Horizon Minerals Plays Tenement Swapsies with Northern Star

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THE BOURSE WHISPERER: Horizon Minerals (ASX: HRZ) announced an agreement with Northern Star Resources (ASX: NST) to swap tenements exchange in the Western Australia Goldfields for nil cash consideration.

Horizon Minerals said the transaction involves the company divesting its 100 per cent-interest in the Anthill, Blister Dam, New Mexico, White Flag and Kanowna North tenements in return for 100 per cent-interest in Northern Star’s Rosehill, Brilliant North and Gunga West projects in Coolgardie and the Golden Ridge, Balagundi, Abattoir and Mt Monger projects in Kalgoorlie.

“This is a sensible transaction between Horizon and Northern Star that place assets within each company’s areas of interest,” Horizon Minerals managing director Jon Price said in the company’s announcement to the Australian Securities Exchange.

“For Horizon, it adds contiguous tenure to the Boorara gold project area in Kalgoorlie and additional strategic assets in Coolgardie including the Rose Hill – Brilliant North tenements which give us the ability to unlock the full value of the Coolgardie gold project as we continue to progress formal binding documentation and required approvals for the potential acquisition.”

Horizon expects the tenement exchange agreement to be completed in the December Quarter 2019 and contains conditions precedent, warranties and representations and other clauses that are standard for transactions of this nature including provision of signed transfers, all mining information and any statutory consents required.

 

 

Email: info@horizonminerals.com.au

Web: www.horizonminerals.com.au

 

Aldoro Resources Adds Penny South Gold to Portfolio Potential

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THE BOURSE WHISPERER: Aldoro Resources (ASX: ARN) emerged from a self-imposed trading halt to inform the market of its impending 100 per cent acquisition of Altilium Metals Limited.

Aldoro has entered into a binding term sheet for the option to acquire Altilium Metals by paying a $50,000 option fee to secure the exclusive option to acquire 100 per cent of the issued share capital of Altilium.

If the company goes ahead with exercising this option it will then issue Altilium shareholders a total of 10.8 million fully paid ordinary shares to acquire all outstanding shares in the target company at a deemed price of 15 cents per share.

Subsequently Caedmon Marriott and Rhod Grivas will join the board of Aldoro Resources on completion of the acquisition.

“We are extremely pleased to reach agreement for the acquisition of Altilium Metals,” Aldoro Resources chairman Jeremy King said in the company’s announcement to the Australian Securities Exchange.

“The addition of their exciting exploration assets, including the Penny South gold project, greatly enhances Aldoro’s existing portfolio and builds on our long-term strategy of creating a significant Western Australian exploration and development company.

“We look forward to welcoming Caedmon Marriott and Rhod Grivas to Aldoro’s board, the experience they bring will greatly assist Aldoro going forward.”

Aldoro’s purchase of Altilium comes with a series of advanced exploration projects consisting five Exploration Licences and two Exploration Licence Applications in the Murchison Region of Western Australia.

Of particular interest is the inclusion of the Penny South gold project sitting within in the Youanmi Gold Mining District and the multicommodity Narndee Project Area.

Keeping things simple for those of us with a limited sense of direction, the Penny South gold project lies directly to the south of the Penny West gold project owned by Spectrum Metals (ASX: SPX).

Penny South contains over 2.5 kilometres of strike extension of the Penny West Shear, that hosts the historic high-grade Penny West gold mine.

Historic drilling within one of the tenements, E57/1045 encountered various anomalous intersections of gold mineralisation including: 2 metres at 33.98 grams per tonne gold, 6m at 1.27g/t gold and 5m at 1.11g/t gold.

The tenement in question is similar to the Penny West area, in that it contains limited outcrop and is overlain by one metre to 30m of sand and sedimentary cover.

The average depth of historic drilling within the Penny South gold project is less than 40m down hole.

Spectrum has reported recent exploration success at Penny North and at the southern end of the Penny West pit within deeper drill holes beneath cover.

Aldoro has flagged its intentions to utilise a similar exploration strategy to test surface anomalies at depth.

Elsewhwere within the acquisition sits the Narndee Project Area.

The Narndee Project Area holds two exploration projects that are differentiated by different styles of geology, surrounding the Narndee Igneous Complex (nickel-copper-PGM) and the Kiabye Greenstone Belt (gold).

The Narndee Igneous Complex is a large layered mafic-ultramafic complex covering approximately 700 square kilometres where historic exploration has mainly focused on PGM mineralisation using a Bushveld model, however drilling has encountered indications of nickel-copper sulphide mineralisation.

