Coda Minerals Commences Elizabeth Creek JV with Torrens Mining

THE BOURSE WHISPERER: Coda Minerals (ASX: COD) reached an important stage by meeting the Free-Carry Expenditure Limit under its Farm-in and Joint Venture Agreement with Terrace Mining, a wholly owned subsidiary of Torrens Mining (ASX: TRN) at the Elizabeth Creek copper project in South Australia.

Coda Minerals has spent $8.62 million on exploration to date at Elizabeth Creek, and accordingly, Coda and Torrens have now formed an unincorporated JV, under which each party will now contribute funding to continued exploration and feasibility work in accordance with their respective interests in the project.

Coda is the operator and majority owner of Elizabeth Creek, holding a 70 per cent interest with Torrens holding a 30 per cent interest.

“This is another significant milestone in the Agreement signed between Coda and Terrace in 2017,” Coda Minerals chief executive officer Chris Stevens said in the company’s ASX announcement.

“We have come an extremely long way since 2017, having achieved JORC 2012 Compliant Indicated Mineral Resource Estimates over the MG14 and Windabout deposits with a total Resource of 280,000 tonnes of copper equivalent now on our books.

“Our focus is now on proving up Emmie Bluff as we work to convert the previously announced JORC Compliant Exploration Target into a JORC Compliant Mineral Resource Estimate by the third quarter of this year.

“The Joint Venture Committee has now approved an exploration and feasibility budget to continue drilling and undertake the work required to deliver the Mineral Resource Estimate at Emmie Bluff as well as to test the highly prospective IOCG Target at Emmie Bluff Deeps and undertake an ambitious regional exploration programme across the Elizabeth Creek Tenure.

“We expect the drill rigs to be turning again at Elizabeth Creek before the end of this month and we are looking forward to what we expect to be a really busy and potentially transformational 6-8 months for the newly-formed Joint Venture as we take our Mineral Resource base at Elizabeth Creek to the next level and begin testing highly-prospective IOCG targets at depth.”









Panoramic Resources to Restart Savannah Nickel Operation

THE BOURSE WHISPERER: Panoramic Resources (ASX: PAN) announced it is to restart the company’s Savannah nickel operation, located in the Kimberley region of Western Australia.

Panoramic Resources said it had made the decision following a rigorous assessment process and 12 months of activities designed to reduce operating and financial risk for the operation as well as improving expected profitability.

The upshot from all this is a 12-year mine life with an average annual production target1 of 9,072 tonnes nickel, 4,683 tonnes copper and 676 tonnes cobalt in concentrate.

“It is pleasing to see that Savannah, one of the most advanced nickel sulphide development asset in Australia, is forecast to come into production as the battery thematic continues to grow worldwide,” Panoramic Resources managing director and CEO Victor Rajasooriar said in the company’s ASX announcement.

“We learnt many lessons in the lead up to the temporary suspension of operations at Savannah in April 2020, amid the onset of the COVID-19 pandemic.

“Since that time, we have recapitalised the business and undertaken a range of planning and site-based initiatives to put the operation in a much stronger position for restart.

“This process of optimisation combined with the improved outlook for Savannah’s high-quality nickel, copper and cobalt products, has given the Board confidence in approving the restart with a target of first shipment from Wyndham Port by the end of 2021.

“By engaging a contractor for both the underground mining and processing at Savannah, we are significantly reducing the human resourcing risk in a tightened labour market, which proved to be one of the key challenges encountered at Savannah during 2018 and 2019.

In support of the restart, Panoramic has entered into a new five-year nickel and copper concentrate offtake agreement for the period February 2023 to February 2028 with Trafigura Group Pte Ltd, with the deal set to commence in line with the expiry of an existing offtake agreement with Jinchuan.

Trafigura has also agreed to provide a US$45 million secured loan financing facility which, combined with revenue projections, is expected to fully cover the costs of the restart.

“The new offtake agreement and loan financing facilities with Trafigura are a critical piece of the restart,” Rajasooriar continued.

“The financing package avoids any dilutive equity raising by providing what we expect to be sufficient working capital to support a smooth ramp-up.

“The offtake agreement with Trafigura follows a competitive tender process and has terms which overall are more attractive than our current contract which is scheduled to expire in February 2023.

