Global Geoscience Completes $53M Placement

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THE BOURSE WHISPERER: Global Geoscience (ASX: GSC) is $53 million richer following the completion of an underwritten institutional placement.

Global Geoscience said the placement was heavily oversubscribed, saying this reflected strong support for the company from a combination of existing shareholders and new high-quality institutional investors, and their collective interest in the company’s 100 per cent-owned Rhyolite Ridge lithium-boron project in Nevada, USA.

Global Geoscience said the equity raising will provide the company with the necessary funding to accelerate the development of Rhyolite Ridge by funding the:

Completion of feasibility studies;
Drilling to infill and extend the current resource; and
Ongoing working capital and potential long lead time items.

“The Rhyolite Ridge Definitive Feasibility Study (DFS) and environmental approval process are anticipated to be complete by 2H19,” Global Geoscience said in its ASX announcement.

 

Website: www.globalgeo.com.au

Alto Reviewing Gold Mine Potential

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THE BOURSE WHISPERER: Alto Metals (ASX: AME) is conducting a review to ascertain the potential of the historic Oroya Black Range mine, approximately 500 metres east of the Sandstone township in Western Australia.

Alto Metals has carried out drone imagery along with other activities that include the capture of drill hole data into a digital database.

The company currently has digitising of historic level plans in progress.

The historic underground Oroya Mine is reported to have produced a total of 420,000 tonnes at 16.48 grams per tonne gold for 220,000 ounces of gold.

Alto Metals believes the Sandstone Reef of the Oroya Mine could represent a potential high-grade target at vertical depths of 300 metres below surface.

The company has a goal at Sandstone for the delineation of a plus-1 million ounce JORC 2012 Mineral Resource it hopes could become the basis for a re-establishment of standalone oxide and primary gold mining and milling operations at the project.

Alto also announced it has received assays for 197 samples collected in April 2018 south of the Bull Oak pits, six kilometres south east of the township of Sandstone.

“Assays from these samples have defined a coherent 30 parts per billion (ppb) gold-in-soil anomaly over 1.3 square kilometres which requires follow up,” Alto Metals said in its ASX announcement.

“Gold analyses for the remaining 282 soil samples collected in the area, which flank the anomalous gold-in-soil anomaly, are expected within two weeks.”

 

Email: admin@altometals.com.au

Website: www.altometals.com.au

 

Sheffield Resources Receives Minister’s Favourable Determination

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THE BOURSE WHISPERER: Sheffield Resources (ASX: SFX) received the nod from the Western Australia Minister for the Environment for the company’s Thunderbird Mineral Sands project.

Sheffield Resources received the favourable determination after the Minister considered appeals to the Environmental Protection Authority (EPA) recommendations published in October 2017.

The Minister dismissed all appeals on the Works Approval and the majority of appeals on the EPA Report.

Sheffield said it was comfortable with the proposed minor changes to conditions.

“This is a great outcome for our shareholders, the local Kimberley communities and is another significant step towards the development of Thunderbird,” Sheffield Resources managing director Bruce McFadzean said in the company’s announcement to the Australian Securities Exchange.

“We look forward to finalising the State consultation process over the coming weeks before concluding the Federal environmental approval which is expected in early Q3 2018.”

 

Email: info@sheffieldresources.com.au

Website: www.sheffieldresources.com.au

 

Lithium Australia Acquires European Lithium Resource

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THE BOURSE WHISPERER: Lithium Australia (ASX:LIT) announced it is to, subject to regulatory requirements, acquire 100 per cent of the Sadisdorf lithium/tin resource from Tin International AG.

Lithium Australia said the acquisition of Sadisdorf provides the company a unique opportunity with the potential to develop a domestic European lithium supply, synchronously with the establishment of lithium-ion battery (LIB) production capacity on the Continent.

The company indicated that on completion of the Sadisdorf acquisition, it will accelerate its development plans with a view of completing a scoping study by October 2018.

The scoping study will run in parallel with evaluation of nearby cobalt mineralisation, development of the company’s registered SiLeach technology, and downstream processing to LIB cathode materials.

Consultant CSA Global has estimated that the Sadisdorf project has an Inferred Mineral Resource of 25 million tonnes grading 0.45 per cent lithium dioxide (Li2O)

Lithium Australia said this lithium is contained within lithium micas within alteration around tin mineralisation, the latter being the subject of historic mining.

The company claims the lithium micas can be readily concentrated after the removal of tin by conventional gravity separation.

