Category: Industry Link Media

AS the Federal Treasurer Josh Frydenberg tests negative for Coronavirus after a coughing episode in Parliament here are todays headlines.

• Tensions between Australia and China escalate with details on import bans on four Australian meat producers into China.  
• Red 5 released a Final Feasibility Study Update, which shows FFS is set to be completed in September Quarter 2020. Early works design and procurement activities have commenced including bulk earthworks design, sourcing of transportable buildings for the accommodation village and office space and procurement plans for long-lead items, Managing Director Mark Williams said “We continue to make solid progress towards our objective of delivering the FFS, making a final investment decision and starting construction on one of Australia’s premier new mid-tier mining projects at King of the Hills. In addition to boosting KOTH’s satellite deposit Mineral Resources to over 300,000oz, the completion of these Mineral Resources estimates has allowed our team to commence mining studies for the inclusion of these deposits in our overall mine plan and schedule. “On other fronts, Pre-Feasibility pricing estimates for open pit mining costs and our energy requirements on the proposed “Build Own Operate” basis have been confirmed by Expressions of Interest from mining contractors and indicative proposals received from energy suppliers.”
• Commonwealth Bank Q3 20 reveals an overlay provision of $1.5 billion due to impacts of COVID-19, Early trade showed(ASX:CBA) up 0.3%. While Westpac-Melbourne Institute Consumer Confidence Index for May is up 16.4%
• Zenith Minerals has revealed a new copper prospect south of Zenith`s current JORC in Queensland. Snook returned promise in base metals and gold value of 7.58% copper and 0.48 g/t gold.
• Field work has recommenced for Pioneer Resources. The pause in operations was due to COVID-19. Managing Director Simon Tim Spencer said  “Our team is pleased to be back in the field exploring, after adopting appropriate COVID-19 protocols. Drilling at the Dome North area yielded excellent lithium results last year and we are now aiming to add ‘low discovery cost’ tonnes and grade to the maiden JORC Resource Estimate of 8.2 million tonnes @ 1.23% Li2O to get to a development scale.” Pioneer is also taking on a staged, low cost air-core drilling campaign which will commence by the end of May around the Cade Spodumene Deposit (JORC Resource Estimate 8.2Mt @ 1.23% Li2O) and its surrounds.

 

News bites for International Nurses Day 2020.

• Metalicity will commence a large drilling program at Kookynie, this follows on from a program earlier this year that identified high grade results. According to Managing Director Jason Livingstone, the company has been keep to follow up the January results. “I am very pleased to be announcing that we are re-commencing field work at the prolific Kookynie Gold Project. The results we published in January 2020 were spectacular and I have been incredibly eager to follow these up. I look forward to keeping our shareholders and the market in general updated as we continue to develop this amazing gold Project.”
• Phase one results on Exploration activities around Mount Isa for Hammer Metals have been updated. Targets have been identified with a Diamond drill program due to commence next month. Managing Director Hammer Metals Daniel Thomas said, “The first program of the JOGMEC Joint Venture has positioned Hammer for success in 2020 with the definition of a number highly prospective Copper/Gold drill targets. Diamond drilling at Shadow will test the depth extent of surface Cu-Au mineralisation that has already been observed. The upcoming program will also see Hammer embark on significant field work to elevate earlier stage targets that have been identified during this program. These upcoming work programs should ensure a steady stream of results from the Mount Isa projects throughout the remainder of 2020.
• A Total Mineral resource increase for Diatreme Resources has been made. An update has identified 47.5Mt with potential for expansion, an increase by 25%. While the maiden Measured Mineral Resource comprises 30.9 Mt @ 99.28% SiO2.
• Bardoc Gold announces a target of commencement of mining in Q3 2021. A resource update is due for Q3 2020 as well. Robert Ryan, CEO of Bardoc Gold said “We expect to see project financing secured and mining commence in Q3 2021, paving the way for construction and full-scale development of this exciting new gold project to commence. “DFS mining studies are underway, with recent optimisations showing promising signs that we can increase our Ore Reserves within the current 3Moz Mineral Resource. With optimisation also to be conducted on our key satellite deposits, the Bardoc Gold Project has all the ingredients to be a truly long-life mining operation.
• Australia`s number one AM broadcaster Alan Jones announced his retirement from Radio this morning.

Restrictions in place due to COVID-19 are starting to be relaxed at different stages across Australia. This is being controlled by the States under a national guide announced Friday.

