Category: Industry Link Media

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Morning News Bites – Aug 4

In today’s morning news bites:

Sharemarket has risen 6000 points at open. Wesfarmers announces Bunnings stores in Melbourne metro region will be closed for in-store retail, however trade will remain open while Target, Kmart and Officeworks will be unable to service customers in-store. The Reserve Bank meets today to discuss interest rates.

  • Saracen reports a record increases in reserves of 3.7Moz at 30 June 2020, up 12% from 3.3Moz at 30 June 2019 (an increase of 400,000oz despite 396,000oz depletion). The further increase in reserves strengthens Saracen’s position as a substantial, long-life, low-cost gold miner with 100% of its production from Western Australia. Managing Director Raleigh Finlayson said, “To grow Reserves by 400,000oz in a year despite depletion is a strong result. These ounces are made much more valuable by the fact that they are all in Western Australia and within very close proximity to existing processing facilities. These robust reserves ensure we have long-term, sustainable production in what is almost certainly the best place in the world to be a gold miner.”

  • Renascor has identified multiple drill-ready gold targets at its Carnding Project in South Australia’s Central Gawler Craton. Shallow Gold Drill Intercepts of up to 16 g/t in Central Gawler Craton Highlights, targets include the Soyuz Prospect, where previous drilling intersected shallow gold, with highlights including: 7m @ 5.14g/t Au from 26m to end of hole, including 2m @ 16.42 g/t Au from 30m1 and 6m @ 4.94g/t Au from 14m.
  • The 250-hole auger drilling program has been completed at its Twin Hills Gold Project in the Goldfields of Western Australia, according to eMetals. Drilling has tested almost 2 kilometres of strike of prospective shear zone south of the historical Twin Hills Gold Mine which has recorded historical production of 1,100 tonnes of ore at an average grade of 23.6 g/t and an historical resource of 17,541 tonnes at a grade of 20.86 g/t. Director Mathew Walker was pleased with the progress, saying “Twin Hills is an exciting exploration Project with over 5 kilometers of prospective strike length adjacent to two excised historical high grade gold mines. We are delighted that the recent auger geochemical program has validated our structural modelling and provide us with multiple ready to drill targets.”
  • According to Gladiator Resources, the previously delayed drilling program at the Marymia Gold Project has now been completed. A total of 31 AC holes for 1,922m have been completed, with composite samples to be couriered to Intertek Laboratories for gold analysis. Results are anticipated within the month and will be reported as soon as possible.
  • Apollo Consolidated provide an update on the progress of drilling at its Lake Rebecca Gold Project located 150km east of Kalgoorlie in Western Australia. Exploration, infill, and extensional drilling at the Duchess deposit delivers strong true-width mineralisation zones, with highlights of: 5m @ 6.98g/t Au incl. 1m @ 31.48g/t Au and 7m @ 3.90g/t Au.
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Morning News Bites – Aug 3

In today’s morning news bites:

Neometals and Sms Group announced a joint venture to recycle lithium ion batteries, NSW COVID-19 clusters increase concern as Victoria move into stage 4 lockdown.

