Northern Star blasts new Mellenium portal as it readies to sell of Plutonic

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THE CONFERENCE CALLER: The Resources Roadhouse went back to its Mod roots by Going Underground at the Kalgoorlie operations of local gold producer Northern Star Resources (ASX: NST)

It’s been a while since we ventured beneath the surface and the visit provided time to reflect on what it actually takes for a company – any company – to produce the much-sought after of commodities.

In the week leading up to our visit, Northern Star Resources announced a 33 per cent increase in the company’s gold Reserves, taking them up to two million ounces.

The company declared the increase was a fillip in regards to its stated strategy to grow production to 700,000 ounces a year in 2018.

Norther Star’s Resources increased by 350,000 ounces to 9.25 million ounces with the new Resource estimate containing a 12 per cent increase in the Measured and Indicated category, taking that total to 4.9 million ounces.

The increases will fill the dent the company has made in its current Reserves, having mined some 611,000 ounces since the previous estimate was calculated a year ago.

Before heading off on our underground adventure Northern Star Resources managing director told all present that the revised estimates include just one of the five discoveries made by Northern Star over the past year.

He said the company is now working with the stated goal of bringing the other four discoveries into the JORC estimate.

The day’s activities concluded with the blasting of the portal for its latest Kalgoorlie underground venture – the 50,000 ounce per annum Millenium mine, sitting close by its Kundana operations.

Spectators watched from a safe vantage while sipping celebratory glasses of French champagne.

On day one of the conference, Northern Star announced it would be selling its Plutonic gold mine.

Richard Hayes: Gold Industry Group

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ONE OFF THE WOOD: Gold Industry Group Chairman Richard Hayes called in to fill us in on what the group has planned for Diggers & Dealers.

Hi Richard, could you provide us with a quick insight into the Gold Industry Group – what it is and what it does?

The Gold Industry Group was formed out of the Gold Royalties Response Group (GRRG) – remember when the State Government of Western Australia wanted to increase royalties and the gold industry voiced its opposition.

The GRRG worked to raise awareness of the gold mining industry, the value it brings and what the impact of increasing the royalty would do.

That was a very successful campaign. Research conducted showed there was very little awareness of the industry prior to the campaign being run. After only a few months, 80% of people in Perth learnt something new about the gold industry or changed their perceptions.

That really started with just a handful of mining companies didn’t it, but since then you have grown the membership to include a more diverse gold industry related base?

We have increased our membership to include others involved in the gold value chain beyond the inaugural gold miners.

The GRRG still remains, but they effectively achieved their original aim with the royalty increase not going ahead.

By working together on the community ‘Heart of Gold’ campaign, our founding members realised what can be achieved when an industry comes together with a common set of goals. It is important that we now continue the work that has been undertaken.

That royalty increase proposal is still lurking somewhere within the halls of government and while it still exists – and although we are not a lobby group per se – all of the good work that created awareness of the industry and its value to Western Australia would be lost.

It makes sense then for the Group to be having a visible presence at Diggers & Dealers again this year?

Of course. Diggers & Dealers is an iconic event for the entire mining industry, but in particular the gold mining sector, due to its location in Kalgoorlie.

Because the Gold Industry Group really is ‘by the industry – for the industry’ it makes a lot of sense for us to be involved at Diggers.

You’re hosting a breakfast on the second morning of the conference, what are you hoping to achieve then?

It will really be about reinforcing our role within the industry and what we do. Although the Group was launched at Diggers last year, the Board was only appointed in November.

Our focus is to become a strong voice for the industry into the wider community, which is why it’s important we are at Diggers & Dealers. By being involved in this forum we can let as many people as we can know what it is we do, and be seen to be a part of the industry.

Gold is enjoying some very good times at the moment, hovering around the top of the US$1,700 range with a few external forces contributing to its allure for investors?

It is an uncertain world. The recent Brexit referendum result combined with the spectre of either President Trump or Hillary. Add to that the uncertainty of what’s happening in the Middle East and Europe.

People turning to gold is just that historic insurance policy.  If everything else is turning bad then at least the gold holdings one might have will be worth more.

It certainly is an alternate asset class.  When stocks and shares are going gangbusters your gold probably won’t be worth as much, however when the market is in the doldrums gold is worth much more money.

St George Mining confirms massive sulphide targets at Investigators

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THE DRILL SERGEANT: St George Mining (ASX: SGQ) recently completed two drill holes – MAD29 and MAD30 ‐ as part of a maiden drilling program underway on the previously unexplored Investigators prospect at the company’s Mt Alexander project in Western Australia.

MAD29 was drilled to test Anomaly 2 while MAD30 was drilled to test Anomaly 3.

St George had identified both EM anomalies via surface moving loop EM (MLEM) surveys completed in March 2016.

MAD29 intersected an ultramafic unit from 97.75 to 105.65m hosted within granites, which the company said is the first ultramafic intersected west of the Stricklands prospect, located 900 metres to the east in the mineralised Cathedrals Belt.

St George declared the result had confirmed ultramafics occur this far west in the Investigators prospect and supports the prospectivity of this area for further discoveries of massive nickel‐copper sulphides.

The company has subsequently carried out a DHEM survey in MAD29, which has resulted in revised modelling of Anomalies 2 and 3.

“The new EM data continues to indicate that the conductors at Investigators are outstanding targets for massive nickel‐copper sulphides,” St George Mining executive chairman John Prineas said in the company’s announcement to the Australian Securities Exchange.

“The drilling data from MAD29 and MAD30 has confirmed the presence of prospective ultramafic at Investigators, and that provides even more encouragement for potential new discoveries there.

“Drilling of MAD31 to test the re‐modelled Anomaly 2 commenced yesterday afternoon, and we look forward to announcing results early next week.”

Website: www.stgm.com.au

Pioneer takes up big Canadian lithium project option

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THE INSIDE STORY: A $5.7 million raising fast tracks Pioneer Resources’ exploration push into its recently acquired lithium projects as it exercises the earn-in option on its exciting Canadian lithium project. By Mark Mentiplay

Now cashed-up, Pioneer Resources (ASX: PIO) is moving quickly to capitalise on its recent rapid move into the burgeoning lithium (spodumene) market. 

Explorers around the world are now in a highly competitive race to be among the first of a new crop of companies rushing to production of the light metal critical to emerging alternative energy sources.

