Montezuma Mining intersects High-Grade Gold Trend at Jatz

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THE DRILL SERGEANT: Montezuma Mining Company (ASX: MZM) has completed deep drill testing of the priority Jatz target at the company’s 100 per cent-owned Yamarna project in Western Australia.

A total of thirty holes for 3,438 metres were drilled on nominally 200m spaced lines to test the prospective corridor beneath widespread strong gold anomalism hosted in Archean greenstone basement lithologies.

According to Montezuma, the drilling identified two high-grade gold bearing structures within the corridor, one intersected by a single drill hole, the second showing semi continuous gold mineralisation along a strike of approximately 1km, open to the north.

Assays were returned from the two zones of up to 17.5 grams per tonnes gold and 15.5g/t gold respectively.

“Planning is now underway for follow up drilling to test the strike continuity of these zones and for the potential for structural positions where the mineralisation may occur over thicker widths,” Montezuma Mining said in its ASX announcement.

Website: www.montezuma.com.au

MOD Resources announces maiden Resource at T3 Copper Deposit

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THE DRILL SERGEANT: MOD Resources (ASX: MOD) announced the completion of a maiden copper/silver resource at the company’s T3 copper deposit in Botswana.

The Resource has been defined within six months of the discovery of the deposit, which forms part of a Joint Venture between MOD Resources (70%) and AIM-listed Metal Tiger (30%) in the country’s Kalahari Copper Belt.

Combined Indicated and Inferred resource estimates using 0.5% Cu cut-off consist of:

28.36 million tonnes at 1.24 per cent copper and 15.7 grams per tonnes silver, containing approximately 350,200 tonnes of copper (approximately 772Mlbs copper) and 14.27 million ounces of silver.

This includes a high-grade resource using 1.5% Cu cut-off grade which consists of:

8.48 million tonnes at 2.16 per cent copper and 30.6g/t silver, containing approximately 182,900 tonnes of copper and 8.34 million ounces of silver.

MOD stressed the importance of 64 per cent of the total Resource tonnes being in the Indicated Resource category, saying it demonstrated the excellent continuity of the mineralisation, which has been drilled on a 100m by 100m grid pattern.

“This news represents a tremendous milestone for the Joint Venture and a major step towards MOD’s objective of becoming a long-life, copper producer in Botswana,” MOD Resources managing director Julian Hanna said in the company’s announcement to the Australian Securities Exchange.

“To be able to report 350,000 tonnes of contained copper and more than 14 million ounces of silver in the first resource from a new discovery in a relatively unexplored region is a great achievement for the whole team.”

MOD explained the unusual geometry of the T3 deposit with wide and continuous zones of shallow dipping mineralisation provides the opportunity for potential low cost open pit mining.

The company declared an additional bonus to be the large amount of silver (>14Moz) which is expected to be able to be recovered into the copper concentrate, assuming the project goes into commercial production.

“Success at T3 has been achieved in a short time frame and to a very high standard – a credit to all the people on-site, including our many Botswana employees and contractors who have worked hard to achieve this excellent result,” Hanna said.

MOD said an open-pit scoping study was currently progressing well with a separate, highly experienced team to manage all facets of the process.

Drilling is currently testing for potential extensions to high-grade veins north east of the resource and targeting an IP target approximately 500m down dip from the resource.

Exploration will also step out along the T3 Dome and surrounding areas to test potential for other deposits of this type.

Website: www.modresources.com.au

Altura Mining releases Pilgangoora Lithium Project DFS

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THE DRILL SERGEANT: Altura Mining (ASX: AJM) released results of a Definitive Feasibility Study (DFS) completed on the company’s 100 per cent-owned Pilgangoora lithium project, located near port Hedland in Western Australia’s Pilbara region.

