project in Western Australia.

Matsa Resources has decided to grab the bull by the proverbials and delivered an outline for a new business strategy and strategic pathway centred on resource growth through a targeted exploration drive to support a proposed 100 per cent Matsa owned, 600,000 tonnes per annum treatment plant.

The Matsa Board believes that the strategy of becoming a mid-tier gold producer through exploration and construction of its own gold-ore treatment plant will create greater shareholder value and appeal.

As a result, the Board has announced its commitment to making the necessary changes to achieve this strategy.

“Since 2018, Matsa has demonstrated it has the capacity to successfully operate both open cut and underground mines,” Matsa Resources executive chairman Paul Poli said in the company’s ASX announcement.

“With that in mind, our recently completed CPC study into a 600,000 tonnes per annum facility presents a compelling case for Matsa to preserve resource tonnes for a Matsa owned treatment plant and commence an aggressive exploration program in order to substantially increase the company’s resources.

“We already have 515,000 ounces of gold resources and we fully intend to grow these through our planned exploration activities.

“We will be working through our plans at Red October in light of our recent highly successful drilling programs, and a Matsa owned treatment plant will enable us to work towards getting Fortitude and Devon into production with far more attractive project economics than were previously achievable.

“Our recent drilling at Red October, Devon, Olympic and Fortitude North, tells me that we have a great opportunity to significantly expand the company’s resources and reserves through a concentrated exploration effort.

“I am regularly reminded that our tenements in the Lake Carey area represents as some of the most attractive exploration space in the goldfields.

“We already have multiple walk up targets that are ready for drilling.

“At Red October, our geologists recently identified two new structural targets parallel to the ROSZ and Marlin lodes, each of which have the capacity to substantially alter the outlook for the mine.

“As a result of our confidence in exploration success at Red October we will need to wind down the ore production and change our focus to drilling and identifying those impressive targets and grow the reserves into a long term mine plan.

“Over the coming months our team expects to provide new targets from the seismic and SAM geophysics datasets and we will also add those to our drilling programs.

“At Devon, Olympic, Hill East and Fortitude North we are busy updating models and we’ve got some very strong gold anomalism in excess of seven kilometres along the Fortitude Fault and five kilometres long on the Bindah structural trends.

“This area remains largely unexplored and simply needs drilling and that’s what we’ll do.

“During the December quarter our geologists have worked up a comprehensive exploration and development pipeline which we intend to fully exploit.

“I’m very confident we have the tenement package and more importantly, the right people to deliver on this strategy.

“When all this is done and we have successfully executed our strategy, we will be a very different company.”

 

TO READ THE COMPANY’S PREVIOUS ANNOUNCEMENT: CLICK HERE

 

Email: reception@matsa.com.au

 

Web: www.matsa.com.au

 

Blackstone Minerals Signs on for Ta Khoa Downstream Refining

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THE BOURSE WHISPERER: Blackstone Minerals (ASX: BSX) improved its chances of upscaling its downstream refining business and realising its vision to become a global supplier of downstream nickel products for the Lithium-ion battery industry.

Blackstone Minerals has signed a Non-Binding Letter of Interest (LOI) with Trafigura Pte Ltd one of the largest physical commodities trading groups in the world and one of the leading physical commodities traders involved in copper, zinc, lead, nickel and cobalt trading.

The LOI relates to a potential agreement for Trafigura to supply nickel and cobalt products to Blackstone, which will supply downstream products for the Lithium-ion battery industry from the company’s Ta Khoa nickel project in Vietnam.

“We are delighted to have laid the foundations for our relationship with Trafigura, a globally significant trading company,” Blackstone Minerals managing director Scott Williamson said in the company’s ASX announcement.

“Blackstone is taking steps to become a significant global, green nickel product supplier catering to the battery market.

“We believe Vietnam is ideally situated to manufacture green nickel products, given its competitive costs, abundant supply of renewable energy and excellent infrastructure.

“In recent years, the country has demonstrated an enviable record of attracting foreign direct investment, particularly from Asian countries.

“In addition, our strategy to upscale the downstream business is particularly pertinent, given leading battery manufacturers have indicated the potential to construct battery manufactory facilities in country.

“The economic return on capital invested downstream is underpinned by superior margins achieved by producing downstream products.

“We are confident we can deliver a robust downstream processing flow sheet, enabling value to be realised from our mining inventory at Ta Khoa, as well by purchasing and subsequently refining of a range of nickel and cobalt materials.