In March this year, Pioneer signalled an option to earn into Canadian explorer, International Lithium Corp’s (TSXV: ILC), 2,624 hectare, drill ready, lithium-in-spodumene project, that is the Mavis Lithium Project in north-western Ontario, Canada.

After completing due diligence investigations in late June, Pioneer opted to exercise that option.

In the same short time space, Pioneer acquired its namesake Pioneer Dome lithium pegmatite prospect, where a 4,000 sample soil geochemistry program has produced promising results, along with its Phillips River and Donnelly lithium projects all in WA.

These bold moves have been underpinned by the recent completion of a $3.216 million share placement taken by Sanlam Private Wealth and a share purchase plan to raise another up to $2.5 million.

“We recognised early this year we had to move quickly into lithium, from our existing gold and nickel projects in WA, especially now the metal is recognised as critical to rapidly emerging alternative energy storage sources,” Pioneer Resources managing director David Crook told The Resources Roadhouse.

“We are seeing that now in lithium battery technology.

“That’s why we have made sure we are near the front of the pack in terms of those exploration companies rushing to capture the interest in lithium.”

Pioneer’s interest was spurred by forecasts from Dudley Kingsnorth, a professor at the Curtin School of Business in WA and well-regarded local authority on the lithium market, who believes lithium demand this year will reach 160,000 tonnes from 5,000 tonnes in 1990, with the potential for 2020 demand to reach 600,000 tonnes as new lithium battery factories come on line, Tesla power walls are commercialised and an increasing number of electric cars and other transport-related products start rolling off assembly lines.

“That would be a nearly four-fold increase in demand from now,” Crook said.

Pioneer’s current focus is on the Mavis project, where it may earn an initial 51 per cent by spending $1.5 million on exploration over three years, with the ability to go to 80 per cent with further expenditure.

Field crews, drawn from ILC’s existing Canadian-based technical team, are presently carrying out new field programs, including a comprehensive geophysical survey, litho and soil geochemistry surveys and ground magnetics to highlight prospective pegmatite targets.  This work is scheduled for completion in July with diamond core drilling targeted for September this year.

Crook says the 250 line kilometres magnetometer survey, taking continuous readings along lines 50m apart, will provide Mavis’ first comprehensive property-wide magnetic susceptibility modelling.

The litho-geochemical survey involves sampling outcropping rocks to identify the presence of specific geochemical and mineralogical signatures, which form a close-proximity halo in basaltic host rocks, often within several metres of rare metal pegmatites.

Experience at Mavis shows these rare metal halos can be very well developed in areas where pegmatites are known, but more importantly, may indicate areas in close proximity to pegmatites that are buried under soil cover, or do not outcrop.

Soil geochemistry surveys will be used to identify rare metal dispersion halos in soils where there is limited outcrop to perform a litho-geochemical survey.

These surveys, when combined with prospecting and mapping, are intended to identify high priority targets for a subsequent drill program.

Already this year, field reconnaissance at the Pegmatite-18 prospect confirmed an untested spodumene-bearing pegmatite with a surface outcropping strike length in excess of 200m.

1,500m of orientated diamond drilling planned for September will test key spodumene intersections from earlier drilling and channel samples, including those obtained in 2011 and 2012 at both the Fairservice and Mavis Lake sites.

These earlier programs identified high-grade, well-evolved, lithium bearing pegmatites, including:

3m at 2.15 per cent lithium oxide (Li2O) from 24m, 7m at 1.83 per cent from 4m, 7.8m at 1.86 per cent from 18.85m, 16.4m at 1.86 per cent from 161.9m, 16m at 1.53 per cent from 125m, 26.25m at 1.55 per cent from 152m and 5m at 1.44 per cent from 19m, all from different holes.

Twenty significant pegmatites have been identified to date in outcrop at the Mavis project, within a supporting lithium soil geochemistry anomaly.

Individual outcrops vary in strike length from 11m to more than 240m and range in thickness of up to 12m.

Three generations of drilling since the 1960s have systematically demonstrated pegmatites at the Fairservice prospect are strongly mineralised, and the first drill holes into the Mavis Lake prospect in 2011 also intersected spodumene.

The addition of lithium to Pioneer’s three advanced gold and nickel assets came through Wayne Spilsbury, a director of both Pioneer and Toronto-listed ILC, who saw the early 2016 rise of the lithium sector as an opportunity for a strategic alliance between the two companies on the Mavis Lake project.

“The deal sparked a hefty market re-rating for Pioneer, and a $1.6 million raising,” Crook said.

“Based on that response, we thought we’d better see what else was available from a lithium point of view.”

The latest $5.7 million raising from the share placement/share purchase plan will be spread over the Mavis project, along with field surveys and drilling of lithium targets at the Pioneer Dome project near Norseman, widespread aircore drilling and follow-up reverse circulation drilling at the Acra gold project in the Eastern Goldfields, and diamond core drilling at the Blair nickel project, also in the Eastern Goldfields.

After its March entry into the Canadian lithium sector, Pioneer acquired the Phillips River and Donnelly lithium projects the following month and Pioneer Dome in May.

Crook rates the new pegmatite field at Pioneer Dome highly, but there is also plenty to like at the two less advanced prospects at Donnelly and Phillips River.

The latter was pegged by Pioneer about 100km east of the Mt Cattlin lithium mine in southern WA and is considered prospective for lithium spodumene-bearing pegmatites.

Geochemistry and roadside sampling by an earlier explorer indicated two standout geochemical anomalies, with a number of others warranting further investigation.

Donnelly, also prospective for lithium pegmatites, extends between 12km and 60km from the world-class Greenbushes lithium mine, with tenements covering about 220 square-kilometres.

Pioneer is currently negotiating with WA authorities on ‘non-ground disturbing’ access and a conservation management plan, but expects to use existing forestry tracks to collect samples from the laterite cover.

Gold is also high on Pioneer’s agenda.

“We have a very good gold project in Acra which, up until the lithium move, was our flagship,” Crook explained.

The Blair Dome nickel project and Fairwater in the Fraser Range, the remote region hosting the Nova nickel-copper project, are also on the agenda.

Fairwater was last drilled in November 2015 and likely to re-start later this year.