Lithium has been successfully extracted from Sadisdorf mica concentrates using LIT’s SiLeach process.

“Acquisition of Sadisdorf is a key component of our European energy metal supply strategy,” Lithium Australia managing director Adrian Griffin said in the company’s announcement to the Australian Securities Exchange.

“SiLeach® is the only practical means of realising the full potential of deposits of this type where value can be recovered from the lithium, tin, potassium and other valuable by-products.

“Our recent cobalt exploration success in the region is testimony to the latent potential of Saxony as a supply centre of the European battery industry.”

 

Email: info@lithium-au.com

Website: www.lithium-au.com

 

Global Geoscience Unveils Rhyolite Ridge Development Plans

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THE BOURSE WHISPERER: Global Geoscience (ASX: GSC) unveiled additional development plan details for the company’s 100 per cent-owned Rhyolite Ridge lithium-boron project in Nevada, USA.

Global Geoscience explained the development flowsheet is based on findings from the recently completed first phase of a Pre-Feasibility Study (PFS) and comprises three key parts:

Sulphuric acid leach to extract lithium and boron from crushed rock into a Pregnant Leach Solution (PLS).
A step similar to acid leaching commonly used in oxide copper mines;

Evaporation and concentration of the PLS followed by crystallisation of boric acid.
Using mechanical evaporators, which result in a substantial water savings, the PLS is further concentrated. The boric acid product is then further refined by flotation and recrystallisation to produce high-purity boric acid. This step is broadly similar to the process used at Rio Tinto’s Boron Mine in California; and

Further evaporation and concentration of the PLS to allow for removal of remaining impurites via precipitation and ion exchange, followed by precipitation of lithium carbonate.
This step is very similar to the process used in lithium brine operations.

Global Geoscience detailed the Rhyolite Ridge site layout, saying it has been designed with the total surface disturbance footprint of the mine and related facilities being less than one square mile (640 acres), allowing the Federal Bureau of Land Management (BLM) to consider the project for the Environmental Assessment (EA) process, which the company indicated was less time consuming than the Environmental Impact Statement (EIS) process.

The site layout includes an open pit, process plant, haul roads, overburden storage, leach residue storage and salt storage.

No evaporation ponds or tailings dams are required.

“Our PFS work to date has provided a clear path to developing Rhyolite Ridge into a major, low-cost producer of lithium and boron in an environmentally sustainable manner,” Global Geoscience managing director Bernard Rowe said in the company’s announcement to the Australian Securities Exchange.

“We are prudently progressing Rhyolite Ridge toward production and remain on track to release the PFS outcomes in Q3 2018.”

Global Geoscience said it expects to complete the necessary environmental baseline studies by the end of Q3 2018.

Once this work is complete and it has submitted the Plan of Operations to the BLM, the BLM will make the determination regarding the Environment Assessment pathway forward for permitting and approval.

 

Website: www.globalgeo.com.au

 

Middle Island Resources Progressing with Sandstone Ore Sorting and Resource Drilling

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THE BOURSE WHISPERER: Middle Island Resources (ASX: MDI) is conducting ongoing ore sorting trials and resource definition diamond drilling on the Two Mile Hill tonalite deeps deposit within the company’s 100 per cent-owned Sandstone gold project in Western Australia.

Middle Island Resources’ initial mineralogical assessment involved the assaying of a series of hand-sorted composites of quartz vein material and un-veined tonalite.

The results of these suggested that greater than 99 per cent of the gold at the project is hosted in the quartz veins.

Middle Island was encouraged enough to initiate an ore sorting study on gold mineralised material sourced from the Two Mile Hill tonalite deeps deposit.

More definitive ore sorting trials on bulk composites derived from diamond core hole MSDD261 at the Two Mile Hill tonalite deeps deposit are nearing completion.

The company anticipates the more definitive ore sorting results will be available late in June.

Concurrently, Middle Island is carrying out Stage 1 resource definition diamond drilling, designed to bring the upper half (140m to 420m depth) of the Two Mile Hill tonalite deeps Exploration Target into at least an Inferred Resource category.

Of the initial program, all RC pre-collars have been completed (541m) and three NQ diamond core tails are complete (817m).

Assuming a successful outcome on the current, more definitive, ore sorting trials, Middle Island has flagged its intentions to progress Stage II infill drilling, designed to bring the upper half of the deposit into an Indicated Resource category, prior to a more comprehensive economic assessment of underground mining options.

