Gold Road Resources and Gruyere JV Closer to Gold Goal

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THE BOURSE WHISPERER: Gold Road Resources (ASX: GOR) is close to commissioning the company’s Gruyere gold project Joint Venture with Gold Fields Limited.

Gold Road informed the market that the Gruyere process plant is nearing completion, currently at 97 per cent completion, with finishing works in progress across the site.

Recent activity on site has included:

The Primary Crushing system was ore commissioned in January delivering material to the coarse ore stockpile and is in the process of being handed over to the operations team.

The Gruyere Power Station and high voltage sub-stations across the site are fully commissioned, enabling power supply for commissioning activities.

Water systems around the process plant are fully commissioned as is the Yeo Borefield in the southern section which has delivered water to the main transfer station ahead of the process plant.

Dry commissioning activities are in progress including the coarse ore reclaim and mill feed circuits, the grinding area SAG and Ball Mills, CIL, thickeners and reagents areas.

Gold Road declared Gruyere is on target for first gold production in the second half of the June 2019 quarter and within the previously announced Final Forecast Capital Cost estimate of $621 million (100 per cent basis) of which $284 million is attributable to Gold Road.

Mining activities scaled up to double shift operations in January, as scheduled, with total mining movement tracking ahead of plan.

From the start of construction to the end of the March 2019 quarter, Gruyere has mined 4.9 million BCM (bank cubic metres) of material from the open pit as budgeted in the Gruyere Feasibility Study.

To date, approximately 800,000 tonnes of ore have been mined and stockpiled in preparation for the process plant start-up.

The company explained that the substantial ore stockpile largely de-risks mining related aspects of the operation during the commissioning and ramp-up phases.

 

Email: perth@goldroad.com.au

Website: www.goldroad.com.au

 

Hillgrove Sells Rights to Develop Pumped Hydro Energy Storage

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THE BOURSE WHISPERER: Hillgrove Resources (ASX: HGO) recently sought proposals from the private sector to develop, own and operate a Pumped Hydro Energy Storage (PHES) project at the company’s Kanmantoo mine site in South Australia.

As a result, Hillgrove has entered into binding agreements to sell the right to develop, own and operate the PHES project to AGL Energy Limited for $31 million.

Hillgrove Resources said the $31 million will be payable over an estimated 18 to 36 month period with staged payments based on the achievement of the following PHES project milestones.

The PHES project is expected to have generating capacity of 250MW and eight hours of storage, making it the largest storage capacity in South Australia.

The project received the thumbs up from the SA government with the Minister for Energy and Mining, Dan van Holst Pellekaan saying it fell into line with its policy of matching storage capacity with renewable energy resources.

“We are delighted to work with AGL on the delivery of this project which will transform a former mining site into one of the lowest cost electricity storage projects in Australia, at a time when synchronous generation and bulk storage is critically needed,” Hillgrove Resources managing director Steven McClare said in the company’s announcement to the Australian Securities Exchange.

“Although the progression of the PHES will prevent long term mining of the portion of the underground exploration target directly beneath the existing pit, the Board determined the AGL PHES offer represented a lower risk and higher value proposition to shareholders.”

 

 

Website: www.hillgroveresources.com.au

 

VRX Silica Fields Strong Silica Sand Interest

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THE BOURSE WHISPERER: VRX Silica (ASX: VRX) declared it has received strong interest for the purchase of large tonnages of silica sand products from the company’s two Arrowsmith silica sand projects and its Muchea silica sand project north of Perth in Western Australia.

VRX Silica released Silica Sand Product Catalogues for silica sand products capable of production from the Arrowsmith and Muchea projects in February.

These included two products from each of Arrowsmith and Muchea for the glassmaking industry and four products from Arrowsmith for the foundry industry.

The company has identified numerous markets in the Asia-Pacific region and has met with several potential offtake customers for the sale of silica sand products from Arrowsmith and Muchea.

VRX Silica indicated it will be able to commit to binding offtake agreements following the approval of Mining Permits at its silica sand projects.

“We are encouraged by the strong interest for silica sand products from our Arrowsmith and Muchea projects, and the fact that this has arisen in the brief time since our testwork determined product types and the distribution of our Silica Sand Products Catalogue to potential customers across the Asia-Pacific region,” VRX Silica managing director Bruce Maluish said in the company’s announcement to the Australian Securities Exchange.

