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Morning News Bites – September 23

Morning News Bites for September 23. Westpac announces a new board member Micheal Hawker AM as Alison Burns retires from the board at the conclusion of the 2020 AGM. Guzman Y Gomez has its best week of sales in Australia on record and looks at potential IPO and Kathmandu has taken a hit to the tune of $NZ135 m.

Hammer Metals Ltd reportes that the assays from its Qld State Government Collaborative Exploration Initiative has funded 507m diamond drilling programme at the Koppany Copper – Copper and Rare Earth Element prospect located to the southeast of the historic Mary Kathleen mine. The drilling intersected broad zones of visible REE mineralisation (Allanite) and multiple zones of stringer and semi-massive sulphide mineralisation. Downhole EM has been conducted and processing of this data is underway. Managing Director, Daniel Thomas said, “The gold exploration review highlights the latent opportunity that exists within Hammer’s Mount Isa portfolio. With much of the region’s historic exploration focusing on base metal deposits, we have an opportunity to review these areas through a different lens and add quality exploration targets to the portfolio. The tenure that we have near the former Tick Hill mine has not been systematically explored and presents a unique opportunity for Hammer to continue progressing our efforts in advancing grass roots exploration concepts within the Mount Isa region.”

Sabre Resources Limited announced that promising drill targets have been identified following the interpretation of the airborne magnetic survey at the Bonanza Project. Three major new drill targets identified, located on fault splays extending from the Youanmi Fault. North east trending faults extend right through to the recent Penny West gold discovery area of Ramelius Resources Ltd. Interpreted dilation zones identified at the intersection of faults represent targets for gold mineralisation As a result of the success of the current aeromagnetic survey the company is considering extending the airborne magnetic survey further to both the west and to the south of the area currently surveyed. The company is now working on a drilling program and will conduct drilling as soon as possible.

Yandal Resources Ltd provided an  update on key feasibility study activities at the Flushing Meadows prospect within the Ironstone Well gold project located in the highly prospective Yandal Greenstone Belt in Western Australia. Geotechnical diamond drilling program completed and the holes equipped for ground water monitoring as part of open pit dewatering and flow testing studies in October, with significant new oxide mineralisation intersected including highlights of 2.90m @ 4.46g/t Au from 29.00m including 1.00m @ 7.96g/t Au, 9.60m @ 3.70g/t Au from 54.00m including 1.00m @ 16.92g/t Au and 6.04m @ 2.88g/t Au from 32.96m including 1.04m @ 12.78g/t Au.  Drill core has been retained for metallurgical ore characterisation and recovery test work suitable for evaluation by potential toll mill operators, Digital modelling of geology and mineralisation envelopes has been completed ahead of independent data verification and compilation of an updated Mineral Resource Estimate planned for October.

Silver Lake Resources Limited announced that the Board has approved Deflector South West access, development and production, underpinning a longer life, higher margin operation and further enhancing the returns from the Deflector processing plant CIP upgrade. The Deflector South West lodes are located adjacent to the existing underground mine and have a higher gold and copper tenor relative to the global Deflector Ore Reserve and Mineral Resource. The Deflector South West lodes account for 35% of the Deflector Ore Reserve and 30% of the Mineral Resource. The current Ore Reserve and continued strong exploration results demonstrate the continuity of the Deflector South West lodes and support the investment decision to establish decline access and associated mine infrastructure from the existing Deflector open pit.

An update on RC drilling activities at Majestic and Fingals Fortune, both part of the Fingals Gold Project for Black Cat Syndicate Limited. Highlights include the first 16 holes (~3,482m) at Imperial/Majestic have been drilled, targeting extensions to the Imperial/Majestic deposits. Results from the first 3 holes are encouraging with multiple gold zones in each hole with a number of high-grade intersections including, 6m @ 7.01 g/t Au from 167m, 4m @ 9.11 g/t Au from 178m, 2m @ 15.40 g/t Au from 184m and 6m @ 6.59 g/t Au from 53m. A JORC Mineral Resource update for Fingals Fortune is expected to be completed in October 2020. Managing Director, Gareth Solly said: “Thick high-grade results from our initial drilling at both Imperial and Majestic have been pleasing. RC drilling is ongoing in this area as part of our planned +60,000m drilling program. The results at Fingals Fortune were also encouraging, intersecting new lodes to the south, and will form part of an updated Resource release in October 2020. Resources at Myhree, Boundary and Trump will also be updated in October 2020.”