Pioneer Resources Ltd. (ASX: PIO)
… The Short Story

HEAD OFFICE
21 Ord Street
West Perth WA 6005

Ph: (08) 9322 6974

Email: pioneer@pioresources.com.au
Web: www.pioresources.com.au

DIRECTORS
Craig McGown, David Crook, Wayne Spilsbury, Allan Trench

MAJOR SHAREHOLDERS
Xstrata Nickel Australasia Investments Pty Ltd 3.15%

Metalicity’s dual approach paying off

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THE INSIDE STORY: With its world-class Admiral Bay zinc project expanding as it progresses its global lithium strategy with the support of a major Chinese lithium-ion battery player, Metalicity’s return-driven focus is paying off. By Mark Mentiplay

Metalicity’s (ASX: MCT) value-based approach towards project generation and acquisition has left it strongly positioned to take advantage of the forecast commodity price increases for key its metals, zinc and lithium.

In the second half of 2015, the Company finalised the opportunistic acquisition of the Admiral Bay zinc project in Western Australia, giving it control of Australia’s largest, and the world’s fourth largest, undeveloped zinc deposit.

Then in the final days of last year, Metalicity pulled the trigger on the first of a number of Pilbara lithium project acquisitions.

The company now boasts the largest landholding in the strategically important Pilgangoora and Wodgina lithium districts in WA. 

Further north at Admiral Bay, a substantial amount of work has been completed since the project was acquired and the results have only served to enhance its reputation as one of the world’s key zinc development projects.

A resource upgrade last month saw a 30 per cent increase in the zinc equivalent (ZnEq) grade of the resource and doubling of the contained ZnEq metal.

The modelling also identified thick, higher-grade zones of zinc and lead mineralisation within the existing resources.

The scale of the Admiral Bay deposit is evident from the 15 kilometre strike extent of the inferred resource which now totals 170 million tonnes at 7.5 per cent ZnEq (4.1% zinc, 2.7% lead and 25gpt silver).

In addition, the project has an exploration target of 160 million tonnes to 210 million tonnes at a 7.2 per cent to 7.8 per cent ZnEq grade.

The new resource will be incorporated into a Scoping Study to be completed in mid-2016 which is applying a number of new techniques to the project to overcome the challenges created by the deposit’s 1,200m depth.

“Before we finalise the Scoping Study, we wanted to take a look at applying a new geological model, which we have updated by re-logging historical drill core from drilling carried out by CRA and Kagara between 1968 and 2008,” Metalicity Managing Director Matthew Gauci explained to The Resources Roadhouse.

“It’s a modern approach to assessing the Admiral Bay deposit and consists of the acquisition, compilation and interpretation of data that has, until now, been unavailable and being evaluated for the first time by experts with considerable experience in MVT systems.”

The expert Gauci is referring to is Dr David Leach, a globally recognised expert in Mississippi Valley Type (MVT) zinc-lead deposits, who recently completed a detailed geological study on Admiral Bay.

The study highlighted the potential for district-scale mineralisation, based on regional Canning Basin faults that act as major ‘plumbing systems’ bringing mineralising fluids from basement rocks in contact with sediment packages that act as hosts for zinc and lead mineralisation.

The outcomes of the study led Metalicity to recently apply for another six new exploration leases to extend its control of the Admiral Bay fault zone to 130km.

“David’s study shows potential for multiple Admiral Bay size mineral resources along the Admiral Bay fault zone so we have taken a dominant position in the region,” Gauci said.

The Scoping Study is evaluating the use of a 1,400m deep shaft to access the Admiral Bay deposit.

The potential to use this technique has been demonstrated most recently by Rio Tinto’s successful development of a far deeper 2,116m shaft at its Resolution copper project in the United States.

The flat-lying, stacked nature of the Admiral Bay deposit lends itself to conventional longwall mining and other alternative mining methods are also being considered, with the aim of reducing forecast mining costs from levels estimated by previous owners.

Admiral Bay benefits from being close to modern, established infrastructure and road transport routes, including the Great Northern Highway which is within 70km of the project.

Sealed containers can easily be transported by truck to one of two nearby ports already equipped for concentrate export — Port Hedland, 450km west, and Broome, 250km north.

Multiple power options include the West Kimberley gas project, the establishment of a solar farm and energy storage facility, and the potential to use onsite geothermal production.

In a move expected to make the project more attractive to potential Joint Venture partners, Metalicity finalised the acquisition of Admiral Bay and removed all future encumbrances, reaching agreement with the liquidators of former owner Kagara to clear all obligations with the payment of $750,000 cash and 23 million shares.

The deal brings the final sum paid by Metalicity for its 100 per cent-interest in the project to about $3.09 million in what represents a very cost effective entry price for such a large scale mineral endowment in a stable jurisdiction.

Metalicity is well-funded for its various work programs, holding about $6 million cash following the introduction of a new cornerstone shareholder in June.

Emerging lithium industry participant and key member of the China Battery Association, Shanghai Metal Resources, took a $3 million placement in the company, giving it a 10.1 per cent-stake, and signing a non-binding project development and off-take agreement.

The MOU contemplated the joint funding, development and acquisition of lithium projects, and off-take for 100,000 to 150,000 tonnes per year of lithium-spodumene concentrate.

Gauci said the agreement has validated its low-cost entry into the booming lithium exploration sector, as have the results of first pass field work completed at its Pilgangoora South project. 

Geological mapping and sampling of the outcropping southern pegmatites at the Stannum prospect yielded grades of up to 2.45 per cent lithium and 200ppm tantalum with visible spodumene identified.

Stannum is adjacent to the Wodgina tantalum operations, recently acquired by Mineral Resources.

The work shows strong prospectivity over a strike of about 1.5km with an indicative width of 0.5km within an overall target strike extent of 5.5km, comparable with the dimensions of Pilbara Minerals’ nearby 80.2 million tonne Pilgangoora resource, flagged as the world’s second largest spodumene deposit.

Metalicity also has an 870sqkm holding at Greenbushes, south of Perth, which is in a similar regional geological setting to the world’s largest hard rock lithium mine, Talison Lithium’s Greenbushes mine, located 35km from Metalicity’s project.

The Greenbushes Regional lithium project area has had no systematic lithium exploration, but first pass field work by Metalicity has come up a healthy number of pegmatoidal veins and greisens for chemical analysis.

Phase-2 exploration has begun with follow up soil sampling and airborne geophysics that may include hyperspectral data over the project to help define further detailed exploration programs.

“We figure there are about 50 companies in the lithium exploration/development space we are in and believe we are well positioned amongst that group,” Gauci said.

“We’ve got the largest specific lithium landholding in Western Australia in probably the best lithium neighbourhood.

“All of which is not bad for a company that relisted in October last year.”

