Lithium Australia and Lepidico Settle Differences

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THE BOURSE WHISPERER: Lithium Australia (ASX: LIT) announced the settlement of hostilities with Lepidico (ASX: LPD).

Lithium Australia announced litigation with Lepidico subsidiary, LiTechnology Pty Ltd has been settled by mutual agreement.

All commercial details of the settlement remain confidential.

What Lithium Australia could announce publicly subsequent to the settlement, however, was that the three L-Max licence agreements the company has with Li-Technology remain valid and enforceable – these being the exclusive L-Max Licence for Western Australia, International Licence No.1 and International Licence No.2.

Lithium Australia also advised that Lepidico has agreed the 100 per cent Lithium Australia-owned Sileach process is not an improvement, enhancement or modification of the L-Max process.

Li-Technology Pty Ltd has withdrawn its counterclaim against Lithium Australia.

“We are pleased with the outcome which allows Lithium Australia to pursue its strategy of building a global lithium business without unnecessary distractions or legal impediments,” Lithium Australia managing director Adrian Griffin said in the company’s announcement to the Australian Securities Exchange.

“We can now continue with the business of delivering further positive results for our shareholders.”

Email: info@lithium-au.com

Website: www.lithiu-au.com
  

Pioneer Resources Strikes Pioneer Dome Lepidolites Farm-in Deal with Lepidico

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THE BOURSE WHISPERER: Pioneer Resources (ASX: PIO) has entered in to a Farm-in Agreement with Lepidico (ASX: LPD) at the company’s Pioneer Dome lithium-caesium-tantalum (LCT) pegmatite project in the Eastern Goldfields of Western Australia.

Pioneer Resources said that under the farm-in agreement, Lepidico can earn a 75 per cent interest in PEG009 Lepidolite.

Lepidolite is a lithium-bearing platy mineral and is the subject of extractive metallurgical testing by Lepidico using its registered L-Max hydrometallurgical process.

Lepidico will drill outcropping PEG009 lepidolite targets until it meets a designated milestone of at least 500,000 tonnes at 1.2 per cent lithium oxide (Li2O) in lepidolite within two years, an amount considered sufficient to feed Lepidico’s proposed Phase 1 L-Max plant for five years.

The initial Joint Venture area covers approximately two per cent of the total Pioneer Dome LCT project area of 338 square kilometres.

Pioneer Resources explained that although the deal is restricted to lepidolite and minerals able to be treated by the L-Max process sourced initially from the PEG009 prospect, it also provides for the addition of other lepidolite targets as the JV advances successfully.

This allows Pioneer to focus on commercialising its Sinclair caesium prospect by advancing other lithium (in spodumene) and caesium (in pollucite) targets, including those at PEG004, PEG008 and PEG009, within the Pioneer Dome.

Under the JV terms Pioneer specifically retains 100 per cent of pollucite and spodumene mineralisation.

“Pioneer congratulates Lepidico on the recently received Innovation Patent Certification for its L-Max process, and its announcement that test work from the Phase 1 Plant pre-feasibility study continues to provide excellent results,” Pioneer Resources managing director David Crook said in the company’s announcement t othe Australian Securities Exchange.

“From Pioneer’s perspective, it’s exposure to the advancing L-Max process that is the catalyst for today’s transaction.”

A sample of lepidolite from PEG009 is currently undergoing bench-scale test-work to confirm its suitability as a potential ore feed for the L-Max process, which directly produces lithium carbonate and variouschemical by-products from platy/micaceous ores.

Results are expected later this month.

Website: www.pioresources.com.au

Parkway Minerals Consolidates Groundholding to Acquire Control of Entire Lake Barlee Project

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THE BOURSE WHISPERER: Parkway Minerals (ASX: PWN) heralded its arrival into the Western Australian salt lake sector with the establishment of the Lake Barlee potash/lithium brine project, located northwest of Kalgoorlie.

Parkway Minerals has secured 10 exploration licenses covering 1,834 square kilometres of Lake Barlee, approximately 200km north of the township of Southern Cross in Western Australia.

Parkway has pegged nine exploration licenses, which are still in the application process, and recently agreed to purchase granted exploration licence 77/2347 from Dakota Minerals (ASX: DKO) giving the company a dominant landholding on the lake.

The company outlined its exploration strategy to be to locate paleo channels and brine volumes within the lake that may contain commercial concentrations of potassium and/or lithium brine.

Parkway said this was a similar exploration model used by existing salt lake potash explorers at sites within Western Australia.

The company believes that, should its exploration be successful, the Lake Barlee project could hold cost advantages to other WA potash brine projects as it is close to existing rail and other infrastructure.

“This transaction allows PWN to accelerate its evaluation program on Lake Barlee,” Parkway Minerals managing director Patrick McManus said in the company’s announcement to the Australian Securities Exchange.

“The region is very prospective as a source of potash from brines.

“Western Australia, Australia and our near regional neighbours are significant consumers of potash so there is a window of opportunity there for new local, low-cost supplies for the agricultural sector.”