Previous explorer, Maximus Resources flew an airborne EM survey over the complex in 2008 that identified multiple EM targets, but that company only conducted limited follow up work.

Aldoro has flagged it intends to build on this historical information, including multiple geophysical datasets, expressing excitement generated by the nickel potential of the project.

The Kiabye Greenstone Belt wraps around the western side of the Narndee Complex, predominantly formed of Norie Group amphibolite-metabasalt and Yaloginda metasedimentary units, with a sheared contact against the surrounding Tuckanarra Suite granite.

The greenstone belt extends for over 30km of strike and is historically underexplored due to thin one metre to 5m cover.

Anomalous indications of gold have been identified along the length of the belt in historic work.

 

Email: contact@aldororesources.com

Web: www.aldororesources.com

 

Silver Mines Raises $10 Million

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THE BOURSE WHISPERER: Silver Mines (ASX: SVL) announced the completion of a capital raising of $10 million by issuing 100 million shares at a price of 10 cents per share.

Silver Mines said the placement resulted in increased support from international resources institutional shareholder Sprott Asset Management LP of Canada and other institutions both locally and offshore.

The funds raised will underpin the expansion of exploration activities including drilling at the company’s Bowdens silver project and Barabolar project, the imminent completion of the Environmental Impact Statement for the Bowdens project, associated land acquisitions and for corporate and general working capital purposes.

“This is a direct reflection of the substantial potential of the Silver Mines asset base and in particular the Bowdens silver project and the Barabolar project,” Silver Mines managing director Anthony McClure said in the company’s announcement to the Australian Securities exchange.

“We are in a surging silver commodity price cycle and with our expansive exploration programs as well as our submission for Development Approvals for the Bowdens silver project, we are looking forward to a particularly positive period for the company.”

 

Email: info@silvermines.com.au

Web: www.silvermines.com.au

 

Consolidated Zinc Consolidates 100% Ownership of Plomosas Mine

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THE BOURSE WHISPERER: Consolidated Zinc (ASX: CZL) announced it has entered into a Binding Term Sheet with Retec Guaru S.A. de C.V.

Under the terms of the agreement, Consolidated Zinc will acquire the remaining 10 per cent interest, currently held by Retec, in the company’s 90 per cent-owned subsidiary Minera Latin American Zinc S.A.P.I de C.V. aka MLAZ.

MLAZ owns the Plomosas Mine, located 120 kilometres from Chihuahua City, Chihuahua State,
Mexico.

The price attached to the acquisition of the Retec interest in MLAZ is a one per cent Net Smelter Return Royalty from the sale of zinc and lead concentrates produced from Plomosas.

Consolidated Zinc indicated it expects cmpletion of the agreement for the acquisition by 30 September 2019.

“The acquisition of a 100 per cent interest in Plomosas completes the simplification of the ownership structure from the company’s original 51 per cent shareholding less than nine months ago, with the acquisitions of the additional 49 per cent interests acquired at attractive considerations to add shareholder value,” Consolidated Zinc managing director Brad Marwood said in the company’s announcement to the Australian Securities Exchange.

 

Email: info@conzinc.com.au

Web: www.conzinc.com.au

 

Middle Island Resources Completes Reo Sale

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THE BOURSE WHISPERER: Middle Island Resources (ASX: MDI) informed the market that Vancouver-based Tajiri Resources Corporation (TSXV: TAJ) has exercised its option to fully acquire Middle Island’s Reo gold project in Burkina Faso, West Africa.

Middle Island said the completion of the transaction resulted from Tajiri’s payment to Middle Island of the final US$150,000 Option Extension and Exercise Fee.

The company explained that the transaction collectively comprised a combination of a US$335,000 cash payment and five million fully paid TAJ ordinary shares, at the time representing around eight per cent of Tajiri’s register on a fully diluted basis.

The deal sees Middle Island shareholders retain exposure to the Reo gold project via the TAJ shares, along with a residual 2 per cent NSR production royalty that Tajiri may acquire at any time for US$5 million.

The TAJ shares also provide Middle Island shareholders exposure to Tajiri’s gold exploration projects in Guyana, South America.

“Middle Island welcomes Tajiri’s commitment to the Reo gold project and looks forward to facilitating the orderly transfer of the exploration permits and other assets in Burkina Faso, once registration of Tajiri’s local entity is finalised,” Middle Island Resources said in its ASX announcement.

