Month: August 2020

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Morning News Bites – August 19

In the Morning News Bites – August 19

ANZ posts cash profits of $1.49 billion with around 84,000 home loan deferrals and around 22,000 business loans deferred. Dominoes Pizza has increazsed its sales in Australia and New Zealand by 4% to $1.2 billion. While The Reject Shop posts a net profit after tax of $1.1 million after a $16.9m loss in previous corresponding period.

Silver Lake Resources has posted an increase in gold production of 64% to 273,071 ounces gold equivalent and a 54% increase in gold sales. The company also posted a 3,852% increase in statutory profit after tax of $257 million. The hedge book for Silver Lake Resources is also totals 155,568 ounces at A$2,147/oz for delivery over FY21 – FY22 as of June 30.

Saracen Resources has made the big league according to Managing Director Ral Finlayson as the company announced a record underlying net profit after tax. Mr Finlayson said “These results show Saracen has successfully made the transition to the big league of ASX gold producers,” Production for Saracen is set to reach around 700,000oz pa in FY24, before climbing to around 800,000ozpa in FY27 “Our production rate is now running at +600,000oz a year and our cost base is still tight. This means we are perfectly positioned to capitalise on the strong gold price and continue generating strong growth in our cashflow. And all our operations are based in the Tier-1 location of Western Australia which, in conjunction with our future-proofing strategy, adds further certainty to the outlook for our business.” he said.

Production volume for Mineral Resources has increased for the 20FY by 65%. The Koolyanobbing Iron Ore operation June run rate was at 12.7Mtpa, while Mt Marion lithium production up 17% year-on-year. MRL have initiated a comprehensive COVID-19 screening process for employees and visitors and includes WA’s largest private PCR screening facility 7 sites – 2 in Perth metropolitan area and 5 in regional areas, More than 40 nurses and collectors trained for swab screening and they process test everyone prior to entering a site. Managing Director Chris Ellison said “MRL has entered FY21 with a strong balance sheet and positive momentum in our operations. We remain vigilant to the ongoing threat posed by COVID-19, as well as opportunities for which we can quickly and efficiently deploy the Mining Services capabilities that are the hallmark of our Company.”

Drill sites for Castillo Copper’s Big One Deposit have been pegged and preparations for the upcoming drill program are in place. Managing Director Simon Paull thanked his geology team and is looking to move forward on the drilling “Thanks to the dedicated hard work of our geology team, we are now clearly across logistics and regulatory approvals. Importantly, we are now fully prepared to move forward with our planned drilling campaign at the Big One Deposit. Moreover, the fresh geological insights the field team observed at site is extremely encouraging, especially finding high-grade supergene and massive sulphide mineralisation at surface.” he said.

Placement and Institutional Entitlement Offer attracted significant demand from both eligible existing and eligible new institutional investors located in Australia and offshore. Lynas Corp Managing Director Amanda Lacaze said “We are delighted by the level of demand for the Institutional Offer from eligible existing and new institutional investors, both in Australia and overseas. This is a clear indication of institutional support for our Lynas 2025 growth vision and our strengthened balance sheet will enable Lynas to mitigate global economic uncertainties and continue to progress with our Lynas 2025 foundation projects. We look forward to the participation of our retail shareholders when the Retail Entitlement Offer opens on Monday, 24 August.”

 

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Morning News Bites – August 18

In Today’s Morning News Bites for August 18. KCGM release their reserves, resources and guidance update for FY21. 

KCGM have set an FY21 guidance of 440,000 – 480,000oz at AISC of A$1,470 – 1,570/oz3, growth capital budget at A$198m (A$12m on exploration), and an expectation of production to rise to +675,000ozpa.  Further growth is supported by a large quantity of significant drill results across the KCGM portfolio that sit outside of current Reserves, including at Fimiston South open pit, OBH open pit, Fimiston South underground and Mt Charlotte underground.

