THE BOURSE WHISPERER: Rox Resources (ASX: RXL) didn’t have to wait long to attract interest after the recent release of a Resource at the company’s Reward zinc-lead project in the Northern Territory.

The company has announced IMI Zinc Exploration (IZE), a wholly-owned subsidiary of IM Medical Limited (ASX: IMI), has offered to acquire Rox’s interest in the Reward project.

The offer comprises $2 million payable in cash and the issue of $12.8 million worth of shares in IZE’s parent company, IMI.

The deal is subject to Rox entering into an Exclusivity Agreement, which it has agreed to do, with the offer open for acceptance for an ‘Exclusivity Period’ until 17 August 2016.

Rox explained the Exclusivity Period allows it 30 days to complete due diligence on the $14.8 million offer, which is also conditional upon Rox’s option/joint venture partner, Teck Australia Pty Ltd, not exercising and waiving its pre-emptive right to acquire Rox’s interest, as well as additional conditions.

“This offer from IZE vindicates our view of the value of the Reward project (and Teena deposit), and the fact that it has gone unrecognised in our share price for so long,” Rox Resources managing director Ian Mulholland said in the company’s announcement to the Australian Securities Exchange.

“This is a significant outcome for the company which will not only allow our shareholders to retain an exposure to Reward, but will also facilitate a release of funds to Rox which will enable us to pursue other growth opportunities.

“We also believe that through this transaction Reward will be able to be more fairly valued in the market, and at the same time our future funding exposure for the project will be reduced.

“Rox will use the Exclusivity Period to complete its due diligence and determine the necessary statutory, shareholder and other approvals.”

The Reward project includes the Teena zinc-lead deposit where a maiden JORC (2012) Inferred Mineral Resource of 58 million tonnes grading 12.7 per cent zinc and lead (Zn+Pb) (11.1% zinc, 1.6% lead) for 7.4 million tonnes (16.3 billion pounds) of contained zinc and lead, at a six per cent Zn+Pb cut-off, was announced in June.

It is the largest high-grade (greater than 8% Zn+Pb) zinc-lead mineral resource announced in Australia for the last 20 years and ranks 7th all-time amongst zinc-lead deposits in Australia.

The Reward project also contains the Myrtle zinc-lead deposit with an Indicated and Inferred Mineral Resource of 44 million tonnes grading five per cent Zn+Pb (4.1% zinc, 1% lead) for 2.2 million tonnes (4.8 billion pounds) of contained zinc and lead at a three per cent Zn+Pb cut-off.

Email: admin@roxresources.com.au

Website: www.roxresources.com.au

THE BOURSE WHISPERER: Pioneer Resources (ASX: PIO) has struck a second Option Agreement with International Lithium Corp (ILC) (TSX.V: ILC), enabling Pioneer to initially earn a 51 per cent interest and, subject to ILC’s participation, up an 80 per cent interest, in the Raleigh lithium project.

The Raleigh project is currently owned 100 per cent by ILC and is located 60km southeast of the Mavis Lake lithium project in Ontario, which Pioneer acquired in March 2016.

The Agreement will provide Pioneer with its second Canadian lithium (spodumene) pegmatite field, along with the Mavis lithium project.

The company said establishing advanced lithium projects in close proximity increases the likelihood of a future single infrastructure lithium production hub.

Pioneer said the Raleigh Project Agreement is consistent with its recent strategy of acquiring and advancing key demand-driven commodities both in Canada and Western Australia.

The Raleigh project covers an area of 440 hectares and has historically been targeted for its tantalum potential, however 2010 drilling demonstrated prospectivity for lithium.

According to Pioneer, at least six pegmatites have spodumene identified in outcrop and a number of lithium litho-geochemical anomalies have been identified to be evaluated with drilling expected during the September and December quarters of 2016.

Pioneer plans to commit to additional exploration programs in 2016 at both the Raleigh and Mavis Lake projects, completing exploration concurrently utilising ILC’s existing Canadian-based technical team.

“The benefits of the Strategic Alliance with ILC are becoming evident with Pioneer securing an option to acquire a majority interest in of the Raleigh lithium project,” Pioneer Resources managing director David Crook said in the company’s announcement to the Australian Securities Exchange.

“The objective of the Strategic Alliance is to develop an operational hub for spodumene concentrate at a location with advanced infrastructure, and adding the nearby Raleigh project to the Mavis Lake lithium project greatly enhances the Dryden district as a preferred location.