“We expect to receive further enquiries for silica sand products and will look to progress this strong interest into binding offtake agreements before committing to funding arrangements for processing plant requirements.”

 

Email: info@vrxsilica.com.au

Website: www.vrxsilica.com.au

 

Tanga Resources Hits Impressive Scores with Hagenhof Copper Samples

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THE BOURSE WHISPERER: Tanga Resources (ASX: TRL) has identified new copper and copper-gold targets at the company’s Hagenhof project in Namibia.

Tanga Resources has currently mapped over eight kilometres of strike at Hagenhof in a Katangan-style metallogenic setting that remains open to the east.

At Liv’s Hill, Tanga has mapped and sampled outcropping stratabound copper mineralisation over 450 metres of strike.

Average surface copper grades from 16 samples is 0.62 per cent copper, with a peak of 5.75 per cent copper.

Anomalous cobalt values of up to 0.19 per cent were reported in several rock chip samples.

Tanga said there is no evidence of any previous work being carried out at Liv’s Hill.

Copper Cap is located one kilometre to the north of Liv’s Hill.

Three samples returned gold values ranging from 0.154 grams per tonne gold to a peak value of 1.1g/t gold and are associated with high barium values, very high copper values (up to 0.6 per cent copper) and high vanadium levels (up to 0.14 per cent).

Additional rock chip samples showed showed visual copper mineralisation with assay results still pending.

Initial sampling from Jette’s Hill, located three kilometres west of Liv’s Hill, returned copper values of over two per cent copper and anomalous gold of over 0.5g/t gold from surface rock chip samples in secondary copper mineralised (chrysocollamalachite) gossanous dolomite and micaceous schist.

“We have now defined a stratigraphic mineralised horizon extending over eight kilometres from the original Main Gossan, eastwards through several new targets at Jette’s Hill, Copper Cap and Livs Hill, which hosts extensive stratabound copper and gold mineralisation,” Tanga Resources CEO Matthew Bowles said in the company’s announcement to the Australian Securities Exchange.

“We are excited by this latest round of results that have identified additional, new copper/gold targets and further highlights the significant potential at Hagenhof.

“Our Technical Director, John Stockley, has worked extensively in the Zambian Copper Belt and is impressed with the overall similarities to the Katangan-style copper mineralisation.

“We look forward to securing the final Environmental Clearance Certificate, which will permit us to commence our maiden drill program, starting at the Main Gossan, where historical drilling has already reported intersecting copper mineralisation.”

 

Email: info@tangaresources.com.au

Website: www.tangaresources.com.au

 

Metro Mining Recommences Bauxite Hills Operations

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THE BOURSE WHISPERER: Metro Mining (ASX: MMI) has recommenced operations at the company’s Bauxite Hills mine, north of Weipa, marking the end of the wet season.

Metro focus during the wet months was on expanding the project’s production target for 2019.

Metro carried out maintenance on fixed and mobile plant, completed upgrade and beautification works in the camp, and finished haul road maintenance and upgrades.

In readiness for an increase in production in 2019 the port area was increased in size and the layout changed to improve traffic flow.

Stockpile management systems were modified to improve quality control systems.

Mining and haulage operations commenced in late March/early April, focusing on building stocks in preparation of the first ship.

Screening, stockpiling and barge loading at the port is underway, as are ship-loading activities from the stocks on hand with a second ship due to arrive soon.

Both shipments are to be delivered to Metro’s foundation customer Xinfa.

The company indicated it was progressing the Definitive Feasibility Study (DFS) for Stage 2 of the project as planned and is anticipated to be finalised within this quarter.

“We are very pleased with what has been achieved on site and welcome our new and returning personnel to Bauxite Hills,” Metro mining managing director and CEO Simon Finnis said in the company’s announcement to the Australian Securities Exchange.

“Now we have laid the groundwork I am very confident the team will meet this calendar year’s revised production target of 3.5 million Wet Metric Tonnes (WMT) and build on last years’ successes.

“After the break for the wet season we are very much looking forward to getting back into operation.”

 

Email: info@metromining.com.au

Website: www.metromining.com.au

 

Oz Minerals Meets West Musgrave Earn-In Requriements

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THE BOURSE WHISPERER: Cassini Resources (ASX: CZI) announced that its Joint Venture partner in the West Musgrave Project (WMP), OZ Minerals (ASX: OZL) has satisfied its 70 per cent earn-in requirements.