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Morning News Bites – September 9

In Today’s Morning News Bites for September 9. BHP conforms to hard borders and aims to hire from WA only and Oxford COVID-19 vaccine trial on hold over ‘potentially unexplained illness’. 

Western Australian nickel company St George Mining Limited is pleased to announce further strong drill results at its flagship Mt Alexander Project, located in the north-eastern Goldfields. Multiple intersections of mineralised mafic-ultramafic units across a 4km-long east-west strike of the Cathedrals Belt with a target horizon open to the east and west. Outstanding potential for the discovery of further nickel-copper sulphide deposits along strike to the east and west of these drill holes as well as up-dip and down-dip of the mineralised intercepts.

Lithium Australia announces its Share Purchase Plan, which launched on 12 August 2020, closed on 7 September 2020 with applications for $4.5 million. Managing Director Adrian Griffin commented, saying “We are very pleased that our shareholders backed the Company’s vision of sustainability in the energy metals space. The additional funds raised will allow all debt to be retired, improving the Company’s balance sheet and accelerating the expansion of Envirostream, our battery recycling subsidiary.”

Mincor Resources NL report highgrade massive and matrix nickel sulphide mineralisation at its Cassini North prospect, located 700m to the north of its cornerstone Cassini Main deposit at Kambalda, Western Australia. This is the first diamond hole drilled at Cassini North following a recent reassessment and geological re-modelling of the area completed by Mincor’s exploration team. MDD350 returned a significant intercept of 2.5m @ 6.6% Ni (including a higher-grade core of 2.0m @ 7.7% Ni), comprising a mix of high tenor massive and matrix nickel sulphides. Mincor’s Managing Director David Southam said, “This is a really exciting development which stems directly from the systematic approach which the geology team has adopted to nickel sulphide exploration.”

The Hamilton Copper Project in north-west Queensland has been successfully completed with a total of seven holes for 2,098m drilled under AusQuest Limited Strategic Alliance Agreement with South32. The drilling program has provided an approximate 500m spatial coverage around earlier drillholes, which provided strong indications of alteration
and the potential for nearby copper mineralisation. Managing Director, Graeme Drew, said the successful completion of the Hamilton drilling program was pleasing, particularly given that travel restrictions are still in
place due to COVID-19. “We are now eagerly awaiting assay results so we can identify potential ‘vectors to ore’, given that the holes were drilled so far apart to cover the large scale of the prospect,” he said.

Cyprium Metals Limited has provided an update, announcing granting of the mining lease at the Cue Copper Project, which replaces the Hollandaire exploration tenement and a portion of the Rapier exploration tenement. Cyprium has applied for exploration tenements to the west and east of the Nanadie Well CopperGold Project, to expand our regional presence in the area and increase the projects exploration prospectivity. The Nanadie Well Copper-Gold Project also has the Stark Cu-Ni-PGE prospect along with a number of drill ready targets that offer excellent exploration upside. Executive Director Barry Cahill commented, saying “We are pleased that the mining lease has been granted to remove any uncertainty over the timing of when mining operations could potentially commence, following the successful completion of favourable Cue Copper Project scoping and feasibility studies.

 

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Diggers and Dealers Presenters for 2020 Revealed

The programme for the 2020 Diggers and Dealers Mining Forum has been revealed.

53 presenters from a range of the commodities in mining are presenting across the three days – October 12 – 14 2020 in Kalgoorlie Boulder. Northern Star Resources will present first as part of the forum after having the final spot in 2019. Tuesday morning looks a busy and intense session, Kirkland Lake Gold who operate the Fosterville Gold Mine in Victoria open Tuesday, followed by Saracen Minerals, St Barbara Mines and Fortescue Metals Group. Then after morning tea BHP NickelWest, Newcrest Mining – who have been topping the list of Australian gold producers in recent times and AngloGold Ashanti round out what will be no doubt an intense start to Tuesday. While Potash producer SO4, Rare Earths miner and new stakeholder in Kalgoorlie Lynas Corporation and iron ore miner Roy Hill feature on Wednesday.

