Ardea Swap To Benefit Access

Ardea Resources has acquired key tenement areas that provide access to Goldfields Highway and the Leonora Kalgoorlie railway in a deal with Brightstar Resources.

The swap of tenements gives Brightstar the gold exploration tenements within the northern sector of the Goongarrie Hub. This transaction also was completed without direct cash payment or equity issued.

Managing Director and CEO of Ardea Resources, Andrew Penkethman pointed out the positive outcome and the benefits of the access to major thoroughfares:

“Ardea and Brightstar have worked together to deliver a positive outcome for both companies. The key benefits of this transaction for Ardea are the extra land area around key Goongarrie and Highway production mining leases. This will enable the optimum detailed mine design for the upcoming Definitive Feasibility Study and will include increased direct access to the Goldfields Highway and rail line, and shorter haul road distances from satellite pits to the Goongarrie plant site. Of particular importance, the extra land area allows the extension of the width and depth of open pit mine designs to facilitate safer and more productive ore movement. Also, waste rock landforms can be better designed with final site rehabilitation optimised.”

One particular Ardea tenement at Ghost Rocks – E29/981 was transferred for Gold and Lithium rights only with Ardea retaining all other mineral rights. While Tenement E29/1062 is with Ardea for infrastructure rights on the southern half only. Other rights and holding remains with Brighstar.

Maiden Pour Due This Month From Jefferys Find

The maiden gold pour from Jefferys Find Gold Mine near Norseman is due this month according to Auric Mining Limited.

77,500 tonnes of gold ore currently sits on the ROM pad at the mine with more than 12,500 tonnes of ore already delivered to the Greenfields Mill in Coolgardie.

Auric Mining in collaboration with BML Ventures Pty Ltd of Kalgoorlie, will mine and haul in total between 100,000 tonnes and 180,000 tonnes of ore to complete the first stage of the project. The project is currently on track with mining underway across the last six weeks.

According to Auric Managing Director Mark English, despite recent wet weather affecting haulage, mining has remained on track  “With 12,500 tonnes of ore already transported to Coolgardie we are just a short time away from our maiden gold pour. Once the first approximately 30,000 tonnes is processed it will be clear how this project is going to unfold. I can say both parties are well satisfied with the effort to date,” he said.

Mr English also added “Auric will use surplus cash generated from Jeffreys Find to continue development of the Munda Gold Deposit at Widgiemooltha and continue with broader exploration,”

Total mine life is compact and will cease end of FY24 at Jefferys Find.

Youanmi Continues With High Grade Hits

The high grade hits at Youanmi Gold Project continues with the release of drilling results from Paddy`s Lode and Midway.

Results from Midway near mine exploration included:

RXDD073: 0.54m @ 16.17g/t Au from 290.65m

RXDD074: 7.00m @ 5.95g/t Au from 87.00m

RXDD085: 1.37m @ 21.89g/t Au from 354.69m

RXRC462: 2.00m @ 7.93g/t Au from 142.00m

While Paddy`s Lode delivered from testing of the potential supergene mineralisation and up-dip extensions at the discovery with:

RXRC481: 16.00m @ 1.38g/t Au from 56.00m

RXRC483: 4.00m @ 5.33g/t from 202m

Managing Director Robert Ryan said

“Results from the near-mine discovery at Midway also continue to impress with high-grade results returned at excellent underground mining widths. The high-grade zone at Midway has been intersected over a 150m strike and 200m vertical extent and is still open along strike and down plunge.

Meanwhile RC drilling at Paddy’s Lode targeting the potential for shallow high-grade material up-dip of the discovery holes has returned a broad zone of lower grade mineralisation close to the east-west offsetting fault.”

Rox also delivered a prospectus to the market this morning as well as announcing the conditions precedent to the Youanmi transaction between Rox and Venus Metals had been met.

Genesis To Process Bellevue Ore Pre Plant Commissioning

Bellevue Gold has signed an agreement with Genesis Minerals to process material at its Gwalia Processing plant in a deal to enable early cashflow. Ore from the Vanguard Open Pit at the Bellevue Gold Mine will be trucked by MLG Oz to the Genesis facility around 170km south of the mine.  This agreement allows Bellevue to generate early cashflow ahead of its Processing Plant opening due December quarter 2023.

Vanguard is currently being mined and stockpiled pre production, with waste being used to build a Tailings Dam wall. NRW Holdings are currently making strong progress in the mining of the open pit and construction of the tailings storage facility.