Metalicity (ASX: MCT)
…The Short Story

HEAD OFFICE
6 Outram Street
West Perth WA 6005

Ph: + 61 8 9324 1053

Email: info@metalicity.com.au
Website: www.metalicity.com.au

DIRECTORS
Andrew Daley, Matthew Gauci, Chris Bain, Mat Longworth

SHAREHOLDERS
Founders 13.8%
Management and Associates 10.4%
Shanghai Metals 10.1%

Blackham Resources ready to push Matilda’s buttons

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THE INSIDE STORY: Gold producers tend to stand out in groups of mining industry types at present, mainly because they’re the ones wearing the broadest smiles.

The second-most happiest people in the room, are those poised to join the production ranks.

Blackham Resources (ASX: BLK) managing director Bryan Dixon has his index finger hovering over the ‘on switch’ of the company’s 100 per cent-owned Wiluna gold plant, the central feature of its Matilda gold project near Wiluna in Western Australia.

Dixon’s finger is pointing to the future as Blackham moves towards first production at the project, where the company expects to be hosting an official ‘switch-flicking ceremony’ to turn the mill back on at the end of August with the intention of pouring gold in September.

Blackham’s enthusiasm is understandable, given it is reaching such an important phase at a time when the Aussie gold price is as good as it has ever been.

Blackham acquired the Matilda project in 2011, at a time when there was much enthusiasm surrounding the Australian Dollar gold price, which had peaked throughout that year at just over $1700.

Like most commodities, gold took a bit of a belting since then, but has reconfirmed its number one status in recent times.

What is different this time, however, is that production costs are much lower.

“We are turning this plant back on at a fantastic time when the sector is enjoying record margins,” Dixon told The Resources Roadhouse.

“We’ve now got to the pointy end and in the September Quarter we are confident the Matilda gold project will come into production and we will be pouring gold.

“In the December 2016 Quarter, we expect we will achieve around 25,000 ounces of gold production.”

After completing a Definitive Feasibility Study, Blackham continued further targeted drilling programs, adding two and half years of minelife to the Matilda operation, extending it out to eight years.

This infill drilling converted a healthy percentage of Inferred Resources into Indicated Resources, and Mineral Inventory into Reserves.

After finalising the DFS Resources, further drilling programs targeted Matilda, Golden Age, Galaxy and Bulletin with the aim of improving the quality and quantity of the reserve ounces, a strategy that was rewarded with publication of a revised Ore Reserve estimate for the Matilda project.

This took the Matilda Ore Reserves to 7 million tonnes at 2.5 grams per tonne gold for 560,000 ounces of gold (up 17% since DFS) while the Mining Inventory has increased to 9.3 million tonnes at 2.9g/t gold for 873,000 ounces (up 14% since DFS).

As an added sweetener Blackham recently gained the market’s attention with the release of a maiden resource estimate for the Moonlight Shear deposit, which came in at 2.6 million tonnes at 4.6 grams per tonnes gold for 381,000 ounces of gold with 10 per cent of the Resource sitting in the Indicated category.

The Matilda gold project Resources now stand at 48 million tonnes at 3.3g/t gold for 5.1 million ounces with 48 per cent of the Resources Indicated.

No doubt the company would be pretty happy to have put together over five million ounces of Resource all within a 20 kilometre radius of the Wiluna gold plant, pretty much on the eve of the first gold production at the Matilda gold project.

With a PFS well underway and production around the corner, Blackham has also kicked off mining studies over the Moonlight resources as its exploration team is confident of there being significant potential along this two kilometre-long underexplored shear.

Blackham’s initial focus is the free-milling resources from Matilda, which it will process through an established, low-risk circuit of crushing, grinding, gravity and carbon in leach.

It plans the free-milling open pit Matilda deposits, along with ore from the Williamson mine, to provide base-load feed stock for the Wiluna plant.

The Matilda open pit mine plan consists of 5.8 million tonnes at 1.7g/t gold for 324,000 ounces (including stockpiles) of shallow free milling ore to be mined over the first four years.

The open pit Reserves comprise 5.5 million tonnes at 1.8g/t gold for 310,000 ounces.

To supplement the Matilda ore, Blackham will commence underground mining in July 2016 from the high-grade Golden Age orebody.

The Golden Age initial mine plan consists of 206,000 tonnes at 5.8g/t gold for 38,000 ounces of free milling ore, which Blackham will mine over the first two years.

Golden Age remains open both to the east and up dip and hosts underground Reserves comprising 112,000 tonnes at 6g/t gold for 21,000 ounces.

The Golden Age reef has existing access via the Bulletin decline and has mining infrastructure in place thanks to the project’s previous owners, and good geotechnical conditions, which has allowed easy re-entry to the mine.

The DFS confirmed the Wiluna plant is capable of processing 1.3 million tonnes of ore per annum – or approx. 100,000 ounces per annum.

“The Matilda mine has never been consolidated with the Wiluna plant before and we believe that’s our major competitive advantage over the plant’s previous owners,” Dixon said.

“This has basically guaranteed we will keep the plant full during the early years of operation and, importantly, provides a low-capital option to commence mining.

“We are determined to demonstrate we can produce 100,000 ounces of gold per annum.

“We have established a very large Resource, however our next goal is to get beyond that.

“Our exploration activities have been focused on our Reserve drilling to strengthen and lengthen our Reserves, but we are also on the lookout for game-changing discoveries.”

Blackham anticipates completion of dry commissioning for the Wiluna plant by August.

Blackham purchased the Wiluna gold plant for $4.7 million, paying $2.1 million up front, with a further $2.6 million required to be paid when the project is in its fourth year of production.

“In December 2015 we finished our Scoping Study, on the back of which, we signed a $39 million deal with Orion Mine Finance,” Dixon explained.

“They backed the project very early, enabling us to use debt to finance all the drilling and feasibility work to prove the project up, which enable us to provide magnificent leverage for our shareholders.

“We are spending $32 million, which is a relatively small amount to bring such a project to production, to generate a projected cash flow of $271 million over the first eight years of operation.

“The revised Reserve Estimate is a great result as it both strengthens our reserves and lengthens the project life.”

Having received final approvals to commence operations at the project, Blackham appointed MACA Limited as the open pit mining contractor.

Underground mining of the Golden Age orebody will be carried out by Pybar Mining Services, while the Tailings Dam construction contract wen to Cape Crushing & Earthworks.

