Golden Rim reaps high-grade results at Sepola

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THE BOURSE WHISPERER: Golden Rim Resources has gathered high-grade gold results from two new artisanal mining sites that have been identified within the company’s Sepola project in western Mali.

Golden Rim collected a total of 40 rock samples from the artisanal sites, which returned values greater than 0.5 grams per tonne gold.
 
One of these sites is at the Mogoyafara South prospect where Golden Rim has previously defined an Inferred Resource of 3,463,000 tonnes at 1.48g/t gold for a total of 165,000 ounces of gold, which remains open along strike and at depth.

The new artisanal mining activity at Mogoyafara South commenced in late March 2012 and is located in the eastern portion of the prospect area, in the vicinity of trench T17, from which the artisanal miners are exploiting gold-bearing, limonitic quartz veins originally exposed in the trenching.

 

Location of the new artisanal mining site and new rock chip sample
results at the Mogoyafara South prospect. Source: Company announcement

 

The new grab rock chip samples from this veining in the vicinity of T17 returned gold values including:

– 57.0 g/t gold;

– 56.0 g/t gold;

– 55.6 g/t gold; and

– 45.0 g/t gold.

The samples were collected from outside the current resource area where the company expects further drilling will extend the resource and potentially link the two resource areas in the Eastern Zone at Mogoyafara South.

The second new artisanal mining area is located almost 3km from the Mogoyafara South prospect and has been called the Bahe workings.

Rock chip samples of limonitic quartz with malachite (copper oxide) staining returned gold grades of:

– 22.1 g/t gold;

– 11.1 g/t gold;

– 9.4 g/t gold; and

– 3.5 g/t gold.

the high grade gold rock chip results from the new artisanal sites are encouraging.

“The artisanal mining sites and coincident magnetic anomalies provide attractive drilling targets and offer potential for Golden Rim to outline further higher grade gold mineralisation to add to its existing resource base at Sepola,” Golden Rim managing director Craig Mackay said in the company’s announcement to the Australian Securities Exchange.

ZYL increases South Africa landholding

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THE BOURSE WHISPERER: Perth-based emerging anthracite producer ZYL Limited has executed a binding Heads of Agreement for the acquisition of 100 per cent of York Energy.

The acquisition will entail a total consideration of $12 million worth of ZYL shares, less outstanding liabilities, the shares will be issued at approximately 18 cents per share.
 

Once completed, the acquisition will increase ZYL’s economic interest both in the Mbila and Kangwane project areas in South Africa.

 

Source: Company announcement

 

The company said the transaction will also allow it the opportunity to target both the domestic and export anthracite markets via multiple port and transport alternatives.

“The agreement with York is very exciting for the company as the York projects are well understood by ZYL and provide significant strategic synergies with our existing operations,” ZYL chief executive officer Ian Benning said in the company’s announcement to the Australian Securities Exchange.

“The Transaction consolidates ZYL’s position within both the South African and international anthracite markets.

“ZYL will have a well-balanced pool of assets at various stages along the exploration and development value curve, allowing for the scheduling of development based on market demands.”

ZYL said it is now in a position to produce a diverse range of coal products, catering for a greater number of consumers and increasing flexibility in terms of both mine gate sales and export options.
 
The company said it had received much interest for its product from both the Mbila and Kangwane projects, which warranted pursuing increased anthracite holdings within South Africa.

ZYL considers the acquisition of York provides that opportunity.

ZYL has already received non-binding Expressions of Interest (EOIs) from customers for over four million tonnes per annum, which exceeds the forecast full saleable production from both its Mbila and Kangwane projects.

“The Transaction will provide a solid combination of both greenfields and brownfields assets with significant upside potential,” Benning said.

Blackthorn updates Resource estimate at Perkoa JV

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THE BOURSE WHISPERER: Blackthorn Resources has updated the Mineral Resources estimate at the Perkoa Joint Venture project.

The Perkoa project is a joint venture with Glencore International (50.1 per cent), Blackthorn Resources (39.9 per cent) and the Burkina Faso Government (10 per cent free carried).

The project is located 120 kilometres west from the country’s capital Ouagadougou within the north-easterly trending Proterozoic, Boromo Greenstone Belt.

The Perkoa Mineral Resources now stand at:

–    Measured Mineral Resource of 1.49 million tonnes at 13.1 per cent zinc and 38.4 grams per tonne silver;

–    Indicated Mineral Resource of 5.66Mt at 10.5 per cent zinc and 57.9g/t silver; and

–    Inferred Mineral Resource of 5.01Mt at 9.1 per cent zinc and 54.1g/t silver; for

–    TOTAL MINERAL RESOURCES of 12.17Mt at 10.3 per cent zinc and 53.9g/t silver.