According to Altura, key outcomes of the DFS include a project Net Present Value (NPV) of $411 million over an initial 13 year mine life based on a current ore reserve estimate of 20.33 million tonnes, Life of Mine (LOM) cash costs of $316 per tonne of spodumene concentrate, a capital estimate of $139.7 million including sustaining capital and a payback period of 1.8 years.

The study indicated potential exists to increase both the current resource of 39.4 million tonnes and ore reserve estimate on completion of the current resource extension drilling program with results expected in Q4 2016.

The Pilgangoora deposit will be extracted using open pit methods, which the company said would be enhanced by the shallow and thick mineralisation allowing spodumene ore to be mined from the commencement of mining.

The DFS has highlighted a very encouraging LOM strip ratio of 2.9:1 providing Altura with a very low operational mining cost.

“The DFS has been completed with contributions from industry leading professional service providers; capital cost estimates and operating cost estimates are presented in Australian dollars, are on a third quarter 2016 basis and carry an expected accuracy range of ±10 per cent,” Altura Miing explained I its ASX announcement.

“The DFS capital and operating cost estimates have been externally peer reviewed by integrated project service group Aquenta Consulting Pty Ltd (Aquenta).”

The company recently updated the Ore Reserve Estimate the Pilgangoora lithium project at 20.3 million tonnes at 1.06 per cent lithium oxide (Li2O), which is classified entirely as a Probable Ore Reserve estimate.

“Altura Mining is extremely pleased with this validation of previous estimates and high conversion rate,” the company said.

“Significant potential exists to increase both the mineral resource and ore reserve estimates via additional resource extension drilling currently being undertaken with a particular focus in the south-east portion of the mining leases.”

Email: cosec@alturamining.com

Website: www.alturamining.com

St George Mining confirms nickel-copper mineralisation at Stricklands

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THE DRILL SERGEANT: St George Mining (ASX: SGQ) received assay results for two diamond drill holes recently completed at the Stricklands prospect, within the company’s Mt Alexander project in Western Australia.

The company indicated remaining assays for the recently completed drilling at the Mt Alexander project, including the drill holes that intersected massive nickel‐copper sulphides at the Investigators prospect, are due shortly.

St George said assay results for drill holes MAD26 and MAD27 at the Stricklands prospect confirmed intersections of shallow massive nickel‐copper sulphide mineralisation

MAD26
4.3 metres at 4.26 per cent nickel, 2.02 per cent copper, 0.19 per cent cobalt and 3.21 grams per tonne total PGEs from 53.9m;

MAD27
2m at 4.17 per cent nickel, 3.11 per cent copper, 0.21 per cent cobalt and 3.35g/t total PGEs from 71.25m.

Massive nickel‐copper sulphides in MAD27 displayed a thick halo of disseminated, stringer and blebby sulphide mineralisation:

MAD27
11.15m at 0.52 per cent nickel, 0.63 per cent copper, 0.03 per cent cobalt and 1.69g/t total PGEs from 60.1m.

St George explained that the drill holes MAD26 and MAD27 were completed at Stricklands in July 2016 to test two separate, strong off‐ hole conductors located approximately 60m apart.

Both drill holes intersected massive nickel‐copper sulphides where predicted by the company’s EM and geological modelling.

“These assays confirm that the latest drilling has delivered the best intersections to date at the Stricklands prospect,” St George Mining executive chairman John Prineas said in the company’s announcement to the Australian Securities Exchange.

“We are starting to see thicker intervals of sulphide mineralisation with high nickel and copper grades, as well as strong credits of cobalt and PGEs.

“These features are excellent for the potential economics of the project with an added bonus being that the mineralisation occurs at shallow depth.

“There is a clear opportunity to test for continuity of the high grade mineralisation at Stricklands, and planning for the next drill programme at Stricklands is already underway.”

Website: www.stgm.com.au

Kairos Minerals spots gold-lithium potential at Mt York

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THE DRILL SERGEANT: Kairos Minerals (ASX:KAI) was making noise about a recently concluded geochemical review of recent soil sampling programs and historical drilling data at the company’s 100 per cent-owned Mt York lithium-gold project in the Pilbara region of Western Australia.