KCGM Mill Rebuild Contract Awarded

NRW Holdings, Primero Group, has been announced as entering an agreement with Northern Star Resources for the KCGM Growth Project for Engineering, Procurement and Construction. The Contract has an approximate value of $973 million. The project is aligned to the KCGM processing plant rebuild and is scheduled for completion by Q3 2026


Primero’s Managing Director, Michael Gollschewski shared “The execution of the KCGM Growth Project is the culmination of an 18-month journey with Northern Star. The work conducted to date to develop the capital cost, design, execution strategy and schedule for the project, has been one of the most comprehensive and rigorous ECI programmes we have participated in. The effort of the combined teams to define this key project has provided a solid foundation for a safe, efficient, and successful delivery.”

Primero will be responsible for the design, procurement, construction, and commissioning of the process plant facilities.

Silver Lake Ninth Consecutive Sales Guidance Met

Silver Lake Resources has released its FY23 Sales Result and has shown to have met sales guidance for the ninth consecutive year.

The strong result is off the back of a record quarterly sales result of 83,540 ounces. This has been driven by the performance of the Deflector and Mount Monger operations. Operations delivered a FY23 sales amount of 260,370 ounces. This is 3% higher year on year for Silver Lake.

There was an impact to the company from forest fires in northern Ontario which impacted the June production result at the Sugar Zone operation. Yet, the company were able to deliver for the year.

Silver Lake are also debt free and with cash and bullion at $331 million up $63 million from March 31 2023. According to the announcement this morning “The strong fourth quarter performance is consistent with Silver Lake’s “invest and yield” strategy and reflects the investment through the first half to establish access to new higher grade mining areas at both Deflector and Mount Monger”


Develop Enters Trading Halt, Pursues Essential

The start of the financial year continues to deliver news to the market thick and fast.

Develop has entered a trading halt as it looks to acquire Essential Metals. The acquisition is to executed via a binding Scheme Implementation Deed under which Develop proposes to acquire 100 per cent of the issued shares in Essential by way of a Scheme of Arrangement.

A key piece of this acquisition is Essentials, Pioneer Dome, which is located in WA’s ‘Lithium Corridor’ 130km south of Kalgoorlie. This asset has a Project Feasibility Study underway on it at the moment. Pioneer Dome is a hard rock lithium development asset with a Mineral Resource of 11.2Mt at 1.16% Li2O.

Pioneer Dome – Essential Metals

Essential Metals major shareholder Mineral Resources, has thrown its support behind the proposal. Mineral Resources also hold shares in Develop as the second largest shareholder.

The Scheme Consideration is 1 new Develop share for every 6.18 Essential shares held, implying a fully diluted equity value for Essential of ~A$152.6 million and A$0.56 per share based on the closing price for Develop shares of A$3.46 per share on 30 June 2023.

This represents a significant premium of: 34.9% to the closing Essential share price of A$0.415 per share on 30 June 2023;

30.8% to the 20-day Essential VWAP of A$0.428 per share up to and including 30 June 2023;

62.3% to the Essential share price prior to the pre-Tianqi Lithium Energy Australia (TLEA) Scheme price of A$0.345 per share on 6 January 2023 and 12.0% to the TLEA Scheme price of A$0.50 per share

Ramelius Offer For Musgrave


As a new Financial year commences, Ramelius Resources have announced an offer for Musgrave Minerals. Directors of Musgrave have unanimously recommended that the offer be accepted in the absence of a superior offer. This comes after Musgrave was the target for Westgold Resources last week.

Ramelius’ Shannon Decline at Mount Magnet

The offer by Mark Zeptner`s Ramelius is 1 Ramelius share for every 4.21 Musgrave shares held plus an additional $0.04 in cash per Musgrave share held. This is secured by around 12.13 % in pre bid acceptance. The Managing Director said the company is looking to develop the Musgrave Cue project “Subject to the Offer being successful, Ramelius is looking forward to continuing drilling across the tenement package to expand the existing resource and ultimately developing the Cue Project into a high-grade satellite mine for the Mt Magnet production centre, to maximise value for all shareholders.” Zeptner said.

While the value for shareholders was prime for Musgrave Minerals Managing Director Rob Waugh “We are confident that the Cue Project will be in good hands should the Offer be successful and in the event that does occur, we would look forward to seeing the project contribute to the ongoing success of Ramelius’ Mt Magnet operations. By joining with Ramelius, Musgrave shareholders will have the opportunity to continue to share in the upside at the Cue Project while accessing the benefits that come with being an owner of an established, profitable mining company. The cash component of the offer provides additional certainty.”