(All Mineral Resources are reported above a cut-off grade of US$80 per tonne.)

Blackthorn said the changes to the Mineral Resources estimate have come about from the inclusion of additional samples from extensional and infill drilling; re-modelling to create silver and lead domains that lie outside the zinc domain; and applying a cut-off value of US$80 per tonne rather than a cut-off grade of five per cent zinc to ensure the area of silver and lead that are independent of the zinc are assessed.

This equates to a zinc equivalent cut-off of approximately 4.5 per cent assuming the following parameters.

 

Cut-off value parameters. Source Company announcement

“Blackthorn Resources is very pleased to have received the updated Mineral Resources estimate for the Perkoa JV project and we now look forward to receiving the updated financial model supporting the Enhanced Business Case proposal,” Blackthorn Resources managing director Scott Lowe said in the company’s announcement to the Australian Securities Exchange.

“The Mineral Resources upgrade and proposed expansion represents a potential major development in Perkoa’s history and a final decision to proceed would represent increased value for shareholders.

“The company is eager to receive the remaining information from Glencore as soon as possible to confirm the business case.

“The company notes the slight delay in dry-commissioning schedule. However, we are confident Glencore is working to complete the construction phase as quickly as possible.”

BC Iron and Nullagine JV hit 5Mtpa production rate

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THE BOURSE WHISPERER: BC Iron has announced that the Nullagine Iron Ore Joint Venture (NJV) has achieved its sustained target production rate of 5 million tonnes per annum (Mtpa) of iron ore produced and exported.

The NJV, located in the Pilbara region of Western Australia, is a 50:50 unincorporated joint venture project between BC Iron and Andrew Forrest’s Fortescue Metals Group.

Hitting the 5Mtpa mark is the third of four operating milestones the company told the market it hoped to achieve earlier this year.

The milestones now in the ticked off category are:

–    3Mtpa production rate by 31 December 2011, which was accomplished in November 2011;

–    1 million tonnes (Mt) of iron ore exported by 31 December 2011, which the company surpassed by 10 per cent; and

–    5Mtpa production rate by 30 June 2012, just done.

BC Iron said it remains on track to achieve its fourth proclaimed milestone of total NJV exports of 3.5Mt by 30 June 2012.

The company identified the key elements to the successful ramp-up to full production were the arrival and commissioning of the eighth PowerTrans pit hauler (360t payload) and the successful completion of the first stage upgrade to the crushing and screening plant during April.

NJV has a second stage upgrade planned for the crushing and screening plant during July which will increase its capacity to approximately 5.8Mtpa creating further upside or ‘sprint’ capacity for the operation.

“I am hugely proud to report that we have hit our 5Mtpa production target before 30 June 2012,” BC Iron managing director Mike Young said in the company’s announcement to the Australian Securities Exchange.

“This achievement more than confirms our strong relationship with Fortescue.

“It is a fantastic accomplishment for the NJV as the 5Mtpa rate has been one of our key production targets over the past couple of years.

“We set our company four shipping and production benchmarks to reach before the end of FY2012.

“We have realised three of these targets and are firmly on track to meet guidance of 3.5Mt shipped for FY2012.”

Hemisphere picks up new Tanzanian tenement

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THE BOURSE WHISPERER: Hemisphere Resources has acquired a 1,128 square kilometre contiguous exploration tenement in the Kagera region of North-Western Tanzania, East Africa.

The Katomatoma tenement area is located in North-Western Tanzania, approximately 20 kilometres west of Lake Victoria and extends westwards to within 30km East of the Rwandan border.

 

Location of the Katomatoma tenement area in North-Western Tanzania. Source: Company announcement

The company claimed that according to geological data and mineral occurrence observations made by the Tanzanian Geological Survey, as well as exploration by other companies in the area; the Katomatoma tenement area is considered to be prospective for copper, nickel, and cobalt.

The Katomatoma acquisition follows business development work conducted Hemisphere in both Australia and Tanzania.

“In recent months we have reassessed Hemisphere’s existing project portfolio, and considered a number of acquisition opportunities in both Australia and East Africa,” Hemisphere Resources managing director Jason Greive said in the company’s announcement to the Australian Securities Exchange.

“Following this review process we believe the Katomatoma tenement and Tanzania in general, presents an ideal entry point into East Africa and opportunity to exploit senior management’s extensive East African experience and networks.”
 
