Alto Metals Considers Near Term Gold Production Strategy

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THE BOURSE WHISPERER: Alto Metals (ASX: AME) reported it is looking at opportunities for near term gold production at the company’s 100 per cent-owned Sandstone project, in the Murchison region of Western Australia.

Alto Metals said it has commenced work on historic battery sands at the Hacks, Oroya, Havilah and Maninga Marley prospects with sampling and metallurgical test work being undertaken to determine the viability of this material being incorporated into a low-cost heap leaching operation.

The company is also assessing the potential for mining and heap leaching near surface laterite hosted gold mineralisation at the Piper deposit.

It has also identified additional mineralisation of a comparable size and nature to Piper from previous drilling results from the adjacent Tiger Moth and Indomitable prospects.

Alto I snow drilling at these areas to provide data for input to a JORC Code 2012 Mineral Resource Estimate, and for samples for metallurgical test work.

“Alto believes that the low capital and operating cost of Heap Leaching may generate significant early cashflow for the company, which could provide funding for ongoing exploration for major gold deposits at the Sandstone project,” Alto Metals said in its ASX announcement.

 

Email: admin@altometals.com.au

Website: www.altometals.com.au

 

Global Geoscience Completes Rhyolite Ridge PFS Phase 1

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THE BOURSE WHISPERER: Global Geoscience (ASX: GSC) has completed the first phase of a Pre-Feasibility Study (PFS) for the company’s 100 per cent-owned Rhyolite Ridge lithium-boron project in Nevada, USA.

Global Geoscience said the critical trade-off studies it conducted for the PFS had demonstrated a clear path forward for the project while highlighting the potential for Rhyolite Ridge to be a major, low-cost producer of lithium and boron in an environmentally sustainable manner that uses self-generated, zero-carbon power and minimises both water usage and surface disturbance.

Trade-off studies completed as Phase 1 of the PFS included Vat Leaching resulting in this being the preferred leaching method.

The study found it provides a more controlled leach environment with higher concentrations of lithium and boron into the pregnant leach solution (PLS).

Less evaporation of the PLS is required because of the higher initial concentrations, resulting in fewer mechanical evaporators and lower power consumption.

The upshot is materially lower capital and operating costs compared to alternative leaching techniques.

Global Geoscience claims Rhyolite Ridge as a global front-runner to become the first mine to recover lithium using the proven and well understood vat leaching method.

An on-site acid plant has been selected as the source of sulphuric acid providing substantially lower sulphuric acid cost estimated at $20 to 30 per tonne including credit for steam and power generation used in the operation.

“Sulphuric acid is an important economic driver for the project, and the combination of vat leaching together with an on-site acid plant will substantially lower the cost of acid, thus reducing the overall operating costs,” Global Geoscience managing director Bernard Rowe said in the company’s announcement to the Australian Securities Exchange.

“An acid plant will produce large amounts of steam that can be used for heating in the processing plant and for generation of electricity via steam-driven turbines with excess power available for selling into the grid.

“Steam produced from the acid plant negates the high input costs normally associated with mechanical evaporation.

“Vat leaching, coupled with mechanical evaporation, produces the most concentrated pregnant leach solution with consistent composition, thus simplifying downstream processing.

“With the critical trade-off analysis completed, the PFS is on track to be completed in mid-2018 with the outcomes scheduled to be released in Q3 2018.”

 

Website: www.globalgeo.com.au

 

Venture Minerals Raising $2.5 Million

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THE BOURSE WHISPERER: Venture Minerals (ASX: VMS) declared it has received commitments to raise $2.5 million in a two-tranche placement.

Venture Minerals said the issue of 85.1 million shares at three cents per share had received strong demand from new and existing Australian and international investors.

The placement will take form in two tranches.

In Tranche 1 around 60.48 million ordinary shares will be issued to raise total gross proceeds of approximately $1.8 million.

This is expected to be completed by 25 May 2018.

Under Tranche 2 around 24.65 million ordinary shares will be issued to raise total gross proceeds of approximately $739,585.

