Aruma Resources Adds Trojan Gold Project to Slate Dam

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THE BOURSE WHISPERER: Aruma Resources (ASX: AAJ) has struck a binding Sale and Purchase Agreement with Westgold Resources (ASX: WGX), under which it will acquire 100 per cent of the Trojan gold project (ML25/104), located south east of Kalgoorlie in Western Australia.

Aruma Resources described the deal as a “strategic acquisition”, saying it expands the company’s Slate Dam project area by 8.75 square kilometres.

The Trojan project includes a JORC 2012-compliant Indicated and Inferred Resource estimate of 2.8 million tonnes at 1.61 grams per tonne gold for 144,800 ounces of gold (at a 0.70g/t cut‐off) at the Trojan Open cut extension.

“The acquisition demonstrates the viability of the company’s exploration model for Slate Dam to host large sediment-hosted gold deposits similar to Gold Fields Limited’s (JSE: GFI) world class Invincible Deposit at the nearby St Ives Gold Mine,” Aruma Resources said I its ASX announcement.

“Numerous significant geochemical anomalies and prospects have been delineated across the Trojan project area by previous project owners.

“A complete and up to date base has been supplied by the previous owners and will be evaluated by Aruma in the coming months.”

Aruma declared its belief that potential exists to generate cash‐flow should mining operations be resumed at the Trojan project.

To that end the company indicated it will undertake further evaluation of the gold mineralisation under and around the Trojan open pit in addition to planned targeted exploration at the project.

 

Email: info@arumaresources.com

Website: www.arumaresources.com

 

Magmatic Resources Acquires Mt Venn Copper-Nickel-Cobalt Project

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THE BOURSE WHISPERER: Magmatic Resources (ASX: MAG) has entered into a binding agreement with Montezuma Mining Company (ASX: MZM) to acquire a key landholding at the Mt Venn Intrusion, east of Laverton in WA

Magmatic Resources will assume 100 per cent-ownership of E38/2961, an acquisition the company said represents the commencement of a clear and defined strategy to build a portfolio of Australian based assets that complement its East Lachlan tenements, with a focus on gold and base metals.

Magmatic’s Mt Venn project sits immediately along strike from the recent Mt Venn discovery by Great Boulder Resources (ASX: GBR) that yielded wide zones of primary copper-nickel-cobalt sulphide mineralisation.

The company indicated that E38/2961 accounts for over 60 per cent of the Mt Venn Intrusion currently being explored by Great Boulder Resources.

Previous exploration at E38/2961 highlighted numerous copper–nickel–cobalt prospects.

Sampling of Mt Venn gossan outcrop by previous explorers returned best grades of 24 per cent copper, 13.2 per cent copper, 8.3 per cent copper, and 6.7 per cent copper.

Detailed ground EM and heliborne VTEM surveys by previous explorers also identified multiple conductors, some of which remain untested, or with minimal follow-up and sit along seven kilometres of prospective strike.

Magmatic believes that E38/2961 represents a decisive, near-term exploration opportunity where it intends to commence fieldwork to build on the previous exploration datasets.

Magmatic plans to complete initial fieldwork, reprocess EM and VTEM data, and then complete an RC drilling program.

“We are all very excited about the Mt Venn copper – nickel – cobalt project acquisition,” Magmatic Resources managing director David Richardson said in the company’s announcement to the Australian Securities Exchange.

“The project complements our existing portfolio of gold and base metals project in the East Lachlan.

“The opportunity to explore the Mt Venn Intrusion, especially having secured over 60 per cent of the complex, gives Magmatic immediate access to what is considered one of the best areas in Australia to explore for copper, nickel and cobalt.

“The work that Great Boulder Resources have already done on the southern section of the Mt Venn Intrusion has yielded outstanding results that we are keen to add to.”

 

Website: www.magmaticresources.com.au

 

Blackham Resources Claims Record Gold Production Month

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THE BOURSE WHISPERER: Blackham Resources (ASX: BLK) has overcome recent trying times to declare a month of record gold production at the company’s Matilda-Wiluna gold operation in Western Australia.