Middle Island Resources managing director Rick Yeates said in the company’s announcement to the Australian Securities Exchange.
“Despite some delays with ore sorting, we are otherwise pleased with progress on both the ore sorting and resource definition diamond drilling campaigns for the Two Mile Hill tonalite deeps deposit.

“Assuming positive results from these work streams, bulk underground mining at Two Mile Hill becomes a very real opportunity that would substantially extend and enhance the presently envisaged project production schedule.

“Middle Island looks forward to reporting the results of drilling and ore sorting during the June and September quarters of 2018.”

 

Email: info@middleisland.com.au

Website: www.middleisland.com.au

 

BCI Minerals Completes Mardie PFS

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THE BOURSE WHISPERER: BCI Minerals (ASX: BCI) reported results of a Pre-Feasibility Study (PFS) completed on the company’s 100 per cent-owned Mardie Salt and Sulphate of Potash (SOP) project in Western Australia.

BCI Minerals declared the PFS to have confirmed the technical and financial viability of the Mardie project, establishing a positive business case for production of 3.5 million tonnes per annum of high purity industrial salt and 75,000 tonnes per annum of fertiliser grade SOP.

The project design to emerge from the study maximises the attributes of Mardie’s coastal location and large area of flat land with low permeability, whilst minimising its impact on the coastal environment.

BCI Minerals emphasised industrial salt has an attractive long-term demand outlook in Asia, driven by expected growth in the chlor-alkali industry, with a net supply gap equal to approximately seven Mardie-sized projects anticipated to emerge over the next decade.

SOP fertiliser, it said, also has a strong demand outlook linked to an increasing Asian population driving food demand, lifestyle changes requiring high quality food, and the requirement for environmentally friendly fertilisers delivering high crop yields.

The Mardie PFS demonstrates a pre-tax NPV of $335 million, IRR of 20 per cent and annual EBITDA greater than $100 million, based on a salt price of US$30 per tonne FOB and SOP price of US$500 per tonne FOB.

Total capex of $335 million will need to be spent to reach full production of both salt and SOP, comprising $248 million for salt plus incremental capex of $87 million for SOP.

BCI indicated it now intends to conduct a Definitive Feasibility Study (DFS), targeting completion during 2019.

“BCI gained ownership of the Mardie tenements at minimal cost in 2012 (as Iron Ore Holdings Ltd) and the team has now delivered an innovative and attractive project solution through the PFS at relatively low expenditure,” BCI Minerals managing director Alwyn Vorster said in the company’s announcement to the Australian Securities Exchange.

“The attractive projected investment returns of greater than $300 million pre-tax NPV, EBITDA of $100 million per annum, and potential to be a low-cost salt and SOP producer, make Mardie a compelling project for BCI to advance through the final feasibility study phase towards development.

“Availability of large areas of suitable land and securing environmental approvals are key barriers to entry in this industry, and BCI is confident that, through our positive engagement with authorities and our approvals track record, Mardie is well placed to secure key development approvals by the end of 2019.”

 

Email: info@bciminerals.com.au

Website: www.bciminerals.com.au

 

Metalicity Agrees to TSX-V IPO Terms for Admiral Bay

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THE BOURSE WHISPERER: Metalicity (ASX:MCT) announced it has agreed to the terms for the sale and purchase of the company’s Admiral Bay, Napier Range and Emanual Range zinc projects.

Metalicity struck a deal with Kimberley Mining Limited, a company that recently announced an IPO on the Canadian TXV-Venture for the spin out of the Admiral Bay project.

Metalicity will receive approximately C$32.5 million in cash and shares, subject to shareholder and regulatory approval and completion of the IPO on the TSX-V.

Metalicity is to retain approximately 40 per cent of the expanded capital of Kimberley Mining post IPO and the targeted C$25 million capital raising which will be used to advance drilling and feasibility studies primarily on the Admiral Bay zinc project.

“The terms agreed are a win-win for both Metalicity and Kimberley Mining Metalicity managing director Matt Gauci said in the company’s announcement to the Australian Securities Exchange.

“Following Metalicity shareholder approval, Kimberley Mining will be well established to rapidly progress the IPO process which will best allow the progression of Admiral Bay in a market of higher valuations for base metals projects of Admiral Bay’s scale and in an increasingly tight zinc market.

“The agreed terms follow very strong market interest and engagement of leading North American mining investment firms, the appointment of a highly credible board, and endorsement of project stakeholders Resource Capital Funds (RCF) and China Minmetals (Minmetals).”