“The purchase of third-party nickel & cobalt materials not only adds scale to the downstream business, it also adds diversification and reduces risk across the company’s portfolio of assets in Vietnam.”

 

TO READ THE ANNOUNCEMENT IN FULL: CLICK HERE

 

Email: admin@blackstoneminerals.com.au

Web: www.blackstoneminerals.com.au

 

PolarX to Acquire Nevada Gold Project

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THE BOURSE WHISPERER: PolarX (ASX: PXX) has picked up an option to acquire a Mining Lease Agreement over the Humboldt Range gold-silver project in Nevada, USA.

The Humbolt Range project comprises 177 lode mining claims, over which the option provides PolarX a 120-day exclusive period to finalise technical and legal due diligence.

Humboldt Range sits between two large-scale active mines: the Florida Canyon gold mine, and the Rochester silver-gold mine and contains geology typical to Nevada being consistent with bonanza-style epithermal gold-silver mineralisation.

High-grade gold and silver assays from previous rock-chip sampling of outcropping veins and grab sampling from the dumps of old mine workings occur in both groups of claims, with peak values up to 3,384 grams per tonne gold, 2,837g/t silver, 22.9 per cent lead and 3.1 per cent zinc.

PolarX paid US$35,000 to secure the option, which it can exercise by paying a further US$175,000 (in stages) and issuing five million shares to the Vendor and paying the Owner a 2.5 per cent NSR upon production with US$10,000 monthly advance royalty payments from September 2022.

Humboldt Range will enable PolarX to leverage its existing management team at its Alaska Range project.

“Surface grades from rock-chip sampling and mine dumps at Humboldt Range are exceptionally high, with multiple samples exceeding 100 grams per tonne gold along with high-grade silver, lead and zinc,” PolarX managing director Frazer Tabeart said in the company’s ASX announcement.

“It’s surrounded by large producing mines which shows the geology is conducive to significant modernscale operations.

“Seasons in Nevada will allow us to work from April to December each year, enabling us to generate strong news flow virtually all year round and leverage our current team, most of whom live in relative proximity and are familiar with the region.”

 

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Web: www.polarx.com.au

 

 

Calidus Completes Farm-in to Enhance Warrawoona Production Hub Strategy

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THE BOURSE WHISPERER: Calidus Resources (ASX: CAI) completed a busy week with the announcement of a Farm-in Agreement with Gondwana Resources.

The Farm-I deal provides Calidus the right to earn up to 75 per cent of a promising exploration tenement (E46/1026) located just 75 kilometres from the company’s Warrawoona gold project in Western Australia.

The tenement is also located immediately along strike of the Blue Spec gold mine which is currently in the process of being acquired by Calidus.

“The farm-in arrangement with Gondwana provides Calidus with a low-cost consolidation opportunity in an underexplored and highly prospective mineral tenure along strike from the high-grade Gold Spec and Blue Spec deposits,” Calidus Resources managing director Dave Reeves said in the company’s ASX announcement.

“This additional ground increases our critical mass around Blue Spec where we envisage a satellite mining operation providing ore to the central Warrawoona processing facility.

“The Blue Spec shear has been mapped on the tenement, however, there has been no historic drilling.

“We intend to start exploration next year.”

Under the Farm-in, Calidus can:

Stage 1: Earn up to 51 per cent interest with an initial minimum exploration expenditure commitment of $500,000 within 3 years from the commencement date.

Stage 2: Earn up to 75 per cent interest with a further $500,000 exploration expenditure commitment within 5 years of the commencement date.

If either party dilutes their interest to below 10 per cent the interest will automatically revert to a net smelter royalty of 1.5 per cent.

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@calidus.com.au

 

Web: www.calidus.com.au

 

Azure Minerals Raises $37 to Advance Andover

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THE BOURSE WHISPERER: Azure Minerals (ASX: AZS) is in a healthy position following the receipt of commitments to raise $37 million to clients of Euroz Hartleys Securities Limited.

Azure Minerals received assurances from new and existing institutional and sophisticated investors to raise the funds via the issue of 50 million fully paid ordinary shares at an issue price of 74 cents per share.

The company has the funds earmarked to immediately plan and undertake accelerated exploration at the large VC-07 target at its Andover nickel-copper project in Western Australia.

Azure currently has one diamond drill rig operating at Andover and, with the exception of a short Christmas break, will continue drilling into 2021.