Email: info@parkwayminerals.com.au

Website: www.parkwayminerals.com.au

Gascoyne Resources Builds $50 million Fund Raising

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THE BOURSE WHISPERER: Gascoyne Resources (ASX: GCY) completed a bookbuild to raise up to $50 million at an issue price of 50 cents per fully paid share.

Gascoyne Resources said the Placement was heavily oversubscribed by a number of leading domestic and international institutional and professional investors.

The company, in addition to the Placement, announced its intention to offer eligible shareholders the opportunity to participate in a Share Purchase Plan to raise up to a further $5 million, at the same price as the Placement.

Gascoyne will use the funds for development of the company’s Dalgaranga gold project in the Murchison region of Western Australia.

“The overwhelming demand for this Placement from supportive shareholders and a large number of new well respected domestic and international institutional investors provides a strong endorsement of the quality of our high-margin Dalgaranga gold project in the Murchison region of WA,” Gascoyne Resources managing director Mike Dunbar said in the company’s announcement to the Australian Securities Exchange.

“The company is now in the strongest position it as ever been and we look forward to rapidly advancing the development of Dalgaranga for the benefit of our shareholders.”

Gascoyne explained the Placement will be undertaken in two tranches.

The first tranche of the Placement, which is scheduled to settle on or before, but no later than Friday 24 February, will consist of 74.9 million shares in total.

The second tranche of the Placement, which is scheduled to settle on or about Thursday 16 March and is subject to shareholder approval, will be for up to 25.1 million shares.

Email: admin@gascoyneresources.com.au

Website: www.gascoyneresources.com.au

Rox Resources Pockets $15M for Sale of Reward Project

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THE BOURSE WHISPERER: Rox Resources (ASX: RXL) has received an up-front payment of $15.8 million having completed the sale of the company’s interest in the Reward zinc-lead project to Teck Australia Pty Ltd.

Rox Resources explained the up-front purchase price to be comprised of:

$7,850,000 in cash, being $8 million less the $150,000 deposit already paid;

$2,727,273 in cash, which Teck elected to pay in lieu of the share component as provided for in the agreement; and

$5,250,000 in cash, being the value of a Promissory Note that Teck elected to pay up front.

In addition, there remains a deferred payment of $3,750,000 on completion of a Bankable Feasibility Study on the project, or the passing of six years – whichever comes first.

“Rox has clearly demonstrated to the market that we can acquire, explore, develop and monetise projects for the benefit of our shareholders,” Rox Resources managing director Ian Mulholland said in the company’s announcement to the Australian Securities Exchange.

“The sale of our interest in the Reward project has been our biggest transaction yet, and means that we are now well-funded to continue exploration on our exciting Western Australian nickel sulphide projects.

“It also means that we can make the most of any other opportunities that we identify.”

Email: admin@roxresources.com.au

Website: www.roxresources.com.au

Marindi Metals Exercises Option to Purchase Gem Mining Lease

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THE BOURSE WHISPERER: Marindi Metals (ASX: MZN) has exercised an option to earn up to 70 per cent in the Gem pegmatite lease at the Forrestania lithium project in Western Australia.

Marindi Metals has paid the vendors $50,000 in cash and a further $100,000 in shares.

The option allows Marindi to earn a 51 per cent interest by expenditure of $300,000 within an 18-month period.

Marindi said it expects to reach this expenditure milestone during a drilling program currently underway.

Marindi may then earn up to a 70 per cent by spending a further $150,000 (total expenditure $450,000 within a 3-year period) with the ability to purchase 100 per cent under certain terms and conditions.

“We are very pleased to have formally exercised our option to earn up to 70 per cent at the Gem Mining Lease, in the heart of the rapidly emerging world-class Forrestania lithium province, and look forward to recommencement of drilling,” Marindi Metals managing director Joe Treacy said in the company’s announcement to the Australian Securities Exchange.

Recent drilling undertaken at the Forrestania lithium project returned a high-grade lithium intersection of 33 metres at 3.2 per cent lithium oxide (Li2O), including 10m at 4 per cent Li2O.

Marindi noted the granted Mining Lease M77/549 covers several lithium-caesium-tantalum (LCT) pegmatites in the Mt Hope area including the Gem pegmatite, which was mined historically for tantalum, tin and semi-precious gems in the 1980s, and the Giant pegmatite the site of the high-grade intersection referred to above.

Email: info@marindi.com.au

Website: www.marindi.com.au

Gruyere JV Receives DMP Mining Approval Nod

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THE BOURSE WHISPERER: Gold Road Resources (ASX: GOR) announced the 50:50 Gruyere gold project Joint Venture with Gold Fields, has been given approval from the Western Australia Department of Mines and Petroleum (DMP) for the Project Management Plan, Mining Proposal and Mine Closure Plan.

Gold Road Resources explained this to be the final level of approval required to allow commencement of construction of the process plant and associated infrastructure, and development work on the Gruyere open pit mine located 200 kilometres east of Laverton.

Receipt of the approval has fallen within the JV’s development schedule and ensures the Gruyere gold project remains on track for completion in the December 2018 quarter.