The power station is to be built by Contract Power Group, which has already installed temporary diesel power with site preparation work has underway for the installation of new gas generators.

“The expansion of the free milling reserves gives us confidence that we can keep growing the size of the Matilda gold project,” Dixon continued.

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

“We know this gold project is going ahead.”

Blackham Resources Limited (ASX: BLK)
… The Short Story

HEAD OFFICE
Level 2, 38 Richardson St
West Perth WA 6005

Ph: +61 8 9322 6418

Email: info@blackhamresources.com.au
Web: www.blackhamresources.com.au 

DIRECTORS
Paul Murphy, Bryan Dixon, Alan Thom, Greg Miles, Peter Rozenauers, Milan Jerkovic

MAJOR SHAREHOLDERS
Citicorp Nominees 10.9%
HSBC Nominees 10.5% 
Orion Mine Finance 9.9%

Nick Giorgetta sitting pretty in the Big Chair

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CONFERENCE CALLER: Diggers and Dealers chairman Nick Giorgetta dropped by The Roadhouse to provide us with the low-down on what’s up for the upcoming conference to be held in Kalgoorlie.

Giorgetta is now into his second year as the Diggers and Dealers chairmanship and he seems the chair is starting to feel more comfortable.

“I am enjoying my involvement and feel extremely comfortable and privileged to be working with the highly capable and hardworking management team at Diggers and Dealers,” he told The Roadhouse.

“I had no idea how many months of hard work go into organising an event of this size.”

Giorgetta assured The Roadhouse that the conference will be packed to the rafters with company and delegate numbers heading in a positive direction from recent years.

Giorgetta explained that the conference likes to maintain a balance of booths in the main marquee allowing suppliers and resource companies the opportunity to display and discuss what they have to offer to the appropriate delegate.

Approximately 55 per cent of the booths allocated to resource companies, which was – not surprisingly – lower last year at 52 per cent.

This year the Diggers & Dealers Forum has hit its mark to be bang on at 55 per cent of booths allocated to mining companies.

The industry, particularly the junior exploration sector, seems to be building some momentum at the moment and this seems to have had a bit of an effect on improving attendance numbers.

“We have seen some additional interest from companies wanting booths which are unfortunately sold out but we have been able to assist a couple,” Giorgetta explained.

“We are expecting quite a number from the junior sector to attend so that they can catch up with the brokers and talk equity raising.

“We also expect the brokers to be wandering around looking for both value and speculative opportunities to raise money, so in many ways this will be back to the traditional Diggers and Dealers and should be interesting to watch.”

Big boys’ toys will also be on display with Westrac showing off a R2900G underground mining loader out the front of the Goldfields Arts Centre.

The R2900G is a hefty piece of equipment measuring 11 metres in length and 3m in width and will provide people attending Diggers & Dealers an idea of the size of equipment operating underground.

Emeco will again be bringing a simulator to the event allowing delegates to experience operating a major piece of mining equipment like the R2900G.

The company brags that you cannot break the simulator and is encouraging as many delegates as possible to take advantage of this experience, which is rarely available to the general public.

One man Giorgetta is excited to hear from is no other than former first deputy managing director of the International Monetary Fund (IMF), John Lipsky, who will be delivering the Forum’s keynote address on Day One.

During his role at the IMF, Lipsky was considered to be an internationally influential economic leader.

Leading up to this time, Lipsky held senior positions in major private financial sector institutions.

His work in both the private and public sectors earned him the respect and regard of many leaders around the world, however, it was his time at the helm of the IMF, which coincided with the most challenging era for the international economy in the past 70 years, where he made his mark.

He was the first person to hold the position of the IMF’s deputy managing director – the organisation’s 2IC leadership role, from 2006-2011,from where he moved up to become acting managing director from May to July 2011.

Global economic turmoil seemed to be his talisman with his accession as the IMF’s AMD coming at a time when European economies, institutions and financial markets were under seige.

Lipsky led the IMF delegation at the 37th G8 summit in 2011 in, France that focused on partnerships with Middle Eastern and North African countries following the Arab Spring.

He also represented the IMF at meetings of Eurozone Finance Ministers, where he urged stronger action to halt the European downward spiral, to restart growth and to implement important reforms.

Aside from the keynote address, Giorgetta expects there to be a great deal of interest in the presentations to be delivered throughout the three days of the conference.

“The corporates seem to be making a real effort to impress at Diggers and Dealers, but importantly it is great to see momentum and enthusiasm in the resources industry whether this is in gold, lithium or some other commodity,” he said.

“This should just make for a dynamic and fun conference.”

New exploration techniques open up S2 Resources search for Swedish company maker

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THE INSIDE STORY: After snapping up a, strangely unexplored, big chunk of one of the world’s biggest proven prime precious metals/polymetallic regions, S2 Resources (ASX: S2R) is introducing Sweden to new exploration techniques. By Mark Mentiplay

S2 Resources is converting some ‘first-ever exploration moves’ to advance the company’s flagship 271 square kilometre Skellefte precious metals-polymetallic project in in Sweden.

The company, borne out of the takeover of Sirius Resources by Independence group (ASX: IGO) in 2015, has a growing belief that Skellefte is its best chance of repeating history to find another monster company maker.

S2 recently carried out the first VTEM (versatile time domain electro-magnetic) geophysical survey ever undertaken over the historic 100-year old mining region that contains some of Sweden’s largest polymetallic mines.

The survey identified 64 EM conductors, many along strike from major operating mines in an established mining district, where S2 is now the largest ground holder, peppered with mining infrastructure and where global Swedish metals and mining giant Boliden made its start.

S2 is now developing a dual-pronged strategy that will use its 207,000 ounce Polar Bear gold project in Western Australia’s Eastern Goldfields to fund, not only its own expansion/development, but also Skellefte’s.

It is a potential early cash flow strategy to build on the approximately $18 million the company’s has in the bank without any debt.

A similar early cash option is also a possibility for Skellefte.

“Sweden is our best chance of finding a company maker,” S2 Resources managing director Mark Bennett told The Resources Roadhouse.

“It’s early days yet, but Sweden is shaping up much faster than we thought.

“Even at this stage, we’re targeting a Tier-1 stand-alone operation, and we have only been directly involved in the region since 2014, prior to our ASX-listing in October, 2015.”

From the takeover by IGO, S2 took with it a portfolio containing the Polar Bear gold project, including the Baloo discovery and the Scandinavian exploration properties.

