Tyranna Resources Acquiring Kalgoorlie Gold Producer

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THE BOURSE WHISPERER: Tyranna Resources (ASX: TYX) has entered into a binding agreement to acquire the advanced Eureka gold project from Canadian TSX Venture Exchange-listed Central Iron Ore Limited.

Tyranna Resources said the project, which hosts the Eureka open cut gold mine, will provide the company with a potential cash generating asset that can be used to fund its exploration activities at the Jumbuck gold project in the northern Gawler block of South Australia.

Tyranna will be commencing additional drilling in December aimed at upgrading the project’s historical resource estimate to a JORC (2012) compliant estimate.

Samples from this drilling will be used for geotechnical (Optical Televiewer (OTV) to be used for increased structural information collection and interpretation) and metallurgical test work.

Upon receipt of the drill results, Tyranna will commence a mining feasibility study to evaluate the possibility of mining and toll treating to nearby processing mills.

Once the mineral resource has been updated mining studies will commence with the aim of estimating an updated Ore Reserve.

“The Eureka open cut gold mine is currently being developed by a local contractor and it is expected that production will commence in early December 2017,” Tyranna Resources said in its ASX announcement.

“Production is scheduled to extend the depth of the current open pit by approximately 20 metres and will be completed during the March 2018 quarter.

“Once this phase of mining is completed, Tyranna will estimate an updated Ore Reserve with the aim of recommencing mining pending the results of a feasibility study.”

Under the terms of the acquisition, Tyranna will receive a royalty equal to 4 per cent of the net smelter return generated from the sale of gold and or any other minerals.

The company indicated that all royalty receipts will be used to offset the acquisition consideration.

Tyranna will receive $250,000 when production commences as a prepayment of this royalty.

Email: info@tyrannaresources.com

Website: www.tyrannaresources.com

Sayona Mining Improves Authier Metallurgy Results

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THE BOURSE WHISPERER: Sayona Mining (ASX: SYA) reported the third phase of metallurgical testing results for the company’s Authier lithium project in Quebec, Canada.

Sayona Mining declared the latest results continued to demonstrate the project’s ability to achieve six per cent lithium dioxide (Li20) lithium concentrate grades at 80 per cent metallurgical recoveries or better.

The company carried out the metallurgical testing program using a new representative sample from the Authier deposit, which it said was representative of both the expected feed grade and expected mineralogy of the deposit over the life-of-mine.

Sayona will be incorporating the new results into its Definitive Feasibility Study.

A new diamond drilling program is now underway and will provide approximately five tonnes of drill core to be used on a pilot scale metallurgical testing program.

“The objective of the Phase 3 metallurgical testing was to assess flotation performance with Authier project site water,” Sayona Mining said in its ASX announcement.

“The two most recent phases of metallurgical testing have included variations in the grind size, flotation residence times, reagent dosages, adjustments to magnetic intensity, using unprocessed Authier site water, and assessing the impact of waste dilution on metallurgical outcomes.

“The objective of the programs is to improve on the February 2017 Pre-Feasibility Study assumptions of a 5.75 per cent concentrate at 80 per cent metallurgical recovery.

“The new metallurgical testing program was undertaken with a new representative sample of the Authier deposit from drill core from the company’s Phase 1 and 2 diamond drilling programs.”

Email: info@sayonamining.com.au

Website: www.sayonamining.com.au

Sipa Resources Expands North Paterson Landholding

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THE BOURSE WHISPERER: Sipa Resources (ASX: SRI) expanded the company’s tenement package in the Paterson Province of Western Australia to 1,242 square kilometres with the addition of the Anketell North tenement ELA 45/5104.

Sipa Resources picked up the new ground after identifying a series of new exploration targets through the interpretation of data received from a recently completed ground gravity survey.

The recent gravity survey added approximately 2000 data points, taking the total number of data points to over 5000.

Sipa described this as being a compelling new dataset in what it considers to be relatively under-explored and prospective terrain.

The company claims the combination of the gravity data with magnetic data clearly identifies areas where granites intrude (gravity lows) and structural culminations or domes (shown in the magnetic data).

This has been interpreted to collectively demonstrate a similar style or geological setting to Telfer (>25Moz gold plus copper) and other mineralised systems in the Paterson Province.

“The substantial program of work completed in 2017 has confirmed that the Paterson North project is highly prospective and contains large, altered, veined sulphidic mineral systems which are spatially related to granite intrusions of the same age…as the gold systems of the Southern Paterson,” Sipa Resources said in its ASX announcement.

“The gravity survey indicates that this prospective stratigraphy extends further to the north-west and, as a result, a new tenement called Anketell North has been pegged to the North of the Anketell tenement.”