Saracen Mineral Holdings report a new 7 year group production outlook. It was underwritten by 8.6Moz in Reserves and resources of 320Mt @ 1.7g/t for 17.0Moz as of FY20. Group production guidance for FY21 of 600 – 640,000oz at an AISC of A$1,300 – A$1,400/oz. Saracen Managing Director Raleigh Finlayson said Saracen was on track to continue the Company’s long record of growing its production and expanding its inventory, saying “Saracen’s strategy of making opportunistic acquisitions and then unlocking their full value through exploration and development has created substantial value for shareholders for many years.”

Northern Star Resources report further increases in forecast production and more growth in reserves and resources as a result of the review conducted at its half-owned KCGM joint venture in WA. Production is forecast to rise to 1.15Moz in FY22 and 1.25Moz in FY23. The increased production is expected to drive down AISC by 10 per cent over the next two to three years. Following the inclusion of KCGM, Northern Star’s total Reserves have risen 102 per cent, or 5.5Moz, to 10.8Moz. Resources are up 67 per cent, or 12.7Moz, to 31.8Moz.

FY20 results are in for BHP. US$8.0 billion and Underlying attributable profit of US$9.1 billion broadly in line with the prior year. Net operating cash flow of US$15.7 billion, above US$15 billion for the fourth consecutive year, and free cash flow of US$8.1 billion. Capital and exploration expenditure within guidance at US$7.6 billion. Chief Executive Officer, Mike Henry: “BHP delivered a strong set of results for the 2020 financial year that reflect the strength, resilience and quality of our people and our portfolio. In a year marked by the challenges of the global COVID-19 pandemic, social unrest in Chile and commodity price volatility, we were safer, more reliable and lower cost.”

Golden Swan assays confirm exceptional drill intersection, with assays received returning: 9.0m (4.5m true width) @ 10.46% Ni on basal contact including 4.6m (2.3m true width) @ 13.8% Ni. Managing Director and CEO Peter Harold said, “The latest assay and drill results confirm the significance of the Golden Swan discovery. The thick, high grade nickel intersections in combination with favourable geological setting is pointing to something very exciting. Should Golden Swan continue to evolve and prove to be economically viable, the close proximity to the existing Silver Swan decline would allow mining operations be commence in a very short time-frame.”

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Morning News Bites – August 17

In Today’s Morning News Bites for August 17. 

Federal government to reveal details of vaccine trial agreements. JB Hi-Fi profits hit $302 million, boosted by people working from home. ASIC set to target the growing of Robinhood traders. 

Toro Energy recently completed a quartz vein outcrop sampling programme on the Golden Ways Target Area, which has yielded surface rock chip samples. The Golden Ways Target Area is located in the north of the Yandal Gold Project, near the Yandal Greenstone Belt in Western Australia. Highlights include samples of up to 14.7g/t gold and has generated anomalism over the entire 900m (approximate) strike length of outcropping quartz veins sampled. The anomalism identified in the quartz veins sampled in this programme will now undergo limited drill testing by reverse circulation (RC) drilling as part of the current planned 2020 exploration programme for the Yandal Gold Project. The RC rig is expected to mobilise to site in the coming weeks.

3D Resources report a 42% upgrade of gold in resources at the Adelong Goldfield. This includes a maiden resource for the Caledonian and Donkey Hill deposits, and a remodelling of resources at the Currajong deposit with the inclusion of a resource of parallel vein systems to the east. Chairman Mr Ian Hastings commented, saying “This maiden resource upgrade for the Adelong Goldfield Project is a clear sign of the exploration potential that the Company believes it can unlock. We are only scratching the surface and I look forward to quickly progressing further exploration activities.”

Krakatoa Resources commences diamond drilling at its Turon Project situated near Bathurst, NSW. The diamond drill program will test several exciting shallow gold targets situated within the Box Ridge and Quartz Ridge line of workings which strike over 2.4km and 1.6km respectively. The northern extension of the Quartz Ridge Mine where a shallow RAB drill program completed nearly 30 years ago identified several highly anomalous gold intercepts with results up to 10m @ 1.64g/t gold from the surface to end of hole. All holes were sampled throughout their developed length as a single composite sample of 10m and the anomalous results were never followed up. The program is expected to take approximately 4 weeks with assays to follow a further 3-4 weeks later.