Unlike Skellefte, where the drilling period extends from the freezing October to March months, 100 per cent-owned Polar Bear is a conventional, unconstrained gold exploration play – a large unexplored ground holding surrounded by a 30 million ounce gold endowment in a recognised major gold province.

Earlier this year, S2 outlined the first initial mineral resource estimate for Polar Bear’s Baloo deposit of 2.17 million tonnes at 1.8 grams per tonne gold for 123,000 ounces of gold using a 0.8g/t cut-off from just 2m below surface down to about 100m.

It backed this up with another 84,000 ounce gold resource in a paleo-channel at the Nanook prospect, 10 kilometres south of Baloo, and with high grade gold drill intersections in nearby bedrock, including 4m at 50.7g/t gold.

More high grades up to 12m at 26.2g/t gold, have also been intersected at the Monsoon deposit, between Baloo and Nanook.

S2 is eyeing possible early monetisation of Baloo, with options running to nearby toll treatment, a heap leach operation or even the sale of the currently defined part of the deposit.

The toll treatment options include Metal X’s nearby, under-utilised Higginsville plant, Gold Fields’ St Ives plant and a privately-owned plant at Norseman, currently on care and maintenance.

S2 has defined three major gold hotspots over 10km on a single trend at Polar Bear.

Follow up drilling to hopefully further expand the Baloo resource down plunge, is planned to follow a program of reverse circulation (RC) and aircore drilling that resumed in mid-June at Monsoon and Nanook.

“The important thing about Baloo is that it is mainly oxide, starts just two metres below surface and has a high ounce-per-vertical-metre metric of between 1,000 ounces to 1,500 ounces per-vertical-metre from two metres,” Bennett said.

The latest Baloo drilling down plunge to the south follows up results including: 2.5m at 10.9g/t gold, 1m at 43.1g/t and 2.5m at 9.52g/t from different holes.

The deposit is also open down dip to the east, with results including: 5m at 6.9g/t and 8m at 5.98g/t from different holes.

S2 is currently finalising mining/engineering studies for Baloo.

Monsoon has returned intercepts of up to 12m at 26.2g/t from 20m in the steeply west dipping lode and 32m at 2.5g/t.

Ahead of its resource estimate, drilling at Nanook encountered 16m at 51.3g/t from 44m, including 4m at 203g/t from 48m; 1m at 1.56g/t from 59m and 16m at 1.63g/t from 40m, including 4m at 4.69g/t from 44m.

But it is Sweden and S2’s Skellefte precious/polymetals project where the company is anticipating finding its company maker.

It sits in a world-class gold/base metals VMS (volcanogenic massive sulfide) camp on which S2 carried out the VTEM survey, which identified the 64 EM conductors under just 5 metres of cover.

The first two holes drilled on a single section to test the first EM anomaly, as part of a quick check, three-diamond drill campaign, confirmed zinc mineralisation at the Svan Vit prospect, including 5.05m at 3.15% zinc.

The first hole clipped the top of the ground EM conductor model, intersecting a narrow zone of mixed sulphide mineralisation, returning 0.55m at 1.49g/t gold and 45g/t silver from 25.3m, and 1.05m at 2.87% zinc and 5g/t silver from 88.7m.

The second hole, 90m down dip of the first through several zones of mixed sulphide mineralisation, intersected 0.55m at 2.23% zinc from 164m, 3.7m at 1.75% zinc and 5.3g/t silver from 170.2m; and 5.05m at 3.15% zinc, 6g/t silver and 0.2% copper from 184.6m.

A follow-up downhole EM survey suggests the three holes S2 has drilled to date have only tested the margins of a potentially much more extensive zone.

S2 is planning about 7,000m of diamond drilling for the upcoming October-March drilling season for Skellefte’s top 10 geophysical targets found to date, including follow up drilling at the Svan Vit prospect on the back of these two holes.

Other positives for Skellefte are that it is close to the ore hungry Ronsskar smelter, a port and infrastructure.

Knowledge of S2’s prime holdings in the region, now larger that Boliden’s and immediately along strike from some of its mines, goes back to 1994 when foreign exploration companies were first allowed into Sweden and Boliden moved quickly to snap up all the ground around its Swedish mines.

At that time, there was no requirement for companies to spend any exploration money on their holdings, which meant there has been surprisingly little effective exploration.

This situation ended in late 2014-early 2015 when the acreage was freed up.

That’s when specialists known to Sirius Resources, and funded by it, began pegging everything they could in the Skellefte belt.

“When we arrived in Sweden, the ground surrounding all of Boliden’s operating mines was available and either unexplored or ineffectively explored, unlike what you would typically find in Australia,” Bennett explained.

“We basically blanket-pegged the ground.”

That Boliden hadn’t utilised either VTEM or downhole EM, surprised S2, especially given the calibre of the mines they have discovered without it.

“We have hit VMS mineralisation with the first two drill holes into the first of the 64 EM anomalies we have identified to date,” Bennett said.

“But from what we have seen in the results we have so far, it looks like we’re on the edge of something bigger.”

S2 Resources (ASX; S2R)
…The Short Story

HEAD OFFICE
North Wing, Level 2
1 Manning Street
Scarborough WA 6019

Ph: +61 8 6166 0240

Email: admin@s2resources.com.au

Web: www.s2resources.com.au

DIRECTORS
Jeff Dowling, Mark Bennett, Anna Neuling, Grey Egerton Warburton.

MAJOR SHAREHOLDERS
Mark Creasy 33.9%
Employees 8%.
Global institutions 5%

Deflector gold production boosted by strong exploration results

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THE INSIDE STORY: With its second project, Deflector, now in production, gold producer Doray Minerals (ASX: DRM) is eyeing a combination of exploration success and potential corporate opportunities to propel it into the ASX-200.

Doray Minerals’ managing director Allan Kelly has never been one to mince words so it is hardly surprising he would open a discussion by declaring, “We are building Australia’s next great gold company.”

Some may consider Kelly’s statement a little bold but it is difficult to argue with the figures enhancing the company’s ambitions.

In the second half of 2016, Doray Minerals expects to significantly increase its annual gold production from the company’s two high-grade projects in Western Australia – Andy Well and Deflector.

“With the current Australian dollar gold price we have a perfect opportunity to generate a significant amount of cash flow,” Kelly told The Resources Roadhouse.

In the relatively short time since Doray listed on the ASX, in February 2010, as an explorer with projects in WA and South Australia, it has discovered/acquired, funded and built two of the highest grade gold mines in Australia. 