Blackham Resources presented an update on the operation to the market for the month of February, which declared that having accessed high-grade zones in the M4 and Galaxy pits late in the December 2017 had enabled the company to record monthly gold production in both January and February 2018 of 6,498 and 6,713 ounces of gold, respectively.

The company attributed the upswing to February’s open pit mining stripping ratio of 1.5:1 (waste:ore) compared to January’s 18: 3.6:1.

Blackham said the low stripping ratio and increased gold production resulted in a record low monthly All In Sustaining Costs (AISC) in February of $912 per ounce ($1,158 per ounce – Jan’18), in comparison to an average realised gold price during the month of $1,670 per ounce, continuing its high margin production for the quarter to date.

The company endured rainfall and lightning events during the month, which restricted mining operations, however, the operation has increased high-grade stockpiles, which currently total 144,000 tonnes at 1.7 grams per tonne gold.

The company anticipates milled grade and gold production to continue to improve during March with the increasing grade of the mill feed stockpiles.

“February’s operational results demonstrate a continued improvement of the turnaround 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 further reduced costs from the operation underpinned another month of strong cashflow, whilst maintaining stockpiles with increased grades.

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

 

Email: info@blackhamresources.com.au

Website: www.blackhamresources.com.au

 

Alloy Resources Expands Horse Well Ground

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THE BOURSE WHISPERER: Alloy Resources (ASX: AYR) struck an agreement with Jindalee Resources (ASX: JRL), under which the company can acquire an Option to purchase Exploration Licence Application (ELA) 53/1962.

Alloy Resources explained ELA 53/1962 to be located within the highly prospective Millrose Greenstone Belt and adjacent to the company’s Horse Well gold project in Western Australia.

Horse Well and the ELA are located in the north eastern goldfields adjacent to Northern Star Resources’ (ASX: NST) Jundee gold mine.

The projects are located on a major mineralised structure called the Celia Shear which extends down the eastern margin of the Millrose Greenstone Belt and, according to Alloy, is emerging as a highly prospective target for new gold discoveries.

The company said the new ELA surrounds the principal prospect at Millrose, which has an Inferred Mineral Resource of 309,000 ounces of gold.

“We are very pleased to be able to secure this new area at a time when companies in the area are making new discoveries,” Alloy Resources executive chairman Andy Viner said in the company’s announcement to the Australian Securities Exchange.

“We have recently regained control of the Horse Well gold project which we believe is one of the best early stage gold exploration properties in the Goldfields with a shallow high-grade Inferred Mineral Resource of 75,000 ounces at 2.76 grams per tonne gold and numerous prospects at various stages of exploration.

“We think the new ELA area significantly enhances the potential for Alloy to make new gold discoveries as it expands our coverage of the mineralised Celia Shear from 60 to 80 strike kilometres.

“One of our most intriguing targets is the Celia Shear extensions to Overland Resources new high-grade surface quartz vein discovery at Coralie Jean which has only emerged in the last quarter.

“Our understanding of this new discovery is that it opens up new concepts for the location of mineralisation along this shear which we can now apply to the Millrose ELA.

“Another reason for excitement is the location of the ELA only eight kilometres east of Northern Star’s Ramone discovery, which is also showing the untapped potential of this area.”

 

Email: info@alloyres.com

Website: www.alloyres.com

 

Kin Mining Appoints New Chairman

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THE BOURSE WHISPERER: Kin Mining (ASX: KIN) announced the appointment of Jeremy Kirkwood to the company Board as independent non-executive chairman.

Once the music had stopped, Kin revealed current chairman Trevor Dixon, is to become interim managing director while the company looks to appoint a suitably qualified applicant for the role full-time.

After that has been accomplished Dixon will remain on the Board as a non-executive director.

Kin mining said Kirkwood’s appointment adds strength to the Board as the company moves towards production at its 100 per cent-owned Leonora gold project (LGP) located in the North-Eastern goldfields of Western Australia.

Kirkwood brings to the table extensive experience in corporate strategy, investment banking and global capital markets.

He is currently a principal of Pilot Advisory Group and non-executive chairman of Talisman Mining.