These shares will be issued subject to shareholder approval at a General Meeting to be held late June 2018

In its ASX announcement, Venture Minerals said the proceeds of the raising will fund future drilling and exploration programs with the focus on the company’s Western Australian projects, including the Thor copper-lead-zinc prospect, the Odin nickel prospect and the Pingaring nickel-cobalt project, in addition to work on the company’s other assets and to fund ongoing working capital commitments.

 

Email: info@ventureminerals.com.au

Website: www.ventureminerals.com.au

 

Azure Minerals Attracts Interest for Oposura Concentrates

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THE BOURSE WHISPERER: Azure Minerals (ASX: AZS) informed the market of recent corporate-related activities regarding the company’s 100 per cent-owned Oposura project in Mexico.

Azure Minerals claims to have received plenty of interest from over a dozen metals trading companies and base metal smelters to purchase the high-quality zinc and lead-silver concentrates that will be produced from the development of the Oposura project.

The company intimated it has also received interest in upgraded, direct-shipping ore, which it said opens attractive, low capital cost production options for Oposura.

Azure said many of these prospective suitors have also indicated they may be willing to provide funding to assist in the development and construction of the project, although the company was quick to point out that it has made no decision as to its preferred funding model at this time.

Azure is currently completing a Preliminary Economic Assessment (PEA) study into the development and operations of the high-grade zinc-lead-silver Oposura project.

The company explained that although the PEA will meet the requirements for a Scoping Study as defined under ASX/JORC standards, it will be produced in the Canadian (NI43-101 report) format to enhance off-take marketing and project funding opportunities in North America, Europe and Asia.

“The current market conditions for Oposura’s direct shipping ore and its concentrates are very favourable,” Azure Minerals managing director Tony Rovira said in the company’s announcement to the Australian Securities Exchange.

“The high-grade and shallow nature of the mineralisation at Oposura lends itself to either or both of these processing options.

“The company is progressing quickly towards the completion of a quality Preliminary Economic Assessment in order to attract the best off-take offers and funding for the project.”

 

Website: www.azureminerals.com.au

 

Sheffield Resources Inks Derby Port Access Agreement

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THE BOURSE WHISPERER: Sheffield Resources (ASX: SFX) has signed a binding Port Access Agreement with the Shire of Derby-West Kimberley in Western Australia.

Sheffield Resources explained the Agreement spans a minimum of 20 years of planned production and provides the company with long term access to a bulk handling facility and associated infrastructure located at the Port of Derby.

Sheffield intends exporting its mineral sands bulk products including LTR ilmenite, zircon concentrate and titanomagnetite from the company’s Thunderbird mineral sands project through the Port of Derby to markets around the world.

Infrastructure at the Port of Derby was previously used for the export of base metal concentrates and is very well suited to the export of mineral sands products.

“The execution of this Port Access Agreement is a key milestone for Sheffield as we move a step closer to developing the Thunderbird mineral sands project,” Sheffield Resources managing director Bruce McFadzean said in the company’s announcement to the Australian Securities Exchange.

“We welcome the Shire of Derby-West Kimberley and the WA Department of Transport’s support in facilitating this agreement, which will enable the transhipment of our bulk commodity products from Thunderbird.

“The Port facility will provide employment and contract opportunities for the people of Derby as we move Thunderbird toward construction and into production.”

 

Email: info@sheffieldresources.com.au

Website: www.sheffieldresources.com.au

 

Middle Island Resources Closes in on Reo Project Sale

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THE BOURSE WHISPERER: Middle Island Resources (ASX: MDI) has finalised the transaction for the divestment of the Reo gold project in Burkina Faso, West Africa.

Middle Island Resources has executed a formal Option to Purchase Agreement with TSX(V)-listed Tajiri Resources Limited, which provides Tajiri with the option to acquire 100 per cent of MDI’s interest in the project.

In turn, Tajiri gave notice it will enter the 18-month exclusive option period and now has 15 days to pay to MDI a US$150,000 option fee and issue 5 million Tajiri shares to MDI.

During the Option term Tajiri must pay all expenses associated with maintaining the Reo project permits in accordance with Burkinabe law.