According to Jim Walker Chairman of Diggers and Dealers, despite challenges in 2020 the Forum is looking forward to mining showcasing itself yet again.

For further details – Diggers and Dealers Website – https://www.diggersndealers.com.au/

The full program for 2020:

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Morning News Bites – July 8

Restrictions tighten to get in to Victoria as blame continues on Victorian Premier Daniel Andrews. Deloitte cuts staff and tax relief may come soon according to Josh Frydenberg

The creation of an integrated monitoring and governance platform for Tailing Storage Facilities is a cause of Memorandum of Understanding between K2Fly and Decipher. According to Chief Commercial Officer Nic Pollock, the synergy is about best practice and ensuring the stipulations in place by governing bodies are adhered to.  “Our proposed solution will ensure industry has access to a significantly better tool to aid monitoring and governance of TSFs to recognised standards. The solution reflects best practice and will support compliance with the Global Industry Standard on Tailings Management recently endorsed by the International Council on Mining and Metals (ICMM) and other Global Tailings Review convenors, as well as standards set by national regulatory bodies,” he said. Decipher is a Perth cloud based company which helps manage the earth’s resources to be more sustainable and profitable and is part of Wesfarmers

Apollo Consolidated has hit found some significant new gold intercepts at Lake Rebecca Gold Project which will lead to follow up. 6m @ 9.72/t Au (including 1m @ 49.8g/t Au) was located within 2km of the Duchess deposit and has been identified for an immediate follow up. The results of the RC drilling has been found in a prospective corridor north east of the Duchess gold deposit.  The combined drilling along this magnetic/structural corridor suggests excellent potential for significant new gold mineralisation. The drilling program was designed to continue on the February 2020 maiden estimate, which combined in-situ Mineral Resources of 27.1 million tonnes at 1.2g/t Au for 1.035 million ounces of gold. Now results demonstrate potential for new Mineral Resources in broader Project area.

Saracen Minerals have released a June production update which has shown 145,830oz. Of which the KCGM Super Pit (Joint venture with Northern Star Resources) has produced 53,398oz, while Carosue Dam produced 50,315oz and Thunderbox 42,117oz. Results show a FY20 production figure of a record 520,414oz which was around 20,000oz above guidance. Managing Director Raleigh Finlayson said “We have now met or exceeded guidance for seven straight financial years,” he said. “We are also meeting our undertakings to continue driving growth and we expect this to be clearly evident in our strong news flow over the coming months.” Mr Finlayson has recently been featured on an Industry Link Media podcast discussing Saracen and its Super Pit buy.  

Northern Star Resources has announced its June quarter update. The KCGM Joint Venture holder has announced its postponed FY20 interim dividend of A7.5¢ to be paid on July 16, 2020 – fully franked. Northern Star also drew down an additional A$200 million in debt in the March quarter but advised the market today it has repaid that A$200 million on July 6 2020. The Jundee Operation produced 80,666oz for the June quarter and 300,150oz for FY20 while Pogo produced 49,353oz for quarter and 174,307 for FY20. The Kalgoorlie operations produced 83,945oz for June quarter and 318,759oz for FY20 which saw overall milled tonnes increasing by 10%, head grade increasing by 4% and gold production increasing by 13% compared to the March quarter. And as reported the KCGM Super Pit focus turned to expanding the available open pit mining front 53,397oz per June quarter and 111,961oz for the FY 20.  According to Bill Beament, Executive Chairman Northern Star Resources  “The results at our Pogo mine in Alaska were particularly pleasing given the challenging circumstances emanating from COVID-19 where we effectively managed safe operations with 36 confirmed cases through the quarter. Despite the considerable impacts of COVID-19 at Pogo, the underlying trend of rising production and productivity continued. This further demonstrates the huge potential of this asset in more conventional circumstances. The teams at our Jundee and Kalgoorlie Operations excelled and we made strong progress towards our goal of unlocking the significant upside at KCGM.”

3D Resources has announced a maiden drill program for the Adelong Goldfield in New South Wales. Drilling is expected to start on August 10 2020. Initial focus will start on drilling at Donkey Hill and then continue to Currajong, where the inclusion of which has only recently been approved into the amended mine operation plan. 3D Chairman Ian Hastings said “The Company is excited to announce our maiden drilling program at the Adelong Goldfield Projects scheduled to start next month. Concurrently, we continue to progress our strategic review with a focus on maximising impact for our shareholders. We see tremendous opportunity across the Adelong Goldfields Projects and I look forward to working with the Board to unlock the potential in the coming months.”

