Ardiden to Sell Down Canadian Lithium Assets

THE BOURSE WHISPERER: Ardiden (ASX: ADV) informed the market of the execution of a binding Tenement Option and Acquisition Terms Sheet granting an option to Great Northern Lithium to buy 80 per cent of Ardiden’s lithium portfolio.

Total consideration for the 80 per cent stake is up to $8.7 million that, should it be exercised, completion of the acquisition will be subject to conditions, including shareholder and regulatory approvals.

Ardiden would retain a 20 per cent free-carry to completion of either a Bankable Feasibility Study (BFS) or Decision to Mine.

“Ardiden has been actively evaluating strategic options to best realise the full potential of its lithium assets,” Ardiden non-executive chairman Neil Hackett said in the company’s ASX announcement.

“The prospect of selling 80 per cent of Ardiden’s lithium portfolio to a new, lithium-focused entity provides an opportunity to accelerate exploration and development of these quality assets within the booming battery metals sector.

“These assets are strategically located near the USA border, with easy access to existing infrastructure.

“If they exercise the option, teaming with experienced lithium developers, while retaining a 20 per cent free carry, enables Ardiden to unlock value for shareholders, while retaining some upside exposure to the battery metals market.”

Great Northern Lithium is a newly formed Australian company led by an experienced team with significant global lithium exploration, mining, production, and offtake expertise that is focussed on exploring and developing hard rock lithium deposits in North America.

The deal will enable Ardiden to focus on gold exploration at its Pickle Lake gold project in north-west Ontario, Canada.

“Monetising 80 per cent of our lithium portfolio provides exploration capital to Ardiden, which will be deployed at its highly prospective package of gold prospects at the Pickle Lake gold project,” Ardiden managing director and CEO Rob Longley said.

“GNL will benefit from our in-country experience and existing relationships with First Nation Communities as well as bringing their own expertise in management, marketing, evaluation and development of these strategically-located spodumene-hosted lithium deposits in a booming North American region for critical metal project development.”









Black Cat Syndicate Raises $20M

THE BOURSE WHISPERER: Black Cat Syndicate (ASX: BC8) greeted Day Two of the 2021 RIU Sydney Resources Roundup by announcing it has received firm commitments from sophisticated and professional investors in respect of a $20 million placement.

Black Cat Syndicate raised the funds at 67 cents per share and indicated these will be applied to extension and exploration drilling, mill equipment purchases, feasibility studies and other working capital for the company’s Kal East gold project in Western Australia.

The company explained the placement is an integral part of its low-capex, rapid start-up strategy for the Kal East project.

In March 2021, Black Cat acquired a 1.5 million tonnes per annum milling facility, including two ball mills and equipment required to run the facility, spending an extra $1.24 million.

“We are delighted with the support for the Placement and welcome a number of highly credentialed Australian and offshore institutional investors to the register,” Black Cat Syndicate managing director Gareth Solly said in the company’s ASX announcement.

“On behalf of the Board I would also like to thank our existing shareholders for their ongoing support.

“The Placement will allow the company to progress its start-up strategy, targeting first production in the second half of 2022.

“In the June 2021 quarter, we will commence the removal and relocation of our 1.5 million tonnes per annum facility.

“In May 2021, we are anticipating announcing Resource upgrades from the Fingals Mining Centre.

“Furthermore, we look forward to updating investors with results from our extensive drilling programs and ongoing Resource extensions and upgrades.”









Eagle Mountain Mining Moves to 100% Ownership of Oracle Ridge

THE BOURSE WHISPERER: Eagle Mountain Mining (ASX: EM2) will have plenty to discuss at next week’s RIU Sydney Resources roundup after announcing it is to assume 100 per cent ownership of the Oracle Ridge copper project in Arizona, USA.

Eagle Mountain is to acquire Vincere’s 20 per cent interest in the high-grade Oracle Ridge copper project in exchange for the issue of 10 million shares in Eagle Mountain representing a 5.2 per cent shareholding in Eagle Mountain.

Eagle Mountain’s attributable copper resources will increase by 81 million pounds of copper at an effective acquisition price of US$0.10/lb copper in JORC Resources.

The project has existing JORC resources of 12.2 million tonnes at 1.51 per cent copper, 16.3 grams per tonne silver, 0.19g/t gold for 184,000 tonnes of contained copper at a 1 per cent copper cutoff grade.

“We believe this is a highly value accretive transaction for our shareholders at a time when copper prices are surging due to strong global demand and supply limitations,” Eagle Mountain Mining CEO Tim Mason said in the company’s ASX announcement.

“The acquisition of Vincere’s 20 per cent interest in Oracle Ridge increases the company’s JORC Resources by 81 million pounds of contained copper, but more significantly provides full exposure to the exploration potential at the project.

“This potential includes multiple high-grade drilling intercepts outside the JORC resources along with large scale prospective areas underneath the Leatherwood granitic intrusive at OREX.

“The acquisition also enables a much simpler structure to progress Oracle Ridge through all phases leading to production.

“Following completion, Vincere will become a shareholder in Eagle Mountain and will still benefit from exposure to Oracle Ridge along with other growth opportunities in the company.

“I truly thank Vincere for their contribution to Oracle Ridge and we warmly welcome them as shareholders in Eagle Mountain.”









Magnetic Resources Raises funds to Continue Drilling at Laverton Projects

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.”








Ausgold Raises $11.25M to Advance Katanning Gold Project

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.”








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

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.”








Great Boulder Resources Follows Rumble into Earaheedy Basin

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.”







Platina Resources to Expand WA Golden Footprint

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.







New World Resources to Demerge US Cobalt Assets

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.








Coda Minerals Commences Elizabeth Creek JV with Torrens Mining

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.”