  • A formal agreement has been reached between Neometals and SMS group called Primobius, which will commercialise Neometals’ proprietary lithium-ion battery recycling technology. This offers a unique and sustainable method for recovering valuable lithium, nickel, cobalt and other materials from spent and scrap electric vehicle and consumer electronic LiB’s. Recovered and refined product materials will be in a form that can be reused in the battery supply chain. Neometals Managing Director Chris Reed said, “We have a clear path to commercialise this Australian technology, developed by our technical team in Perth, to meet the needs of the burgeoning European lithium battery and EV makers.”
  • Redstone Resources Limited has presented its report for Q4 and FY20. This includes the successful completion and interpretation of results from the 2019 exploration West Musgrave  Project, which has confirmed the significantly improved prospectivity for copper mineralisation across the project tenure.
  • Drilling has commenced at the Wild-viper Gold Project for Terrain Minerals Limited. This high-quality gold exploration tenement package located 76 km north of Leanora WA and is surrounded by historic gold deposits and is surprisingly under-explored and appears to be highly prospective. Negotiations are progressing, with plans to farm‐in up to 80% interest in privately owned Hannans South Gold Tailings Project,  a large scale tailings gold facility, located on the historic Hannans South Gold Mill site in Kalgoorlie, WA.
  • Jindalee Resources announces the appointment of Mrs Karen Wellman as CEO, effective 12 October 2020. Mrs Wellman is a geologist with almost 20 years’ experience covering all aspects of the mining cycle from early stage exploration, production and mine geology, through to resource definition and estimation. Jindalee’s Chairman Mr Justin Mannolini has welcomed this appointment, saying “We are delighted to welcome Karen as Jindalee’s CEO. Karen’s industry and development experience will be of great value to the Company as we advance our portfolio of gold and nickel assets in Western Australia to further develop and expand our significant lithium resource base in the US.”
  • Drilling contract awarded for the Mt Stirling Gold Project for Torian Resources. Phase 1 drilling has proven that the Mt Stirling Project is emerging as a potentially large  gold system with ore grade Au now intercepted over 100m below prior drilling and extends over 1,000m strike. This extends on assay results released in June of this year, which returned grades of up to: 4m @ 8.84 g/t (including 33.10 g/t over 1.0 m) and 24m @ 1.26 g/t (including 2.89 g/t over 7.0 m).
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Morning News Bites – Jul 31

In today’s morning news bites:

AMP has provided an update on its first half 20 details where it completed the sale of AMP Life, several junior explorers have reported their quarterly reports this week and PM Scott Morrison meets with Victorian Premier Daniel Andrews on further restrictions as the PM also says there is no reason to keep WA borders closed.

  • Mandrake Resources continues to develop Newleyine into a highly prospective Ni-Cu-PGE target. Newleyine is located around 30km east of Chalice Gold’s Julimar Ni, Cu, PGE project. While drilling at Mandrake’s Northern Territory – Berinka Pine Creek Gold Project is set to begin next week.
  • The development of Classic Minerals to become a gold producer continues. According to Classic Minerals, RC Drilling at Kat Gap is set to continue into the FY21 with targets on the interpreted plunge component of high-grade gold mineralisation with deeper RC drilling. Quarter 1 FY21 will also include advancing all aspects of the mining plan at Kat Gap, the acquisition of necessary mining equipment for Kat Gap and continuing to raise capital & pay down debt & liabilities to improve the financial position of the Company.
  • 460,000-ounce gold ore reserve has been declared at six deposits within 50 km of the Ora Banda Mining plant, this was one of the highlights for Ora Banda Mining for the previous quarter. An AISC of $1,578 /oz is one of the key outcomes within the DFS for an Australian gold price of $2,550. The recent capital raising Equity capital raising was strongly supported and proceeds from the equity raising, together with existing cash, will see Ora Banda fully funded through to production at Davyhurst, targeted for January 2021

    Dacian Gold
    Dacian are within FY20 guidance
  • Dacian Gold is within guidance for its Mount Morgans Gold Operation, reporting 138,814 oz at an AISC of $1,619/oz which was within guidance of between 138,000-144,000 ounces at MMGO AISC $1,550-1,650/oz for the financial year. Drilling programs commencing at the Cameron Well and Mt McKenzie deposits will take place within the first half of 2021 financial year. As of June 30, Dacian had a total cash and unsold gold on hand of $57.3 million.
  • Drill results at Kirkland Gold’s Fosterville Gold Mine have been released with several key intersects with Infill drilling into the Swan Mineral Reserves which included 976 g/t Au over 7.4 m, 933 g/t Au over 6.4 m  and 416 g/t Au over 6.8 m. According to Tony Makuch, President and CEO of Kirkland Lake Gold “Drilling at Fosterville continues to demonstrate the significant size and scale of the mineralised structures, all of which contain quartz veining with 2 visible-gold and all of which have the potential to host additional Swan or Swan-like zones. At the Swan Zone, results from new infill drilling include higher than expected grades, which is encouraging as we work towards our next Mineral Reserve and Mineral Resource update. In particular, the infill results confirm that the area where the Swan Fault and Swan Footwall Splay intersect contains more gold than currently modelled.” Kirkland also released Q2 results which included revenue more than doubling on same quarter in 2019, solid operating results and $537.4 million with no debt.
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Morning News Bites – Jul 30

COVID-19 cases set to be announced to be over 700 in Victoria, ASX rises on opening and Boeing phases out production of 747 jumbo.