Email: info@sipa.com.au

Website: www.sipa.com.au

Middle Island Resources Announces Sandstone Target Resource

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THE BOURSE WHISPERER: Middle Island Resources (ASX: MDI) released an Exploration Target for the Two Mile Hill tonalite deeps deposit at the company’s Sandstone gold project in Western Australia.

Middle Island Resources released the target of 24 million tonnes at 1.1 grams per tonne gold to 1.4g/t gold, comprising between 0.9 million ounces and 1.5 million ounces estimated between 140 metres and 700m depth.

The company declared the potential quantity and grade of the Exploration Target to be conceptual in nature, as it has yet to complete sufficient exploration to estimate a Mineral Resource, adding that it is uncertain if further exploration will result in the estimation of a Mineral Resource.

The estimated Exploration Target includes results from diamond core hole MSDD156, which generated a gold intercept of 508.3m at 1.38g/t gold, including 160m at 2.31g/t gold.

Middle Island claimed the Exploration Target confirms the presence of a substantial mineralised system measuring approximately 250m in strike and up to 90m in width at surface, which is mineralised to at least 713m depth and remains open at depth.

Within the Exploration Target, broader, sub-horizontal zones of higher grade mineralisation have been intercepted and include 22m at 5.95g/t gold, 37m at 4.46g/t gold, 50m at 2.71g/t gold, 13m at 6.39g/t gold, and 11m at 6.89g/t gold.

“The new Exploration Target, along with encouraging results derived from recent metallurgical and mineralogical testwork, increases the potential for bulk underground mining beneath the proposed open-pit cutback on the Two Mile Hill tonalite deposit,” Middle Island Resources said in its ASX announcement.

“Formal resource updates for both the Two Mile Hill tonalite deeps and BIF deposits are being prepared by an independent consultant prior to completing the underground mining concept study.”

 

Email: info@middleisland.com.au

 

Website: www.middleisland.com.au

 

Gascoyne Resources Raises $215M To Advance Dalgaranga And Gelnburgh

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THE BOURSE WHISPERER: Gascoyne Resources (ASX: GCY) completed a placement to raise approximately $21.5 million at an issue price of 38 cents per share.

Gascoyne Resources said the placement attracted strong support shown from existing institutional shareholders and demand from new major domestic and international institutional investors.

The company indicated the funds will be applied towards regional exploration at the company’s Dalgaranga and Glenburgh gold projects in Western Australia, in particular development of the Dalgaranga gold mine.

Gascoyne signalled its intentions to undertake an aggressive exploration program at both Dalgaranga and Glenburgh, with the aim of extending mine life at the Dalgaranga gold mine, expanding the resource base at Dalgaranga and Glenburgh, and to target new discoveries.

The company has budgeted an exploration spend of approximately $6.5 million at Dalgaranga and Glenburgh through to 30 June 2018.

“We are very appreciative of the strong support we have received for the Placement, in particular, from our existing shareholders,” Gascoyne Resources managing director Mike Dunbar said in the company’s announcement to the Australian Securities Exchange.

“While we are focused on bringing Dalgaranga into production and remain on track and on budget to commence production in the first half of 2018, the recent growth in the Dalgaranga mine plan has demonstrated the positive impact that exploration success, such as that at Sly Fox, can have on the project economics.

“With gold production commencing at our Dalgaranga gold project in the first half of 2018 and an aggressive exploration program on our highly prospective acreage about to commence, we look forward to delivering on an exciting phase for the company as it progresses from developer to producer, and systematically drill testing the significant exploration potential of our two WA gold projects.”

 

Email: admin@gascoyneresources.com.au

 

Website: www.gascoyneresources.com.au

Battery Metals Raises 20M To Fast Track Graphite Projects

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THE BOURSE WHISPERER: Battery Minerals (ASX: BAT) has received commitments from institutional, sophisticated and professional investors to raise $20 million.

Battery Metals said the Capital Raising was oversubscribed, explaining it comprises of $19.5 million by way of placement and $500,000 in commitments under a drilling-for-equity arrangement.

The company received commitments from its drilling contractor, Mitchell Group Holdings, to provide drilling services in return for equity, on the same terms as the placement.

Under the Placement, Battery Metals will issue approximately 325 million shares at six cents per share in two tranches to professional, institutional and sophisticated investors.

Each New Share will be issued with one free option which will be exercisable at ten cents on or before 31 July 2018.

“This capital raising is a key milestone in the Company’s strategy to become a graphite supplier to the lithium battery industry Battery Minerals executive chairman David Flanagan said in the company’s announcement to the Australian Securities Exchange.

“The overwhelming support we have received from investors around the world reflects the quality of our project and its outstanding potential to tap into the lithium battery market.

“We have received a huge response to our strategy to develop a project with low capital costs, limited funding requirements and a short lead-time to production.

“This approach will enable us to maximise financial returns and minimise risks and time delays, enabling us to capitalise on the huge opportunity unfolding in the energy sector as quickly and efficiently as possible.”

