Metalicity Strikes Earn-in with Nex Metals

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THE BOURSE WHISPERER: Metalicity (ASX: MCT) has entered a farm-in agreement with Nex Metals Explorations (ASX: NME) for the Kookynie and Yundamindra projects in the Eastern Goldfields of Western Australia.

Metalicity said exploration to commence during May with drilling planned for June quarter.

Metalicity, as part of the Farm-In, is required to initially spend a minimum $500,000 within 12 months, moving to a total of $5 million spend within and up to five years to earn 51 per cent of the projects inclusive of the initial spend and time duration.

At that point, a Joint Venture is anticipated to be formed between the parties.

“This deal provides us with access to one of the Eastern Goldfields’ last remaining underexplored, significant production centres,” Metalicity CEO Mat Longworth said in the company’s announcement to the Australian Securities Exchange.

“The team at Metalicity have significant experience in this region with over 30 years of combined district experience in successful exploration including the Raleigh and Sunrise Dam mines.

“These projects provide Metalicity with the opportunity to define significant gold resources, building off historic exploration, by employing modern techniques and science.

“Exploration will commence during May, a fast start due to the experience of Metalicity’s team and the cooperative work undertaken with NEX’s on the ground team.

“Through a results-based exploration program across both projects our goal is to develop a significant resource and reserve base, from which to eventually commence a sustainable mining operation focusing on grade and margin.

“This is a very exciting development, Metalicity’s stated three-part strategy of near-term production assets, the very large Admiral Bay zinc asset through our holding in Kimberley Mining and the extensive early stage land holding the Paterson Province and Fraser Range is coming together.”

 

Website: www.metalicity.com.au

 

Mareinca Energy Granted New Namibia EPLs

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THE BOURSE WHISPERER: Marenica Energy (ASX: MEY) has followed the granting of EPL 6987 (Koppies) last month, with the Namibian Ministry of Mines and Energy granting an additional four exclusive prospecting licences (EPL 7278, 7279, 7368 and 7436).

Marenica Energy sai the new EPLs has increased its ground position in the Namib area to 308 square kilometres.

The company considers the grant of these licences as an important step in the execution of its acquisition strategy adding it could now commence planning of exploration programs on these EPLs.

The shallow nature of the drilling and the low unit cost for drilling in Namibia enables extensive low-cost exploration to be undertaken.

Three of the newly granted EPLs are in the Namib region, adjacent to or within close proximity to the Koppies EPL, which incorporates the eastern extensions of the Tumas palaeochannel.

These EPL’s, plus three other EPL applications, incorporate areas that are interpreted to feed into the Tumas palaeochannel system which hosts multiple uranium deposits, including the Tumas and Tubas uranium deposits owned by Deep Yellow (ASX: DYL).

Marenica also announced that following a decision by the Government of Namibia to remove the requirement for local ownership of EPLs, to encourage foreign investment, it has been able to increase its ownership of the Namib tenements to 100 per cent.

“The grant of these new licences is an important step in executing our strategy in Namibia and compliments the grant of the Koppies EPL,” Marenica Energy managing director Murray Hill said in the company’s announcement to the Australian Securities Exchange.

“It is also pleasing that Marenica has been able to consolidate its ownership of the Namib EPLs to 100 per cent.”

 

Website: www.marenicaenergy.com.au

 

Kingston Resources Raising Funds Through Placement and Entitlement Offer

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THE BOURSE WHISPERER: Kingston Resources (ASX: KSN) reported receiving binding commitments for a placement of 276 million shares at a price of 1.6 cents per share to institutional and sophisticated investors raising net proceeds of $4.3 million.

Kingston is also offering existing eligible shareholders the opportunity to acquire new shares through a prorata non-renounceable entitlement offer of one share for every six shares held at the same issue price of 1.6 cents per share to raise up to approximately $4 million.

Kingston Resources said it was able to welcome two new substantial shareholders to its register – DELPHI Unternehmensberatung AG and Winchester Investments Group Pty Ltd.

DELPHI is a private German based investment company with investments in a number of Australian mineral exploration and mining companies.

Winchester is an Australian private investment group which already held a non-substantial interest in the company.

At the completion of the placement and entitlement offer both suitors will hold an interest in Kingston of approximately 10 per cent.

Kingston said the funds raised will be used to advance exploration activities at the company’s Misima gold project, as well as at the Livingstone gold project in Western Australia.

“We welcome our new shareholders and in particular DELPHI and Winchester,” Kingston Resources managing director Andrew Corbett said in the company’s announcement to the Australian Securities Exchange.

“We are very encouraged by their support for Misima and their interest in developing the project into a long-term, viable mining operation.

“Their knowledge and understanding of the resources sector is also an important factor.

“Misima is at an exciting point in its development as we drill exploration targets outside the existing resource that have been identified through our structural and geochemical work.

“These areas have not been the focus of any activity for almost two decades and are very prospective targets for Kingston.

“This work has occurred alongside the development of an updated geological model for Misima.

“In the next two quarters we will ramp up the regional drill program targeting satellite deposits at Misima.