  • FMG provide their results for the Q4 and FY20. Record iron ore shipments of 47.3 million tonnes were recorded for the quarter and FY20 guidance was exceeded. FMG maintained a leading cost position of US$ 12.94/wmt. Chief Executive Elizabeth Gaines says “This was an outstanding performance which underpinned the operational excellence we delivered in FY20, particularly during a quarter when we implemented a range of measures in response to COVID-19. I am very proud of the team’s commitment and cooperation during this time which has sustained our contribution to the Western Australian and national economies through the reliable and secure supply of iron ore to our customers.

  • Grades up to 20.6 g/t Au have been reported by Middle Island Resources in assays from drilling of 44 new holes on Middle Island’s Old Town Well deposit within its Sandstone Gold Project in WA. Phase 2 drilling results for the remaining three new satellite deposits are anticipated to be reported in coming weeks.
  • Godolphin Resources announce drilling is to commence at Copper Hill East as soil assay results confirm & define strong gold-copper & copper anomalism located approximately 35 km north of Orange in NSW. The Phase 1 RC drill program is to commence in August 2020, which will test the gold-copper anomaly in the north of CHE for porphyry gold-copper style mineralisation and the native copper zone to the south.
  • High-grade intersection and visible gold at Apollo Hill as Saturn Metals report that ongoing RC drilling at Apollo Hill has returned significant new intersections, with highlights of 5m @ 32.6 g/t Au from 301m, Including 3m @ 54.2g/t Au from 301m within, 9m @ 18.2g/t Au from 301m. The result from this intersection is amongst the best intersections seen to date at Apollo Hill, and contains the highest-grade individual assay ever returned from the project being 1m @ 128.5g/t Au from 301m. Managing Director Ian Bamborough said: “The latest assay results continue to highlight the potential to improve both the scale and quality of the Apollo Hill gold system.”
  • Multiple high priority targets identified at Yass Gold Project following geological and geophysical data review. Celsius Resources Limited has identified ten priority gold targets within its 100% owned Yass Gold Project in the Lachlan Fold Belt region of NSW, Australia. Chairman Bill Oliver said, “The Lachlan Ford Belt is an increasingly active exploration region due to the exciting gold deposits which have recently been discovered. We are pleased to be able to generate some high-quality targets within the region at both the Yass and Cullarin West projects.”
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Morning News Bites – Jul 29

Rio Tinto is set to release it’s half-year profits after market close today, CIMIC Group are in advance talks for a potential sale of a 50% stake in Thiess and the banks instructed to reduce dividends.

  • St Barbara release its Q4 and FY20 report, indicating an increase in gold production from the previous financial year with 108,612 ounces (Q3 Mar FY20: 91,547 ounces), and a consolidated gold production of 381,887 ounces (in line with guidance of 370,000 to 400,000 ounces) for the year.