 

Website: www.metalicity.com.au

 

Impact Minerals Picks up Queensland Conglomerate Gold Project, Sells Pilbara

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THE BOURSE WHISPERER: Impact Minerals (ASX: IPT) emerged from a self-imposed market suspension to announce the acquisition of an option to purchase 95 per cent of an advanced conglomerate-hosted gold project.

Impact Minerals reached the agreement with Rock Solid Holdings Pty Ltd to by the project, which boasts previous production of about 185,000 ounces of gold from small shafts and related underground workings close to the company’s 100 per cent-owned Clermont epithermal gold project in central Queensland.

Impact also applied for one adjacent 100 per cent-owned exploration licence, taking its total area accumulation to 91 square kilometres.

The entire group is to be known as the Blackridge gold project.

Impact Minerals explained the acquisition of this new project follows its search for conglomerate-hosted gold projects outside of the Pilbara region of Western Australia, utilising the company’s in-house understanding of such deposits.

There has also been some action regarding the company’s Pilbara gold project following an approach by Pacton Gold Incorporated, a company listed on the Toronto Venture Exchange (TSX:V: PAC) that also has an eye on conglomerate-gold exploration in the Pilbara.

Under the terms of a binding Letter of Intent with Pacton Gold, the two entities will formalise a Share Sale Agreement for Pacton to purchase 100 per cent-ownership interest in Impact’s wholly-owned subsidiary Drummond East Pty Limited, which holds seven 100 per cent-owned granted Exploration Licences E45/4971-72-73; E46/1171-72; and E46/1188-89.

The total consideration to be paid by Pacton to Impact for the purchase will be CAD$350,000 and 2.125 million common shares of Pacton (current value $1.7 million).

“These transactions confirm our belief in the potential for the discovery of another major conglomerate-hosted gold deposit in Australia following the extraordinary discovery by Novo Resources Corporation and Artemis Resources Limited in the Pilbara, the magnitude of which is still poorly understood by most,” Impact Minerals managing director Dr Mike Jones said in the company’s announcement to the Australian Securities Exchange.

“In the late 1800’s and early 1900’s the Blackridge area in Queensland produced over 185,000 ounces of gold from Permian conglomerates down to about only 70 metres below surface and we believe, based on the on-going work in the Pilbara by Novo, previous explorers have potentially significantly underestimated the nugget effect.

“This is an excellent acquisition for Impact’s shareholders.

“In addition, we have recently met with the management and backers of Pacton Gold and were impressed with their track records, their business plan for conglomerate-gold exploration in the Pilbara and also their ability to raise significant capital.

“This includes CAD$2 million from Eric Sprott, a major direct and indirect shareholder in Novo Resources, as part of a CAD$5.5 million raising.

“Given the advanced nature of our new Queensland project, it is only appropriate that we focus our conglomerate-gold exploration activities there whilst still retaining significant upside in the Pilbara in the form of a valuable shareholding in Pacton, a potential Discovery Bonus and a royalty.”

 

Email: info@impactminerals.com.au

Website: www.impactminerals.com.au

 

Musgrave Minerals Boosted by $3.36M Investment from Westgold

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THE BOURSE WHISPERER: Musgrave Minerals (ASX: MGV) has welcomed Westgold Resources (ASX: WGX) onto the company’s shareholding register.

Musgrave Minerals informed the market that Westgold subscribed for 48 million ordinary shares in the company by way of a share placement at a price of seven cents per share.

The $3.36 million investment by Westgold is at a 15.4 per cent premium to Musgrave’s 15-day VWAP and represents an undiluted holding of 15 per cent in the company.

Musgrave indicated it was currently in discussions with Westgold looking to study the commercialisation of Musgrave’s known deposits at the company’s Cue project in the Murchison region of Western Australia.

“The company is pleased to welcome Westgold to the Musgrave register,” Musgrave Minerals managing director Rob Waugh said in the company’s announcement to the Australian Securities Exchange.

“Westgold has three operating mills in the region of our Cue project, and is a highly regarded professional gold miner and processor.

“This is a positive result for Musgrave and a strong endorsement of the company’s projects, gold resources and upside exploration potential.

“The strong cash position will enable Musgrave to accelerate exploration while also progressing development studies on the existing Break of Day and Lena resources within its 100 per cent-owned Cue project.”

On completion of the Placement Musgrave Minerals will hold approximately $5.5 million in cash.

 

Email: info@musgraveminerals.com.au

Website: www.musgraveminerals.com.au