“Production from Savannah is now committed until February 2028, or for about half of the current 12-year mine life.”

Panoramic has a current cash balance of approximately $27 million and no debt.









Rox Resources to Demerge Nickel Assets to Concentrate on Youanmi Gold

THE BOURSE WHISPERER: Rox Resources (ASX: RXL) informed the market of its intent to spin-out its Fisher East and Collurabbie nickel and base metal assets in Western Australia.

Rox Resources explained the demerger would enable it to focus on the development of the company’s Youanmi gold project near Mt Magnet in WA.

The nickel and base metal assets will be demerged into a new company, Cannon Resources Limited.

There is to be a fair bit of corporate activity involved with Rox proposing a 1 for 15 share consolidation prior to the Cannon transaction to simplify its share structure.

Eligible Rox shareholders will receive new Cannon Resources shares via an in-specie distribution, subject to Rox shareholder approval, at a rate of one ordinary share in Cannon Resources Limited for every 4.3 shares (approximately) held in Rox on a post-consolidation basis.

“The demerger of Rox’s nickel and base metal assets will allow a crystal-clear focus for Rox to develop Youanmi into a high-grade producing mine, while allowing Rox investors to retain exposure to the nickel and base metal assets through a pro-rata holding in Cannon,” Rox Resources managing director Alex Passmore aid in the company’s ASX announcement.

Rox holds substantial nickel assets via its Fisher East and Collurabbie projects it considers highly prospective for base metals.

However, with the company’s focus shifting to the advanced exploration and development of Youanmi, Rox has been seeking to unlock the value inherent within its nickel and base metal assets and it believes the demerger is its best course of action.

Rox’s main project is now the Youanmi gold mine that it co-owns Youanmi with Venus Metals.

The company deems Youanmi to present upside in both development and exploration potential as it currently boasts a JORC 2012-compliant Mineral Resource Estimate of 12.4 million tonnes at 2.97 grams per tonne gold for 1,190,600 ounces of gold, including a near surface portion of 10 million tonnes at 1.65g/t gold for 532,000 ounces of gold.








Ardiden Takes Time Out to Remind Market of Canadian Lithium Project Potential

THE BOURSE WHISPERER: Ardiden Limited (ASX: ADV) reminded the market that apart from its Canadian gold projects it also has 100 per cent-owned hard-rock lithium projects.

Ardiden holds full ownership of three high-grade, low impurity lithium projects, comprising 95 square kilometres.

This lithium portfolio includes a 4.8 million tonnes at 1.25 per cent lithium (Li2O) JORC Resource and an Exploration Target of a further 4.5 to 7.2 million tonnes at 0.8-2 per cent Li2O at the Seymour Lake lithium deposit.

Metallurgical testwork by Ardiden on Seymour concentrate confirmed achievement of +99.5 per cent Standard Battery grade Lithium Carbonate product.

Ardiden indicated it is exploring strategic alternatives for its lithium projects to unlock shareholder value, including options such as retention, potential sales, spin-offs, joint ventures or business collaborations, subject to shareholder and regulatory approvals, as required.

“Ardiden is well positioned to extract benefit from re-invigorated interest in the Critical Minerals sector,” Ardiden managing director and CEO Rob Longley said in the company’s ASX announcement.

“Lithium is a key ingredient in rechargeable batteries used in electric vehicles (EV’s).

“The company’s three high-grade lithium projects are in close proximity, and well connected to the rapidly expanding US EV battery market.

“While we remain firmly committed to our gold exploration at Pickle Lake, have received significant interest in our lithium assets and are working diligently to deliver the best possible value to Ardiden shareholders.”












Kopore Metals Selling Botswana Copper Project

THE BOURSE WHISPERER: Kopore Metals (ASX: KMT), by way of its wholly owned subsidiary company, Alvis-Crest (Proprietary) Limited, is selling its Virgo project in the Republic of Botswana.

Having struck a binding term sheet to assist with ongoing exploration at the Virgo project. Kopore Metals has agreed to sell 75 per cent of the issued capital in Alvis to AIM-listed ARC Minerals.

