King Island Scheelite Inks Offtake Deal

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THE BOURSE WHISPERER: King Island Scheelite (ASX: KIS) announced an Off-take Agreement for tungsten concentrate with Wolfram Bergbau und Hutten AG, a wholly owned subsidiary of Sandvik AB.

King Island Scheelite said the Wolfram Agreement is for the delivery of 140,000 metric tonne units (mtu) or 1,400 tonnes of tungsten oxide, over a four-year period.

The company said this equates to the export of approximately 2,200 tonnes of concentrate, produced by its redeveloped Dolphin mine over that period.

The Wolfram Agreement embodies contractual take or pay principles and is subject to the seller (KIS Group) achieving certain financial and operational milestones leading up to 31 March 2021.

Milestones are commencement of groundworks after placement of orders for longer lead time items, commencement of dry commissioning, and completion of ramp up.

At full production, the redeveloped Dolphin mine is expected to produce approximately 2,000 tonnes of tungsten oxide per annum, contained in 3,100 tonnes of concentrate.

The Wolfram Agreement therefore represents approximately 20 per cent of its annual production.

“It is extremely pleasing to have attracted the internationally renowned Wolfram Group as our first customer, in what is a highly competitive market,” King Island Scheelite chairman Johann Jacobs said in the company’s announcement to the Australian Securities Exchange.

The company indicated negotiations with other international APT producers are at an advanced stage for the balance of the annual production.

APT – Ammonium Paratungstate – is an intermediate product, containing 88.5 per cent tungsten oxide.

 

Website: www.kingislandscheelite.com.au

 

Cassini Resources Welcomes New Investor with $7M Placement

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THE BOURSE WHISPERER: Cassini Resources (ASX: CZI) received further support for the company’s West Musgrave project (WMP) from a $7 million placement to institutional, sophisticated and strategic investors.

Cassini Resources said the funds from the placement will be used for working capital throughout the feasibility study stages of the WMP and to progress its exploration stage projects (Yarawindah Brook and Mt Squires) in Western Australia.

The WMP studies are funded by Earnin/JV partner OZ Minerals (ASX: OZL), with OZ sole funding activities at the WMP until the delivery of a Definitive Feasibility Study and decision to mine.

A key cornerstone investor in the placement was Tinci (HK) Limited, a 100 per cent subsidiary of Guangzhou Tinci Materials Technology Co. Ltd, a leading manufacturer and marketer for lithium-ion battery materials.

Tinci Materials was a pioneer electrolyte manufacturer in China for lithium-ion batteries and has established business collaborations with first class international customers.

Tinci Materials is currently conducting a feasibility study on the production of nickel sulphate from nickel sulphide concentrate for the battery industry.

“We are delighted to welcome Tinci (HK) onto our register and look forward to exploring various opportunities between Tinci (HK) and Cassini Resources,” Cassini Resources managing director Richard Bevan said in the company’s announcement to the Australian Securities Exchange.

“This includes discussions with Tinci regarding potential project off-take funding which will be evaluated alongside our other funding options to realise value for shareholders.

“This investment from Tinci (HK) is further recognition of the size, scale and quality of Cassini’s West Musgrave project and the development and operating reputation of our JV partner, OZ Minerals.”

Cassini said the placement was further supported by existing major shareholders who have a history of project development, off-take and financing of battery minerals assets.

 

Email: admin@cassiniresources.com.au

Website: www.cassiniresources.com.au

 

VRX Silica Raises Finds to Progress Arrowsmith and Muchea Projects

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THE BOURSE WHISPERER: VRX Silica (ASX: VRX) announced it has received commitments for a capital raising via a share placement to professional and sophisticated investors to raise approximately $2.26 million before costs.

VRX Silica said the placement received strong support from a range of sophisticated and institutional investors together with existing shareholders and will result in the issue of approximately 37.67 million new fully paid ordinary shares at an issue price of six cents per share.

VRX directors committed to subscribe for an aggregate of shares under the placement, representing approximately $260,000, subject to shareholder approval.

“We are delighted with the strong support received for the Placement from a wide range of investors,” VRX Silica managing director Bruce Maluish said in the company’s announcement to the Australian Securities Exchange.

