Lithium Australia develops world-first portable assay technology

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THE BOURSE WHISPERER: Lithium Australia (ASX: LIT) has claimed to be the first company in the world to perfect portable laser technology for real-time, in-field soil geochemistry assays for lithium.

Lithium Australia cemented a collaborative agreement, to develop LIBS technology for geochemical applications, with US based SciAps Inc (SciAps), in December 2014.

Since then the two companies have worked together to develop a practical means of achieving real-time lithium geochemical assays with equipment designed and manufactured by SciAps.

Lithium Australia recently released the first results to the market, which it said demonstrated good correlation in field trials, when compared with other field techniques.

Encouraged by the results, Lithium Australia signalled it will now extend its LIBS technology research, with SciAps, to process control applications.

“Adaption of LIBS technology to this function may provide a significant edge in laboratory testing, pilot plant studies and ultimately in the production environment,” Lithium Australia said in its ASX announcement.

“LIBS process control applications will be evaluated during the course of pre-feasibility process studies, soon to be commenced by LIT as part of the commercialisation of its proprietary Sileach process technology.

“More extensive soil geochemical applications will be implemented in the near future.”

Email: info@lithium-au.com

Website: www.lithium-au.com

Stavely Minerals raising $3.5M to advance QLD and VIC projects

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THE BOURSE WHISPERER: Stavely Minerals (ASX: SVY) announced a capital raising of up to $3.5 million to fast-track exploration of its portfolio of gold, and porphyry copper-gold projects in Western Victoria and Queensland.

Stavely Minerals explained the capital raising has been underpinned by a Share Placement of 13.33 million shares at 15 cents per share to sophisticated and institutional investors to raise $2 million.

To supplement the placement, Stavely is also conducting a Share Purchase Plan (SPP), also at 15 cents, to raise up to a further $1.5 million so existing shareholders don’t feel left out.

Stavely indicated the funds raised through the combined Share Placement and SPP will be put towards the acceleration of drilling programs on its Queensland projects targeting breccia-hosted gold mineralisation, as well as in Western Victoria, where the company is targeting porphyry copper-gold mineralisation.

“This reflects both the quality and prospectivity of our key projects, and the fact that we have a very full program of drilling activity both in Queensland and Victoria over the coming months which should generate strong news-flow on multiple fronts,” Stavely Minerals managing director Chris Cairns said in the company’s announcement to the Australian Securities Exchange.

“Over the past 18 months we have developed a suite of exceptional discovery opportunities, and we appreciate that shareholders have had to demonstrate outstanding patience as the company navigated the lengthy process of securing Victorian Government co-funding for our forthcoming exploration programs.

“However, with more than $1 million in Government funding now in place, and with the proceeds of this capital raising, Stavely is exceptionally well placed to unlock the value of this highly prospective exploration portfolio.

“We have now launched into a major drilling and geophysical program, which is expected to continue over the next several months.

“Drilling has already commenced in Queensland testing an outstanding breccia-hosted gold target and will continue for approximately four to six weeks and, once completed, drilling will then commence on our suite of three Victorian porphyry copper-gold targets.”

Email: info@stavely.com.au

Website: www.stavely.com.au

Alloy Resources raising $1.25M to advance Horse Well JV

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THE BOURSE WHISPERER: Alloy Resources (ASX: AYR) has received firm commitments from professional and sophisticated investors to raise $1.25 million.

The cash will be raised through the placement of 250 million ordinary fully paid shares at 0.5 cents per share.

Alloy Resources indicated the proceeds from the Placement will principally be used to fund the company’s ongoing 40 per cent contribution to the Joint Venture with Doray Minerals (ASX: DRM) at the Horse Well gold project.

Funds will also be distributed to undertake exploration programs at the company’s Ophara cobalt-gold project in Broken Hill, which will be designed to define the size and grade of the Great Goulburn prospect.

“We are very pleased to have received a very strong response from existing and new shareholders to participate in this raising,” Alloy Resources executive chairman Andy Viner said in the company’s announcement to the Australian Securities Exchange.

“The placement leaves the company well-funded to maintain its equity in the Horse Well JV whilst also enabling implementation of high-impact exploration at the exciting Ophara cobalt-gold project.

“At the Great Goulburn prospect we have 1.5 kilometres strike of an outcropping cobalt-gold mineralised trend, which has only had six shallow drill holes into it.