  • Alto Metals hit more high-grade gold at the Lord Nelson Sandstone Gold Project in WA, highlights from recent drilling include 12m @ 5.0g/t gold from 244m. A further five RC holes of the company’s initial 1,500m infill drilling program have been received, with highlights of 28m @ 3.1 g/t gold from 228m (including 12m @ 5.0 g/t gold from 244m). These latest results followed up on the previous high-grade gold results from the primary zone of mineralisation beneath the pit announced in late April of this year.
  • Pantoro Limited has commenced drilling at the Maybell Mining Centre, the last of the identified phase one start up mining targets. Initial results from shallow drilling from the Lord Percy Deposit (located to the northeast of the main Maybell Deposit) are extremely encouraging. It highlights a shallow high-grade lode system, the intercepts from surface to 60 metres depth include 4m @ 13.58 g/t Au and 1.10 m @ 13.40 g/t Au.
  • Middle Island Resources Limited announced significant assays from new McIntyre satellite gold deposit in WA. These results are emerging from the Company’s Phase 2 reverse circulation drilling campaign at the company’s Sandstone gold project in Western Australia. The new results complement those derived from Phase 1 RC drilling at McIntyre, including highlights of 24m @ 1.66g/t, 23m @ 1.40g/t, 11m @ 1.39g/t and 18m @ 1.35g/t Au.
  • Chalice Gold’s maiden diamond drill program at the Pyramid Hill Gold Project confirms a large gold system at the Karri Prospect, providing new drill targets for the next phase of exploration in Victoria. All six initial diamond drill holes at the Karri Prospect intersected tightly folded, upright stratigraphy and primary gold mineralisation and indicate that the potential for a tier-1 scale gold system.
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Morning News Bites – Jul 28 GOLD HITS NEW HIGH!!

Todays morning news bites – GOLD HITS A NEW RECORD HIGH!! The gold price hit a high of over $1954US/oz ~ $2733AUD

 

  • Musgrave Minerals Ltd is pleased to report assay results for a further five reverse circulation drill holes and the first five diamond drill holes from the current program at the new Starlight gold discovery at Break of Day. Drilling continues to confirm the high-grade nature of the Starlight and White Light gold discoveries, with results from the RC drilling at Starlight delivering strong gold intercepts including a highlight of 14m @ 191.1g/t Au (3m @ 884.7g/t Au from 5m including; 1m @ 2,518.8g/t Au from 6m). According to Managing Director Rob Waugh, “Starlight continues to produce stunning gold results in near-surface drilling. Further RC drilling is underway to infill and extend the Starlight mineralisation with the aim of completing a JORC resource update late in Q3 2020. Diamond drilling is also continuing to test for depth extensions of the high-grade Starlight lode below 250 vertical metres and to further define the White Light lode. We anticipate having four drill rigs on site by mid August.”
  • RareX Limited has commenced at its 100%-owned Cummins Range Rare Earths Project in the Kimberley Region of Western Australia. The commencement of drilling marks an important milestone for the Company and the project as this is the first time it has been drilled since 2011, and aims to complete over 6,000m of RC drilling in the coming months. RareX Executive Director Jeremy Robinson said, “We are confident that this program will deliver the results required to advance Cummins Range as a significant rare earth asset in Australia at a time of increasing geopolitical tensions and strong forecast demand growth for rare earth permanent magnets.”
  • Xantippe Resources moves forward with the development of  the proposed phase 2 drilling programme to further explore the recently acquired  Southern Cross Gold Project, located south of the town of Southern Cross, Western Australia.
  • Australian gold and nickel company, Rox Resources Limited is providing an update on exploration activities at Youanmi in the OYG JV area. In conjunction with its joint venture partner Venus Metals Corporation Limited, Managing Director Alex Passmore says, “Grace continues to deliver impressive, high-grade results. I am particularly excited by the extent of mineralisation encountered in drill hole RXRC292 which demonstrates that not only does Grace carry very high gold grades, with 49 metres of mineralisation intersected there is potential for significant tonnages to be delineated.”
  • Gateway Mining Limited has entered into a tenement sale agreement for the sale of its Sylvania Project Exploration Licences in the Sylvania Inlier area of Western Australia. The divestment is part of the Company’s strategy of crystallising value from its portfolio of non-core exploration assets while maintaining a strong focus on ongoing gold exploration and development activities at its flagship 100%-owned Gidgee Gold Project.
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Morning News Bites – July 27 GOLD GOES BANG!

Sherwood Mining - Laneway Resources

Today’s morning news bites – GOLD GOES BANG!!!! Gold closes in on a new record high trading at $1918US/oz ~ $2700 AUD.

