Vimy Resources DFS Refresh Improves Mulga Rock Numbers

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THE BOURSE WHISPERER: Vimy Resources (ASX: VMY) completed its revisitation of the Definitive Feasibility Study for the company’s 100 per cent-owned Mulga Rock project in Western Australia.

Vimy Resources declared the refresh demonstrates that the uranium project will generate stronger financial returns than previously forecast.

Nutshell-wise the project economics now stand at:

─ Net Present Value pre-tax US$393 million, a 14 per cent increase
─ Internal Rate of Return 31 per cent, a 23 per cent increase
─ Capital cost of US$255 million, a 20 per cent reduction
─ Payback 2.4 years, reduced by 8 months
─ Free cash flow US$61 million year, a 22 per cent increase

The refresh also improved operating costs:

─ Cash operating cost (C1) of US$23.33 uranium over the first 5 years, an 8 per cent decrease
─ C1 of US$26.02 uranium over Life of Mine, a 7 per cent decrease
─ All In Sustained Costs of US$28.09 uranium over the first 5 years and US$31.22 uranium over Life of Mine, both an 8 per cent decrease

“The DFS Refresh reinforces the global importance of the Mulga Rock project, which is the largest advanced uranium project in Australia; a first-world jurisdiction with low sovereign risk,” Vimy Resources CEO Mike Young said in the company’s announcement to the Australian Securities Exchange.

“With a completed DFS and State and Federal Government approvals, it is leader of the pack in terms of the next wave of world-wide uranium projects.

“The Refresh has been transformational for the project and moves it into the middle of the uranium producer AISC cost curve and on par with the higher cost Kazakh operations and well ahead of most other uranium juniors.

“As we move into the coming contracting cycle, the utilities will look very favourably on our location in Australia, our multi-mine pipeline, and our long, sustainable mine life at Mulga Rock.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@vimyresources.com.au

 

Web: www.vimyresources.com.au

 

Middle Island Resources Gains Northern Territory Barkly Approvals

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THE BOURSE WHISPERER: Middle Island Resources has had all 10 exploration licences (ELs), that make up the company’s 100 per cent-owned Barkly super-project in the Northern Territory, approved by the Northern Territory Government for granting.

Middle Island explained the formal grant is now only dependent on the lifting of COVID-19 travel restrictions or at the company’s earlier election, however, at this stage MDI has elected not to trigger the formal grant at this stage.

The Barkly project comprises 3,253 square kilometres that extend semi-continuously for over 350 kilometres along the axis of the East Tennant basement ridge, extending east from Tennant Creek across the Barkly Tableland to the Queensland border.

Pre-competitive government research suggests the area is highly prospective for Tier 1 iron oxide-copper-gold (IOCG) deposits.

Of note is that the Middle Island ELs in the Barkly area surround or immediately adjoin those of Newcrest Mining, while those in the Tennant Creek area adjoin Rio Tinto tenure, providing strong endorsement of the project’s technical merit.

As exciting as the Barkly project may become, for now Middle Island’s immediate focus remains firmly in Western Australia at the company’s Sandstone gold project development.

“We are extremely pleased to confirm that all 10 Exploration Licences comprising the Barkly copper-gold project in the NT are now available for grant, making Middle Island one of the first movers and largest tenement holders along the highly prospective East Tennant Ridge,” Middle Island Resources managing director Rick Yeates said in the company’s announcement to the Australian Securities Exchange.

“Middle Island has secured priority areas and targets in several cases, and the allocated areas also include or immediately adjoin several sites planned for much anticipated government stratigraphic basement drilling.

“The Barkly project represents a second string to Middle Island’s bow, with the immediate focus firmly on completing the feasibility study on the advanced Sandstone gold project in Western Australia, with a view to recommissioning that project early in 2021.”

 

TO READ THE ANNOUNCEMENT IN FULL: CLICK HERE

 

Email: info@middleisland.com.au

 

Web: www.middleisland.com.au

 

Meteoric Resources Divests Canadian Projects

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THE BOURSE WHISPERER: Meteoric Resources (ASX: MEI) reinforced its recent acquisition of Australian tenure by selling off the company’s Canadian based Midrim and LaForce nickel-copper projects.

Meteoric Resources has entered into a conditional tenement sale agreement to divest the projects to Rafaella Resources in exchange for approx. 13 million shares in that company.