“We think there is an excellent opportunity to quickly extend this strike length through soil sampling and geophysics, and also start drill definition of the mineralisation in the coming months.”

Email: info@alloyres.com

Website: www.alloyres.com

Gold Road Resources locks in $350M JV with Gold Fields

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THE BOURSE WHISPERER: Gold Road Resources (ASX: GOR) announced a 50:50 Joint Venture with a wholly-owned Australian subsidiary of Gold Fields Limited for the development and operation of the company’s Gruyere gold project in Western Australia.

The Gruyere gold project includes the Central Bore, Attila and Alaric deposits and the YAM14 and Toto prospects, covering an area of 144 square kilometres.

Under the terms of the Gruyere Joint Venture (GJV), Gold Fields will purchase a 50 per cent interest in the Gruyere gold project from Gold Road for an aggregate consideration comprising:

Cash of $350 million, comprising $250 million payable on completion of the transaction and $100 million contributed by Gold Fields to fund Gold Road’s initial cash calls during the construction phase;

An uncapped 1.5 per cent net smelter return royalty on Gold Fields’ share of production from the Gruyere Joint Venture tenements once total gold production exceeds two million ounces;

An assumed liability by Gold Fields for up to a 10 per cent overrun on the Gruyere initial development program and budget of $507 million, subject to certain exceptions such as overruns due to a force majeure event and agreed scope changes; and

Funding support by Gold Fields for any project-level bonding or guarantee requirements, to the extent required under the Gruyere Joint Venture.

The Gold Road Owner’s team, which has been assembled over the past 18 months will be retained as part of the team to develop the project under the management and leadership of Gold Fields.

The development program and capital budget have been agreed and the GJV is committed to progressing the project to construction phase, including all the usual work that entails.

To say Gold Road will be in a healthy financial situation post completion of the transaction is an understatement.

As a result, Gold Road will be fully funded for its share of construction capital for the development of the project and to accelerate exploration programs across the company’s portfolio of projects in the region, including the highly prospective 50 per cent-owned Gruyere JV tenements, 100 per cent-owned North Yamarna tenements and 50 per cent-owned South Yamarna Joint Venture tenements.

“We are very pleased to have concluded a highly accretive transaction for shareholders, and to have Gold Fields as our chosen joint venture partner, and with who we look forward to having a long and successful partnership,” Gold Road Resources managing director and CEO Ian Murray said in the company’s announcement to the Australian Securities Exchange.

“The highly experienced Owner’s Team that we have established over the past 18 months will be the Team that will develop the Gruyere gold project under the guidance and leadership of Gold Fields.

“This partnership further strengthens our strong balance sheet, allows us to significantly de-risk the Gruyere gold project, and enables us to pursue our growth plans much sooner than we may have under alternative funding options.”

Email: perth@goldroad.com.au

Website: www.goldroad.com.au

European Metals Holdings awarded third Cinovec exploration license

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THE BOURSE WHISPERER: European Metals Holdings (ASX: EMH) has been granted a new exploration license to complement the company’s 100 per cent-owned Cinovec lithium-tin deposit in the Czech Republic.

European Metals explained the new Cinovec III license fills the gap between the company’s license Cinovec II and the Czech-German border over the northern part of the Cinovec deposit, and extends east, adjoining the company’s Cinovec II license area.

The aerial extent of the Cinovec III license is 6.8 square kilometres and covers a geologically prospective area to the east of the Cinovec deposit.

EMH said the license provides prospects of discovering and developing additional lithium and tin ore with the best historic lithium intercept recorded being 82.8 metres averaging 0.31 per cent lithium dioxide (Li2O), starting at depth of 585m.

“We welcome the fact that the Czech government has granted us this third exploration license for which we recently applied,” European Metals Holdings CEO Keith Coughlan said in the company’s announcement to the Australian Securities Exchange.

“The license not only covers a small area above the Cinovec deposit itself along the Czech-German border, but also gives the company exclusive rights to explore for potential deep seated lithium ore East of the Cinovec deposit.

“Geologic data indicate presence of mineralised granite similar to the one at Cinovec, but at deeper levels and not outcropping.

“The exploration target is high-grade lithium and tin mineralisation amenable to extraction from deeper horizons of the future Cinovec underground mine.