Previous roles include managing director at Credit Suisse, Morgan Stanley and Austock.

“I am pleased to join the Kin Board and honoured to be appointed chairman by my colleagues,” Kirkwood said in the company’s announcement to the Australian Securities Exchange.

“I believe the company has an exciting future with excellent assets, a near term, strongly cash generative project and strong growth prospects.

“The Board’s immediate focus is to develop the Leonora gold project, appoint a new managing director and generate shareholder value.”

Kin advised that David Sproule has resigned as a director of the company effective immediately.

 

Email: info@kinmining.com.au

Website: www.kinmining.com.au

 

Lithium Australia Reaches Formal Agreement with VSPC

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THE BOURSE WHISPERER: Lithium Australia (ASX: LIT) announced it has advanced the acquisition of Brisbane battery cathode developer the Very Small Particle Company Ltd (VSPC).

Lithium Australia said it, along with a number of major VSPC shareholders, has executed a binding Share Sale and Purchase Agreement, including lodgement of a transaction-specific prospectus with ASIC to facilitate the consideration payable for the acquisition of VSPC.

VSPC hold several assets that include intellectual property and a decommissioned pilot plant in Brisbane designed to produce complex metal oxides/phosphate powders for the production of lithium-ion Batteries (LIBs).

The plant incorporates not only Australia’s most advanced LIB laboratory/testing facility but also equipment for cathode coating and battery-cell production.

In its ASX announcement Lithium Australia said VSPC has researched and developed some of the world’s most innovative and respected new-era cathode material production technology.

The VSPC process – which is both simple and cost effective – can potentially deliver a wide range of cathode materials for LIBs, with superior control of product particle size and chemistry.

The process can generate superior cathode powders over a wide range of cathode chemistries.

The ability of batteries manufactured from VSPC cathode materials to out-perform industry benchmarks was recently confirmed by independent testing at a leading battery laboratory in Germany.

“The ability to utilise mine waste, unconventional lithium minerals and waste batteries in the production of high-quality cathode materials is the ultimate test of sustainability,” Lithium Australia managing director Adrian Griffin said in the company’s announcement to the Australian Securities Exchange.

“This approach will help reduce the pressure on primary sources of energy metals.

“The integrated technologies available to LIT will allow for better resource utilisation, reduce the quantity of valuable materials going to landfill and enable the rebirth of many materials as new generation LIBs.”

 

Email: info@lithium-au.com

Website: www.lithium-au.com

Azure Minerals Completes Placement to Advance Mexican Ambitions

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THE BOURSE WHISPERER: Azure Minerals (ASX: AZS) completed an $8.2 million placement to institutional and sophisticated investors.

Azure Minerals said the funds raised would enable the company to continue development studies at its Oposura project in Mexico and to accelerate its exploration campaign to further define the high-grade, near-surface gold and cobalt mineralisation on the Sara Alicia project, also in Mexico.

“I am very pleased with the strong support shown from institutions in North America, Europe and Australia,” Azure Minerals managing director Tony Rovira said in the company’s announcement to the Australian Securities Exchange.

“This heavily oversubscribed placement places Azure in a very strong position moving forward, as we work towards completing development studies at Oposura and fast-track exploration at the Sara Alicia gold and cobalt project.

“With both zinc and cobalt prices at decade highs, we believe that the company is ideally placed to accelerate both Oposura and Sara Alicia towards development.”

 

Website: www.azureminerals.com.au

Gold Road Resources Secures High-Rolling Finance Facilities

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THE BOURSE WHISPERER: Gold Road Resources (ASX: GOR) has inked a Revolving Corporate, Working Capital and Gold Hedging Agreement (collectively to be known as – Finance Facilities) with a financing syndicate comprising ING Bank Australia, National Australia Bank and Société Générale Hong Kong.

Gold Road Resources said the Finance Facilities had been more than six months in the making and are part of the company’s prudent management of financial assets.