The company pointed out the next major project development milestone that needs to be ticked off will be the award of major contracts, including the EPC for the process plant and associated infrastructure, bulk earthworks, and power supply, which is expected to be in March.

“Approval of the Project Management Plan, Mining Proposal and Mine Closure Plan is another important milestone in the development pathway for the Gruyere gold project, and importantly completed to the project schedule,” Gold Road Resources managing director and CEO Ian Murray said in the company’s announcement to the Australian Securities Exchange.

“The JV project team remains focused on the commencement of construction of the process plant and infrastructure in the March 2017 quarter with contracts expected to be awarded soon to allow progress to continue to plan.”

Email: perth@goldroad.com.au

Website: www.goldroad,com.au

Saracen to Acquire Bundarra Gold Project

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THE BOURSE WHISPERER: Saracen Mineral Holdings (ASX: SAR) is to acquire the Bundarra gold project in Western Australia from Bligh Resources (ASX: BGH).

Bundarra is located 30 kilometres south of Saracen’s Thunderbox project, and adjacent to the sealed Goldfields Highway.

Saracen Minerals Holdings will pay $8.5 million worth of company shares for the acquisition of 100 per cent of the project is $8.5m.

Along with the project Saracen will pick up Mineral Resources of 7 million tonnes at 1.9 ggrams per tonne gold for 431,000 ounces of golf, which equates to less than $20 per Resource ounce.

Saracen said the acquisition will increase Mineral Resources within economic trucking distance of the company’s Thunderbox and Carosue Dam plants by approximately five per cent to 8.8 million ounces.

“Bundarra is a sensible low cost bolt-on acquisition for Saracen,” Saracen Mineral Holdings managing director Raleigh Finlayson said in the company’s announcement to the Australian Securities Exchange.

“The financially robust open pit Resources will immediately extend the mine life at the nearby Thunderbox mine, with high-grade extensional results pointing to further growth.”

Email: info@saracen.com.au

Website: www.saracen.com.au

Blackham Resources Raises $35M to Fast Track Expansion Plans

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THE BOURSE WHISPERER: Blackham Resources (ASX: BLK) has raised $35 million through an oversubscribed Placement that garnered strong institutional support from both existing and new shareholders.

Blackham Resources said the Placement proceeds will be used at the company’s 100 per cent- owned 6.4 million ounce Matilda/Wiluna gold operation to fast track its existing growth strategy.

The company said the strengthening of its balance sheet would enable it to:

• expedite the conversion of the large resource base into reserves;
• improve and lengthen the mine life;
• accelerate studies to enhance the Stage 2 expansion economics; and
• commit to Stage 2 engineering and long lead items immediately on finalisation of feasibility.

Blackham has commenced a 60,000m drill programme around the Wiluna Open pits and currently has two RC rigs and one diamond rig double shifting with a view to upgrading the Wiluna open pit Resources announced over the last two months, to measured and indicated resource.

“The funding allows for the Wiluna expansion studies aimed at lifting plant throughput to 3.2 million tonnes per annum,” Blackham Resources managing director Bryan Dixon said in the company’s announcement to the Australian Securities Exchange.

“Geological and mining studies to date demonstrate strong grades for an operation of this size.

“The initial expansion plan is expected to be completed in the near term and having a strengthened balance sheet will allow us to expedite Blackham’s sizeable growth plans.”

Email: info@blackhamresources.com.au

Website: www.blackhamresources.com.au

Musgrave Minerals Completes Stage-1 Earn-in at Cue

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THE BOURSE WHISPERER: Musgrave Minerals (ASX: MGV) has moved to 60 per cent-ownership of the Cue project in the Murchison region of Western Australia.

Musgrave qualified for the milestone by completing Stage 1 of the Cue froject Farm‐ In and Joint Venture Agreement with Silver Lake Resources (ASX: SLR) and Cue Minerals Pty Ltd (CMPL), a wholly-owned subsidiary of SLR.

Musgrave Minerals met the set requirement of having spent $1,800,000 on exploration, having already met the minimum expenditure figure of $900,000, the company’s total expenditure sits at $2,700,000.

Musgrave will now form an unincorporated joint venture with SLR and CMPL over the project tenements, with Musgrave as Manager of the joint venture.

Musgrave indicated it has elected to proceed to Stage 2 of the Cue Joint Venture whereby it can increase its interest to 80 per cent by spending an additional $1,800,000 on exploration within two years.

To that end, further drilling at Break of Day and Lena is scheduled to commence during the first week of March towards the stated objective to increase high-grade gold resources to underpin studies towards development at Cue.

“Musgrave is pleased to have completed the initial 60 per cent-ownership interest in the Cue project,” Musgrave Minerals managing director Rob Waugh said in the company’s announcement to the Australian Securities Exchange.

“This is an exciting time for Musgrave following the exceptional drilling results received at Break of Day and Lena as we push towards delivering on our objectives.

“The company continues to have an excellent relationship with Silver Lake Resources Limited and looks forward to working with it to further develop the Cue project.”

Email: info@musgraveminerals.com.au

Website: www.musgraveminerals.com.au