“Field work has commenced at the Mavis project, and drilling is expected to commence in September 2016 with programs planned for both Raleigh and Mavis Lake lithium projects.

“We look forward to informing the market as further progress is made.”

Website: www.pioresources.com.au

THE BOURSE WHISPERER: Lithium Australia (ASX: LIT) and Cazaly Resources (ASX: CAZ) – as the Goldfields Lithium Alliance (GLiA) – has acquired the rights to Pegmatitie Minerals in the Widgiemooltha pegmatite field located.

The filed is located approximately 45 kilometres south east of Coolgardie in the Eastern Goldfields of Western Australia and 25km south of the Mount Marion lithium project (60.5 million tonnes at 1.36% Li2O)

The GLiA explained the Widgiemooltha Project covers an area of approximately 81 square kilometres, which is unexplored for lithium to date, despite hosting extensive pegmatites identified by the Geological Survey of Western Australia (GSWA).

“This recent acquisition is further proof of the mutual benefits of the Alliance to both Lithium Australia and Cazaly,” Cazaly Resources joint managing director, Clive Jones said in the group’s announcement.

“The Widgiemooltha pegmatite field is an extensive area of previously unexplored pegmatites in a region known to host significant lithium resources as evidenced at the nearby Mount Marion development.

“Further field work is to commence imminently with a view towards defining the true extent and prospectivity of the pegmatites

“Drilling is planned to be commenced as soon as practicable thereafter.”

“This acquisition further cements the partnership with Cazaly as it brings complementary expertise to our efforts in the Goldfields enabling greater penetration into the opportunities offered by the region,” Lithium Australia managing director Adrian Griffin echoed.

“Furthermore, the infrastructure within the Kalgoorlie mining region will be a significant advantage to any potential development opportunities.”

Email: info@lithium-au.com

Website: www.lithium-au.com

THE BOURSE WHISPERER: Lithium Australia (ASX: LIT) has been granted three exploration licences to more than double the area the company currently covers in the Greenbushes region of Western Australia.

Lithium Australia described Greenbushes as being the “world’s most productive lithium province” with the area hosting abundant pegmatites, which appear to be structurally controlled.

A number of major structural features occur within the area, including the Donnybrook – Bridgetown Shear, within which the Greenbushes pegmatite is located.

Subsidiary structures have been identified in the area, some of which are also associated with the presence of pegmatites.

Lithium Australia said its initial phases of exploration, which have already commenced, will involve non-invasive technologies to model the chemical evolution of the intrusive rocks forming part of the pegmatite complex.

The geochemical profiles will also help the company delineate the more prospective structural trends for further examination.

“The grant of the three new licences will enable Lithium Australia to gain a much more complete picture of the geological systems that have created the world’s largest known lithium pegmatite,” Lithium Australia managing director Adrian Griffin said in the company’s announcement to the Australian Securities Exchange.

“The potential of the area is outstanding and we will use our experience to evaluate that potential in an effort to unlock the latent value of the area.”

The granting of the new licences expands Lithium Australia’s holding adjacent to the world’s largest lithium mine, which currently produces about 40 per cent of global lithium supply from pegmatites, mined approximately 200 kilometres south of Perth, in WA.

Email: info@lithium-au.com

Website: www.lithium-au.com

THE BOURSE WHISPERER: Blackham Resources (ASX: BLK) has selected contractors for mining, tailings dam construction and the power station at the company’s 5.1 million ounce Matilda gold project in Western Australia.

Blackham made the appointments having recently received final approvals to commence operations at the project.

It has selected MACA Limited as the open pit mining contractor, which has already begun mobilising equipment to the project with a view to commence open pit mining in July.

The underground mining will be carried out by Pybar Mining Services, which has also started mobilising to site and will shortly commence preparations for the mining of the Golden Age orebody.

Underground mining of the high grade Golden Age orebody is expected to commence in July.

Blackham awarded the Tailings Dam construction contract to Cape Crushing & Earthworks where construction is well-advanced.

The power station contract has been awarded to Contract Power Group, which has already installed temporary diesel power.

Site preparation work has commenced for the installation of new gas generators.

Gold production from the Matilda gold project is on track for the Sept 2016 quarter.

Blackham has just upgraded the Matilda gold project Resource to 48 million tonnes at 3.3 grams per tonne gold for 5.1 million ounces (48% indicated).

The Resources are all within a 20 kilometres radius of the company’s 100 per cent-owned Wiluna gold plant which is targeted for over 100,000 ounces per annum gold production per annum.

Email: info@blackhamresources.com

Website: www.blackhamresources.com