The company is now in the process of acquiring further geophysical data from the Tanzanian Geological Survey on Katomatoma and plans to commence comprehensive desktop studies to identify the key base metal target areas on the tenement prior to its first renewal in July 2012.

Hemisphere said it will continue to explore value accretion opportunities from its existing portfolio of iron projects in the Pilbara region of Western Australia, particularly in light of recent, positive conversations in the public domain in relation to open-access rail infrastructure in the region.

Volta raises $2.3 million to progress Burkina Faso projects

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THE BOURSE WHISPERER: Emerging West Africa focused resources company Volta Mining has received firm commitments to raise $2.3 million (before costs) through a private placement of 9.2 million shares at 25 cents each together with one (1) free attaching option for every two (2) shares subscribed for and issued, exercisable at 20 cents on or before 30 June 2014.

The company currently has interests in the acquisition, exploration and development of iron ore and gold assets in West Africa.

The placement will be undertaken in two separate tranches as follows:

TRANCHE 1: 2.370 million shares (Tranche 1 shares) and 1.185 million options (Tranche 1 options) to raise $592,500 (together the Tranche 1 placement); and

TRANCHE 2: 6.83 million shares (Tranche 2 shares) and 3.42 million options (Tranche 2 options) to raise $1.7 million (together the Tranche 2 placement).

The Tranche 1 shares will be issued without prior shareholder approval out of the company’s 15 per cent annual placement capacity.

The Tranche 2 shares and Tranche 2 options, the subject of the Tranche 2 placement, as well as the Tranche 1 options, will be issued subject to shareholder approval at an Extraordinary General Meeting to be held in late June 2012.

Volta said the funds raised will primarily be used to commence an RC drilling program at the company’s Koro and Ibi Palga gold projects in Burkina Faso where initial auger drilling results have proved promising.

“We are pleased with the support received from sophisticated investors for this fund raising and are eager to further our exploration of the Koro and Ibi Palga gold projects in Burkina Faso with the aim of creating additional value for our shareholders,” Volta Mining managing director David Sumich said in the company’s announcement to the Australian Securities Exchange.

Centaurus picks up new iron project in tenement swap

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THE BOURSE WHISPERER: Centaurus Metals has acquired a new iron ore exploration project in the State of Paraiba, north-eastern Brazil, by way of a tenement swap agreement.

In consideration for acquiring the Curral Velho iron ore project, Centaurus will transfer its interests in its non-core Caçapava copper/gold project in southern Brazil to a group company of the project vendor.

Centaurus said the acquisition will enable it to realise value from its non-core copper/gold tenement package while further strengthening its Brazilian iron ore portfolio.

The Curral Velho iron ore project comprises six tenements covering an area of 83 square kilometres.

 

Curral Velho project location map. Source: Company announcement

 

The project is located approximately 350km from the major Brazilian export port of Suape in the neighbouring State of Pernambuco and only 60km from the new Transnordestina rail system, which is currently under construction and due for completion in late 2014, connecting to the Suape port complex.

“The Curral Velho Project ticks all the boxes in terms of our criteria for new projects in Brazil, offering strong prospectivity and the opportunity to delineate a sizeable resource combined with an attractive location near to open access rail and port infrastructure,” Centaurus Metals managing director Darren Gordon said in the company’s announcement to the Australian Securities Exchange.

“We are looking forward to commencing exploration activities at Curral Velho in due course.”

Iron mineralisation at Curral Velho has initially been observed over a strike length of some six kilometres, of a total prospective strike length of some 20km, with rock chip sampling by the project vendor, showing average grades of itabirite iron mineralisation at surface between 30 per cent and 40 per cent iron.

Detailed field mapping, regional aeromagnetics and ground magnetic work still needs to be undertaken.

Based on previous rock chip sampling work and recent initial field mapping it has carried out, Centaurus has established an Exploration Target for the Curral Velho project of 30 to 40 million tonnes grading 30 to 40 per cent iron.

Potash West raises $1.5 million

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THE BOURSE WHISPERER: Potash West has collected a boost to the company coffers after receiving firm commitments of $1.5 million (before costs) for a private placement of just under 6.7 million shares at 22.5 cents per share.

The company said the placement was managed by Stellar Securities and was strongly supported by a mixture of its clientele of sophisticated investors.

Potash West indicated the funds raised by the placement will used to:

–    Put in place patents and other protections for the processes developed as part of Potash West’s studies into process development of the Dandaragan Trough glauconite project in Western Australia:

–    Further the potential exploration and development of pending acquisitions; and

–    Further the working capital of the company.

