Blackham Resources Declares Record Production Month

/in , /by

THE BOURSE WHISPERER: Blackham Resources (ASX: BLK) declared a record gold producing month for March 2018 at the company’s 6.5 million ounce Matilda-Wiluna gold operation in Western Australia.

Blackham Resources announced gold production in March of 7,419 ounces, an 11 per cent increase on February 2018, when it produced 6,713 ounces.

The figures presented a new record quarterly gold production of 20,631 ounces of gold, providing at a 38 per cent increase to the previous December 2017 quarter achievement of 14,922 ounces.

The company put the March quarter’s production increase down to it gaining access to higher grade zones in the M4 and Galaxy pits late in the December 20117 quarter

During the September 2017 and December 2017 quarters 248,000 tonnes and 206,000 tonnes of low grade stockpiles where processed respectively at an average grade of 0.7 grams per tonne, reducing mill feed grade for those quarters.

During the March quarter throughput increased eight per cent on the prior quarter while plant recoveries decreased slightly as deeper ore from the M4 pit was processed.

“The March operational results demonstrate a continuation of the step change in project economics that commenced in December 2017,” Blackham Resources executive chairman Milan Jerkovic said in the company’s announcement to the Australian Securities Exchange.

“Record production and significantly reduced costs underpinned a quarter of strong operational cashflows, whilst building stockpiles.

“We remain confident that 2018 will be a transformational year that will generate significant operating cash flows and value for Blackham and its shareholders.”

 

Email: info@blackhamresources.com.au

Website: www.blackhamresources.com.au

 

Ventnor Resources Tables Muchea Silica Sand Project Drilling Results

/in , /by

THE BOURSE WHISPERER: Ventnor Resources (ASX: VRX) received results from a preliminary due diligence drill program carried out at the Muchea silica sand project in Western Australia.

Ventnor Resources recently announced that, subject to shareholder and regulatory approvals, it has secured an option from Australian Silica Pty Ltd to acquire tenement E70/4886, which forms the Muchea silica sand project located 50 kilometres north of Perth.

As part of Ventnor’s initial due diligence investigations into the project prior to grant of the option, the company conducted an aircore (AC) and hand auger drilling program within the tenement area to confirm the potential of the project as indicated by previous work undertaken by Australian Silica.

The drilling included an AC drilling program of 46 holes for 522 metres and 43 hand auger holes for 249 metres and returned an average intercept grade of 99.5 per cent silicon dioxide (SiO2).

The company has now received a full analysis of all the quality control data, which it said had validated the drill assay dataset and conforms to the guidelines for reporting under the JORC-2012 code.

“The results of our preliminary due diligence drilling program have confirmed the results provided by Australian Silica and also that this project has the potential for a very large high-grade silica sand resource,” Ventnor Resources managing director Bruce Maluish said in the company’s announcement to the Australian Securities Exchange.

“It supports and justifies the company’s decision to secure an option to acquire the underlying tenement.

“As part of our due diligence investigations, we have also commenced a comprehensive testwork program to ascertain what products could be produced and marketed from the project and later to support a JORC-2012 compliant Mineral Resource.

“The testwork program, which is ongoing, will also produce sufficient quantities of products to enable samples to be sent to prospective customers.”

“The company has already received a number of enquiries from potential Asian customers.

“As part of its due diligence the company undertook an environmental desktop study which will also support a referral to the relevant environmental authorities prior to field studies for a Mining Proposal.”

 

Email: info@ventnorresources.com.au

Website: www.ventnorresources.com.au

 

Metalicity Seeking TSX-V Listing for Admiral Bay Project

/in , /by

THE BOURSE WHISPERER: Metalicity (ASX: MCT) is chasing a TSX Venture Exchange-listing for the company’s Admiral Bay zinc project located in Western Australia.

Metalicity said the idea of listing Admiral Bay in Canada on the TSX Venture Exchange (TSX-V) had received endorsement from project stakeholders and some of the world’s largest mining investors including Resource Capital Funds (RCF) and China Minmetals.

“During the course of the previous six months the company has received numerous reverse enquiries from Canadian investment banks and fund managers concerning Admiral Bay, with the scale and quality of Admiral Bay being of particular interest,” Metalicity explained in its ASX announcement.

“Further, the relative value ascribed to the asset by ASX investors is very attractive to those investment banks and fund managers.

“While some of those market participants can invest on the ASX, and indeed a number of North American institutions corner-stoned the Company’s recent capital raising, far and away the majority of them predominantly focus on the North American markets, and have actively encouraged the Company to seek a listing of Admiral Bay on the TSX-V.”

Metalicity went on to say that the current strong market interest will allow the progression of Admiral Bay through a Preliminary Economic Assessment (PEA), its next round of resource and exploration drilling, followed by completion of a PreFeasibility Study (PFS), and ultimately into production.