Battery Minerals has commenced work at its Montepuez and Balama graphite projects in Mozambique.

At Montepuez, detailed grade control drilling is underway to underpin daily mining plans ahead of the anticipated grant of a mining lease, which the company expects later this year.

Final approvals are due in the March Quarter 2018 to facilitate the scheduled start of construction in April 2018.

Battery Metals indicated it is on track to commence mine commissioning in the December Quarter, 2018 with first graphite concentrate exports scheduled for the March Quarter, 2019.

The company is also working to fast-track a Definitive Feasibility Study (DFS) at its Balama Central project, where a recently completed Concept Study highlighted the project’s high grade nature and strong fundamentals.

Battery Metals has interpreted the results to suggest the project has potential to, in time, become a world-leading graphite mine.

Battery Metals aims to complete the Balama DFS in mid-2018.

Email: info@batterymetals.com

Website: www.batterymetals.com

Gold Road Resources Inks Gold Forward Sales Facility

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THE BOURSE WHISPERER: Gold Road Resources (ASX: GOR) signed margin Gold Forward Sales with two major banks for up to 200,000 ounces of Australian dollar denominated forward sales.

Gold Road Resources explained the Hedging Facilities equate to 100,000 ounces of gold with each bank.

Gold Road has already locked in forward sales contracts for 25,000 ounces at an average forward price of $1,705 under the Hedging Facilities.

These latest Hedging Facilities are unsecured but require cash backing if the mark-to-market increases beyond $25 million with any bank and are due to expire at 30 June 2018, unless the parties agree to extend.

The company indicated, that part of a “prudent management of financial risks”, it is currently reviewing options for standby revolving credit or working capital facilities, which would also include discretionary gold hedging facilities.

Gold Road indicated the end of March 2018 quarter as a target for the finalisation of any Standby Facilities.

It stated its intention is to merge these early hedges into the Standby Facility, and to roll the delivery dates of the hedged ounces to meet forecast gold production dates.

“Construction at Gruyere is well under way to meet the forecast first gold production in 2019,” Gold Road Resources managing director Ian Murray said in the company’s announcement to the Australian Securities Exchange.

“With the gold price currently 14 per cent above the modelled Gruyere Feasibility Study gold price of $1,500 per ounce, we believe it is prudent to lock in a small portion of our forecasted production.

“The combination of these higher gold prices and the Standby Facilities lowers our risk and ensures we have flexibility in an environment which can be volatile.”

Email: perth@goldroad.com.au

Website: www.goldroad.com.au

Gascoyne Resources Updates Dalgaranga Mine Plan

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Thursday, November 16, 2017
THE BOURSE WHISPERER: Gascoyne Resources (ASX: GCY) released an updated Mine Plan for the company’s 100 per cent-owned Dalgaranga gold project in Western Australia.

Gascoyne Resources said the Dalgaranga Mine Plan update now incorporates three deposits, Gilbeys (including Gilbeys South), Golden Wings and the more recently discovered Sly Fox deposit.

The Dalgaranga Mine Plan now incorporates 652,000 ounces of contained gold (16.2 million tonnes at 1.3 grams per tonne gold), following recent exploration carried out close to the mill.

Gascoyne Resources explained it had fast tracked development activities for the upper portions of the Sly Fox discovery to maximise plant throughput, following recognition that the 2.5 million tonnes per annum plant that is under construction has capacity to treat up to three million tonnes per annum of oxide ore.

The new mine plan includes an increase of approximately one million tonnes over the previous mine plan, which the company said allows it to utilise the excess plant capacity for the first two years of production, defer waste movement, and extend gold production beyond six years.

The updated Mining Inventory comprises:

Total Ore Reserve of 15.3 million tonnes at 1.3g/t gold for 612,000 ounces of gold (94%) – previously 582,000 ounces; and

A minor component of Inferred Mineral Resources within the pit designs of 0.9 million tonnes at 1.4g/t gold for 40,000 ounces of gold (6%).

The Gilbeys Ore Reserve has been updated to account for the updated Mine Design and now stands at 523,000 ounces (13.2 million tonnes at 1.2g/t gold) and is made up of a proved Ore Reserve of 2.8 million tonnes at 1.4g/t gold and a probable Ore Reserve of 10.4 million tonnes at 1.2g/t gold.

The Golden Wings Ore Reserve has also been updated as part of the updated Mine Design and Mineral Resource.

The Golden Wings Probable Ore Reserve now stands at 63,000 ounces (1.4 million tonnes at 1.4g/t gold).

The Sly Fox maiden Probable Ore Reserve has been estimated and stands at 26,000 ounces (0.6 million tonnes at 1.3g/t gold) and the deposit remains open in all directions.