Should Tajiri exercise the Option, it will pay a further US$150,000 to Middle Island, however, if it has not exercised the Option within 12 months, it will be required to pay US$50,000 to Middle Island as a non-refundable advance on the Option exercise cash consideration, with the balance of US$100,000 payable if the Option is exercised during the remaining six months of the Option term.

If the Option is exercised within the first 12 months the full US$150,000 is payable on exercise.

If the Option is exercised by Tajiri, Middle Island will retain a two per cent net smelter return (NSR) royalty on any minerals derived from the Reo project.

Tajiri has the right to acquire that royalty from Middle Island for US$5 million.

If the Option is not exercised by Tajiri, Middle Island will retain all consideration already paid and continue to own its 100 per cent interest in the Reo project.

“This divestment is in line with Middle Island’s strategy to focus on developing the Sandstone gold precinct in Western Australia into a thriving gold hub, processing local deposits through the company’s 100 per cent-owned Sandstone mill,” Middle Island Resources managing director Rick Yeates said in the company’s announcement to the Australian Securities Exchange.

 

Email: info@middleisland.com.au

Website: www.middleisland.com.au

 

Impact Minerals Completing IP Survey at Clermont Gold Project

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THE DRILL SERGEANT: Impact Minerals (ASX: IPT) is closing in on completion of an Induced Polarisation (IP) gradient array survey at the company’s 100 per cent-owned Clermont gold project located in the southern part of the Drummond Basin in Central Queensland.

Impact Minerals said exploration at Clermont has been reinvigorated following the completion of a strategic review of the project last Quarter.

The company explained the aim of the IP survey is to identify targets to be drill tested as soon as practicable, which is hoped to be shortly after completion of a planned drill program at Impact’s 100 per cent-owned Commonwealth gold-silver project in New South Wales where drilling is scheduled to start by late June.

The IP survey at Clermont is centred over two key prospects, Retro and Retro-Extended, at the northern end of the Retro Fault System, a 10-kilometre trend of gold-silver and base metal mineralisation.

“From south to north along the Retro Fault system, a transition may be present from bulk tonnage porphyry-style mineralisation to high-grade precious and base metal-rich epithermal mineralisation,” Impact Minerals said in its ASX announcement.

“The purpose of the current IP survey is to assess continuity of the mineralised structure over a strike length of about five kilometres from north of Retro to south of Retro Extended.”

Impact Minerals said that field checking and grab samples it has undertaken from along the Retro Fault System had confirmed the potential for epithermal mineralisation over 10km of strike as well as porphyry-style mineralisation at the Nanya prospect at the southern end of the Retro Fault System.

Grab samples of epithermal quartz veins and rare volcanic breccia at various prospects have returned assays of up to the following:

Retro:
3.5 grams per tonne gold, 57.7g/t silver, 234ppm copper and 3.6 per cent lead.

Previous drilling at Retro also returned:
2m at 13.7g/t gold from 34m.

Retro South:
5.4g/t gold, 75g/t silver and 500ppm copper.

Retro East:
0.8g/t gold, 3.3g/t silver and 0.6 per cent lead.

South of the main mineralisation at the Retro Extended target, colloform banded quartz veins returned up to:
2.6g/t gold, 61.3g/t silver, 380ppm copper, 6.1 per cent lead and 830ppm zinc.

“All of these results indicate there is significant exploration potential along the Retro Fault System for the discovery of a major deposit and that further exploration is warranted as a priority,” Impact Minerals said.

 

Email: info@impactminerals.com.au

Website: www.impactminerals.com.au

 

Draig Resources Increases Bellevue Landholding

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THE BOURSE WHISPERER: Draig Resources (ASX: DRG) has increased its landholding around the company’s Bellevue gold project in the Goldfields region of Western Australia.

Draig Resources has taken its land tenure to over 4500 square kilometres in proximity to Bellevue.

The company now boasts a dominant project portfolio in what it considers as being a well-endowed mining district and near noteworthy existing gold operations such as Northern Star’s (ASX: NST) Jundee, Echo Resources’ (ASX: EAR) Bronzewing, Red5’s (ASX: RED) Darlot and Saracen’s (ASX: SAR) Thunderbox operations.