The company said it held meetings with leading North American investment banks, stock brokers, research analysts and fund managers, during and after the PDAC Conference in early March, from which it had determined there to be plenty of North American market interest in Admiral Bay.

“The overwhelming view of these market participants was that the most attractive listing process and structure for MCT shareholders and new investors is an Initial Public Offering (IPO) of Admiral Bay onto the TSX-V,” the company said.

To conduct the listing, Metalicity will form a 100 per cent-owned subsidiary company in Vancouver, Canada, to be named Kimberley Mining Limited, into which, pending shareholder approval, it will effectively vend Admiral Bay.

Kimberley Mining would then undertake an IPO in Canada and seek a listing on the TSX-V concurrently with the completion of the offering.

 

Website: www.metalicity.com.au

 

Intermin Resources Upgrades Guidance for Teal Gold Mine

/in , /by

THE BOURSE WHISPERER: Intermin Resources (ASX: IRC) released an update on recent activities at the company’s 100 per cent-owned Teal gold mine, located near Kalgoorlie-Boulder in Western Australia.

Intermin Resources completed pre-stripping at Teal Stage 2 in the December Quarter 2017, and hass since focused on completion of ore mining from both Stage 1 and Stage 2 of the pit.

The company explained that as the pit progressed to the end of the design life, additional ore was identified within and below the design and was mined out where possible.

In March this year, the final load of ore was hauled to the ROM pad and mine closure activities commenced.

In total, 230,000 tonnes of ore have been mined grading 3.2 grams per tonne for 23,500 ounces mined within a total volume of 2.21 million bank cubic metres (bcm).

The company said this compared favourably with the 203,000 tonnes grading 3.2g/t gold for 20,700 ounces mined within a total volume of 2.11 million bcm estimated in the Feasibility Studies for both stages.

Based on the additional tonnage, expected grade and improved recovery from the operation, Intermin Resources has increased production guidance to 21,000 to 22,000 ounces with an All In Cost of $1,000 to $1,100 per ounce.

Intermin completed a 17-day second ore processing campaign at the one million tonnes per annum Lakewood toll milling facility in February, from which full reconciliations have been compiled with 26,632 dry tonnes of ore milled at a final calculated head grade of 3.5g/t gold.

Plant metallurgical recovery exceeded expectations at 97.2 per cent producing 2,910 fine ounces of gold.

The average gold price received for the campaign was $1,684 per ounce, generating $4.9 million in gross revenue.

Intermin said the final milling campaign will be completed in March 2018 with expected treatment of approximately 50,000 tonnes of ore.

Final production and financial reconciliations are expected in the June Quarter.

“While the project has not been without its challenges, Teal has more than delivered on its promises and it is extremely pleasing to see the mine perform well against Feasibility Study estimates,” Intermin Resources managing director Jon Price said in the company’s announcement to the Australian Securities Exchange.

“The company is now in a strong position to fund an aggressive growth strategy.

“In 2018 this growth strategy means resource growth and new discoveries in one of the most productive goldfields in the world.

“We now look forward to delivering ongoing results from the 55,000 metres drill program underway and believe the key Anthill, Blister Dam and Teal project areas have the potential to deliver a significant step change for the business.”

 

Email: iadmin@intermin.com.au

Website: www.intermin.com.au

 

Marindi Metals Strikes Earn-in MoA with JOGMEC

/in , /by

THE BOURSE WHISPERER: Marindi Metals (ASX: MZN) has struck a binding Memorandum of Agreement (MoA) with Japanese resources group, Japan Oil, Gas and Metals National Corporation (JOGMEC).

Marindi Metals said the deal enables JOGMEC to earn-up to a 70 per cent interest in Marindi’s Caranbirini zinc project, located in the McArthur River zinc province in the Northern Territory.

Under the terms of the MoA, JOGMEC will have an exclusive right to earn up to 70 per cent in the project by sole funding $4 million of exploration in two stages over three years.

In the initial two year earn-in period, JOGMEC can earn up to 51 per cent by spending $2 million at Caranbirini then earn the further 19 per cent interest by spending an additional $2 million in year three.

Marindi’s 100 per cent-owned Caranbirini project comprises six tenements (EL31424, EL25313, EL28006, EL28007, EL28951 and EL28952) and is located on the Emu Fault Corridor immediately north of the McArthur River zinc mine owned by Glencore, and north-east of the high-grade Teena zinc deposit owned by Teck.

Marindi considers the tenements as highly strategic claiming they represent the only major holding within the Emu Fault Corridor in the central MacArthur River Basin not under the control of a major mining house.

“We are extremely pleased to be working with such a high calibre international partner in JOGMEC to enable the true potential of our highly prospective and strategic Caranbirini project to be properly evaluated,” Marindi Metals managing director Joe Treacy said in the company’s announcement to the Australian Securities Exchange.