Drilling has commenced at Smokebush Gold Project for Terrain Minerals, located approximately 65 kilometres west of Paynes Find within the Yalgoo mineral field of Western Australia. The maiden 1,000-meter RC drill program is now underway, the program may be enlarged subject to Terrain geologist’s ground interpretation and observations over the main target areas. Highlights that require work in historical sites include the Wildflower target which recorded 15m @ 1.4g/t Gold from 10m. The Smokebush project is considered by Terrain to be a high-quality gold exploration tenement package. Historic drilling is considered sparse and requires follow up exploration activities to further test their significant results.

Final permitting approvals for the Rover 1 drilling program to commence for Castile Resources, located approximately 80kms south west of West Arunta in the Northern Territory. Renewed Sacred Site Clearance Certificate has been received from the Central Land Council for the Rover 1 Gold Project tenements. Castile anticipates the drill rig will be mobilised to the Rover 1 site by Sunday 23 August 2020 and drilling operations will begin immediately after that.

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Morning News Bites – August 14

Supplied by Illuka

Morning News Bites as earnings season continues.

Clive Palmer is set to head to the high court with his battle against the Western Australian government. NAB cash earnings for the third quarter drop 7% and Woolworths appoints a Chief Medical Officer.

Middle Island Resources has announced it’s Two Mile Hill open pit Mineral Resources is up 13% and has taken the total for the Sandstone Gold Project to 657,500oz.This announcement follows on from a 52% increase last week for Middle Island’s Shillington Mineral Resource. Further resource estimates are due for five new satellite open pit deposits are still to come.

Newcrest Mining recorded gold production of 2.2 million ounces for its FY20. The darling of Newcrest in Australia, Cadia mine in New South Wales delivered 843,000oz of gold, with 96kt copper and 575koz silver. According to Newcrest Managing Director and CEO Sandeep Biswas, “Drilling results from Havieron and Red Chris continued to expand the known mineralisation with high grade intercepts. Our ownership of Havieron over the year increased to 40% as we track towards 70% underpinning the future of Telfer. We are in the unique position of having three outstanding growth options from which we expect to add new production ounces to our portfolio in due course.” A final dividend of US17.5 cents per share (100% franked), taking full year dividend to US25 cents per share. Newcrest also announced its biggest profit in eight years.

Significants nickel copper sulphides have been intersected from diamond drilling at Legend Mining’s Mawson prospect. Highlights included 9.3m of heavy disseminated to net-textured sulphide from 132.2m – 141.5m downhole and 15.35m of net-textured, heavy disseminated and semi-massive sulphide from 219.1m – 234.45m downhole. Managing Director of Legend Mining Mark Wilson said “Geologically we have now intersected significant mineralisation several hundred metres to the east north-east of our previous discovery and our geophysical advice is that we probably have not hit the best part of this conductor.”

First pass gold hits have been delivered to Golden State Mining at its Yule South target. Target 1 returned best intercept of 8m @ 0.92g/t Au from 96m incl. 4m @ 1.81 g/t Au from 96m, while Target 5 returned best intercept of 19m @ 91ppb Au from 46m incl. 4m at 350ppb Au from 58m. These results were from reconnaissance Aircore drilling based on aeromagnetic interpretation. Managing Director Michael Moore said “We are pleased with the calibre of these first pass gold results, having drilled gold intersections in just our first two targets of an essentially untested regional project area in an emerging gold district. To drill a gold intersection of 8m @ 0.92g/t Au from 96m including 4m @ 1.81 g/t Au from 96m in only the second drillhole of the 199 hole program speaks volumes about our targeting and strategy up at Yule.”