“The company will also increase activities at its Livingstone gold project in WA.”

 

Email: info@kingstonresources.com.au

Website: www.kingstonresources.com.au

 

Black Cat Syndicate Raises $2.5 Million

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THE BOURSE WHISPERER: Black Cat Syndicate (ASX: BC8) has received placement commitments from professional and sophisticated investors to raise $2.5 million at 20 cents per share.

Black Cat Syndicate said the share placement was strongly supported by investors and directors, thus endorsing the company’s achievements since listing on the ASX in January 2018.

“We are pleased to have sufficient funding to focus on increasing our already robust Resource base at the Bulong gold project, located only 25 kilometres east of Kalgoorlie,” Black Cat Syndicate managing director Gareth Solly said in the company’s announcement to the Australian Securities Exchange.

“The placement was priced at a 2.5 per cent discount to our closing price on 29 April 2019 and a 5.3 per cent premium to our 20-day VWAP.

“This is a strong endorsement of the results we have achieved, and the inherent value investors see in Black Cat.

“We expect to have strong news flow over the balance of 2019, starting with a new round of drilling at Myhree commencing in mid-May 2019.”

Black Cat has earmarked the funds to advance exploration programs across the Bulong gold project, as well as to provide working capital.

Drilling programs are scheduled to commence mid-May and include fast-tracking extensional and infill drilling aimed at growing and upgrading Resources along the Myhree-Boundary corridor.

Black Cat identified its challenge being to determine the size of the Resource along this 1.6-kilometre-long corridor.

An updated Resource at Myhree is anticipated to be released in July 2019.

Sub-audio Magnetic (SAM) Targets between Myhree and Boundary, will also be drilled.

SAM and gravity surveys will also be conducted over larger areas of Bulong.

These activities all add to Black Cat’s primary intent to rapidly build mine-ready Resources on the doorstep of Kalgoorlie.

 

Email: admin@blackcatsyndicate.com.au

Website: www.blackcatsyndicate.com.au

 

VRX Silica Achieves High Recoveries from Silica Sand Process Plant Design

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THE BOURSE WHISPERER: VRX Silica (ASX: VRX) received results of testwork and confirmation assays for recoveries of silica sand commercial products carried out at the company’s Western Australia silica sand projects.

VRX Silica undertook the work on the Arrowsmith and Muchea silica sand projects.

The company has now conducted three trials of the testwork, with the final trial completed in March of this year by testwork laboratory and process plant fabricator CDE Global, based in Northern Ireland.

VRX has since completed confirmation assays on final products from that testwork through Nagrom Laboratories in Perth.

The company recently released a process circuit design, engineering and cost estimate by CDE Global for a plant which was based on this testwork and the final determination of recoveries is based on this circuit design, which included the attritioning step being conducted twice.

VRX explained attritioning as a high-energy interaction of grains rubbing on grains which liberates attached fine particles and reduces particle size by breakage on corners and grain boundaries

his reduces contaminants and improves particle shape.

“We are now confident in the process circuit design and the final silica sand products capable of production, which have been compiled into our products catalogue,” VRX Silica managing director Bruce Maluish said in the company’s announcement to the Australian Securities Exchange.

“We will continue to distribute our catalogue and gauge the response, which to-date has been extremely positive.”

The company indicated it has fielded strong interest for potential offtake of silica sand products from the Asian region.

The recoveries mentioned here are of products which will it expects comply with the requirements from interested customers to date.

 

Email: info@vrxsilica.com.au

Website: www.vrxsilica.com.au

 

Rox Resources Appoints CEO Alex Passmore as Managing Director

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THE BOURSE WHISPERER: Rox Resources (ASX: RXL) has appointed Alex Passmore as managing director.

Passmore has been CEO of Rox since the February 2019 and is a qualified geologist with extensive corporate experience.

Since his appointment, Passmore sourced and negotiated the recent acquisition of the Youanmi gold project and surrounding Joint Ventures.

“The appointment of Alex as managing director heralds the beginning of a new era for Rox, and I am certain we have an exciting time ahead of us,” Rox Resources chairman Stephen Dennis said in the company’s announcement to the Australian Securities Exchange.

“Under Alex’s stewardship we have already taken a significant step with the acquisition at Youanmi, and we are able to look to the future with confidence.”

 

Email: admin@roxresources.com.au

Website: www.roxresources.com.au

 

Comet Resources Appoints New CEO

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THE BOURSE WHISPERER: Comet Resources (ASX: CRL) appointed mineral industry executive Philippa Leggat as its new Chief Executive Officer.

Comet Resources said it was happy to welcome Leggat’s strong corporate skills and experience, particularly with respect to capital markets, negotiation, strategy and delivering corporate objectives within the mining and metals sector.

The company highlighted the CEO appointment as being integral as it transitions to the next phase of development of its 100 per cent-owned Springdale graphite project in Western Australia.

“We are delighted to have Philippa take up the role of CEO and believe her commercial and financial skill set will greatly assist Comet as the company seeks to unlock the full potential of the Springdale graphite project,” Comet Resources chairman Hamish Halliday said in the company’s announcement to the Australian Securities Exchange.