Cassini Resources explained that under the Earn-in/Joint Venture agreement, OZ Minerals has satisfied the 70 per cent (Stage 2) earn-in milestone by contributing a total of $36 million towards the Nebo-Babel Pre-Feasibility Study (PFS) and regional exploration.

OZ Minerals’ affection for the project is demonstrated by it achieving the earn-in milestone 14 months earlier than required under the agreement.

“OZ Minerals has now notified, and Cassini are satisfied, that this expenditure commitment has been met,” Cassini Resources said.

The PFS for Nebo-Babel remains on track and is scheduled for completion by OZ Minerals late Q2/early Q3 2019, after which OZ Minerals will continue to sole fund the Nebo-Babel Studies until a Definitive Feasibility Study and decision to mine is delivered.

In respect of any amount funded by OZ Minerals in excess of $36 million, Cassini will be loan-carried for its 30 per cent contribution, with principal and capitalised interest to be repaid five years after the commencement of production at the WMP.

On the back of the Cassini announcement, OZ Minerals relayed that following the 2018 infill drilling program undertaken to increase Resource confidence it was able to release an updated Mineral Resource estimate for the Nebo-Babel deposits at the WMP.

OZ Minerals said that the JV’s confidence in the Resource has increased through conversion from the lower, inferred category to the higher, indicated category.

Inferred Resource conversion has resulted in a 26 per cent increase in Indicated Resources to 141 million tonnes.

Indicated Resources now comprise 59 per cent of the total Nebo-Babel Resource.

The 2018 drilling increased the amount of Indicated Mineral Resources at Babel from 73.9 million tonnes in 2017 to 108 million tonnes in 2019.

Indicated Resources at Nebo have remained relatively unchanged from 2017 to 2019, however strategic drilling, including two areas of close spaced drilling, have increased geological understanding of the deposit.

Drilling is continuing at both Nebo and Babel, including resource infill and resource extension.

Drilling of other targets in the area including Succoth and One Tree Hill are part of a separate exploration drilling program being conducted and managed by Cassini under the JV arrangements.

“This is another positive step towards realising the considerable potential of the Musgrave Province,” OZ Minerals chief commercial officer Mark Irwin said.

“Infill and extension drilling is continuing for the Nebo-Babel deposits and the uplift in resource confidence resulting from the 2018 drilling program will feed into our ongoing mine design optimisation.

“Our confidence in the project continues to build and we remain focused on our goal of maximising project value.”

 

Email: admin@cassiniresources.com.au
info@ozminerals.com

Website: www.cassiniresources.com.au
www.ozminerals.com

 

OZ Minerals Completes West Musgrave 70% Earn-in

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THE BOURSE WHISPERER: Cassini Resources (ASX: CZI) announced that its Joint Venture partner in the West Musgrave Project (WMP), OZ Minerals (ASX: OZL) has satisfied its 70 per cent earn-in requirements.

Cassini Resources explained that under the Earn-in/Joint Venture agreement, OZ Minerals has satisfied the 70 per cent (Stage 2) earn-in milestone by contributing a total of $36 million towards the Nebo-Babel Pre-Feasibility Study (PFS) and regional exploration.

OZ Minerals’ affection for the project is demonstrated by it achieving the earn-in milestone 14 months earlier than required under the agreement.

“OZ Minerals has now notified, and Cassini are satisfied, that this expenditure commitment has been met,” Cassini Resources said in its ASX announcement.

The PFS for Nebo-Babel remains on track and is scheduled for completion by OZ Minerals late Q2/early Q3 2019, after which OZ Minerals will continue to sole fund the Nebo-Babel Studies until a Definitive Feasibility Study and decision to mine is delivered.

In respect of any amount funded by OZ Minerals in excess of $36 million, Cassini will be loan-carried for its 30 per cent contribution, with principal and capitalised interest to be repaid five years after the commencement of production at the WMP.

 

Email: admin@cassiniresources.com.au

Website: www.cassiniresources.com.au

 

Cassini Resources Exercises Yarawindah Option

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THE BOURSE WHISPERER: Cassini Resources (ASX: CZI) exercised its option to acquire 80 per cent of the Yarawindah Brook nickel-copper-cobalt-PGE project in Western Australia.