Iluka Resources returned a solid net profit after tax of $113 million from its half year results to June 30 2020. This is despite the Mineral Sands revenue being down due to COVID-19 on the world markets. Managing Director Tom O’Leary said the impact of COVID-19 lead to a decline of 20% in mineral sands sales volumes, but appeared pleased with the position Iluka are in Tom O’Leary, said “Iluka has recorded a solid first half result given the impact of COVID-19 on zircon and titanium markets and the global economy broadly. Given the volatility experienced throughout the world over recent months, we’re pleased with the earnings and cash position we’ve delivered.

 

 

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Morning News Bites – Aug 13

In today’s Morning News Bites for August 13. Telstra has reported a full year profit of $1.84b, down 14.4 per cent on the previous year staying within the telco’s guidance range. Flight Centre Travel Group has developed a longer liquidity runway to help it
overcome the challenges posed by COVID-19. Australian retail industry is hit the hardest since ABS recorded data.

Northern Star Resources reports that it is set to generate significant increases in production, cashflow and mine lives over the next two years. This strong growth outlook stems from its exploration success and accretive acquisitions and will require relatively limited capital expenditure. FY21 production guidance for Australian operations is 540,000-600,000oz at AISC of A$1,425- A$1,525/oz. Group Resources increased by 3.2Moz to 22.3Moz (after depletion of 912,000oz and acquisition of Bronzewing Project). Group Reserves increased 12%, or 600,000oz, to 6Moz (after depletion of 912,000oz). Executive Chair Bill Beament said the company was poised to achieve a new level of sustainable production,“We are entering the next chapter of growth on all levels of our business.”

Evolution Mining Limited has today released its financial results for FY20. It announces a strong performance in safety and sustainability; no material impact to operations from COVID-19. Statutory net profit after tax increased 38% to a record A$301.6 million (FY19: A$218.2 million). It also reports that it will pay a record final dividend for the year of 9 cents per share fully franked delivering a total FY20 dividend of 16 cents per share, a 68% increase on FY19.

Western Australian nickel company St George Mining Limited provides an update on the drilling programme underway at its flagship highgrade nickel-copper sulphide Mt Alexander Project, located in the north-eastern Goldfields, WA. Deep drilling intersects intrusive rocks at both the Investigators and Cathedrals Prospects, confirming the prospectivity for nickel-copper sulphides at depth. Diamond drilling continues at Investigators and underway at the Fairbridge Prospect.

Ardea Resources announce significant gold in first RC drilling at Aphrodite North, located approximately 80km north of Kalgoorlie-Boulder, WA. RC drilling at Aphrodite North has intercepted significant gold mineralisation in newly-defined mineralised lodes. Highlights include; 6m at 3.60g/t Au from 44m, including 2m at 9.99g/t Au from 44m. Managing Director, Andrew Penkethman, said, “On the basis of the initial results, a 2,600m follow up RC program has been designed, aiming to commence a drill out of the target zone to further define the gold mineralisation grade tenor and geometry.”

Confirmation of the securing of a drilling contractor to undertake RC drilling at its Pharos Project has been announced by Scorpion Minerals. Located approximately 50kms north west of Cue in the Murchison district of WA, it has signed a contract with iDrilling Australia to undertake a minimum of 5,000m of RC drilling to be completed during 2020, with an initial programme of 2,500m to commence from next week. All relevant approvals for drilling are in place.

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Morning News Bites – Aug 12

In today’s Morning News Bites for August 12. Gold plummets over $100USoz. Clive Palmer looks to sue WA by 30 billion. Downer report a net loss of $156 million in FY20, attributable to its parent company.

The commencement of a research project with Australia’s national science agency the CSIRO has been announced by Ardea Resources. CSIRO’s Regolith Geosciences team is studying the behaviour of gold within and adjacent to the critical mineral deposits of the Goongarrie Nickel Cobalt Project located in Kalgoorlie, Western Australia. The main aim of the Ardea-CSIRO project is to gain a better understanding of gold and critical mineral behaviour in the Goongarrie laterite to assist exploration and future development.