• The Ayra discovery by BHP in 1997 and Big One Deposit part of the Mount Oxide Pillar in Queensland, now part of Castillo Copper Limited; will accelerate drilling.  Managing Director Simon Paull has announced the details today. “Based on the underlying fundamentals of the prospects reviewed to date, the Board has decided to expedite drilling the Arya Prospect and Big One Deposit. With drill-test targets selected and most preliminary work complete, we anticipate drilling commencing once Queensland’s resources regulator grants approval.”
• Joint Venture Drilling between Barra Resources and FMR Investments has started at Burbanks, south of Coolgardie. Approximately 1800m of air core and reverse circulation  grade control drilling will take place over the next 2 – 3 weeks.
• Kathleen Valley resource has substantially increased to 156Mt @ 1.4% Li2O and 130ppm Ta2O5 (reported above a cut-off grade of 0.55% Li2O). Containing 2.1Mt of Li2O or 5.3Mt of lithium carbonate equivalent (LCE) and 44Mlbs of Ta2O5. Liontown Resources Managing Director David Richards said “This latest resource update clearly establishes Kathleen Valley as one of the world’s premier hardrock lithium deposits, with clear potential to underpin a long-life mining operation,” he said. “The potential combination of open pit and underground mining to unlock the full value of the resource will be evaluated as part of the updated PFS, which will also incorporate metallurgical test work and other technical studies designed to optimise the project development strategy.” The Kathleen Valley project is 670km north east of Perth. 
• A maiden drill program has commenced at Red Mountain Gold Project in Queensland. Results are estimated in around four weeks after a two week drill program and two week assay period. Red Mountain is around 100km from Cracow and Mount Rawdon gold mines.
• New South Wales government has granted approval for Alkane Resources to develop an exploration drive from its existing Wyoming One underground operations. Managing Director Nic Earner, said: “Alkane has the equipment purchased, personnel recruited and land acquired to allow this development to proceed and we will now incorporate the timing of the drive development into the Tomingley Gold Operations’ budget schedules, as well as our regional exploration plans.” The approval allows for positive future for the Tomingley development.

Keep an eye out for – AFL getting some sort of start date sorted in the next 24 hours.

 

It’s Mate Day…. Look after your mates especially at this time!

• National Cabinet meet today to facilitate a reduction in Coronavirus restrictions. WA Premier Mark McGowan announces a road map and plan forward to be known on Sunday but indicates state border will be last restrictions lifted.
• Encounter Resources has released details on assays at Lamil copper gold project around 25km north west of Telfer. According to Managing Director Will Robinson, “Drilling of the IP anomalies at Lamil has defined a significant zone of brecciation and alteration that is interpreted to be a major structural fluid pathway which is consistent with the geological model of the deposit type being targeted at Lamil.”

• Orica has released half year results to March 31 2020. Orica announced Statutory Net Profit After Tax (NPAT) of $165 million for the six months to 31 March 2020, compared to $33 million in the prior corresponding period (pcp). Earnings Before Interest and Taxes (EBIT) were up 2%, or 5% after adjusting for an ownership structure change of the company’s China business.The Burrup Technical Ammonium Nitrate plant is now operational, and production is ramping up.
• Resource drill out at Stavely Minerals’ Cayley Lode in Victoria is over 50% complete, The Maiden JORC set to be announced second half of 2020. According to Executive Chairman Chris Cairns “We continue to be surprised by the incredible consistency and continuity of mineralisation in the Cayley Lode, with the results reported today including significant intervals of strong copper-gold mineralisation in both the southern and central portions of the deposit. Of particular note are the impressive broad intervals in the south-eastern sector.” Cayley Lode is east of Dunkeld.
• Gold and nickel target areas have been identified with Venus Metals north west of Menzies WA. Snake Hill, adjacent to the Ida Fault has been identified as a high priority gold target, this prospect is 90% Venus, 10% Prospector.

 

 

• Five workers from the Grosvenor Coal Mine in Queensland were flow to Brisbane overnight with burns after an onsite explosion. The workers were all flown

• Fire assays for Catalyst Metals in News South Wales, upgrades Boyds Dam drill hole FERC 284 to now shows three gold zones −

13m @ 2.5g/t Au from 70m

25m @ 23.0g/t Au from 99m including 11m @ 48.2g/t Au 3m @ 160.6g/t Au

7m @ 8.8g/t Au from 161m to EOH

• Bluescope has extended its tenor of bank facility amid COVID-19, while Wharf operations at Port Kembla were halted after a death on site
• Kirkland Lake Gold has started recalling workers and ramping up business operations after the impact of COVID-19, however does not anticipate achieving full production levels for second quarter of 2020. Kirkland Lake Gold also allocated a $20 million donation for medical community and social organisations in Canada and Australia.
• Ramelius reaches 90% in Spectrum Metal and is now moving to compulsory acquisition of remaining shares in Spectrum.