“The Placement positions VRX to continue to rapidly progress both the Arrowsmith and Muchea silica sand projects.

“Near term activity includes an updated JORC Resource following the completion of our recent drilling program and the release of a bankable feasibility study, currently targeted to be completed in the early part of the September quarter 2019.”

VRX indicated the funds raised will be allocated to completion of feasibility studies and progression of environmental approvals and mining lease applications at the company’s Arrowsmith and Muchea projects

A portion of the net Placement proceeds will be directed towards exploration activities at the company’s Boyatup silica sand project and Warrawanda HPQ project and for general working capital.

 

Email: info@vrxsilica.com.au

Website: www.vrxsilica.com.au

 

FYI Resources to Advance Pilot Plant with R&D Rebate Cash

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THE BOURSE WHISPERER: FYI Resources (ASX: FYI) has plans to spend a payment of $300,000 it has received advanced against an expected 2019 R&D tax rebate.

FYI Resources said the funds would be directed towards the development of the pilot plant for the company’s Cadoux kaolin project in Western Australia.

The company said this would materially progress its high purity alumina (HPA) strategy of fully integrated, low-risk, low-cost production of high purity 4N (99.99%) and 5N (99.999%) alumina products.

“The funding allows us to achieve a crucial step in the support of our long term HPA strategy,” FYI Resources managing director Roland Hill said in the company’s announcement to the Australian Securities Exchange.

“The development of the pilot plant and HPA product development will greatly assist product market development with end users and technical reviews.

“The pilot plant will also provide excellent operating parameters for the production process.”

FYI has bankable feasibility testwork and an economic review (including the pilot plant development) continuing to advance as planned.

The company said it has been encouraged by the technical advances achieved by its development team in terms of the efficiency of the flowsheet as demonstrated in the achievement of the 5N purity announced earlier this month.

FYI Resources believes the pilot plant project will greatly de-risk complex technical challenges ahead of commercial production and is consistent with the company’s strategy of delivering a low-risk, high margin project.

 

Website: www.fyiresources.com.au

 

Canyon Resources Completes Bauxite Rail Assessment

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THE BOURSE WHISPERER: Canyon Resources (ASX: CAY) has had an independent assessment carried out of the existing Camrail rail network located adjacent to the company’s Minim Martap bauxite project in Cameroon.

The assessment was completed by Canyon Resource’s infrastructure partner Mota Engil Africa, which has concluded that the existing rail has the capacity to transport commercial tonnages of bauxite.

A further assessment also carried out on the proposed route and ground conditions for the proposed rail extension to the Kribi Deep Water Port.

Canyon said the existing rail line is under-utilised at current usage levels and the company has has formed a working committee with Cameroon rail operators to identify a solution for Canyon to access the existing rail line.

As part of this, Canyon will present a solution including design, construction and operation of the Kribi rail link to the Cameroon Government.

“A logistics solution is a crucial component of the Minim Martap bauxite project and we are pleased with the very positive feedback from this assessment of the existing rail infrastructure, in particular, that ongoing maintenance and upgrade works are underway,” Canyon Resources managing director Phillip Gallagher said in the company’s announcement to the Australian Securities Exchange.

“The study confirmed our belief that the existing rail line is in good condition and has the capacity to transport bauxite from Minim Martap to the Kribi Port via the future rail link.

“Canyon has demonstrated the Minim Martap project is very large and one of the highest-grade bauxite deposits globally, confirmed by our recently-announced very high-grade Inferred Resource of 250.9 million tonnes at 50.8 per cent aluminium oxide (total) and 1.9 per cent silicon dioxide.

“Importantly, we have now confirmed the rail line is accessible and operational and when the rail extension is completed, it will provide access to the deep-water port that we can utilise to transport bauxite to customers.

“This is a key, positive differential to many other West African bauxite projects.”

 

Email: info@canyonresources.com.au

Website: www.canyonresources.com.au

 

Marenica Energy Granted Strategic Uranium Licence

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THE BOURSE WHISPERER: Marenica Energy (ASX: MEY) has been granted exclusive prospecting licence (EPL) 6987 in Namibia.