 

 

Email: info@middleisland.com.au

Web: www.middleisland.com.au

 

Kin Mining Completes Cardinia PFS

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THE BOURSE WHISPERER: Kin Mining (ASX: KIN) announced the completion of a Pre-Feasibility Study for the company’s 100 per cent-owned Cardinia gold project in the North-Eastern Goldfields of Western Australia.

Kin Mining claimed the 2019 PFS had confirmed the Cardinia project as being both technically sound and capable of generating solid free cash flows with healthy leverage to the Australian dollar gold price.

The PFS was based on two open pit mining centres at Cardinia and Mertondale which supply a 1.5 million tonnes per annum conventional CIL processing plant centrally located at Cardinia.

The PFS is based on an Ore Reserve Estimate of 7.9 million tonnes at 1.1 grams per tonne gold for 283,000 ounces and a Production Estimate of 11.4 million tonnes at 1.09g/t gold for 398,000 ounces, which delivers a forecast 368,000 ounces of recovered gold.

The Cardinia gold project contains Measured, Indicated and Inferred Mineral Resources of 18.2 million tonnes at 1.44g/t gold for 841,000 ounces of contained gold

“Over the past 12 months Kin has successfully reset the Cardinia Gold Project on a strong foundation of reliable technical and financial estimates which underpin the Pre-Feasibility Study,” Kin Mining managing director Andrew Munckton said in the company’s announcement to the Australian Securities Exchange.

“The outcomes show we have a project with production potential and significant leverage to the currently strong Australian dollar gold price, however the Board has determined to prioritise opportunities to add higher margin ore feed while development studies continue at an appropriate rate.

“Exploration completed by Kin and previous explorers at the CGP has focused on historic mining centres in areas of surface outcrop.

“Around 60 per cent of the tenement area is located under shallow, transported cover and has been subject to little modern exploration.

“A program of mapping, geochemical sampling and geophysics is under development to target new discoveries in these underexplored parts of proven mining corridors.

““The potential to enhance our mineral inventory through regional consolidation opportunities will also be evaluated given Kin’s location in the active Leonora region with processing infrastructure which has been purchased and partially developed.

“Other alternative strategic options may also be considered.”

 

Email: info@kinmining.com.au

Web: www.kinmining.com.au

 

Cazaly Resources Completes Sale of Parker Range to Mineral Resources

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THE BOURSE WHISPERER: Cazaly Resources (ASX: CAZ) finalised the sale of the Parker Range iron ore project to Mineral Resources (ASX: MIN).

The sale of the project includes the tenements (M77/0741, M77/0742 and M77/0764), the mining information, contracts and authorisations for the Project.

The sale follows Cazaly Resources (ASX: CAZ) receiving a binding Heads of Agreement (HoA) proposal from Mineral Resources to purchase the Parker Range project.

Cazazly had previously agreed commercial terms for the sale of its 100 per cent-owned subsidiary, Cazaly Iron Pty Ltd, which holds the tenements that comprise the project, to Gold Valley Iron Pty Ltd.

The agreement with Gold Valley allowed for an initial three-month due diligence exclusivity period, however Cazaly reserved the right to terminate the exclusivity period should it receive another proposal or offer from a third party which is more favourable to Cazaly and its shareholders.
The Mineral Resources deal fit that description.

The unsolicited HoA proposal from Mineral Resources involves a payment of $2 million cash upon completion of the sale; and a royalty of 50 cents for every dry metric tonne of iron ore extracted and removed from the project area the first 10 million dry metric tonnes.

Cazaly declared the binding HoA proposal from Mineral Resources to be more favourable to the company and its shareholders and subsequently terminated the exclusivity period with Gold Valley.

Cazaly said it had received the cash consideration of $20 million from Minerals Resources and has terminated the Term Sheet with Gold Valley Iron Pty Ltd, which ceases to be in force or effect.

 

Email: admin@cazalyresources.com.au

Web: www.cazalyresources.com.au

 

Metalicity Acquisition to Consolidate Kookynie Gold Project

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THE BOURSE WHISPERER: Metalicity (ASX: MCT) announced the acquisition of strategic tenure within the Kookynie area of Western Australia.

Metalicity declared the acquisition as a major step forward in regards to the company’s farm in agreement with Nex Metals Exploration’s Eastern Goldfields gold projects.

The new farm in activity by Metalicity, in the Kookynie and Yundamindra areas, is included and contributory towards its commitment of $5 million to earn 51 per cent of the above mentioned farm in agreement.

“The history of the Kookynie and Yundamindra areas is one of very fractured ownership,” Metalicity managing director Jason Livingstone said in the company’s announcement to the Australian Securities Exchange.