Kin Mining NL reports further encouraging assay results from ongoing Phase 3 RC drilling across multiple prospects at its Cardinia Gold Project near Leonora in Western Australia. The latest drilling continues to highlight the presence of significant mineralisation outside of the known deposits, reinforcing the substantial exploration upside at Cardinia. The latest drilling has returned particularly strong results, with highlights including 5m @ 3.72g/t from 74m, 13m @ 1.30g/t from 46m and 6m @ 2.41g/t from 22m.

Great Southern Mining Limited is pleased to report drilling results have been received on the 20-hole RC drill program at it’s Mon Ami Gold Project, located 12km south of Laverton, Western Australia. It has identified significant high-grade gold intersections, including: 11m @ 7.9 g/t gold, including 4m @ 15.9 g/t gold from 26m and another highlight of 4m @ 12.4 g/t gold from 80m.

Peak Asset Management has acted as Corporate Adviser and Lead Manager in relation to a capital raising undertaken by Golden Deeps Limited to raise $2,346,000. The funds will enable the Company to accelerate exploration on the recently acquired, highly prospective and historically under-explored gold projects in the Lachlan Fold Belt in NSW.

Regis Resources Limited has entered into agreements to acquire tenements that form part of Stone Resources Australia Limited’s North Brightstar Project, located north of Laverton, Western Australia. Regis has acquired the project area for $10 million in Regis shares and a capped 1% net smelter royalty on a tenement which hosts the Ben Hur Deposit. The royalty will begin to be paid after the production of the first 100,000 ounces.

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Morning News Bites – Aug 11

In today’s Morning News Bites for August 11. Gage Roads Brewery is to establish a flagship venue in Fremantle, Western Australia. Clean up continues after storms hit NSW South Coast. Victoria record 331 new cases and another 19 deaths.

Anglo Australian Resources provided an update on the ongoing drilling program at the company’s Mandilla Gold Project, south of Kalgoorlie in Western Australia. The results from the first four diamond holes drilled include highlights of: 13.4m @ 7.02g/t Au from 180.4m in MDRCD228 plus 1.82m @ 15.71g/t Au from 222.28m and 10.9m @ 1.52g/t Au from 196.2m in MDRCD229 plus 15.55m @ 1.12g/t Au from 260.45m. Managing Director Marc Ducler said: “We are keenly waiting assay results from the remaining holes in the program – with recently completed diamond holes intersecting albite/silica alteration, quartz veining and numerous occurrences of visible gold.”

Mandrake Resources Limited report the commencement of drilling targeting gold mineralisation at the Berinka Pine Creek Gold Project in the Northern Territory. Limited historical drilling at Terry’s prospect identified gold mineralisation – best intersections include: 4m @ 6.6g/t from 32m, 6m @ 3.8g/t from 18m and 5m @ 2.6g/t from 30m. Mandrake will be completing approximately 1,350m of RC drilling focused on strong gold anomalies derived from historic soil, rock chip and trench sampling across four separate prospects – Vegetation Anomaly, Terry’s Gap, Cross and Sandy Creek.

Phase 2 drilling at Mt Aubrey in Lachlan Fold Belt NSW has begun. Godolphin Resources Ltd report that the start of the drill programme (which was delayed by heavy rainfall in late July) has begun, with the first RC drill hole completed on Thursday 6 August. With a depth of 126 metres, intersecting good visible quartz veining. Drill samples from TMAR032 have been submitted to the laboratory for assay.

Drilling commences at historical high-grade gold mine, Mt Freda, located south of Cloncurry in Queensland. Ausmex report recent drilling results in this location, these include highlights of: 5m @ 7.90g/t Au incl 1 m @ 32.70g/t Au, 6m @ 4.80g/t Au incl 2m @ 13.2g/t Au and 1m @ 21.80g/t Au and 4m @ 6.30g/t Au incl 1m @ 19.20g/t Au. Mine planning, geotechnical and prefeasibility to commence after upgrade of Mt Freda