“These Finance Facilities are a prudent move as we transition the company from being an explorer with a development asset to an Australian mid-tier gold producer with significant exploration upside and the financial capability and flexibility to grow further,” Gold Road Resources managing director & CEO Ian Murray said in the company’s announcement to the Australian Securities Exchange.

“The establishment of these financing facilities provides a strong platform to ensure the continuance of the planned exploration across all the Yamarna tenements, as well as ensuring the Gruyere JV is supported through the important pre-completion and commissioning phase.

“The additional discretionary gold hedging capacity affords Gold Road the flexibility to appropriately manage its gold price risk exposures as Gruyere moves into production.

“The financing syndicate provided these facilities on very competitive pricing and terms because of the quality of the Gruyere project, our highly regarded JV partner and manager, and the advanced stage of construction.”

 

Email: perth@goldroad.com.au

Website: www.goldroad.com.au

 

Carbine Resources Mount Morgan Project Under Hiatus

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THE BOURSE WHISPERER: Carbine Resources (ASX: CRB) announced that it is minimising expenditure on its Mount Morgan project to preserve cash reserves while the board decides on its future there. By Jack Baker

Carbine Resources said the decision comes on the heels of an extensive economic review of the project that forecast an increase of the all-in sustaining cost (AISC) from $549 per ounce to $862 per ounce.

The revised AISC, combined with a relatively high pre-production capital cost of $87 million means the project will not generate the level of shareholder returns to justify development under the current parameters.

“Since April 2014, Carbine has spent $12.7 million and has been 100 percent focused on Mount Morgan,” Carbine Resources managing director Tony James said in the company’s announcement to the Australian Securities Exchange.

“It is now abundantly clear that for Mount Morgan to be bankable, all stakeholders will need to make significant amendments to their respective agreements with the company and the project.

“Carbine will now focus on seeking variations to the various corporate and government agreements considered necessary to improve the returns on the project to an acceptable level.

“In particular, the Board believes that to secure project funding, we need to re-negotiate the terms of the agreements with Norton and Raging Bull in respect of Carbine’s ownership and title to the Mount Morgan project.

“The company also requires adequate ongoing support from the Queensland Government, including a reduction in royalties, due to the project being an environmental clean-up project rather than a new mine development.

“Consideration also needs to be given in this regard to the timing associated with ongoing regulatory approvals.

“Carbine looks forward to holding these discussions with all stakeholders and, in the process, securing a future for Mount Morgan.”

The increase is largely due to higher cyanide consumption and lower by-product credits due to a forecast drop in the price of pyrite.

Test work done at the company’s recently completed demonstration plant also found that it would not be able to manufacture copper sulphate at the required market specification.

The review found that these factors, along with updated commodity prices and a shift in the USD/AUS exchange rate would lead to the substantial increase in AISC.

 

Email: admin@carbineresources.com.au

Website: www.carbineresources.com.au

 

PepinNini Lithium Dealing in the Lithium Triangle

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THE BOURSE WHISPERER: PepinNini Lithium Limited (ASX: PPN) announced two transactions with Lithia Inc, a private company owned by Canadian LSC Lithium (TSX: LSC) in separate announcements on the ASX yesterday. By Jack Baker

PepinNini Lithium first announced it had secured all of Salar De Pular within Argentina from Lithia Inc.

The agreement involves an option to purchase Mina Patilla for US$1.075 million, the addition of which to PNN’s Pular Lithium Brine project will establish total ownership of the Salar on the Argentine side of the border.

Minutes later, the company announced a direct swap with Lithia Inc for its tenement on Salar de Incahuasi in exchange for tenure at PNN’s larger holding at Salinas Grandes.

PepinNini Lithium managing director Rebecca Holland-Kennedy said she was pleased to have negotiated a position in a more prospective area.

“While SG (Salinas Grandes) may still hold some potential, it is a huge area that is difficult to target and more expensive to explore,” Holland-Kennedy said in the company’s announcement to the Australian Securities Exchange.

“We are much more hopeful that the area we have obtained in Incahuasi will yield positive results, and we look forward to explore there in the near future, in a program that better fits with our aggressive exploration.”

 

Email: admin@pepinnini.com.au

Website: www.pepinnini.com.au