  • Bardoc Gold moved into a Definitive Feasibility Study during Quarter 2 and has stepped up the exploration and drilling efforts which will see Bardoc move to an emerging mid tier producer. Managing Director of Bardoc Gold Rob Ryan said “With the lifting of COVID-19 related travel and other restrictions during the Quarter, we were able to move rapidly to escalate key work programs, launching straight into the Definitive Feasibility Study, which has already shifted into top gear, while at the same time stepping up our exploration and drilling efforts. We also enjoyed significant early success with the drill rig during the quarter. Resource in-fill drilling at the cornerstone Zoroastrian and Aphrodite deposits during the quarter delivered some exceptional high-grade results, confirming the potential for reserve growth at both deposits. Exploration drilling also delivered very positive results at the Mayday North satellite deposit, which is emerging as a high-priority target for Resource and Reserve growth.” Bardoc have shown that the DFS is on track for delivery for Q1 2021.
  • A focus on the Wellington North Project as part of the Northern Molong Belt in NSW has been in place for Magmatic Resources for the June 2020 Quarter. Magmatic was awarded a New Frontiers Cooperative Drilling grant during the June 2020 Quarter, which will contribute $35,250 towards drill testing at the Lady Ilse North porphyry gold-copper target north of the lucrative Cadia Mine. After a diamond drill hole showed similar signs to the first drill at Boda, The results provided the Company with increased confidence in the potential for a large gold-copper porphyry discovery at Lady Ilse, where RC drilling is underway.
  • Wiluna Mining has released drill results from its Calvert target at the Wiluna Mining Centre. A highlight of 76.5m @ 1.77g/t intersection demonstrates a large-scale gold system according to Wiluna Mining’s Executive Chair Milan Jerkovic. “These ongoing results from drilling ‘under the headframe’ are continuing to deliver into our Stage 1 sulphide strategy as we pursue shallow high-grade resource development targets. Our initial sulphide resource drilling programme commenced at the Wiluna Mining Centre at Bulletin and Essex and has progressed to Calvert and the East Lode. We have had exceptional drilling results from all these areas and this has given us great confidence that Wiluna remains one of the largest undeveloped gold systems in Australia.” he said. A Mineral Resource update is due to be released in late September 2020.
  • A major multi target RC drill program is underway for Lefroy Exploration at Lake Lefroy with JV partners Gold Fields. Gold anomalies were uncovered in 2019 data as part of a wide-spaced foundation of aircore drilling and geophysical programs. Lefroy Exploration Managing Director, Wade Johnson said “This is an exciting phase of exploration to provide a deeper evaluation of the multiple, large regolith gold anomalies in Lake Lefroy. The priority gold targets generated are the culmination of a systematic and methodical exploration approach by Gold Fields over 2 years that has both generated multiple broad regolith hosted gold anomalies and confirmed the rock package as being similar to that at St Ives”  Drilling is expected to be completed in August 2020 with results known by September 2020.

 

Sherwood Mining - Laneway Resources

  • Encouraging gold drill results for Laneway Resources has been announced from its Sherwood resource area at Agate Creek in Queensland. The RC program took in 34 drill holes for 2,068m of drilling with intersects of 5m @ 5.80 g/t Au from 27m & 1m @ 40.64 g/t Au from 36m & 7m @ 15.08 g/t Au from 59 m including 1m @ 54.72 g/t Au. According to Laneway Resources, Once all assay results are received and evaluated, an updated pit design and mine plan will be completed. Finalisation of mining contractor, ore transportation and processing arrangements will occur after finalising the pit design and mobilisation of a contract mining fleet will then be able to commence.

 

 

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Morning News Bites – July 24

The first gold pour for Horizon Minerals - Supplied

In today’s morning news bites – Gold nears 1900US/oz overnight (~$2644A/oz), National cabinet meets today and Apple delays its iPhone 12.

A first diamond drill hole for Talisman Mining has resulted in 0.81m @ 2.34 g/t Au from 467.1m Including 0.14m @ 4.10 g/t Au from 467.1m and 0.45m @ 1.34 g/t Au from 491.5m at its Lucknow Gold Project in New South Wales. According to Talisman the hole intersected a highly fractured zone which is interpreted to represent the flat-lying fault that has offset the main lode controlling stratigraphy, but did not intersect the targeted ultramafic contact due to what appears to be a second cross-cutting fault. Talisman’s Lucknow Gold Project is part of a farm-in with privately-owned Lucknow Gold Limited.