Marenica Energy explained the EPL 6987, known as Koppies, covers part of the eastern extension of the Tumas palaeochannel, which hosts other uranium deposits, including the Tumas and Tubas uranium deposits owned by Deep Yellow (ASX: DYL).

Drilling results reported by DYL during 2018 for the Tumas East uranium prospect, came within 100 metres of the boundary with EPL 6987 leading to the subsequent release of an inferred resource in excess of 60 million pounds uranium in the Tumas palaeochannel.

“Securing the Koppies license is an exciting and strategic development for the company,” Marenica Energy managing director Murray Hill said in the company’s announcement to the Australian Securities Exchange.

“Koppies is adjacent to Deep Yellow’s – Tumas East uranium deposit and is the first of our EPL applications to be granted in the greater Namib project area.

“Historical drilling results obtained for the Koppies license has enabled the estimation of an Exploration Target.

“The historical drilling results cover an area 1,000 metres in an east-west direction and 800 metres from north to south, providing Marenica with many significant drilling targets to pursue.

“Drilling costs in Namibia are low compared to Western jurisdictions, we cannot wait to start drilling on the Koppies licence.”

 

Website: www.marenicaenergy.com.au

 

FYI Resources Produces 99.999% (5N) Alumina

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THE BOURSE WHISPERER: FYI Resources (ASX: FYI) has produced 99.999 per cent purity alumina (Al2O3) during continued product development and benchmark variability test work for the company’s HPA (high purity alumina) project bankable feasibility study (BFS).

FYI Resources declared the purity of 99.999 per cent alumina was independently analysed and verified by Ultra Trace Pty Ltd in Perth.

The company achieved the 99.999 per cent product grade from testwork conducted as part of the BFS designed to provide data and information from the process flowsheet results of the laboratory-based test work as a replication of the full scale (production sized) process design and Locked Cycle testing.

“Achieving 99.999 per cent or 5N HPA is an extremely encouraging result,” FYI Resources managing director Roland Hill explained in the company’s announcement to the Australian Securities Exchange.

“Not only is it an incredible outcome to attain this level of purity, it also has a potentially profound impact on the overall project economics.

“Whilst focusing on the 4N as the predominant HPA market segment, FYI sought to produce 5N HPA to demonstrate the flowsheet effectiveness, as well as to develop an additional product line that could supply a market that displays forecasted long-term growth at a significant premium to the 4N market.

“Demonstrating the strong premium to the 4N market, Allied Market Research estimates 4N HPA product to sell in a range from US$30,000 to $35,000 per tonne in 2018/19 versus over US$50,000 per tonne for 5N.

“We believe the ability to generate such a ultra-high purity product continues to demonstrate the Cadoux kaolin project is world-class potential and we look forward to progressing discussions with possible end use customers.”

 

Website: www.fyiresources.com.au

 

Venture Minerals Targeting Renison-Style Tin at Mt Lindsay

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THE BOURSE WHISPERER: Venture Minerals (ASX: VMS) is about to conduct a high-resolution Airborne Electromagnetic (EM) survey over the company’s Mount Lindsay tin-tungsten project in Tasmania.

Venture Minerals has charged UTS Geophysics to use its VTEMTM Max system with the aim of identifying further high-grade tin targets, including those with the potential to host Renison Bell style mineralisation.

Previous exploration at Mount Lindsay has identified potential tin targets located within carbonate units and potentially the same fault zone (Federal-Basset Fault) that hosts the nearby Renison Mine, one of the world’s largest and highest-grade tin mines.

Venture believes the VTEMTM Max system is an ideal exploration tool for making discoveries for the Renison style of tin mineralisation at Mount Lindsay.

The company outlined the aim of the EM survey being to generate drill targets that may lead to further tin discoveries that could enhance future development of the Mount Lindsay tin-tungsten project.

With this in mind, Venture is advancing a recently commissioned Underground Scoping Study it anticipates optimising the higher-grade portions at Mount Lindsay, that previously reported resources including 4.7 million tonnes at 0.4 per cent tin and 0.3 per cent tungsten.

Venture hopes to leverage on the feasibility work previously completed.