The review, conducted by Dr Nigel Brand of Geochemical Services in collaboration with the Kairos technical team, highlighted numerous gold and lithium-tantalum targets and major extensions to the Old Faithful, Iron Stirrup, Main Hill, Breccia Hill and Zakanaka South gold deposits.

The results also provided several extensive, previously unrecognised and unexplored gold-bearing anomalous trends as high priority drill targets.

The results arrived just as Kairos prepares to start drilling at Mt York with drilling scheduled to continue into 2017.

“The continued focus by Kairos’ technical team on advancing Mt York with a methodical, multi-disciplinary approach, has again delivered exceptional gold and lithium targets in the lead up to our maiden drill program in the Pilbara,” Kairos Minerals managing director Joshua Wellisch said in the company’s announcement to the Australian Securities Exchange.

“Expanding our known gold JORC resource and drilling the new high priority gold and lithium targets will be the focus of the imminent drilling program.

“The company has planned to continue the drilling at Mt York throughout 2017.

“The recent results will be key to unlocking the controls on mineralisation in the area, ensuring efficient exploitation of the regions mineral wealth and ultimately maximising returns to our shareholders.

“We look forward to commencing the drilling programme and providing further positive results.”

Kairos recently reported an Indicated and Inferred Mineral Resource estimate for the Iron Stirrup deposit of 714,000 tonnes at 1.99 grams per tonne gold for 45,000 ounces of contained gold and an Indicated and Inferred Mineral Resource estimate for the Old Faithful deposit of 2.069 million tonnes at 1.37g/t gold for 90,000 ounces of contained gold.

These relatively shallow resources, total 135,000 ounces of gold.

Website: www.kairosminerals.com.au

Gold Road claims Gruyere-style gold discovery at YAM 10

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THE DRILL SERGEANT: Gold Road Resources (ASX: GOR) has received more encouraging results, this time from a recently completed regional aircore (AC) drilling program over South Yamarna Joint Venture (SYJV) tenements at the Riviera‐Smokebush and Breelya‐Toppin Hill camp‐scale targets.

The SYJV is owned 50:50 by Gold Road and Sumitomo Metal Mining Oceania Pty Limited.

The AC program consisted of 328 holes for 16,500 metres of drilling designed to test RAB‐Interface anomalies the JV identified through 2015 and 2016, and new conceptual structural targets not previously tested by drilling.

The program intersected anomalous bedrock gold mineralisation over widespread areas, with 30 drill holes returning gold grades greater than 0.1 gram per tonne gold.

Four target areas have been identified for priority follow‐up RC drilling, YAM10, Riviera, Yaffler South and Kingston North.

The YAM10 prospect has emerged as the highest priority having produced a best intersection of:

19m at 1.06 grams per tonne gold from 62m, including 3m at 5.16g/t gold from 63m, including 1m at 13.67g/t gold from 65 m; and

1m at 2.9g/t gold from 69m.

The results from the RC drilling program have provided the impetus for the company to begin testing the priority targets in the December 2016 quarter.

Planning for the follow‐up RC drilling at YAM10 and the three other targets is in progress.

“The results of this targeted aircore program have proved very exciting,”Gold Road Resources executive director Justin Osborne said in the company’s announcement to the Australian Securities Exchange.

“We set out to test a variety of geological settings, looking for both Gruyere analogue targets, and sheared mafic‐hosted gold mineralisation more typical of Yilgarn gold deposits.

“The identification of the YAM10 prospect as a true Gruyere look‐alike, although preliminary in nature, is extremely encouraging, and represents the combined efforts of the SYJV geologists.

“Drill testing is expected to start shortly and we are looking forward to what we might learn from the next program of RC drilling.”