“To conclude this raising so successfully in what is a very tough market is an endorsement of the strength of the Dandaragan Trough glauconite project and Potash West’s management, board and strategy,” Potash West managing director Patrick McManus said in the company’s announcement to the Australian Securities Exchange.

“While the focus of the company will remain strongly on driving the Dandaragan project to feasibility and production, the additional funds will be used to protect the valuable IP (intellectual property) we have created as part of the process development work and to evaluate projects that may benefit from the technology.”

Potash West is working up its world scale sized glauconite deposits present in the Dandaragan Trough, which commences less than 60 kilometresm to the north of Perth.

The company is evaluating and comparing a range of different process routes for potash extraction from Glauconite.

Potash West said that as part of this, significant new and innovative intellectual property (IP) the company has created, it is currently carrying out and investigations as to how to use this IP for maximum benefit for its shareholders.

Rubianna identifies Killara anomalies

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THE BOURSE WHISPERER: Rubianna Resources has defined six coincident copper gold target areas, with hints of lead and zinc by soil sampling at the Killara project, situated within the company’s 100 per cent-owned Murchison tenements, in the Peak Hill mining district of Western Australia,

The company said the targets are indicative of volcanogentic massive sulfide (VMS) style mineralisation.

Four of the target areas range in length from 0.5 to 2.5 kilometres and are distributed along the same magnetically anomalous horizon between the Killara and Johnson Cairn Formations.

 

Killara project location map. Source: Company announcement

 

Rubianna said the coincident anomalous soil assays it had received of copper (up to 260 parts per million), gold (up to 23ppb), zinc (up to 309ppm) and lead (up to 249ppm) provide the indicative response expected of VMS style mineralisation.

The other two target areas range in length from 1.5 to 2km and are distributed along a sub parallel magnetic horizon within the Killara Formation. The company said these are truncated or cross-cut by NW-SE trending faults.

Coincident anomalous soil assays of copper (up to 270ppm), gold (up to 185ppb), zinc (up to 150ppm) and lead (up to 30ppm) have been recorded on these areas.

Rubianna said it also identified other areas with enhanced geochemical responses it has earmarked for further work.

“The coincident copper-gold ± zinc ± lead soil anomalies coincide well with stratigraphic horizons and airborne magnetic data,” Rubianna Resources managing director Dr Steve Batty said in the company’s announcement to the Australian Securities Exchange.

“We will now focus our exploration effort on checking for false anomalies and prioritising drill targets.”

The company’s next work program will involve geological mapping and rock chip sampling, which it anticipates will be followed by ground electromagnetic surveys ahead of drill testing.

This work program will be used to prioritise drill targets as company considers the manganese and iron soil response in parts of the area may have enhanced the base metal elements and biased the targeting process.

Geological mapping and rock chip sampling is scheduled to be complete, with assays, by mid-quarter 3, 2012.

Meanwhile, work permits and heritage surveys will be completed so that drilling can commence on the priority targets by late Q3, 2012.

Peel to acquire Oz Minerals tenements

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THE BOURSE WHISPERER: Perth-based explorer Peel Mining has reached an agreement with OZ Minerals subsidiary, OZ Exploration to purchase a strategic exploration license in close proximity to Peel’s Mallee Bull copper-polymetallic discovery.

Peel has also pegged several large tenement areas due to expire in the next fortnight currently held by OZ Minerals.

Peel said the OZ Minerals tenement combined with the new Exploration Licence Areas represent highly-prospective additions to the company’s existing tenement holdings.

The addition of the new areas effectively trebles Peel’s land position following the pegging of ELA4493 the company announced  in April 2012.

 

Map showing new tenements. Source: Company announcement

The company has conducted a review of exploration data, which it said has identified several targets of immediate interest to the southwest of its 100 per cent-owned Mallee Bull deposit.

These targets will be prioritised for drill testing when timing suits.

Commenting on the agreement,

“The acquisition of EL7519, along with additional regional tenure, is an exciting development for Peel,” Peel Mining managing director Rob Tyson said in the company’s announcement to the Australian Securities Exchange.

“EL7519 contains several strong magnetic anomalies which lie on the same structural trend as the Mallee Bull prospect.

“Peel looks forward to testing these anomalies in due course. ”

– Under the terms of the agreement between Peel and OZ Minerals:

– Peel will acquire a 100 per cent interest in Exploration Licence EL7519;

– OZ Minerals is not to renew other tenements in close proximity to the EL in question.

– Peel will issue OZ Minerals 2.5 million shares at 10 cents per share ($250,000); and

– These consideration shares will be voluntarily escrowed for 12 months.