Gold Road Resources JV Gruyere mine produced a record 71,865 ounces of gold during the quarter and remains on track to meet 2020 annual guidance 250,000 to 285,000 ounces. In some financial news Gold Road Resources became debt free having repaid the remaining $25 million of debt on 21 July 2020, while retaining liquidity in excess of $85 million. Gold Road also secured funding for five projects on Gold Road 100% owned tenements or through the Gruyere JV and Cygnus JV with the WA State Government Exploration Incentive Scheme The $560,000 of funding will be used to advance greenfields exploration and geological understanding.

Drill results for Phase Three with Kin Mining at Cardinia Hill have been announced. The results of the RC drilling include a highlight of 17m at 2.35g/t Au from 6m including 5m at 5.2g/t Au. A resource definition at Cardinia Hill is set to start soon. Kin Mining Managing Director, Andrew Munckton, said: “The initial phase of RC drilling at Cardinia Hill undertaken as part of the broader Phase 3 program has been successful in upgrading our understanding of the geometry and scale of the deposit – providing a solid foundation for planned resource drilling. “Confirmation of the presence of two shoots of north-plunging higher grade mineralisation coincident with strong magnetic signatures from our new airborne magnetic survey work is an important development which gives us confidence that we can advance the Cardinia Hill deposit to a Mineral Resource estimate relatively quickly”.

Dr Colin Rose, Marmota Limited Chairman has announced the drill program for Aurora Tank is the most exciting to date “This is Marmota’s largest ever RC drill program at Aurora Tank and with a special focus on primary mineralisation extensions. It is shaping up as one of our most interesting, varied and exciting drill programs to date.” he said. Drilling has commenced with a RC drill program of 85 holes over 7,500m for around 3 – 4 weeks.

The first gold pour for Horizon Minerals - Supplied

The first gold pour for Horizon Minerals has taken place from its Boorara Gold Mine. Jon Price Horizon Managing Director said “First gold production from Boorara is an exciting milestone for the Company and it is extremely pleasing to see the mine performing to expectations. The Horizon team and our contracting partners have done an excellent job to date with the Lakewood Mill running extremely well.” Mining commenced at Boorara on May 5 2020 and the initial gold pour took place July 23, 2020.

 

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Morning News Bites – July 23

Today’s Industry Link Media Morning News Bites :

Blow out in the Federal Budget – WA and Mining holding it together. Gold reaches over $1870US/oz overnight and this is set to lift the market in open.

Northern Star Resources has announced its Quarterly activities report with a record 262,717oz of gold sold at an AISC of A$1,475/oz, which included the KCGM Operations. Regional exploration for Northern Star was largely suspended due to COVID-19 and this affected Jundee/Yandal, Kanowna, Pogo and South Kalgoorlie, however at Paradigm a short surface RC resource definition drilling program was completed. The Pogo operations were affected by 36 COVID-19 cases and Northern Star expects Pogo volumes to remain around the levels seen in the June quarter, equal to ~25% lower than would otherwise be the case. Northern Star’s A$10M Community COVID-19 fund has provided significant funding to assist local health services, communities and businesses in the areas Northern Star operate. The option to acquire Newmont’s Power Business has lapsed and as such multiple future power options for KCGM now being explored. Executive Chairman of Northern Star Resources Bill Beament, said “Our quarterly sales of 262,717oz was not only a record, but also very solid given the imposts stemming from the COVID-19 measures we moved quickly to put in place,”  When speaking about Pogo, Mr Beament said “Pogo sold 50,251oz in a quarter during which we managed 36 cases of COVID-19, We now have a strong insight into the impact of the virus on Pogo and it is clear that this asset will continue to produce at about 75 per cent of its potential while the virus remains in Alaska. However, the 18-month transition to long-hole stoping is finished and the benefits of this new mining method are being reflected in the results, albeit somewhat restricted by COVID-19″ Northern Star is also looking to reduce its hedging to increase margins and free cashflow. On July 16, Northern Star paid a fully franked interim dividend of 7.5cps.