Email: perth@goldroad.com.au

Website: www.goldroad.com.au

MOD Resources nearing T3 copper Resource

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THE DRILL SERGEANT: MOD Resources (ASX: MOD) declared it is on track to completion of a maiden Resource estimate at the company’s T3 copper-silver deposit in Botswana.

The T3 prospect forms part of a Joint Venture between MOD Resources (70%) and AIM-listed Metal Tiger (30%) in the Kalahari Copper Belt.

MOD explained the resource model will include recent results from the three deepest holes the JV has completed to date (MO-G-49D to MO-G-51D), which extend part of the northern boundary of the resource area by 100 metres.

The drilling encountered widths of copper and silver mineralisation in holes MO-G-49D and MOG-51D.

MOD said the results from these holes confirmed that T3 remains open to the north and east of current drilling and that further drilling will test the potential for high-grade vein hosted mineralisation down dip from these intersections.

Recent intersections of note include:


MO-G-44D
23.9 metres at 1 per cent copper and 5 grams per tonne silver from 33.1m downhole and 16m at 0.6 per cent copper and 7g/t silver from 62m downhole;


MO-G-49D
9.6m at 1.1 per cent copper and 4g/t silver from 205.5m downhole and 23m at 1.2 per cent copper and 22g/t silver from 275m downhole;


MO-G-50D
6m at 1.4 per cent copper and 8g/t silver from 214m downhole and 8m at 0.8 per cent copper and 19g/t silver from 253m downhole


MO-G-51D
10m at 1.7 per cent copper and 21g/t silver from 210m downhole and 18.2m at 0.6 per cent copper and 11g/t silver from 241m downhole.

“All recent assay results have been forwarded to the independent resource consultant in South Africa who is conducting the T3 resource estimate,” MOD Resources said in its ASX announcement.

“Sufficient assay results have been received to enable contouring of the copper/silver intersections to highlight trends in the T3 mineralisation.”

Website: www.modresources.com.au

Breaker Resources hits big gold between Bombora and Bombora North

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THE DRILL SERGEANT: Breaker Resources (ASX: BRB) has hit shallow, high-grade gold mineralisation with reconnaissance reverse circulation (RC) drilling between the Bombora and Bombora North discoveries at the company’s Lake Roe project, east of Kalgoorlie.

According to Breaker Resources the objective of the RC drilling, which is still underway, is to test a 1.2 kilometre gap between the Bombora and Bombora North gold discoveries on 200m-spaced drill lines to establish a continuous 2.2km zone of gold mineralisation.

Assay results have been received for the initial three drill lines covering a 600m zone directly north of the Bombora discovery (17 drill holes; BBRC0057-0073), showing gold was intersected on each of the three drill lines tested.

Drill results of note include:

BBRC0070
26 metres at 2.55 grams per tonne gold from 19m, including 9m at 4.45g/t gold;

BBRC0071
12m at 4.41g/t gold from 48m, including 9m at 5.7g/t gold and 3m at 12.15g/t gold;

BBRC0063
17m at 1.59g/t gold from 28m, including 8m at 3.16g/t gold and 3m at 9.71g/t gold; and

BBRC0065
4m at 10.08g/t gold from 156m.

An infill drill hole was also completed at Bombora North (BBRC0057) intersecting:

11m at 3.11g/t gold from 8m, including 7m at 4.55g/t gold.

“The new RC results indicate that the Bombora and Bombora North discoveries may link up, establishing a continuous zone of mineralisation up to 2.2 kilometres long that is open to the north and at depth,” Breaker Resources said in its ASX announcement.

“The large strike and width dimensions in the gold mineralised areas outlined to date at Lake Roe suggest that the open pit and underground tonnage potential is substantial.

“The persistent occurrence of high-grade gold mineralisation in the current and previous RC drill programs is also encouraging.

“Sulphide-lode styles of gold mineralisation generally extend to substantial depths based on similar gold deposits in other parts of Western Australia’s Eastern Goldfields.”