Draig currently has drilling underway at the Tribune high-grade discovery at the Bellevue project with a maiden resource estimate on track for later in the year.

“The company is pleased to significantly increase our land holding in a well-endowed mining district that is host to a major gold and base metal operations,” Draig Resources executive director Steve Parsons said in the company’s announcement to the Australian Securities Exchange.

“Draig now has a large presence in a highly prospective and underexplored region of the north eastern goldfields region of Western Australia.

“Our geological team is undertaking preliminary targeting work ready for on ground exploration in the second half of 2018.

“As we work up these new target areas the company continues to advance its core asset the high-grade gold Bellevue gold project and is on track to deliver a maiden resource estimate in Quarter three 2018.”

 

Email: admin@draigresources.com

Website: www.draigresources.com

 

Magmatic Resources Completes Mt Venn Acquisition

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THE BOURSE WHISPERER: Magmatic Resources (ASX: MAG) completed the acquisition of the Mt Venn copper-nickel-cobalt project, located east of Laverton In Western Australia from Montezuma Mining Company (ASX: MZM).

Magmatic Resources said the deal provides it with coverage over 60 per cent of the Mt Venn Igneous Complex in a proven mineralised district.

The company said the acquisition of exploration licence E38/2961, constituting the Mt Venn project, provides it with immediate access to a highly prospective geological setting, immediately along strike from the copper-nickel-cobalt discovery made by Great Boulder Resources immediately south of Magmatic’s project.

Magmatic has subsequently acquired and applied for two gold exploration licences constituting the Yamarna gold project, in the Yamarna greenstone only 40 kilometres northeast of the Mt Venn project belt.

The Yamarna greenstone belt hosts the six million ounce Gruyere gold mine currently under construction by joint venture partners Gold Fields and Gold Road Resources (ASX: GOR).

Magmatic’s tenements are only 15km from Gruyere.

“We are very pleased to complete this transaction and believe our Mt Venn copper-nickel-cobalt project represents potential near-term upside for our shareholders,” Magmatic Resources managing director David Richardson said in the company’s announcement to the Australian Securities Exchange.

“We intend to commence fieldwork at the property to build on the previous exploration datasets, as well as reprocessing EM and VTEM data to assist planning for our drilling program.”

 

Email: info@magmaticresources.com

Website: www.magmaticresources.com

 

Rox Resources to IPO Mt Fisher Gold Project

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THE BOURSE WHISPERER: Rox Resources (ASX: RXL) announced plans to spin out the company’s Mt Fisher gold project in Western Australia into a newly established, 100 per cent-owned subsidiary, Helios Gold Limited.

Rox Resources intends listing this company on the Australian Stock Exchange via an Initial Public Offering.

The 219 square kilometre Mt Fisher gold project is located 270km north of Leonora, adjacent to the company’s Fisher East nickel project.

Mt Fisher contains a mineral resource of 973,000 tonnes at 2.75 grams per tonne gold for 86,000 ounces of gold.

Under the terms of the transaction, Helios will issue fully paid ordinary shares to Rox as consideration for the Mt Fisher gold assets.

Existing Rox shareholders will be given a priority offer to subscribe for shares in the Helios IPO.

It is expected that Rox will initially hold an interest of approximately 33 per cent in Helios, which will boast a separate management team and board.

The directors of Rox declared their confidence that vending Mt Fisher into Helios and floating the company will be of benefit to the project, bringing an increased focus and dedicated funding.

Rox said its shareholders will retain exposure to the upside potential of Mt Fisher, while allowing the company to focus its advancing nickel and base metals interests.

“We originally acquired the Mt Fisher tenements in 2011 for the outstanding gold potential the project area offered, but the discovery of nickel at Fisher East since that time has made it difficult to give the gold assets the proper focus they required,” Rox Resources managing director Ian Mulholland said in the company’s announcement to the Australian Securities Exchange.

“For some time now, the market has not attributed any value to Mt Fisher, and we believe this is the most efficient and effective way for our shareholders to realise the full potential and unlock the inherent value.”

 

Email: admin@roxresources.com.au

Website: www.roxresources.com.au