“Having this license granted means that the company now controls 100 per cent of the known mineralisation of the Cinovec ore body and adjacent mineralised areas.”

Website: www.europeanmet.com

Alloy Resources advances Broken Hill region cobalt project

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THE BOURSE WHISPERER: Alloy Resources (ASX: AYR) claimed to have defined a strong cobalt-gold target within the company’s Ophara project, located around 50 kilometres west of Broken Hill in New South Wales.

Alloy Resources believes historical exploration outlined, what the company described as a sizeable area of cobalt-gold mineralisation at the Great Goulburn prospect.

The company said the size of the area defined and the presence of cobalt bearing gossans warrants a serious exploration effort at a time when both cobalt and gold are experiencing high levels of interest and demand.

Alloy pointed out that cobalt is receiving particular attention at present, with demand and price increased due to it being a key component in lithium batteries.

Cobalt is often produced as a by-product of copper production, therefore supply is not easily expanded.

A large amount of cobalt production (over 40 per cent) comes from the Democratic Republic of Congo which retains a high sovereign risk.

Given this combination of increasing demand and an uncertain supply response, Alloy believes that exploration for cobalt in a low risk jurisdiction is a sound strategy.

“We are fortunate to have timed the review and application for this area when markets are looking for new sources of cobalt to meet lithium battery related demand,” Alloy Resources executive chairman Andy Viner said in the company’s announcement to the Australian Securities Exchange.

“To also find that there is a significant gold association within the mineralisation makes this prospect quite compelling as we see some similarities to gold mineralisation elsewhere in the Curnamona Craton, particularly in South Australia.

“Surface rock chip and soil sampling has defined a 1.5 kilometre long zone of cobalt mineralisation at the Great Goulburn prospect which has been tested by only six widely spaced drill holes, four of which confirmed consistent subsurface mineralisation.

“These results warrant a closer look.

“Looking at the historical work we are also seeing that past explorers were targeting more Broken Hill style base metal mineralisation or Cloncurry style iron formation hosted copper-gold, so cobalt was not a focus and hence they have left some other interesting cobalt gossans similar to Great Goulburn for us to follow up.”

Email: info@alloyres.com

Website: www.alloyres.com

Lithium Australia SILEACH test run produces 99% purity

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THE BOURSE WHISPERER: Lithium Australia (ASX: LIT) announced the completion of a second continuous pilot plant run by ANSTO Minerals (a division of the Australian Nuclear Science and Technology Organisation).

Lithium Australia said the second continuous pilot plant ran from 10 to 13 October 2016 and was a follow up exercise to the initial process piloted at ANSTO Minerals from 12 to 17 September 2016.

The initial pilot plant run demonstrated the successful application of Lithium Australia’s trademarked Sileach process for the extraction of lithium from lepidolite ore from Lepidolite Hill in Western Australia.

The company explained the second pilot plant campaign processed purified liquor generated in the first campaign and involved evaporation, recovery of lithium carbonate and recovery of potassium sulphate, which is being assessed as a potential value adding by-product.

These steps were previously developed in a laboratory program performed by ANSTO Minerals.

Lithium Australia said the pilot plant operated robustly producing six kilograms of approximately 99 per cent purity lithium carbonate concentrate and provided further engineering design data for the company’s Sileach process.

The lithium carbonate concentrate will be used to produce high purity lithium carbonate and lithium hydroxide products for offtake purposes.

“LIT’s goal is to establish a low cost lithium production profile – similar to the brine producers,” Lithium Australia managing director Adrian Griffin said in the company’s announcement to the Australian Securities Exchange.

“We are very pleased with the results as reported by ANSTO Minerals, Australia’s pre-eminent expert in lithium extraction technology.

“This is another step in de-risking the commercialization of the halogen based Sileach process.”

Email: info@lithium-au.com

Website: www.lithium-au.com

Vimy Resources granted new Mulga Rock Mining Leases

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THE BOURSE WHISPERER: Vimy Resources (ASX: VMY) has picked up two new Mining Leases to progress the development of the company’s Mulga Rock project in Western Australia.

Vimy Resources explained the new Mining Leases (M39/1104 and M39/1105) replace the previous Mining Leases M39/1080 and M39/1081, whichhad been originally granted in July 2012, and have since been conditionally surrendered and are no longer active.