QEM Limited provided more highly successful results from recent independent processing test work at Julia Creek vanadium and oil shale project in North Queensland. Impressive vanadium extraction results achieved through testwork, including efficiencies up to 92% on shale ash, with a majority of extraction completed after 3 to 6 hrs. Further optimisation is possible and will be the focus of future programs. Managing Director Gavin Loyden said, “As Julia Creek has the potential to produce both vanadium and oil products, efficient extraction of both commodities is crucial for us to maximise the significant value potential we can derive from Julia Creek,”

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Morning News Bites – Aug 10

In Today’s Morning News Bites for August 10. Victoria has recorded its deadliest day of the COVID-19 pandemic, with 19 deaths overnight. EY forecast a fresh wave of mergers an acquisitions for the Australian mining sector, with companies making most of high priced commodities. Mader Group FY20 results are out, up 20% from FY19 ($274m). Aurizon report another strong year, with FY20 up 10% on the previous year ($909m).

Strong gold hits in first air-core program at Whiteheads for Great Boulder Resources. Initial assays define gold mineralisation over 400m of strike at the Blue Poles prospect at Arsenal including: 6m @ 2.03g/t Au from 48m to EOH and 23m @ 0.54g/t Au from 32m to EOH, including 4m @ 1.69g/t. Great Boulder Managing Director Andrew Paterson commented that the company is excited by the initial assays. “It’s extremely encouraging to get such good numbers in the first batch of assays. This bodes well for further work on the Arsenal trend.”

Encouraging signs for the Rover Project for Twenty Seven Co., with assay results for the first half of the shallow auger and soil geochemical sampling program undertaken. The Harmonic target size has more than tripled to ~650m long, with a 1.77g/t Au rock chip sampled 400m north-west along strike from the nearest drill-hole, with a new soil sampling also confirming a gold anomaly ~650m long at Harmonic

Bryah Resources Limited release the results of leaching test-work undertaken on samples from the Windalah Gold Prospect, located within its Bryah Basin Project, north of Meekatharra in central Western Australia. A highlight of 12 metres @ 4.32 g/t Au from surface, including 2 metres @ 17.19 g/t Au from 3 metres was confirmed by 15 one metre residual drill samples (0-15m depth), that were
delivered for testing for gold recovery by cyanide using a 6-hour bottle roll leach test at a laboratory
in Perth.

Essential Metals confirm plans for major new field exploration programs, set to commence at the Kangan JV Gold Project, near the Pilbara region in Western Australia. Novo Resources Corp and Sumitomo Corporation are earning a 70% Joint Venture interest in the Kangan Project by spending $460,000 on exploration by December 2020.  Managing Director, Tim Spencer, said: “The sheer scale of the Novo’s Pilbara Gold Project was brought home to me during my visit to the region. The gold endowment in the Pilbara appears to be widespread and very significant.”

Potential for large-scale high-grade Sulphate of Potash Project at Lake Throssell for Trigg Mining, with results from the helicopter-supported rotary drilling program have confirmed the presence of a high-grade surficial aquifer over an extensive area, with favourable host lithologies.

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Morning News Bites – Aug 7

Supplied by Horizon

In Today’s Morning News Bites for August 7. Reports WA FIFO jobs could be filled by those out of the country, rather than out of the Eastern States. Employers set to gain better access to JobKeeper from September as federal government deals with Victorian COVID related drops in productivity and employment. Another night, another Gold high touching over – $2075US/oz.

Horizon Minerals advised their recent first milling campaign at Boorara delivered 1,050 ounces generating A$2.93 million in revenue with an average sale price of A$2,791 per ounce. According to Jon Price MD of Horizon Minerals “It is extremely pleasing to see the first mine to mill reconciliation coming in within expectations for the upper oxide areas of the orebody. This completes a very successful first phase of activity with mining rates well ahead of schedule, mined grades increasing and completing our first gold sales into this very high Australian gold price environment.”

Exploration teams are being mobilised this weekend to head to Aldoro Resources Penny South prospect where sites have been cleared and drilling ready to commence early next week. The drill program is set to target 3,000m air core and is set to take around 2 weeks. Targets include the southern extension of Penny West Shear. As well as granodiorite-mafic contact, the potential northwest extension of granodiorite unit and granodiorite-mafic contact. There is also a magnetic low feature along Youanmi Shear greenstone-granite contact, possible demagnetised zone similar to Youanmi.