“We consider this agreement, which follows several months of discussions with JOGMEC, represents a very significant vote of confidence in both the prospectivity of the Caranbirini project and Marindi’s exploration expertise.

“Significantly, once the definitive agreement has been executed, our partnership with JOGMEC will both ensure funding for a comprehensive exploration program at Caranbirini, as well as enable Marindi to continue its intensive ongoing exploration programs in Western Australia, namely for lithium at Forrestania and for gold and base metals at the Newman and Bellary Dome projects in the Pilbara.”

 

Email: info@marindi.com.au

Website: www.marindi.com.au

 

Ventnor Resources Secures Option Over New Silica Sand Project

/in , /by

THE BOURSE WHISPERER: Ventnor Resources (ASX: VRX) announced it has secured an option to acquire a potentially high-grade, high-tonnage silica sand project near Muchea, north of Perth in Western Australia.

Ventnor Resources explained the option to acquire the Muchea silica sand project is subject to shareholder and Australian Securities Exchange (ASX) regulatory approvals.

Ventnor said the ASX has determined the option grant constitutes a change in the nature and/or scale of the company’s activities and has told Ventnor that ASX Listing Rules 11.1.2 and 11.1.3 apply to the purchase.

This has given rise to the following:

The proposed transaction requires shareholder approval under the ASX Listing Rules and therefore may not proceed if that approval is not forthcoming;

Ventnor Resources is required to re-comply with ASX’s requirements for admission and quotation and therefore the proposed transaction may not proceed if those requirements are not met; and

The ASX has an absolute discretion in deciding whether or not to readmit the company to the Official List and to quote its securities and therefore the proposed transaction may not proceed if ASX exercises that discretion.

Considering these consequences Ventnor cautioned that, “investors should take account of these uncertainties in deciding whether or not to buy or sell the company’s securities.”

The Muchea silica sand project is located adjacent to the Brand Highway and a rail connection to Kwinana port for bulk handling.

Ventnor Resources has undertaken a due diligence review, from which it claims to confirm the potential of the prospect.

Assays received by the company have indicated a high-quality +99.7 per cent silicon dioxide (SiO2) deposit over an area of more than 3,400 hectares.

Ventnor said that limited historical exploration for silica sand has been undertaken in the project area, however the company has been provided details of a reconnaissance sampling program utilising the existing accessible tracks.

A total of 44 hand auger samples to a depth of around two metres were completed.

Samples were submitted to the SGS laboratory in Perth and analysed for SiO2, via ICP silica by difference, with the results indicating that, at the surface, there exists very high purity silica sand with the average of all samples returning +99.8% SiO2.

Ventnor explained it has been investigating markets in the Asia-Pacific region for the supply of high-quality silica sand used for glass manufacturing, concrete construction and as a tech metal, which is experiencing increasing demand due to diminishing supply.

The company intends to take advantage of this environment with both the Muchea silica sand project and its existing and complementary Arrowsmith silica sand project.

“Early indications, based on the company’s due diligence investigations and the results of testwork to-date, are that both projects are highly prospective, and the Muchea silica sand project is extensive and high-grade, with the potential to be one of the largest high-grade silica sand deposits in the world,” Ventnor Resources said in its ASX announcement.

“The company’s objectives are to progress both projects by conducting further exploration and test work, conduct substantive environmental reviews and seek approvals, and to conduct scoping studies to assess the economic viability of developing, in each case, a medium scale mining and processing operation adjacent to each project and utilising existing rail and port facilities to export high quality silica sand to Asian markets.”

 

Email: info@ventnorresource.com.au

Website: www.ventnorresources.com.au

Broken Hill Prospecting Attracts Big Partnership for Thackaringa Cobalt Project

/in , /by

THE BOURSE WHISPERER: Broken Hill Prospecting (ASX: BPL) and Cobalt Blue Holdings (ASX: COB) announced a major strategic partnership with LG International (LGI) involving the companies’ Thackaringa cobalt project Joint Venture (TJV) near Broken Hill in New South Wales.

Broken Hill Prospecting explained LG International is the resources investment arm of LG Corporation, and is acting in cooperation with LG Chem, an entity with strong technical leadership in the development of next generation batteries in particular for fixed storage and electric vehicles (EVs).

LG Chem is the fourth largest EV battery maker globally.

Under the new partnership, LGI will provide capital and technical assistance for the TJV to make a high-purity battery grade cobalt sulphate.

Cobalt Blue Holdings has executed a binding term sheet with LGI to raise US$6 million (at A$1.10 per COB share) by Monday 16 April 2018.

“The strategic alliance with LGI is a major win for the Thackaringa cobalt project and our Board welcomes LGI’s partnership,” Broken Hill Prospecting managing director Trangie Johnston said in the company’s announcement to the Australian Securities Exchange.