Doray’s first gold project, Andy Well, located 45 kilometres north of Meekatharra, was taken  from discovery to production all within in 3.5 years, earning the handle of 2015 Australian Miner of the Year along the way.

Production achieved to date exceeds that determined by the original Bankable Feasibility Study of 74,000 ounces per annum.

2014FY
76,785 ounces at AISC of $1,044 per ounce;

2015FY
88,736 ounces at AISC $1,165 per ounce;

2016FY
Currently producing at the upper end of guidance (78,000 to 85,000 ounces).

“We have exceeded predicted production at Andy Well each year since starting, and we will do that again this year,” Kelly declared.

“Now is a great time to be a gold producer in Australia while we experience a nice increase in the Australian gold price versus the US dollar gold price.

“It’s also a great time to be exploring.”

Doray is making the most of the current affordability of exploration drilling.

At Andy Well the company continues exploration programs and a recent campaign to delineate and extend mineralisation at the three main high-grade orebodies – Wilber, Judy and Suzie lodes – returned encouraging results.

Results to date from Wilber and Judy Lodes include:

WBUG0977
2.6 metres at 41.3 grams per tonne gold (True Width approx. 0.6m);

WBUG1018
1.7m at 32.5g/t gold (True Width approx. 0.7m);

JDUG0109
1m at 95.4g/t gold (True Width approx. 0.8m); and

JDUG0110
2.3m at 64.9g/t gold (True Width approx. 1.5m).

The search for additional feed sources for Andy Well has taken Doray 15km south east of the mine to the Turnberry prospect, part of the company’s 100 percent-owned Gnaweeda project.

Recent RC drilling outlined wide zones of gold mineralisation at Turnberry, returning a number of high-grade results, including:

TBRC036
10m at 18.9g/t gold from 89 metres downhole (mdh);

TBRC043
7m at 41.6g/t gold from 153mdh, including 2m at 137.1g/t gold;

TBRC062
41m at 4.8g/t gold from 148mdh; and

TBRC070
9m at 10.4g/t gold from 162mdh.

Doray believes Gnaweeda has the potential to become an additional ore source within trucking distance of the Andy Well processing plant.

Well-defined mineralised structures have been defined over at least 1.5km of strike at Turnberry with some very good grades and mineralisation open at depth and to the south.

“The recent results demonstrate very good potential for this prospect to provide additional ore feed for Andy Well in the near term,” Kelly said.

“We now need to look at how we advance the prospect towards eventual production, with the obvious first step being a maiden Resource estimation and preliminary metallurgical test work.”

Following the prompt development of the Andy Well mine, Doray recently accomplished its first gold pour at the Deflector gold project – this time the development time frame came in at approximately 14 months after the takeover of Mutiny Gold in March 2015.

Hot on the heels of the gold pour, Doray completed the first shipment of gold‐ copper concentrate from Deflector and commenced underground development following establishment of a portal.

Firing of the portal signals the start of underground access to ore at Deflector, which will be stockpiled while open pit ore feeds production over the next eight to nine months.

“Deflector is a neat project that will produce around 60,000 ounces per year, plus copper and silver credits,” Kelly said.

“It has a six year initial mine life and also has some promising exploration upside.

“It is a narrow vein, underground mine – very similar to Andy Well – we wanted to stick to operating something we already knew very well and were fortunate to be able to find a similar style of deposit.”

Kelly said the question most people ask is, ‘What’s next for the company?’

“Basically, people have been asking that question since the day after we announced the Mutiny transaction in 2015,” Kelly said.

“Previously, we were a one mine company producing 75,000 to 85,000 ounces of gold per annum – now we have two mines producing up to 140,000 ounces.

“Our aspiration is to be an ASX-200 company so the next step for us is to aim to get over that magic 250,000 ounces per annum threshold and establish more relevance for the market.

“We started as an exploration company committed to greenfields exploration and discovery as a means of achieving production growth and we see that being the point of difference from where we can grow from.

“Last year we spent around $11 million on exploration and, pending budget approval, we’re looking at $15 million this year.”

On a corporate level Doray entered into a farm-in Agreement with Rox Resources (ASX: RXL) to explore the highly prospective and underexplored Mount Fisher gold project in the north-eastern Goldfields of WA.

The project is a complementary fit to its other Joint Venture with Alloy Resources (ASX: AYR) on the Horse Well gold project in the Warburton Mineral Field of WA.

Doray’s success can be measured in the very positive re-rating of the company’s share price, especially since it completed a capital raising in September last year at around 40 cents.

Since then Doray has more than doubled its share price – recently hitting the one dollar mark – outperforming the gold sector index.

During this time there has been a marked increase in liquidity of the stock, which is the result of greater off-shore interest in the company

“It’s been very positive, but I do believe there is still some way to go for the increase in our share price,” Kelly said.

“People will realise Deflector is up and running and they will notice the debt we currently have of around $61 million steadily decreasing.

“We’re a compelling growth story and value proposition with a great deal of exploration upside and good mixture of production from Andy Well and Deflector now on line.”

Doray Minerals Limited (ASX: DRM)
…The Short Story


HEAD OFFICE
Level 3
41-43 Ord Street
West Perth WA 6005

Ph: +61 8 9226 0600

Email: info@dorayminerals.com.au
Web: www.dorayminerals.com.au

DIRECTORS
Peter Lester, Allan Kelly, Jay Stephenson, Leigh Junk, Peter Alexander

MAJOR SHAREHOLDERS
Hunter Hall Investment Management 16.3%
SG Hiscock & Co 5.8%
Allan Kelly 3.9%

Sheffield Resources takes the Night Train

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THE INSIDE STORY: The Night Train deposit looks set to boost Sheffield Resources’ (ASX: SFX) world-class, 3.2 billion tonne high-grade Thunderbird heavy minerals project in Western Australia. By Mark Mentiplay

The Night Train discovery added a new expansionist dimension to Sheffield Resources’ already world-class, zircon-rich, 683 million tonnes, 11.3 per cent heavy minerals (HM) reserve Thunderbird project.

As the bankable feasibility study (BFS) nears conclusion before the end of 2016 and with production expected in 1H 2019, initial scoping metallurgical test work on Night Train, 20 kilometres south-east of Thunderbird, shows it has the potential to produce a premium zircon product.

