THE BOURSE WHISPERER: The latest Quarterly season has been a flurry of activity and The Roadhouse’s inbox has been strained to capacity. Here’s a random selection of what companies had to say.
Corazon Mining (ASX:CZN)
Corazon commenced exploration at the Top Up Rise (TUR) IOCG project, in the Gibson Desert region of Western Australia, during the quarter in preparation for a maiden drilling program, planned for Q2, 2013.
Subsequent to end of the quarter, the company completed a high-resolution ground gravity survey at the project.
Multiple drill targets confirmed;
Target expanded to 10 kilometres by 6 kilometres in area (at plus 4 milligals (mGals) residual);
Gravity range variation of up to 18 mGals;
Large peak residual gravity anomaly of 8 mGals;
Corazon claims TUR to be one of the largest residual gravity anomalies in Australia and is located in a region prospective for iron-oxide copper-gold (IOCG) mineralisation.
Corazon also completed a $3 million capital raising in the quarter, by way of a placement of 68.2 million shares at 2.2 cents per share to raise $1.5 million and a Share Purchase Plan for $600,000 (and shortfall placement for $900,000) also at an issue price of 2.2 cents per share to raise $1.5 million.
During the quarter the company also continued progress at its suite of exploration and development opportunities in Canada including; mining/development studies at the Lynn Lake nickel-copper sulphide project, and the identification of the Beaucage Lake gold project as a high-grade gold exploration play via the collation of historical exploration.
Consolidated Tin Mines (ASX: CSD)
In January Consolidated Tin’s major shareholder Snow Peak International Investments (SPI) completed the acquisition of Kagara’s Central Region project for a total consideration of $40 million.
The acquisition was completed via Snow Peak Mining (SPM), a subsidiary of Snow Peak International Investment. Consolidated Tin has a 10 per cent free carry interest in SPM.
The acquisition includes an operating one million tonnes per annum capacity concentrator plus a highly prospective and proven package of copper and base metal assets, and is considered to be of major strategic value for the development of Consolidated Tin’s Mt Garnet tin project, which is located in close proximity to the newly acquired concentrator.
The company also appointed ex-Kagara Regional General Manager, John Banning, as executive general manager to implement the CSD/SPM development plans.
In February the company reported it had identified five new anomalous tin zones at its Mt Garnet project area.
The five zones are; Crisis, Sailor, Never Can Tell, Coolgarra and Top Nettles.
A JORC Resource review at the Mt Garnet tin project is underway and is anticipated to be completed by end Q2 2013.
The company is now in the process of finalising its Pre-Feasibility Study (PFS) for the Mt Garnet tin project based on processing tin ore at the SPM Mt Garnet concentrator.
Based on completion of a positive PFS, it is proposed that a Joint Venture partnership will be formed between the two parties, the terms of which are to be finalised in due course.
Argent Minerals (ASX: ARD)
Subsequent to the end of the quarter Argent Minerals submitted its Environmental Impact Statement for the Kempfield silver project, located near Bathurst in regional New South Wales, to the NSW Department of Planning & Infrastructure.
The company consider this to be a major milestone in the project’s approval process as it marks the commencement of the NSW Government’s assessment phase of the project.
The Kempfield project is classified as a State Significant Development by the NSW Government.
Under the State Significant Development approval process Government agencies will now provide comment for consideration by the Company and incorporation into a final version of the EIS.
The environmental impacts associated with the project have been assessed by twelve specialist consultancies as being; less than the relevant criteria, capable of being offset through licencing, or not significant.
During the quarter, Argent also announced details of a one for two, options entitlement issue to raise additional funds.
Activity at other projects included:
West Wyalong copper-gold project in NSW – further exploration progress was achieved with the identification of four untested porphyry copper gold targets; and
Sunny Corner base and precious metals project in NSW – soil geochemistry analysis identified potential for three shallow gold deposits less than 7km to the north west of the historic VMS silver/polymetallic mine site.
Pioneer Resources (ASX: PIO)
Subsequent to the end of the quarter, Pioneer Resources reported high-grade gold mineralisation from its current phase of drilling at the Acra gold project (100 per cent PIO), located in the Eastern Goldfields, Western Australia.
Highlight results included:
Kalpini South prospect
10m at 6.38g/t from 61m; and
9m at 5.31g/t from 36m.
Assays of preliminary composite samples from the Jubilee East prospect included:
15m at 2.04g/t from 27m;
3m at 6.18g/t from 57m;
6m at 2.35g/t from 33m; and
9m at 1.85g/t from 99m.
The current 100 RC hole, 8,000 metre program is approximately 50 per cent complete and 25 per cent of preliminary assays have been received. Further results will be released in due course.
Golden Ridge nickel project, Eastern Goldfields, Western Australia.
21 line kilometres of detailed fixed loop or moving loop Electromagnetic (EM) surveys were completed and five EM conductor targets (which may include nickel sulphides) have been identified.
Fairwater nickel project, Albany-Fraser Province, Western Australia.
VTEM airborne EM survey was conducted over the FWN001 nickel target and final data expected to be received May 2013. Ground EM surveys will now be conducted to help define drill targets
Pioneer Resources has reserves of approximately $3.4 million and cash receivables of $2.3 million, totalling $5.7 million.