Based on the last trading price of Rafaella before stamping the deal a shareholding of $860,000 will increase the value of Meteoric’s treasury stash to approximately $6.7 million, giving it range to explore both its new Western Australian and existing Brazilian gold projects.

“This is a fantastic result for Meteoric,” Meteoric Resources managing director Andrew Tunks said in the company’s announcement to the Australian Securities Exchange.

“With our sole focus being on our highly prospective Western Australian and Brazilian gold projects, we did not have the bandwidth to properly explore the Midrim and LaForce projects, so we are thrilled to have entered into an agreement with Rafaella which is in a better position to further these projects.

“Additionally, through the nature of the sale our shareholders will benefit from Rafaella’s future success.”

 

TO READ THE ANNOUNCEMENT IN FULL: CLICK HERE

 

Email: info@peelmining.com.au

Web: www.meteoric.com.au

 

Peel Mining to Reclaim Full Ownership of Cobar Superbasin Project

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THE BOURSE WHISPERER: Peel Mining (ASX: PEX) informed the market it received written notice from Japan Oil, Gas and Metals National Corporation (JOGMEC) of its decision to withdraw from the Cobar Superbasin project (CSP) in New South Wales.

The Cobar Superbasin project contains a number of prospects with a good deal of potential, including the Wirlong copper deposit where high-grade copper mineralisation has been defined.

JOGMEC’s withdrawal will see Peel move to 100 per cent control and consolidation of its Cobar Basin tenure which includes:

Mallee Bull copper-silver-gold-zinc-lead deposit;
May Day gold-silver-zinc-lead-copper deposit;
Wagga Tank and Southern Nights zinc-lead-silver-gold-copper deposits; and
Wirlong copper-silver deposit.

The Joint Venture between the two entities had lasted six years, during which time JOGMEC had provided substantial funding towards exploration, resulting in the discovery of the Wirlong copper deposit and the advancement of multiple other targets within the CSP.

As a result of the termination, JOGMEC’s rights and interests in Wirlong and associated CSP tenure will be transferred to Peel at no cost, resulting in Peel regaining 100 per cent-ownership.

“On behalf of Peel, I would like to thank JOGMEC for their invaluable contribution to the Cobar Superbasin project over the past six years – we have thoroughly enjoyed our collaborative relationship,” Peel Mining managing director Rob Tyson said in the company’s announcement to the Australian Securities Exchange.

“Wirlong was uncovered in 2016, through systematic exploration under the JOGMEC Joint Venture, and has since advanced into a significant copper discovery with mineralisation extending from near surface to more than 600 metres below surface.

“It is our intention, in due course, to undertake a resource drillout at Wirlong in order to establish a maiden mineral resource estimate.

“The consolidation of CSP tenure, and particularly the Wirlong copper deposit, significantly advances Peel’s business plan delivering 100 per cent control of Peel’s entire Cobar Basin tenure, whilst significantly increasing the company’s exposure to copper, and expanding the company’s asset base in its objective to achieve critical mass to support a standalone processing plant.”

 

TO READ THE ANNOUNCEMENT IN FULL: CLICK HERE

 

Email: info@peelmining.com.au

 

Web: www.peelmining.com.au

 

Rio Tinto Contrite, But Still Digging, After Juukan Gorge Destruction

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THE BOURSE WHISPERER: Rio Tinto (ASX: RIO), publicly at least, has its tail between its legs in regards to the destruction of a 46,000-year-old Aboriginal heritage site in Juukan Gorge.

The company blew up the Juukan Gorge rock shelters in the Hamersley Range in the Pilbara of Western Australia in May to expand its Brockman 4 iron ore mine.

The Puutu Kunti Kurrama and Pinikura people (PKKP) had pleaded with Rio, telling it they wanted to preserve the site and had issued an urgent request to halt the blast five days before the detonation took place.

Photo Credit: Puutu Kunti Kurrama And Pinikura Aboriginal Corporation

Rio Tinto made a submission to a Senate inquiry into the destruction of the site, saying that it, “has unreservedly apologised to the Puutu Kunti Kurrama and Pinikura people (PKKP), and we reaffirm that apology now”.

Then came the lip-service, letting the company look contrite, but not taking away from the wanton damage it caused.

“For the benefit of current and future generations of Australians,” the company continued.