Gascoyne Resources indicated the construction of the Dalgaranga gold project is currently on schedule and on budget, with first gold production scheduled to be in the second quarter of 2018.

“The inclusion of Sly Fox into Years 1 & 2, as well as implementation of a staged mining approach at Gilbeys has allowed utilisation of the processing plant above its nameplate capacity due to the increase in oxide ore,” Gascoyne Resources said in its ASX announcement.

“This results in gold production of up to 120,000 ounces per annum for the first two years, while also deferring around 10 million tonnes to 12 million tonnes of waste movement from these years of the operation.

“These changes further improve the early cashflow from the project.

“Deferring this waste movement delays approximately $20 million dollars of costs out of the first two years of the operation, with annual production effectively unchanged and enhancing the ability for early debt repayment.”

 

Email: admin@gascoyneresources.com.au

 

Website: www.gascoyneresources.com.au

Cassini Resources Gets West Musgrave Go Ahead From Oz Minerals

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THE BOURSE WHISPERER: Cassini Resources (ASX: CZI) received the nod approval from OZ Minerals (ASX: OZL) to proceed the West Musgrave nickel copper project in Western Australia to a Pre-Feasibility Study (PFS).

Cassini Resources said the decision stemmed from positive results from a recently completed further scoping study (FSS), which examined project scale options and management of technical risks.

The FSS study evaluated several development scenarios ranging from six to 12 million tonnes per annum throughput with results demonstrating the economic viability of the project at all the throughput scenarios with strong annual nickel and copper production and low operating costs.

Cassini indicated the 10Mtpa scenario presented the most financial potential.

As a result, OZ Minerals has decided to proceed to the next stage of its Farm-in and Joint Venture agreement with Cassini Resources.

OZ Minerals can earn 51 per cent of the project with an investment of $19 million.

“The Scoping Study advances the development of the Nebo-Babel deposits,” Cassini Resources managing director Richard Bevan said in the company’s announcement to the Australian Securities Exchange.

“The increased scale of the project has opened up a range of possibilities beyond what we had originally contemplated, with potential for further upside to be realised in the upcoming PFS.

“We have an initial eight years of mine life with clear view on increasing this to beyond 15 years.

“The exploration program will expand our understanding of the mineralisation at One Tree Hill and the Succoth copper deposit, as we pursue our goal of establishing a multi-decade mining operation.”

In support, Oz Minerals chief executive officer Andrew Cole said, “The Further Scoping Study has confirmed the economic viability of the Nebo-Babel project and has increased our confidence in the potential of the project.

“This is an exciting new mineral province with attractive near mine and district opportunities.

“Investment will be made during the prefeasibility to focus on Inferred to Indicated Resource conversion for inclusion into the mining inventory thereby extending mine life within the current pre-production capital profile.

“The geological style at Nebo-Babel shows good consistency for conversion.

“The PFS will also focus on further improving the metallurgical recoveries.

“We have developed a good working relationship with Cassini and look forward to the outcomes of this next study phase.”

Cassini said the OZ Minerals’ investment will be used to progress pre-feasibility work on the Nebo-Babel deposits and exploration activities within the broader project area.

To get things moving, Cassini has elected for OZ Minerals to manage the PFS.

As part of this agreement, Cassini will be paid $1.9 million at the commencement of the PFS and will continue to manage on-ground activities associated with the PFS and the regional exploration program.

 

Email: admin@cassiniresources.com.au

 

Website: www.cassiniresources.com.au

Peel Mining Raises $6m To Advance Southern Nights

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THE BOURSE WHISPERER: Peel Mining (ASX: announced a placement of 15 million fully paid ordinary shares at an issue price of 40 cents each, raising $6 million.

Peel Mining announced the placement saying it was priced at an 11.1 per cent discount to the company’s last traded price of 45 cents.

The company said the placement had been oversubscribed, which it deemed to reflect support and attention it has been receiving from major shareholders and new sophisticated and institutional investors.

The company will use the proceeds from the placement for exploration activities at its 100 per cent-owned Wagga Tank project, south of Cobar in New South Wales, along with funding pre-development activities at the 50 per cent-owned Mallee Bull polymetallic project, also in the Cobar Basin.

The placement is timely given the further evaluation of the exceptionally high-grade zinc-lead-silver massive sulphide mineralisation recently identified at the Southern Nights prospect at Wagga Tank has become a priority for Peel.

Following completion of the placement, the company will embark on a drilling program of up to 30,000 metres on the tenements.

“We are extremely pleased with the level of interest in the placement from both existing shareholders and new investors as it has ensured we have the funding to properly test Southern Nights and the broader Wagga Tank area,” Peel Mining managing director Rob Tyson said in the company’s announcement to the Australian Securities Exchange

“Early indications are that the project has the potential to host a major mineralised system.”

Email: info@peelmining.com.au

Website: www.peelmining.com.au