This is in addition to Thunderbird’s current resources of 3.2 billion tonnes at 6.9 per cent HM, making it, what Sheffield claims, to be the world’s best undeveloped mineral sands project.

The Night Train results show high-quality zircon, meeting ceramic grade specifications, can be produced using conventional mineral sands processing techniques.

Composite samples average 4.7 per cent HM containing a high, 17.4 per cent zircon, with low iron contamination.

Zircon is able to be produced without an enhancing leaching stage.

Follow-up shallow exploration reverse circulation and aircore drilling is planned for August-September this year, along with more detailed test-work.

Drilling is likely to be to about the same depth as Thunderbird’s average of only 30 to 40 metres.

“Night Train could be a significant new discovery, emphasising the excellent exploration potential of the Canning Basin, with Thunderbird being the first major mineral sands discovery in the basin,” Sheffield Resources managing director Bruce McFadzean told The Resources Roadhouse.

“Although Thunderbird is our primary focus, targeting additional zircon-rich deposits underpins shareholder growth and supports our long-term product supply strategy for this exciting new mineral sands province.

“Thunderbird is among the world’s largest and highest grade zircon-rich deposits, which, along with its high ilmenite (titanium) grades and initial 40-year mine life, set it apart globally.

“It’s a monster.

“Whether you are a producer, consumer or investor, you just have to look at this project.

“Its true significance as the next big heavy minerals project globally will become apparent within the next 12-months.”

The focus now is now on the BFS, marketing and native title and environmental documentation.

“The metallurgy, which just keeps on getting better, is almost completed,” McFadzean said.

The BFS, being carried out by leading engineering group Hatch, is assessing capital and operating costs, and risk improvement opportunities, including a reduced initial plant size to a single train processing 7.5 million tonnes per annum for years one to three, to fund a second train and ramping up to 15 million tonnes per annum from year four on.

The PFS flagged a 12 million tonnes per annum plant via two trains from years 1-7, with throughput rising to 18 million tonnes per annum with production beginning in H1 2019, which make Thunderbird one of the world’s largest dry mining mineral sands operations.

Thunderbird’s 3.2 billion tonnes measured-indicated-inferred resources at 6.9 per cent HM, includes a coherent higher grade component of 1.09 billion tonnes at 11.9 per cent HM with very high 0.91 per cent in-situ zircon, 0.28 per cent HiTi leucoxene, 0.25 per cent leucoxene and 3.3 per cent ilmenite using a 7.5 per cent HM cut-off.

The PFS envisages pre-production capex of $296.6 million for the development of a 40-year-plus strip-mining/backfill operation and slurry pipeline typical of dry mining operations in the mineral sands industry.

Low environmental impact mining known as ‘moving hole mining,’ is a technique that mines ore from a single hole or pit, which is backfilled as the mining advances leaving the operation with a small sized opening at the end of a very long life.

The processing only uses about five per cent of what material is mined.

The PFS sees life of mine production of 100,000 tonnes per annum zircon, 26,000 tonnes per annum HiTi88, 382,000 tonnes per annum LTR ilmenite and 14,000 tonnes per annum primary ilmenite, with a 60 per cent value stream from zircon, 30 per cent from ilmenite and 10 per cent from leucoxene.

Once in full production, Thunderbird has the potential to supply about 8 per cent and 4 per cent of the world’s zircon and ilmenite respectively.

“A key aspect setting Thunderbird apart from other mineral sands projects globally is the amount and quality of established zircon, backed by a healthy amount of both high-grade sulphate ilmenite and HiTi leucoxene,” McFadzean said.

“Another is that Thunderbird’s reserves/resources are in one big chunk, ranging from a thickness of 14m to 48m, four kilometres wide and six kilometres long, with an incredibly low strip ratio of 0.67:1, including 0.22:1 over the first seven years.”

The PFS estimates the project will deliver average annual EBITDA of $148 million for the first 10-years and $120 million per annum over 40-years.

Operating cash flow is calculated at $163 million per annum for the first 10-years, when it will incorporate higher-grade mineralisation with less overburden, enabling capital payback within 3.6 years.

Sheffield has identified a robust mine-to-port logistics chain, after being granted preferred proponent status for a bulk handling facility and product storage area at the nearby Derby port expected to hit about 500,000 tonnes at peak production, 20 per cent zircon and the rest ilmenite.

With Thunderbird growing and about $5 million in the bank, Sheffield is working on managing what McFadzean calls “the BFS black hole” in terms of news flow.

“We are working through a number of funding options, including partnering on a project basis and off-take deals,” he explained.

“We’ve got a tight 150 million share structure and we want to keep it that way.

“We are getting a lot of interest from potential off-takers looking for longevity of supply and grade quality to guarantee their own product supply and we can offer 40-years plus.

“The global mineral sands product markets are ones that don’t go away, products like paints, ceramics, plastics, aircraft components, high-strength steel devices and medical implant uses, mostly involved in urbanisation, rather than industrialisation.

“I’m sure the BFS will again show we have a great, world-class mineral sands project in Australia, one of the best, if not the best, mining jurisdiction in the world.

“So the project itself will ensure the funding – good projects get funded.”

The Thunderbird story dates back to an eight-hole program drilled by Rio Tinto, from 2005-2007, which hit the outer edge of the current resource.

Rio pulled out of its Australian mineral sands exploration in 2009 and ex RGC/Iluka Resources geologists and founding Sheffield directors David Archer and Bruce McQuitty picked up the ground in late 2010, shortly after listing Sheffield earlier that year.

The first Sheffield hole was drilled at Thunderbird in 2012 – reaching BFS in three years.

For McFadzean, a pragmatic mining engineer with more than 35 years’ experience and a strong production/technical background, it is his first venture into the mineral sands business.

He chalked up 15-years with both BHP Billiton and Rio, but is probably best known for his four years as MD of WA gold miner Catalpa Resources, which he took from a market cap of $3 million to $1.2 billion via a merger forming Evolution Mining in November 2011, now the second biggest gold miner in Australia.

Sheffield Resources Limited (ASX: SFX)
…The Short Story

HEAD OFFICE
Level 2
41-47 Colin Street
West Perth WA 6005

Ph: + 61 8 6424 8440

Email: info@sheffieldresources.com.au
Website: www.sheffieldresources.com.au

DIRECTORS 
Will Burbury, Bruce McFadzean, Bruce McQuitty, David Archer

MAJOR SHAREHOLDERS
Will Burbury 6%
Bruce McQuitty 6% 
David Archer 6%