All licences and conditions attached to the original tenements will be carried over to the new Mining Leases.

“The granting of the new Mining Leases is an important step forward in the development of the Mulga Rock project and will facilitate the realisation of the project,” Vimy Resources CEO and managing director Mike Young said in the company’s announcement to the Australian Securities Exchange.

“Under the new Mining Leases, Vimy now has security of tenure for all proposed mining areas and post-mine landforms for the life-of-mine of the project.

“This will provide greater operational flexibility to the mining crews and help deliver optimal environmental and engineering outcomes.”

Email: info@vimyresources.com.au

Website: www.vimyresources.com.au

Rox Resources acquires Collurabbie nickel-gold project

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THE BOURSE WHISPERER: Rox Resources (ASX: RXL) followed up the sale of its Reward project interest with the acquisition of 100 per cent of the Collurabbie project tenements, located 500 kilometres north of Kalgoorlie in Western Australia from Falcon Minerals (ASX: FCN).

The project tenements are situated 70km due east of Rox Resources’ Fisher East nickel sulphide and Mt Fisher gold projects and comprise E38/2009 and E38/2912, covering 63.1 square kilometres with most of the known nickel sulphide mineralisation located on E38/2009.

Rox Resources has also applied for adjoining tenement areas covering over 59sqkm, for a total project area of 122.5sqkm.

“We continue to add quality projects to our portfolio,” Rox Resources managing director Ian Mulholland said in the company’s announcement to the Australian Securities Exchange.

“The nickel sulphide discovery at Collurabbie was the talk of the town a few years ago, but lack of exploration during and since the GFC means the opportunity to define more extensive mineralisation there is still extremely attractive.

“In addition there’s the gold aspect which really hasn’t been looked at.

“The project fits nicely with our Fisher East nickel sulphide project, and being within 70 kilometres means that any mineral resources we define at Collurabbie can be easily trucked to Fisher East for processing should that development occur.

“That option hasn’t existed for this project before.

“Outside of Olympia, where most of the mineralisation has been intersected in drilling, there are other prospects, such as Agora, Leros, Paros and Rhodes (East and West) where indications of mineralisation have been found in previous exploration, but not really followed up.

“The project area has only had sporadic exploration, with a concentrated effort from 2004-2005 and moderate activity from 2010-2011, but no exploration of substance since 2011.

“Rox plans to apply the same successful exploration techniques at Collurabbie that we have used at Fisher East.

“We note that the last phase of exploration was five to six years ago, so we believe there is considerable scope for new discoveries.”

The purchase price for the Collurabbie project is $25,000 cash and 7,500,000 shares in Rox.

Email: admin@roxresources.com.au

Website: www.roxresources.com.au

Rox Resources set to bank around $20.6M after sale of Reward Project interest to Teck

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THE BOURSE WHISPERER: Rox Resources (ASX: RXL) informed the market that it had received confirmation from Teck Australia it would be exercising its pre-emptive right to purchase of Rox’s minority interest in the Reward zinc project in the Northern Territory.

By signalling its intention to do so, Teck took out a previous offer Rox had received from Marindi Metals (ASX: MZN).

Under the terms of an Earn-in and Joint Venture Agreement (JVA) between Rox and Teck, Teck retained a pre-emptive right over Rox’s interest in the project, which meant Rox was obliged to offer to sell its interest in the Reward project to Teck under the pre-emptive right.

“Monetising our interest in the Reward project represents a successful outcome for our shareholders,” Rox Resources managing director Ian Mulholland said in the company’s announcement to the Australian Securities Exchange.

“This shows that the market was significantly under-valuing the project and validates our decision to sell.

“Rox will now review our strategic options with a focus on generating new growth and value opportunities.”

Subject to the finalisation of a definitive asset sale agreement, Teck raising funds to complete the acquisition, and satisfaction of a number of conditions consistent with the Marindi Offer, Teck will acquire Rox’s interest in the Reward project on the following terms:

Cash of $8 million;

Immediately tradeable, un-escrowed shares in any ASX or TSX-listed company to a value of $3.6 million or, alternatively $2.6 million cash;

A three year promissory note with a face value of $5.25 million; and

A deferred payment of $3.75 million, payable on completion of a bankable feasibility study, or the expiry of six years, whichever comes first.

Email: admin@roxresources.com.au

Website: www.roxresources.com.au