Email: breaker@breakerresources.com.au

Website: www.breakerresources.com.au

Torian Resources encouraged by initial Mt Stirling Well results

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THE DRILL SERGEANT: Torian Resources (TNR: ASX) released the first results from RC drilling underway at the company’s Mt Stirling Well project, located northwest of Leonora in Western Australia.

The initial round of 48 holes were designed to step out laterally from the area previously drilled to determine the strike extent of the mineralisation.

Highlights from latest results include:

2 metres at 27.21 grams per tonne gold from 55m, including 1m at 45.5g/t gold from 55m;

1m at 8.5g/t gold from 50m;

1m at 8g/t gold from 59m; and

7m at 10.8g/t gold from 46m, including 1m at 69g/t gold from 47m.

Torian explained that no holes to date have been drilled deeper than 72m, adding that a further 1,330m of drilling is in the process of being completed as part of the Phase 1 program.

The remaining Mt Stirling drilling program is expected to be completed in October 2016.

Torian has plans for the Mt Stirling Project over the next two months, which include completing Phase 1 of the step out RC drilling, commencement of a limited phase 2 RC drilling program to test several areas down to depths of approximately 100m vertical, and interpretation of all results received and plan further work.

When drilling is complete at Mt Stirling Well, Torin intends moving the rig to Mt Stirling to test an area of mineralisation historically identified to be present within a steeply dipping shear zone contained within a basaltic host.

“These results are very encouraging,” Torian Resources managing director Matthew Sullivan said in the company’s announcement to the Australian Securities Exchange.

“They exceed Torian’s expectations by a significant margin.

“Further drilling will define the mineralisation over a larger area.

“The location of steeper veins is also good news and may lead to a reappraisal of the mineralisation.

“Geological interpretation is showing the granite intrusion to be more complex than previously understood.

“This added complexity is encouraging and suggests potential for additional mineralisation styles to be present away from the main vein structure.”

Email: info@torianresources.com.au

Website: www.torianresources.com.au

Investigator Resources to commence Nankivel follow-up drilling

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THE DRILL SERGEANT: Investigator Resources (ASX: IVR) is following up the recently announced discovery of a large porphyry system with copper-gold potential at the centre of the company’s Paris silver field on the northern Eyre Peninsula in South Australia.

The company indicated it will be drilling two new holes in October, also with government funding assistance, to test immediate shallow copper-gold targets near the first hole at the Nankivel prospect, 5km southeast of the 33 million-ounce Paris silver deposit.

An Induced Polarisation (IP) geophysical survey is planned to cover the wider Nankivel target area, where the first drill hole (PPDH147), intersected a mineralised monzonite porphyry down the entire 600m length of the hole to define further copper-gold targets under thin cover.

The drill core from hole PPDH147 is currently being cut for assaying, including for gold and silver, with results expected within a month to assist targeting around the hole.

Investigator claims the drilling represents the discovery of a new porphyry copper district in Australia and, following the Paris epithermal silver discovery, is the second new deposit style to be uncovered by the company in the past five years.

“The positive result of the company’s first drill hole at Nankivel prompted an immediate review of Investigator’s extensive geological, geophysical and drill data in the new context of the verified porphyry target model,” Investigator Resources managing director John Anderson said in the company’s announcement to the Australian Securities Exchange.

“The porphyry style of copper deposits accounts for most of the world’s copper production and is among the most researched and understood of all the mineral systems.

“The recent Nankivel drill result, combined with our extensive knowledge of the area, has generated exciting target potential warranting urgent follow-up exploration.”

Investigator stressed the additional porphyry copper exploration would not delay a planned Paris infill drilling aimed at upgrading the 100 per cent-owned Paris deposit from an Inferred to Indicated Resource category.

“Commencement of the Paris infill drilling is imminent. Investigator is on track with its objective of completing a pre-feasibility study for the Paris silver project by mid-2017,” Anderson said.

Email: info@investres.com.au

Website: www.investres.com.au