“That has been a significant block on effective exploration and development over the past few decades.

“This step taken by Metalicity ensures that we can explore and develop this project effectively to maximise its value.”

The acquisition involves tenement P40/1331 and has been acquired from a local prospector, Simon Gary Byrne.

P40/1331 is a live prospecting tenement purchased from the vendor for $10,000 upon transfer of the tenement to KYM Mining Pty Ltd, with a further $10,000, six months from the date of transfer, and a royalty of 1% NSR on the first 50,000 ounces of production that may potentially be sourced from within this area.

Web: www.metalicity.com.au

 

Talisman Mining Enters Lucknow Gold Project Farm In

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THE BOURSE WHISPERER: Talisman Mining (ASX: TLM) has entered into a farm-in agreement (FIA) with privately-owned Lucknow Gold Limited in relation to the Lucknow gold project in New South Wales.

Talisman Mining’s wholly-owned subsidiary, Talisman B Pty Ltd, has entered into the FIA with Lucknow Gold.

Talisman will be manager of the exploration program throughout the earn-in period.

Talisman B has the right to earn up to a 70 per cent interest in the project, by spending a minimum of $1.5 million on exploration over four years and issuing $250,000 worth of Talisman shares to Lucknow Gold.

The Lucknow Goldfield is located within the Macquarie Arc in NSW, which hosts extensive gold and copper mineralisation including the Cadia-Ridgway (copper-gold) and McPhillamys (gold) deposits, as well as the Browns Creek (copper-gold), Forrest Reefs (gold) and Junction Reefs (gold) deposits.

Talisman Mining said the project still ranks highly amongst global high-grade gold mines despite there being very little modern exploration completed outside of the existing mine workings.

Talisman indicated it intends to undertake a program of geochemical surface sampling and mapping at the Lucknow project ahead of a drilling program to test for potential down plunge extensions of the high-grade gold ore shoots and repeat structures throughout the project area.

“There have been numerous recent examples in Australia of exciting new gold discoveries being made by using modern exploration techniques to target depth extensions in known goldfields,” Talisman Mining managing director Dan Madden said in the company’s announcement to the Australian Securities Exchange.

“Lucknow is one of the world’s highest-grade gold mining areas with reported mined gold grades in excess of 100 grams per tonne, so the potential value of any new areas of mineralisation that can be identified is clear.

“The farm-in agreement is consistent with Talisman’s approach towards business development targeting advanced exploration or project development opportunities in gold and base metals where we believe we can generate value for Talisman shareholders.

“Lucknow is located within the same broad area as our Lachlan copper-gold project and will enhance our exploration activities in this very prospective mining region.

“We look forward to commencing on ground exploration activities at Lucknow which are expected to begin late in the current quarter.”

 

Web: www.talismanmining.com.au

 

Cazaly Resources to Sell Parker Range Project to Mineral Resources

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THE BOURSE WHISPERER: Cazaly Resources (ASX: CAZ) received a binding Heads of Agreement (HoA) proposal from Mineral Resources (ASX: MIN to purchase the company’s Parker Range iron ore project.

Cazazly had already agreed commercial terms for the sale of its 100 per cent-owned subsidiary, Cazaly Iron Pty Ltd, which holds the tenements that comprise the project, to Gold Valley Iron Pty Ltd.

The agreement with Gold Valley allowed for an initial three-month due diligence exclusivity period, however Cazaly reserved the right to terminate the exclusivity period should it receive another proposal or offer from a third party which is more favourable to Cazaly and its shareholders.

The Mineral Resources deal fit that description.

The unsolicited HoA proposal from Mineral Resources involves a payment of $2 million cash upon completion of the sale; and a royalty of 50 cents for every dry metric tonne of iron ore extracted and removed from the project area the first 10 million dry metric tonnes.

“Cazaly has received a binding Heads of Agreement (HoA) proposal from Mineral Resources which the Board considers to be more favourable to Cazaly and its shareholders and therefore has terminated the exclusivity period with Gold Valley,” Cazaly Resources said in its ASX announcement.

“Following such termination Cazaly has agreed to commercial terms with Mineral Resources for the sale of the assets comprising the project.

“The agreement with Gold Valley remains in place whilst Cazaly evaluates the proposal and its next steps for the sale of the project.

“In the event that Cazaly terminates the agreement with Gold Valley a $250,000 break fee is payable by Cazaly.”

 

 

Email: admin@cazalyresources.com.au

 

Web: www.cazalyresources.com.au