Morning News Bites – October 1

Morning News Bites for September 30. PM to announce $1.5 billion manufacturing boost to bring 80k jobs to Australia, experts predicting that half of Australian university researchers face the axe and Victoria COVID-19 death toll reaches 800.

Cyprium Metals Limited commenced analysing the potential of the Nanadie Well Copper-Gold Project, which is located 75km east-northeast of its existing Cue Copper-Gold Project, in Western Australia. The supergene mineralisation has been intersected in shallow drilling over a strike length of 750 metres and remains open along strike in both directions. Typical supergene intersections include, 6m @ 4.79% Cu, 0.36 g/t Au, 1.83 g/t Ag from 1m and 8m @ 2.53% Cu, 0.69 g/t Au, 3.88 g/t Ag from 33m in drill hole. Executive Director Barry Cahill commented, saying “We are pleased to announce the preliminary results of the geological interpretation that we have undertaken at the Nanadie Well Copper-Gold Project. There is significant potential for shallow supergene copper-gold mineralisation above the sulphide mineralisation at Nanadie Well.”

Thomson Resources Ltd has advised that it has completed due diligence on the Hortons gold tenement it is acquiring from private company, Syndicate Minerals Pty Ltd to Thomson’s satisfaction. The Hortons gold tenement is situated 30km of Tenterfield in Northern NSW and has high potential for Intrusion-Related Gold System type gold mineralization. The tenement covers 58 sq. km and has several gold anomalies. This is the first of the key Conditions Precedent to Thomson’s acquisition of the Hortons gold project. The next steps towards completion of the acquisition will now be proceeded with, including, obtaining Thomson shareholder approval to the issue of the equity consideration, this will be sought at the AGM on 26 October 2020 and with Ministerial approval of the transfer of the tenement to Thomson.

Further to its announcement of 16th July, AusQuest Limited reported that drilling of several compelling gold-copper targets at the Gunanya Project in the Paterson region of Western Australia is set to commence in early October under its Strategic Alliance Agreement with South32. The reverse circulation drilling program will consist of 6 to 9 drill-holes for a total of ~1,800m, and will provide an initial test of three magnetic targets to determine their potential to host large-scale gold and copper mineralisation, similar to that found at Winu (by Rio Tinto) and Havieron (by Newcrest). AusQuest Managing Director Graeme Drew said the Company was pleased that drilling of the Gunanya targets was able to get underway this late in the season. “These are compelling targets based on analogies that we have been able to draw with new discoveries in the Paterson Region from both a gold and a copper perspective,” he said. “We are looking forward to reporting on the drilling at Gunanya once the program gets underway.”

Bellevue Gold Limited is pleased to announce that extensional and infill exploration drilling at the Bellevue Gold Project in Western Australia has intersected high-grade mineralisation both outside and within the existing know resource boundary. Drilling has been continuing on site and has included infill drilling to upgrade the indicated resource later in the December quarter and the resumption of exploration step out drilling at the project. Hits up to 163g/t also point to extensions of the Deacon, Deacon North and Bellevue
Lodes; Indicated Resource upgrade set for this quarter. Managing Director Steve Parsons said the Company’s investment in exploration drilling continued to create significant value for Bellevue stakeholders.
“We have hit more high-grade mineralisation in previously-untested areas,” Mr Parsons said. “These results extend the known limits of the mineralisation. At the same time, our infill drilling continues to return strong results which should help drive an increase in the Indicated Resource.”

Barra Resources Limited is pleased to advise that reverse circulation and diamond drilling is scheduled to commence mid-late October at the Burbanks Gold Project. The drilling program will specifically follow-up encouraging RC drill results from 2019 which intersected high-grade mineralisation to depths of 100m below the surface, along 600m of prospective strike along the Burbanks Shear Zone between the Main Lode underground mine and the Burbanks North deposit. Mineralisation is open at depth and the planned program aims to test the prospective 600m of strike to depths between 130m and 350m below surface where mineralisation is open and untested. The drilling program is estimated to take between 4 and 6 weeks with results to be announced within 2 weeks of program completion.