“We are determined to learn the lessons to ensure that the destruction of heritage sites of exceptional archaeological and cultural significance, such as the Juukan rock shelters, never occurs again”.

It is probably fair to give credit to the company here, as it is true the destruction of the Juukan rock shelters can never happen again, because it has happened and they can never be re-constructed for them to fall under any further protection. They’ve gone. Never to return.

What has come to light from the Senate inquiry is that Rio had another three options on the table to expand its iron ore mine that would not have damaged the caves.

Instead, it chose option four, which allowed it to, “access higher volumes of high-grade ore”, which would ensure it maintained the happiness of its shareholders who all received a healthy dividend of approximately $2.16 this year.

Rio informed the inquiry that it had engaged an independent expert to see if it could unload explosives from the relative holes before the blast.

It was found there was, “insufficient time to do so safely”.

On how much time compared to 46,000 years it did not expand.

As we were going to press a response was in the offing from Fortescue Metals (ASX: FMG) to a submission by the Wintawari Guruma Aboriginal Corporation (WGAC) regarding two rock shelters, estimated at 60,000 years old, that are under threat from FMG expansion.

 

 

 

Ausgold Fills Coffers for Katanning Drill Push

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THE BOURSE WHISPERER: Ausgold Limited (ASX: AUC) is well and truly cashed-up for drilling planned at the company’s 100 per cent- owned Katanning gold project in Western Australia.

Ausgold announced it had binding commitments from institutional and sophisticated investors for a share placement to raise just over $6.3 million to underpin an extensive exploration and Resource expansion drill program at it’s the Katanning gold project.

The raising included a $3 million cornerstone investment from Canadian resources investor, Dundee Goodman Merchant Partners.

The company indicated the proceeds will be used to accelerate Resource drilling within the Central Zone at the Katanning project, which currently boasts a JORC Resource of 1.2 million ounces of gold.

“We are pleased to welcome our new investors, including Dundee Goodman Merchant Partners (DGMP), as significant shareholders in Ausgold,” Ausgold managing director Matthew Greentree said in the company’s announcement to the Australian Securities Exchange.

“Following the completion of a thorough due-diligence process, DGMP share our view of the significant potential of the Katanning gold project (KGP).

“The funds raised in this placement will be used to accelerate drill programs at the KGP, which are expected to add further high-grade Resource ounces and to advance high priority targets within the Company’s significant tenement position.

“The Mineral Resource at the KGP is currently 1.2 million ounces with clear extensions to mineralisation as demonstrated by the recent round of high-grade drill results which should add to the current gold Resource at Katanning and further improve the project economics.

“Further drilling is planned to target high-grade mineralisation down dip and north along strike where it remains open.

“With this new funding Ausgold will be expanding its current drill programs and we look forward to updating the market with further exploration success.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@ausgoldlimited.com

 

Web: www.ausgoldlimited.com

 

Venture Minerals and Chalice Gold Mines Sign South West Project Agreement

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THE BOURSE WHISPERER: Venture Minerals (ASX: VMS) inked a Binding Terms Sheet with Chalice Gold Mines (ASX: CHN) with the aim of unlicking the potential of Venture’s South West project in Western Australia.

Chalice Gold Mines made news recently by claiming discovery of the Julimar nickel-copper-PGE discovery in a new province near Perth.

The company has committed to spend up to $3.7 million to earn 70 per cent in Venture’s South West project, located south of Perth.

Chalice will advance previous exploration completed by Venture to test for nickel-copper-PGE sulphides in potential ultramafic-mafic intrusive complexes sitting under cover within the South West project.

The two main prospects within the project are Thor and Odin that both contain areas of potential nickel-copper-PGE prospectivity.

Thor is a 20km long magnetic anomaly associated with chromium rich rocks indicative of maficultramafic intrusions.

Odin has previously been subjected to one drill hole drilled that encountered nickel and copper sulphides within a prospective maficultramafic unit that extends over 10 strike kilometres.

This was further supported by surface sampling returning nickel and copper geochemical anomalies.

“The company looks forward to seeing Chalice use its nickel-copper-PGE exploration expertise at the South West project, which sits in the same geological terrane to that of the Julimar discovery,” Venture Minerals managing director Andrew Radonjic said in the company’s announcement to the Australian Securities Exchange.