Alvis is the holder of two prospecting licences in the Kalahari Copper Belt in Botswana within 23km of the Zone 5 mine, currently under construction by Cupric Canyon Capital LP.

These two licences, PL135/2017 and PL162/2017 comprise Kopore’s Virgo project.

The Transaction is subject to certain conditions, including ARC to issue £1.2 million in ARC shares to Kopore in consideration for the purchase of 75 per cent of the issued capital of Alvis.

ARC has an option to buy the remaining 25 per cent for US$5 million in cash or ARC shares.

Kopore is to be free carried to a Bankable Feasibility Study with no dilution and will receive a 1 per cent net smelter royalty capped at US$30 million, which ARC can buy back for US$5 million.

“We are delighted to enter into this transaction with ARC,” Kopore Metals managing director Simon Jackson said in the company’s ASX announcement.

“They have been successful in adding value for their shareholders through their interests in Zambia and we share their vision for the Virgo project.

“We anticipate that having people and infrastructure in southern Africa will allow ARC to progress exploration at the Virgo project much quicker than Kopore would have been able to do as the COVID-19 pandemic continues to affect international and regional movement of people and other assets.

“Kopore can now focus on its remaining 3,592 square kilometres of exploration licences in Botswana at its Ghanzi West project (where reprocessing of historical data is ongoing) and at the Horseshoe West Project in the Bryah Basin of Western Australia, where the company has the right to earn up to a 70 per cent interest and where heritage surveys are now planned for early April 2021.

“We are excited to have copper exploration projects in two of the world’s most sought after jurisdictions given market indications that we are in the early months of what we think could potentially be a copper super cycle.”









Altech Chemicals Commences German Battery Materials PFS

THE BOURSE WHISPERER: Altech Chemicals (ASX: ATC) via its 75 per cent-owned German subsidiary, Altech Industries Germany, has commenced a pre-feasibility study (PFS) for construction of a battery materials high purity alumina (HPA) coating plant in Saxony, Germany.

The PFS will assume a phase 1 coating plant designed with the capacity to coat 10,000 tonnes per annum (35 tonnes per day) of anode graphite, using Altech’s alumina coating technology.

“HPA is commonly applied as a coating on the separator sheets used within a lithium-ion battery, as alumina coated separators improve battery performance, durability and overall safety,” Altech Chemicals explained in its ASX announcement.

“However, evolving demand for alumina within the anode component of the lithium-ion battery has been identified because of the potential positive impacts that alumina coated graphite and silicon particles may have on lithium-ion battery life and performance.”

The study will assume the use of 100 per cent renewable power from the local grid with some minor on-site solar generation for buildings.

The design will target green project status.

It is planned that once the PFS is completed, the project will be accessed for green accreditation by the Centre of International Climate and Environmental Research (CICERO), Norway.








Comet Resources Acquires Northern Territory Copper-Gold Portfolio

THE BOURSE WHISPERER: Comet Resources (ASX: CRL) has entered into a Binding Option Agreement to acquire a portfolio of highly prospective copper-gold-zinc-silver-lead assets in the Northern Territory.

Comet Resources has paid a non-refundable deposit of $50,000 to Bath Resources for a 45-day exclusive option over the portfolio that includes the Oonagalabi copper-zinc project, Paradise Well copper-gold prospect and the Silver Valley copper-gold-silver-lead prospect, which cover a combined land holding of approximately 840 square kilometres.

Oonagalabi includes best intersections from historical drilling of:
36.6 metres at 1 per cent copper and 1.7 per cent zinc from 1.5m,
5m at 1.26 per cent copper and 1.22 per cent zinc from 70m,
6m at 0.9 per cent copper from 102m, and
14m at 0.7 per cent copper from 148m

Paradise Well rock chip samples returned up to 8.9 per cent copper and 2.2 grams per tonne gold, Silver Valley rock chip samples returned 554g/t silver, 20 per cent lead, 11.9 per cent copper and 2g/t gold, providing earlier stage exploration potential.

“This portfolio combines both advanced and early stage copper, gold and base metals targets,” Comet Resources managing director Matthew O’Kane said in the company’s ASX announcement.

“Being located in Australia they complement our existing copper and base metals project at Barraba in New South Wales, and provide Comet increased exposure to copper upside, which we believe will continue to strengthen as a result of increased global infrastructure spending and the transition to clean energy.