“Philippa’s strategic focus and outcome driven approach will be invaluable as the Comet moves from the discovery phase through to defining the commercial potential of the Springdale project.”

 

Email: comet@cometres.com.au

Website: www.cometres.com.au

 

Calidus to Raise $2.16M Through Strategic Placement

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THE BOURSE WHISPERER: Calidus Resources (ASX: CAI) announced a strategic placement of 80 million shares at an issue price of 2.7 cents a share, for a total of $2.16 million, to Alkane Resources (ASX: ALK).

Alkane Resources is a New South Wales gold producer with a market capitalisation of around $120 million.

Calidus declared the proceeds of the placement, combined with its existing bank balance will ensure the company is cashed up to complete the pre-feasibility study (PFS) currently underway on its Warrawoona gold project in the Pilbara and conduct further drilling of regional targets and resource infill and extensional areas.

The new shares are priced at a 13 per cent premium to Calidus’ last closing price of 2.4 cents before the deal was finalised and will be allotted in one tranche pursuant to the company’s existing capacity under ASX Listing Rules.

“This strategic placement to Alkane means that Calidus can extend the existing drilling program to target new and additional regional and near-resource areas,” Calidus Resources managing director Dave Reeves said in the company’s announcement to the Australian Securities Exchange.

“This drilling is being done in parallel with the PFS to help ensure that we not only grow the gold inventory, but we also achieve our target of showing the market the strong financial returns we believe will be associated with the Warrawoona gold project.”

 

Email: info@calidus.com.au

Website: www.calidus.com.au

 

Hillgrove Resources Shuffles Seats Around Boardroom Table

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THE BOURSE WHISPERER: Hillgrove Resources (ASX: HGO) informed the market that Steve McClare is stepping down from his company roles as managing director and CEO.

Hillgrove Resources said the move was in keeping with the company’s scale down of operations at Kanmantoo and the recently-announced sale of the Pumped Hydro Energy Storage (PHES) project rights to AGL Energy Limited (AGL).

Large scale mining at the Kanmantoo open pit copper mine is coming to an end, with 85 employees ceasing employment at Kanmantoo on top of 35 employees who have left and not been replaced over the past few months.

Hillgrove explained the remaining workforce will focus largely on the final extraction of ore from the pit by the end of May and the processing of stockpiled ore during the next 12 months, together with site rehabilitation works, exploration activities and facilitating the development of the PHES project being run by AGL.

Hillgrove Resources chairman John Gooding thanked McClare for his work in establishing a pipeline of growth projects for the future.

“Steve steered the company through some very dark days, but he has inspired our employees with his work ethic and creativity and has always maintained his optimism about, and dedication to Hillgrove,” Gooding said in the company’s announcement to the Australian Securities Exchange.

McClare will clean out his desk on 2 May 2019 to pursue other opportunities, when Lachlan Wallace, who has been General Manager at Kanmantoo since McClare became MD, is appointed to the role of CEO on an interim basis.

Wallace has been with Hillgrove for seven years.

His successor as interim head at Kanmantoo will be Glenn Norris who has been Concentrator Manager since the mine was commissioned.

Hillgrove anticipates both these appointments will be finalised soon.

 

Website: www.hillgroveresources.com

Ardea Resources Advancing NSW Portfolio IPO

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THE BOURSE WHISPERER: Ardea Resources (ASX: ARL) is advancing its spin-out of the company’s New South Wales assets via an Initial Public Offer (IPO).

Ardea Resources said it had completed technical reviews and field programs confirming high-prospectivity mineral targets across the IPO tenure.

Ardea controls a suite of tenements in NSW within the Lachlan Fold Belt that hosts multiple bulk-tonnage deposits such as Northparkes, Cadia-Ridgeway and Cowal.

The company has data validation underway for the Lewis Ponds gold-base metal project with resource estimation to follow.

The Mount Aubrey epithermal gold project has had a 3D model completed for historic gold drilling, while at the Yeoval, Copper Hill East, Ophir and Wiseman’s Creek projects located on the Lachlan Transverse Zone and at Gundagai, historic exploration data has been compiled.

Where land access was secured, vehicle mounted soil auger or conventional manual soil geochemistry has been completed with a view to defining drill targets.

Data compilation is current at Calarie and Restdown, and land access negotiations have commenced.

“The IPO of our NSW assets is a part of Ardea’s three-pronged value creation strategy,” Ardea Resources CEO Andrew Penkethman said in the company’s announcement to the Australian Securities Exchange.

“This prospective 2,000 square kilometres of gold and base metal tenure across our 100 per cent-controlled NSW projects will underpin a dedicated IPO, with distribution of free in specie shares to Ardea shareholders.

“The IPO is advancing as planned, with target definition followed by on-ground exploration completed over key components of each project area.

“Initial results are highly encouraging and have confirmed multiple base and precious metal targets, which highlight the prospectivity of the NSW project portfolio with follow up programs planned to test these targets post IPO.”

 

Email: ardea@ardearesources.com.au

Website: www.ardearesources.com.au