The acquisition comes through acquiring 80 per cent of the issued capital of Souwest Metals Pty Ltd, a private company associated with Kalgoorlie prospector Scott Wilson.

“The Yarawindah Brook project offers Cassini a well-priced entry into an exciting, early-stage exploration project that allows us to leverage our expertise in nickel-copper sulphide systems, and provides Cassini with further exposure to the evolving battery metals thematic,” Cassini Resources managing director Richard Bevan said in the company’s announcement to the Australian Securities Exchange.

“Cassini’s technical team have generated a number of priority targets that we look forward to drilling as soon as the access agreements have been finalised.”

The Yarawindah Brook project is located northeast of Perth, on agricultural land near the township of New Norcia.

It has had limited nickel, copper and cobalt exploration, despite a favourable regional setting, prospective geology and near-surface occurrences of nickel and copper mineralisation.

Historic exploration focussed primarily on a small platinum and palladium (PGE’s) resource which Cassini views as a pathfinder anomaly for potential massive nickel – copper – cobalt sulphides.

The company completed an airborne electromagnetic survey (AEM) over the project in early 2018 identifying conductors it determined worthy of further investigation.

A surface fixed loop electromagnetic (FLEM) survey has also been completed over some of the higher-priority AEM anomalies in order to confirm and better constrain the conductors prior to drilling.

Cassini said the FLEM reinforced the XC05 and XC06 anomalies as priority targets along with down-plunge testing of YWRC083.

The company has been encouraged enough by exploration results to date to add further tenements along strike, taking the total land position to146 square kilometres.

Cassini is currently seeking an access agreement with local landholders and environmental approvals in preparation for drill testing.

 

Email: admin@cassiniresources.com.au

Website: www.cassiniresources.com.au

 

Rox Resources JVs with Venus Metals

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THE BOURSE WHISPERER: Rox Resources (ASX: RXL) has struck a Joint Venture with Venus Metals (ASX: VMC) to jointly explore the Youanmi shear zone in Western Australia.

The JV includes a large tenure position along strike from the high-grade Penny West gold deposit.

Rox will acquire an initial 50 per cent interest in the Youanmi gold mine JV (OYG JV) with the ability to increase to 70 per cent.

Rox will manage the project.

The Youanmi gold mine is currently held by Oz Youanmi Pty Ltd (OYG) and is on care and maintenance.

VMC is a party to a Call Option Deed under which it has been granted the option to acquire all of the issued share capital in OYG on or before 30 June 2019.

VMC also holds a substantial regional tenement position and as a 90 per cent participant in JV with a third party.

The agreement between Rox and VMC results in the formation of two further JVs: the VMC Joint Venture, and the Youanmi Joint Venture, granting Rox the right to earn 50 per cent and 45 per cent respectively of the gold rights on those tenements.

VMC is to be the manager of these joint ventures initially with Rox to take over operatorship if it elects to move to a 70 per cent interest in the OYG Joint Venture.

“The acquisition of the Youanmi gold project is consistent with the company’s stated objective of acquiring near-production assets within its financial capacity,” Rox Resources chairman Stephen Dennis said.

Since our new CEO Alex Passmore joined the company, our efforts to identify a suitable development project have increased and we look forward to realising the potential we believe exists at Youanmi”.

 

Email: admin@roxresources.com.au

Website: www.roxresources.com.au

 

Galan Lithium Raises $4M

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THE BOURSE WHISPERER: Galan Lithium (ASX: GLN) announced it has received commitments via a share placement to professional and sophisticated investors to raise gross proceeds of $4 million.

Galan Lithium said the placement received strong support from a range of sophisticated and institutional investors from Australia and North America.

Approximately 14.5 million shares will be issued under the placement at an issue price of 27.5 cents per share.

The company indicated the funds raised will enable it to continue and expand its maiden drilling campaign along the Candelas channel at the Hombre Muerto lithium project in Argentina, commence initial resource work and for working capital purposes.

“We are pleased to have received such strong support from a range of Australian and North American investors, who now join our existing shareholders in aligning themselves to the success we are looking to achieve through our ongoing exploration at the Hombre Muerto lithium project,” Galan Lithium managing director Juan Pablo (JP) Vargas de la Vega said in the company’s announcement to the Australian Securities Exchange.

“We have achieved positive results to date, which we plan to expand through well planned exploration activities.”

 

Website: www.galanlithium.com.au