“With our recent placement, we are funded to explore all our existing projects as well as this latest exciting acquisition.”







Apollo Consolidated to Bank $20M from Gold Royalty Sale

THE BOURSE WHISPERER: Apollo Consolidated (ASX: AOP) is to be cashed up to the tune of $20 million having entered into a binding sale and purchase agreement with Gold Royalty Corp. for its royalty interest over the Seguela gold project located in central Cote d’Ivoire.

Apollo Consolidated’s of 100 per cent of the Seguela gold royalty monetises what is a non-core asset with the subsequent windfall to provide certainty of funding for further exploration and study work at the company’s Lake Rebecca gold project in Western Australia.

“Apollo sees an agreed sale of the Seguela royalty as an excellent result, bringing to book what was an under-recognised overseas asset and allowing us a significant financial runway to progress our +1 million ounces gold project at Lake Rebecca in Western Australia,” Apollo Consolidated managing director Nick Castleden said in the company’s ASX announcement.

“Realised funds, less any tax and transaction costs, will add to existing cash reserves ($18.7M as at 31 December 2020), placing the company in a very strong position to take Rebecca forward.”

Apollo has notified the owner of the Seguela gold project, Canadian-based goldminer Roxgold Inc., of its intention to sell the Royalty as Roxgold has a 14-day period in which it may elect to match the terms of the Agreement to buy back the Royalty itself.








Golden Mile Resources Acquires Murchison Tenement Package

THE BOURSE WHISPERER: Golden Mile Resources (ASX: G88) informed the market it has acquired a large tenement package in the Murchison Region of Western Australia.

Golden Mile Resources has picked up the Yarrambee project, covering what is known as the Narndee Igneous Complex (NIC), comprising tenure of approx. 816 square kilometres, making Golden Mile the largest landholder over the NIC.

The company considers the Narndee Igneous Complex to be highly prospective for nickel-copper-PGE mineralisation, citing the Voisey’s Bay, Nova, and Julimar projects as regional examples.

“This is an exciting development for the company as we expand our exploration footprint over a highly prospective base metals province in Western Australia that has seen limited historical exploration,” Golden Mile Resources managing director James Merrillees said in the company’s ASX announcement.

“Modern airborne electromagnetics is an effective tool to quickly screen large areas for significant mineral accumulations and I look forward to highlighting targets for drill testing in the coming months.

“We are also pleased to have had strong shareholder support for the capital raising which sees the Company well placed to execute its exploration strategy over the coming months.”

Golden Mile completed the strongly supported capital raising of $800,000 that will fund an aggressive exploration program at the Yarrambee project.









Lithium Australia Readies to Pilot Test Spodumene Conversion Process

THE BOURSE WHISPERER: Lithium Australia (ASX: LIT) is ready to push the go button to pilot test the company’s LieNA® spodumene conversion process.

Lithium Australia’s self-developed LieNA® hydrometallurgical process differs to processes used by conventional converters, in that it requires no roasting, is capable of handling very fine spodumene particles and exhibits superior impurity rejection during the lithium recovery process.

In February the company received a grant under the Australian federal government’s CRC-P (Co-operative Research Centre Projects) initiative, to support the next stage of its $3.6 million research and development program for the recovery of lithium from spodumene using LieNA®.

Much of the preparatory work has now been completed, including collection of an initial test sample recovered from drill chips and bench-scale test work to characterise the flotation conditions required for pilot-plant production of concentrates from the drill chip sample, optimise caustic conversion conditions and confirm the final autoclave design specification.

“Lithium Australia’s LieNA® technology is the pinnacle for hydrometallurgical processing of spodumene, the principal hard-rock source of lithium,” Lithium Australia managing director Adrian Griffin said in the company’s ASX announcement.

“LieNA® is capable of recovering lithium from fine and/or contaminated spodumene that fails to meet the feed specifications of current converters.

“It also provides the highest levels of impurity rejection.

“It is these characteristics that set it apart.

“LieNA®, then, is designed to improve overall recovery and achieve better utilisation of existing resources: it’s about cost reduction, sustainability and maximising the benefit of our critical (and finite) resources.”