“All the geological factors make the Mount Lindsay’s Renison style targets a compelling proposition for the company to test, and it looks forward to delivering those results in the near future,” Venture Minerals managing director Andrew Radonjic said in the company’s announcement to the Australian Securities Exchange.

“Should a new tin discovery result at this time of high price, it would be of great benefit to the project and the company.”

 

Email: info@ventureminerals.com.au

Website: www.ventureminerals.com.au

 

Canyon Resources Zeros in on High-Grade Bauxite Zones

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THE BOURSE WHISPERER: Canyon Resources (ASX: CAY) reported a “very high-grade” Inferred Resource of 250.9 million tonnes at 50.8 per cent aluminium oxide (Al2O3) (total) and 1.9 per cent silicon dioxide (SiO2) (total) within the existing resource at the company’s Minim Martap project in Cameroon.

Canyon Resources said the new Resource was defined following a detailed review of previous exploration on the Minim Martap project that identified zones of extremely high-grade bauxite with very low contaminants within the existing bauxite resource.

The company declared the Resource to have validated its theory that the project is one of the highest grade very low silica bauxite resources globally, with clear potential to substantially grow the scale of the very high-grade zones.

The review determined that more than 50 per cent of the previously announced resource on the Minim Martap licence has a grade above 50.8 per cent Al2O3.

The high-grade sections within the individual plateau highlight trends that are consistent with Canyon’s interpretation of the project’s geology.

“By conducting a more detailed assessment of the historic resource, we have identified significant areas with very high-grade aluminium oxide and low total and reactive silica on all of the Minim Martap licence plateaux,” Canyon Resources chief geologist Alexander Shaw said in the company’s announcement to the Australian Securities Exchange.

“The remarkably high-grade, combined with very low levels of contaminants, and significant cumulative volume of greater than 250 million tonnes of bauxite in these areas further reinforces the fact that the Minim Martap project bauxite deposit is a true global tier 1 bauxite resource.

“We are utilising the information from this resource analysis to assist to target the drilling campaigns, to identify new high-grade zones at the Minim Martap project.”

Canyon is continuing its exploration drilling program at Minim Martap, focussing on the high-grade zones identified from the previous data.

The company has completed 157 holes for a total of 1,556m drilled.

Samples from the drilling are currently in the process of being assayed by ALS in Ireland.

Drilling is continuing at the Minim Martap permit, targeting bauxite zones that are consistent with the very high-grade zones identified by the resource review.

Plans are currently being implemented to extend the drilling onto new and previously undrilled bauxite plateaux on the Minim Martap and Makan permits that have also been identified as being consistent with the very high-grade bauxite zones.

 

Email: info@canyonresources.com.au

Website: www.canyonresources.com.au

 

Musgrave Minerals Locks-in More Cue Gold Tenure

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THE BOURSE WHISPERER: Musgrave Minerals (ASX: MGV) has entered into an Option Agreement to acquire the non-alluvial gold rights to the Mainland project, located within the boundaries of the company’s Cue gold project in Western Australia’s Murchison goldfields.

Musgrave Minerals mentioned that the Mainland project covers a portion of the company’s prospective Break of Day and Lena Gold Corridor.

The Mainland project comprises a group of seven contiguous prospecting licences covering an area of approximately 837 hectares.

Alluvial gold was first discovered at Mainland in 1893 with several recorded historical mines situated in the project area, the two largest having been the Mainland Consols and Eureka mines.

Musgrave Minerals explained that historical drilling has been intermittently undertaken on selected prospect areas between 1960 to 2003.

The company has commenced compiling historical data, which it expects will enable further assessment and target generation.

“This opportunity consolidates Musgrave’s holding of the prospective Break of Day/Lena gold corridor adding another four kilometres of prospective strike in this exciting gold district,” Musgrave Minerals managing director Rob Waugh said in the company’s announcement to the Australian Securities Exchange.

“The Mainland project area has a long history of alluvial gold production accompanied by historical high-grade basement gold production.

“The project has seen very limited basement drilling and modern exploration as it has been largely held by various prospectors focussed on alluvial mining for many years.”

 

Email: info@musgraveminerals.com.au

Website: www.musgraveminerals.com.au