“This gives Venture shareholders the best opportunity of bringing forward any potential Julimar ‘look-a-like’ discovery within the project.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: admin@ventureminerals.com.au

 

Web: www.ventureminerals.com.au

 

Eagle Mountain Mining Cashed-up for Oracle Ridge Exploration

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THE BOURSE WHISPERER: Eagle Mountain Mining (ASX: EM2) has received firm commitments to raise $3 million via a share placement.

Eagle Mointain Mining will use the funds to carry out exploration drilling at the company’s high-grade Oracle Ridge copper project in Arizona, USA.

The company will put the funds towards a surface diamond drilling program at the Oracle Ridge project, and to potential acquisitions of prospective ground in the vicinity.

The initial drilling program at Oracle Ridge will target extensions to high-grade portions of the existing Mineral Resource Estimate (MRE) in three priority zones.

“The successful completion of this placement sees the company being well funded to conduct a maiden diamond drilling program at our high-grade Oracle Ridge copper project in Arizona,” Eagle Mountain Mining chief executive officer Tim Mason said in the company’s announcement to the Australian Securities Exchange.

“Priority drill targets have been defined in prospective zones for higher-grade copper mineralisation as extensions to the existing mineralisation.

“We look forward to updating the market as results arise in the coming months.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@eaglemountain.com.au

 

Web: www.eaglemountain.com.au

 

Bellevue Gold Raises $100M to Fund Resource Growth and Accelerate Project Development

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THE BOURSE WHISPERER: Bellevue Gold (ASX: BGL) announced a fully underwritten institutional placement of new fully paid ordinary shares to raise approximately $100 million.

Bellevue Gold will also undertake a non-underwritten Share Purchase Plan to raise up to $20 million.

The monies raised will complement current cash on hand, and will be used to grow resources and accelerate development of the company’s Bellevue gold project in Western Australia.

“Proceeds from the raising will help ensure we can unlock the full value of what is clearly an exceptional asset with extremely high-grades and immense scope for further inventory growth,” Bellevue Gold managing director Steve Parsons said in the company’s announcement to the Australian Securities Exchange.

“By implementing our dual exploration and development strategy, we will seek to maximise our ability to create value for shareholders through both resource growth and project development.”

 

TO READ THE ANNOUNCEMENT IN FULL: CLICK HERE

 

Email: admin@bellevuegold.com.au

 

Web: www.bellevuegold.com.au

 

Black Cat Syndicate Completes Fingals and Rowe’s Find Acquisition

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THE BOURSE WHISPERER: Black Cat Syndicate (ASX: BC8) announced completion of the acquisition of a 100 per cent interest in the Fingals and Rowe’s Find gold projects, located outside of Kalgoorlie in Western Australia.

Black Cat Syndicate has purchased the projects from Silver Lake Resources (ASX: SLR) for $50,000 in cash and the issue of approx. 8.4 million fully paid ordinary shares in Black Cat, making Silver Lake a substantial shareholder in Black Cat.

Fingals and Rowe’s Find have increased Black Cat’s total JORC Mineral Resources by 145 per cent, however because a substantial portion of these are JORC 2004-compliant, the company needs to convert them to JORC 2012-compliancy before publishing.

“We are extremely pleased to have completed this transformational acquisition and welcome Silver Lake as our largest shareholder,” Black Cat Syndicate managing director Gareth Solly said in the company’s announcement to the Australian Securities Exchange.

“With the acquisition of Fingals and Rowe’s Find completed, we will now focus on converting the JORC 2004 Resources to JORC 2012 Resources, updating the JORC 2012 Resources and identifying our immediate drilling priorities.

“We will commence releasing the results of this work later in July 2020.”

With the completion of this acquisition, Black Cat will control 281 square kilometres of prospective tenements to the east of Kalgoorlie.

The three main project areas include:

Bulong, which comprises some 140sqkm located 25 km east of Kalgoorlie, covering advanced projects undergoing mining studies along with early stage exploration opportunities;

Fingals comprises around 100sqkm located approx. 30km south east of Bulong and contains multiple Resources and extensive areas of historic mining and has seen only limited modern exploration; and

Rowe’s Find that comprises approx. 41sqkm located near 100km east of Bulong and hosts the JORC 2004 component of the Resources, as well as drill ready targets.

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: admin@blackcatsyndicate.com.au

Web: www.blackcatsyndicate.com.au