Essential Metals (previously Pioneer Resources) has announced drill intercepts at its Cade deposit at the Dome North lithium project. A thick shallow high-grade intercept of 21m at 1.79% Li2O was discovered from recent RC Drilling. Essential Metals Managing Director, Tim Spencer, said “The outstanding shallow intercept of 21m @ 1.79% Li2O shows the Cade Deposit contains high lithia grades near surface, while drilling across the project has identified a number of other prospective areas for follow-up. The metallurgical test work is important for us to understand the best development route for the Dome North Lithium Project. The test work completed so far bodes well for achieving good recoveries in a DMS-flotation process route and we await completion of the second phase of test work to see if this is the case.” The Dome North project targets a 20 km strike length around 130km south from Kalgoorlie Boulder.

Copper production of 25,041 tonnes exceeded guidance for Aeris Resources as the company recorded a June quarter production of 6,672 tonnes which is a 10% increase on the previous quarter. The Acquisition of the Cracow Gold Operations was completed on July 1 which has a FY21 gold production guidance of 70,000oz – 75,000oz. with the first Aeris gold poured in early July. The copper production guidance at Tritton Copper Operations for FY2021 is between 23,500 tonnes and 24,500 tonnes. According to the company, there is cash and receivables of $69.4m at quarter end.

Record operating cash flow of A$352M, net mine cash flow A$225M and free cash flow A$188M has been reported by Evolution Mining as a June quarter highlight. Evolution produced group gold production increased to 218,104 ounces at an ASIC of A$1,088 per ounce. A breakdown of some highlights includes Cowal produced 60,594oz at an AISC of A$941/oz generating net mine cash flow of A$59.3 million. Ernest Henry produced 28,183oz at an AISC of A$(617)/oz generating record net mine cash flow of A$68.3 million. Mungari produced 37,178oz at an AISC of A$1,089/oz generating record net mine cash flow of A$39.8 million and Mt Rawdon produced 25,982oz at an AISC of A$1,305/oz generating record net mine cash flow of A$32.3 million The acquisition of the high-grade, long-life Red Lake gold mine in Ontario, Canada has added 27,428 ounces at an AISC of A$1,943 per ounce. A maiden Underground Ore Reserve and updated Mineral Resource at Cowal was made with a Maiden Underground Ore Reserve of 804koz and Mineral Resource increased to 2.9Moz Evolution Executive Chairman, Jake Klein, said: “This outstanding outcome has resulted in the potential to bring forward first production of higher-grade ore from the Cowal underground which will provide a step change to the operation’s production profile. Importantly, the Maiden Underground Ore Reserve is only a starting point on which to build on in the coming years. Our work at Cowal continues to demonstrate that this is a world class mineral system.”

Wrapping out a big day for gold operators as part fo the Morning News Bites June quarterly updates, Newcrest has released its figures for the quarter. There was a record annualised mined ore and mill throughput for the quarter at Cadia, which has been a top producer in Australia as reported by Surbiton Associates. Gold production was 7% higher for the quarter for Newcrest, Cadia again the shining light with a 21% increase in gold production compared to the prior quarter. Newcrest Managing Director and Chief Executive Officer, Sandeep Biswas, said “Newcrest has safely delivered a strong fourth quarter enabling us to meet our Group gold production guidance for the year, notwithstanding the challenges of addressing the risks associated with the COVID-19 pandemic. Cadia exceeded the top end of its production guidance range and achieved record annualised mine and mill throughput rates in the quarter, further highlighting the strength of this world-class asset.”

Cadia Mine - Morning News Bites
Cadia Mine – Orange NSW, Supplied

 

 

 

 

 

 

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Morning News Bites – July 22

ASX drops on early trade after a four month high yesterday, Josh Frydenberg has eluded to a hit on the Federal Budget bottom line from wage subsidies and loss of tax revenue and Prince George turns 7!