“We are very encouraged by the positive response to our fundraising and are now in the strong position of accelerating the exploration on our new projects,” Azure Minerals managing director Tony Rovira said in the company’s ASX announcement.

“These projects tick all the boxes – right location, right commodities, right partner and delivering outstanding results.

“The first five holes drilled by us at Andover are nothing less than exceptional, with all intersecting substantial widths of nickel-copper sulphide mineralisation.

“We will immediately move to secure multiple drill rigs for the drill-out of the VC-07 target and to test the other 12 strong electromagnetic (EM) anomalies on the project.

“The funding also allows us the capacity to commence exploration on the Turner River gold project, which is along strike of De Grey Mining’s Hemi and other gold discoveries.

“We are looking to expedite the grant of the exploration licences and start work as soon as possible.”

 

 

Email: admin@azureminerals.com.au

 

Web: www.azureminerals.com.au

 

Ardea Resources and Red 5 Limited Combine to Enhance Promising Gold Tenure

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THE BOURSE WHISPERER: Ardea Resources (ASX: ARL) and Red 5 Limited (ASX: RED) have struck a Joint Venture Agreement in two of the former’s prospective gold exploration projects located in close proximity to the latter’s Darlot gold mine in the Eastern Goldfields region of Western Australia.

Adrea Resources declared the JV (ARL 20% / RED 80%) was part of its strategy to prioritise exploration and development work on the company’s Kalgoorlie Nickel Project (KNP) tenure.

For its part, Red 5 declared the Farm-in JV Agreement supports its multi-strand strategy to expand the Darlot Mineral Resource base, which includes regional ‘bolt-on’ acquisitions, such as the two prospects in question, in addition to comprehensive exploration being undertaken as part of the Darlot Mining Hub Strategy.

Red 5 can earn up to an 80 per cent interest in Ardea’s Mt Zephyr and Darlot East gold projects, through its 100 per cent-owned subsidiary, Darlot Mining Company Pty Ltd, that is required to spend $1.5 million within a 2-year period to earn an initial 60 per cent interest in the tenements.

Should this be achieved, Darlot may then elect to spend an additional $800,000 to earn an additional 20 per cent interest, for a total 80 per cent earned interest in the tenements.

Ardea is free carried by Darlot up to a Decision to Mine, after which it may elect to contribute pro-rata or dilute.

Should Ardea’s diluted interest falls below 10 per cent, it will convert to a 1.5 per cent Net Smelter Royalty (NSR).

The Mt Zephyr project covers an area of 900 square kilometres and is considered by Red 5 to represent an excellent gold discovery opportunity, located within 100 kilometres trucking distance from the Darlot Mill.

Mt Zephyr hosts several areas of known mineralisation, including the Dunn’s Find prospect (gold associated with Banded Iron Formation) and the Gale prospect (gold associated with granodiorite intrusion), which Red 5 considers to demonstrate early-stage similarities to its 4.1 million ounces King of the Hills (KOTH) gold deposit.

The Darlot East project comprises two Exploration Licences in an under-explored area located eight kilometres to the east of the Darlot Mine.

“Following the recent delivery of the Final Feasibility Study for the development of a bulk mining and processing operation at King of the Hills, Red 5’s growth vision is based on the establishment of two separate production hubs at KOTH and Darlot,” Red 5 managing director Mark Williams said in the company’s ASX announcement.

“This Joint Venture Farm-in Agreement with Ardea Resources provides an exciting opportunity for the discovery of gold resources within economic haulage distance of the Darlot processing plant, which is currently operating at one million tonnes per annum throughput.

“Ardea’s grassroots exploration programs have delineated a series of highly-prospective targets, including the high-priority Gale prospect, which shows interesting early-stage analogies to our 4.1 million ounces KOTH deposit.

“Red 5 now has a combined granted tenement footprint of 1,919 square kilometres in Western Australia’s Eastern Goldfields (including 423km2 under application), giving us a commanding position in this world-class gold district and an exceptionally strong growth pipeline of exploration projects.

“We are looking forward to getting on the ground to commence drilling and exploration programs at both the Mt Zephyr and East Darlot projects.”

 

TO READ THE FULL ARDEA RESOURCES ANNOUNCEMENT: CLICK HERE

TO READ THE FULL RED 5 LIMITED ANNOUNCEMENT: CLICK HERE

 

Email: ardea@ardearesources.com.au
Email: info@red5limited.com.au

 

Web: www.ardearesources.com.au
Web: www.red5limited.com.au