While artist Banksy has struck again in a Hospital Emergency in England!

Reserve Bank Tuesday – The RBA are set to meet today for their monthly meeting as Italy set to return to work next week after a 2 month COVID-19 isolation

• Qantas net debt is now around $5.8 billion, International flight cancellations to continue until July and domestic flight cancellations extended to end of June 2020.
• Blind Calf diamond drill results confirm observations (0.6m at 5.81% Cu from 165m) at Lachlan copper gold project in New South Wales with Talisman Mining.
• Multiple gold in soil anomalies found with Dreadnought Resources Metzke`s Find Prospect south west of Leonora. An RC drilling program has been underway and now drilling of targets is expected this month.
• A project within 100km of the Perth metro area is underway at Julimar with Chalice Gold Mines. Matrix sulphide zones and broad zones of disseminated sulphides at the Ni, Cu. PGE project
• Drilling recommences at Apollo Hill – Hanging wall for Saturn Metals. An additional 5000m of RC is planned for May and June 2020.

Saturn Metals back on site – Pic Saturn Metals website

 

May the 4th be with you…..

• Westpac announces 2020 Half Year net profit $1,190 million, down 62% from 2019HY
• Legend Mining 13.5m nickel copper sulphide intersection at Mawson prospect at Fraser Range in WA, extending strike 20m south
• Lynas Malaysian production facility restarts from today as Mt Weld continues to operate with reduced staff and a health and hygiene protocols
• Black Cat Syndicate updated results for Bulong Gold Project reveal several zones of thick high grade mineralisation including a result of 28m at 6.59g/t Au from 5m (20MYRC020)
• Battery minerals sector under pressure as COVID-19 inflicts pain on electric vehicles sales.

 

Today is May Day or International Workers Day

• Nelson Resources has identified a twenty kilometre gold anomaly as part of its Woodline Project along the Trans Australian Railway with a potential for a Tropicana scale deposit
• Red October Gold Project production increased by 217% to 15,827 tonnes at 3.74% g/t Au for Matsa Resources in the March Quarter
• Alliance Aviation Services will continue to provide services for South32 for its Cannington and GEMCO mine sites on a new ten year deal.
• Newcrest Mining has successfully completed a $1 billion institutional placement of 39.1 million shares at $25.60 per share
• A fast tracked Drilling program has been announced for Argonaut Resources around Higginsville in WA for their Island gold prospect. Drilling is set to start in June 2020.

Busy day with reporting to the ASX:

• Gold production down 6% for Newcrest – Cadia mine previously a leader, dropped from December quarter of 239,722oz to 195,181oz
• ANZ announces $1.41 billion Cash Profit – down 60% as part of half year and dividend announcement. https://www.asx.com.au/asxpdf/20200430/pdf/44hcpzhgz708jc.pdf
• Ramelius Resources announces a life of mine increase to its Mount Magnet mine while its Edna May Tampia feasibility study brings a reduction in capital costs of around $24 million
• Decmil announces significant boost  with two new projects in WA with Metronet project for Bayswater Station and Bruce Highway roadworks in Queensland.
• Woolworths announces 10.7% increase to group sales for Q3 – $16.5 billion, food sales growth of 11.3%

As coronavirus restrictions look to lessen across Australia, here are some news bites for today.

• Over two million downloads of Australian Government Covid app
• Strict Covid Measures taken by Northern Star has impacted production temporarily as March Quarter figures are released as progress is made at Pogo and KCGM Super Pit operations  https://www.asx.com.au/asxpdf/20200428/pdf/44h93r56nhcvxv.pdf
• Exploration success at Carosue Dam and Thunderbox for Saracen as a record quarterly gold production is reported for March 2020 quarter https://www.asx.com.au/asxpdf/20200428/pdf/44h94nyypqcmdy.pdf
•  BHP reveals that it is looking to increase iron ore shipping capacity in Port Hedland
• Today is International Workers’ Memorial Day,  this years theme – Stop the pandemic: Safety and health at work can save lives.