  • Resolute Mining has produced 107,183oz for the June quarter at an All In Sustain Cost of US$1,033/oz. This figure has met expectations and results to deliver a full year guidance of 430,000oz according to Managing Director and CEO John Welborn “Production of 107,183oz of gold during the June quarter meets our expectations and results in year to date production to 217,946oz placing the Company in a strong position to deliver our full year guidance of 430,000oz. I am particularly pleased with the performance of the Syama Underground Mine and Syama Sulphide operations during the June quarter where we produced 35,248oz of gold based on achieving our targeted mining and processing outcomes including an improved overall recovery rate of 80%. We continue to focus on further improvements to Syama Underground and Sulphide operations while ensuring the positive performance in the June quarter is sustainable and sets a benchmark for quarterly performance from now on. We expect to continue to improve production and deliver lower costs at Syama in the second half of 2020 while we evaluate further value enhancements and exciting exploration opportunities. “Mako continues to deliver consistently strong results and cashflows. The announcement of an extension to mine life and an increase in expected life of mine production from 700,000oz to 900,000oz is a positive outcome for Resolute and Senegal. We continue to evaluate opportunities to generate additional value demonstrating that Mako is an outstanding Resolute gold mine.”
  • Contracting Group MACA has announced an extension to its contract with Ramelius Resources at Mount Magnet. MACA began working with Ramelius on the project back in 2017, with the extension consisting of open pit mining services including drilling & blasting, and loading & hauling. MACA CEO and Managing Director Mike Sutton said ‘We are pleased to continue our relationship with Ramelius Resources at Mt Magnet for a further 3 years. The services we provide at Mt Magnet and Edna May for Ramelius make up an important part of MACA’s Work in Hand in the gold sector’. It is expected the project extension will generate approximately $130 million in revenue for MACA over the 3 year term.
  • Legacy Iron Ore has received outstanding intersections at Mt Celia from a recent drill programme. The Significant intersections include 4m at 4.21g/tAu from 86m,  2m at 6.49g/tAu from 88m and 1m at 10.1g/tAu from 63min. Of 29 drill holes, 27 delivered mineralisation. Legacy will commence approx. 4,000m RC drilling to test numerous early-stage targets with potential for subparallel mineralisation within 100 m of the Kangaroo Bore resource, and an extension of Blue Peter resource along the strike. There is also approx.1,000 m of core drilling is planned in the month of September and October.
  • Galileo Mining is well positioned to continue its exploration programs, revealing it has $8.7m in cash as of the end of the 19/20 financial year. According to Brad Underwood, Galileo Managing Director, the recent quarter was incredibly important  “This was an important period for Galileo in which we laid the groundwork for the next round of RC drilling which is to be followed by the first ever diamond core drilling at our Fraser Range Lantern Prospect. Our aircore drilling outlined the prospective ultramafic unit at Lantern South and this target is now ready for advanced drilling. We also undertook electromagnetic (EM) surveying to define subsurface zones prospective for nickel sulphide mineralisation.” When it comes to the financial position, Mr Underwood said “During the quarter, we strengthened our cash position via a well-supported $5 million placement allowing us to effectively explore the entire area around our Lantern Prospect over the next six to twelve months. He also welcomed the investment by Independence Group and also the shareholding of the Creasy Group. Galileo will now commence RC Drilling at Lantern South and East targets later this morning and commence Diamond Drilling in August.
  • A major drilling program for Metalicity has commenced at Kookynie Gold Project. Managing Director of Metalicity, Jason Livingstone, says it is excited to be back at Kookynie  “It is exciting to be heading back out to Kookynie to follow up on the Phase One June 2020 drilling programme. The results we received were incredibly consistent and high grade. The Company is well funded to execute this programme and I sincerely look forward to presenting the results over the coming period.” The follow up on the previous drill results in June forms this programme. The Kookynie Gold Project is around 60km south of Leonora in Western Australia and includes the historic Cosmopolitan mine which produced 360,000oz at head grade of 15g/t