Drilling is set to commence within two weeks for Caravel Minerals at their Ninan Prospect targeting near-surface, higher-grade copper-gold mineralisation. The upcoming drilling is set to help define the extent of known high grade copper-gold mineralisation.

Jadar Resources is finalising a $1 million placement to accelerate activity for its Yanamina Gold Project. There are plans to expedite the restart of the plant, and for general working capital purposes. The Yanamia Gold Project is in Peru.

Twenty Seven Co has received an extension to its Rover tenure. This extension covers an increase to the footprint by 80% to 461sqkm and contains three historic gold targets. CEO of Twenty Seven Co, Ian Warland Said “This is an exciting development for TSC as the tenure extension nearly doubles the size of the Rover Project and materially enhances the exploration upside for gold and base metal mineralisation. More significantly, we have three historic gold in soil anomalies along the Maynard greenstone belt that require follow-up.

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Morning News Bites – Aug 6

Todays morning news bites –

Melbourne retailers scramble to increase ecommerce capacity ahead of a complete shift to online on Thursday. Bank of America is forecasting the price of gold to reach $US3000 an ounce over the next 18 months. Bayswater-based Dynamic Drill & Blast has made its ASX debut today, two weeks earlier than expected after the company’s $5 million initial public offering was swamped with interest.

  • Golden Deeps has identified priority gold mineralised trends at the Tuckers Hill Gold Project near Mudgee, NSW. Magnetic images show potential gold bearing faults and anticlinal structures in the tenement area. The company engaged geophysical consultants Southern Geoscience Consultants to reprocess and re-image aeromagnetic data over the Hargraves – Tuckers Hill area with the aim of better delineating the structural and lithological trends that host gold mineralisation at the Hargraves Goldfield.
  • Manhattan Corporation Limited provided an update at New Bendigo, NSW. The 5,000 metre RC drilling programme is planned to follow-up and test the recently discovered shallow high-grade “Western Lode”, which returned: 7m at 18.16 g/t Au from 87m. The drilling staff and crew have commenced mobilisation to site, with plans to commence week beginning Monday 10th August 2020.
  • An update on the progress of the diamond drill programme currently underway at Auroch Minerals Saints Nickel Project in WA. The company has a report of a massive sulphide intersection coincident with targeted strong down-hole electromagnetic (DHEM) conductor identified from remodelling of historic DHEM surveys. Diamond core from the intersection has been logged and is being sampled, with results and modelling pending. Managing Director Aiden Platel said, “The fact that the sulphide intersection was coincident with our modelled DHEM conductor really reinforces our geological model at Saints and the ability of DHEM to vector in on nickel sulphide mineralisation.”
  • Red5 provide an update on the ongoing Final Feasibility Study for an integrated bulk open pit and underground mine and processing operation at the King of the Hills gold project in Western Australia, which is on-track for completion in September 2020. Mineral Resource estimate completed for historical low-grade stockpiles, comprising 2.81Mt at 0.5g/t Au for 39,900oz of contained gold, including 1.62Mt at 0.6g/t for 29,600oz of contained gold. “We are accomplishing key tasks towards the delivery of the Final Feasibility Study, with mine designs and schedules expected to be finalised within the next few weeks ahead of the delivery of an updated Ore Reserve estimate”, said Managing Director Mark Williams.
  • A new drilling program testing for high-grade gold in new target areas has commenced at the Cobar Gold Project in Central NSW, according to Helix Resources. The drill program will initially test the Amity’s Prospect, a robust 480m x 270m gold-in-soil anomaly. Executive Chairman Peter Lester commented, saying “Our initial drill targets are well beyond the existing resource areas and could provide scope for progressive expansion of our 118,800oz gold inventory currently attributed to the Project”. Helix’s field team has secured entry to Central NSW, following appropriate COVID travel protocols.