“The LG Group brings valuable expertise in product development and other disciplines to the joint venture and is a significant milestone along the road to developing this world class cobalt resource.

“BPL’s commercial interest in the Thackaringa cobalt project is significantly advanced by the involvement of LGI and we look forward to working with both of our partners to deliver the project as expeditiously as possible.”

 

Email: info@bhpl.biz

Website: www.bhpl.biz

Barra Resources Develops New Burbanks Gold Strategy

/in , /by

THE BOURSE WHISPERER: Barra Resources (ASX: BAR) has completed a strategic review of its gold assets resulting in an updated gold exploration strategy for the company’s wholly-owned Burbanks gold project southeast of Coolgardie in Western Australia.

Barra Resources recently consolidated ownership over the entire Burbanks gold project following the re-acquisition of the Birthday Gift gold mine, which the company said was the first key step in the implementation of its new gold strategy.

The company explained that the Birthday Gift acquisition returns millions of dollars of underground development and infrastructure back into its portfolio with the Birthday Gift decline providing future access to in-situ resources and untapped depth potential at both Birthday Gift and Main Lode, two historically rich high-grade mines separated by just 600 metres of future decline extension.

Barra now has uninterrupted access to five kilometres of strike along the Burbanks Shear Zone, historically one of the richest gold producing structures in the Coolgardie Goldfield.

From here the company hopes to build the resource inventory at Burbanks by embarking on a clear, focused and systematic exploration program targeting a newly established Exploration Target for Burbanks.

“The company’s new gold strategy sets a pathway targeting over 500,000 ounces of gold before embarking on a new mine plan and ultimately restarting mining operations,” Barra Resources said in its ASX announcement.

“The addition of a JORC 2012-compliant Mineral Resource Estimate of 95,400 ounces via the acquisition of Birthday Gift provides a solid foundation that will underpin resource growth at Burbanks via accelerated exploration activity.”

 

Email: info@barraresources.com.au

Website: www.barraresources.com.au

 

Rox Resources and Arafura Resources Restructure Bonya JV

/in , /by

THE BOURSE WHISPERER: Rox Resources (ASX: RXL) has restructured its Bonya Joint Venture with Arafura Resources (ASX: ARU) in the Northern Territory.

Rox Resources explained the JV has been restructured to simplify the current arrangements between both parties.

Back in 2014, Rox earned a 51 per cent interest in certain minerals, (copper, lead, zinc, silver, gold, bismuth and PGE’s), collectively known as the ‘JV Minerals’ on the joint venture tenement.

Arafura held 49 per cent of these minerals plus 100 per cent of other minerals, including the highly prospective tungsten and molybdenum mineralisation known to outcrop -referred to as ‘Other Minerals’.

The restructure of the joint venture interests has resulted in Rox divesting 11 per cent of its interest in the JV Minerals to Arafura, with Arafura to transfer 40 per cent of its interest in the Other Minerals to Rox.

“Each party will then own an interest in all of the minerals, with the percentage interests of the parties in the joint venture being Rox 40 per cent and Arafura 60 per cent,” Rox Resources said in its ASX announcement.

“This simplifies the structure and operation of the joint venture.

“Rox will continue to be operator of the joint venture.”

In 2014 Rox discovered high-grade copper mineralisation at the Bonya Mine prospect, including:

11 metres at 4.4 per cent copper from 30m, and
38m at 4.4 per cent copper from 60m.

Recent exploration has outlined a gravity anomaly at the northern end of the Jervois line of mineralisation, which has been interpreted to suggest that the Jervois copper-silver-zinc-lead system may extend into the joint venture tenement.

Further exploration is planned this year to define suitable targets for drilling.

 

Email: admin@roxresources.com.au

Website: www.roxresources.com.au

 

Draig Resources Completes $8M Placement

/in , /by

THE BOURSE WHISPERER: Draig Resources (ASX: DRG) completed a fully underwritten placement that received strong support from institutional investors to advance the company’s high-grade Bellevue gold project north west of Kalgoorlie in Western Australia.

Draig Resources completed the over-subscribed $8 million placement for 40 million shares at 20 cents per share.

The company noted the Placement received support from new institutional investors from Australia, Asia and North America as well as from existing institutions and sophisticated investors.

The funds raised via the Placement will be used to advance the Bellevue gold project and will be used for ongoing exploration activities including for a resource estimate which is expected to be released in the third qurater of this year.

“We would like to welcome a number of new institutional investors onto our share register and thank our existing shareholders for their ongoing support,” Draig Resources executive director Steve Parsons said in the company’s announcement to the Australian Securities Exchange.

“Our flagship Bellevue gold project is now well positioned to complete all medium-term exploration activities and for us to release a resource estimate in 3Q 2018.”

 

Email: admin@draigresources.com

Website: www.draigresources.com