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Morning News Bites – July 2

Woolworths has been fined $1 million for continuing to send emails to recipents who indicated they no longer wanted to receive correspondence, Victoria goes in to postcode lockdown and Tesla overtakes Toyota as the world’s most valuable carmaker.

SRG Global has provided the market with an update on its operations and also outlined bringing forward a half year dividend which was originally posted as being due 29 October 2020. The first half Interim Dividend payment of 0.5 cents per share has been brought forward to 30 July 2020. As part of the market update, SRG announced the Financial Year 20 Underlying EBITDA expected to be $20m – $21m. SGR Global Managing Director David Macgeorge, “SRG Global’s focus has and will remain the safety and wellbeing of our people and accordingly we proactively implemented a range of safety, supply chain and cost mitigation measures to manage the company through the uncertainty caused by COVID-19. With the actions we have now taken, we expect FY21 EBITDA growth to be circa 50% from underlying FY20. We have a strong pipeline of opportunities in excess of $6b, with positive exposure to Government backed Infrastructure investment, high quality commodities, diverse industries and a tier one client base. This has us well positioned for long-term sustainable growth.” SRG has around  $707m as described as work in hand as at 30 June 2020. With this figure, approximately two thirds of work in hand annuity/recurring in nature. The Company continued to invest in growth capital in 2H FY20 including the commencement of five-year contracts with both Alcoa and Saracen Minerals.

Breaker Resources has announced a hit of 4m @ 21.79g/t Au from 172m from one of three RC drill holes as part of the maiden drilling at the Carbineer Prospect. All three drill holes intersected significant gold mineralisation at the project with assay results for another 11 holes pending. Executive Chairman Tom Sanders recapped the drilling results and also eluded to good results around the Kopai-Crescent area – he said “These two emerging discoveries have the potential to materially expand our shallow gold inventory and complement our success extending the Bombora gold deposit at depth, We are still gauging the extent of the mineralisation footprint in each area on very wide reconnaissance drill hole spacings. So to hit high-grade gold at the Carbineer Prospect on the first two single-hole sections 100m apart, is both exciting and unusual. Further drilling is planned to restart in two weeks. In the Kopai-Crescent area we are seeing significant gold up to 2-4g/t over a very large area. I think that the high-grade intersections will come once we finish scoping the areal extent of the mineralisation and then zero in on the structures controlling the gold.”

Black Cat Syndicate has completed the acquisition of the Fingals and Rowes Find gold project.  Fingals is located around 30 kms south east of Bulong and Rowe’s Find is located around 100 km east of Bulong. The transaction has increased Black Cat`s resource by 145%. Also Silver Lake Resources has emerged as a substantial shareholder (8.7%) in Black Cat and will have the first right of refusal on any toll treating arrangements relating to Fingals and Rowe’s Find. Black Cat’s Managing Director, Gareth Solly, commented: “We are extremely pleased to have completed this transformational acquisition and welcome Silver Lake as our largest shareholder. With the acquisition of Fingals and Rowe’s Find completed, we will now focus on converting the JORC 2004 Resources to JORC 2012 Resources, updating the JORC 2012 Resources and identifying our immediate drilling priorities. We will commence releasing the results of this work later in July 2020.”

The awarding of a the Corunna Downs Mining Services’ contract for Atlas Iron Pty Ltd has been awarded to MACA Limited. The project will consist of open pit mining services including drilling & blasting, and loading & hauling. The contract will generate approximately $230 million in revenue for MACA over the 62 month term. MACA CEO Mike Sutton said “We are pleased to have been selected as the Contract Miner for Atlas building on our workload in the Iron Ore Sector with an existing client. We look forward to being part of the successful development of this project”. MACA has previously worked on Atlas Iron projects at Pardoo, Mt Dove, Abydos and Wodgina operations as well as providing Crushing Services for Atlas at its Mount Webber Operations and Civil works at Corunna Downs.

A planned Financial Year 2021 exploration program has been announced by Australian Potash under the Earn-In & Joint Venture agreement by joint venture partner St Barbara Limited for the Lake Wells Gold Project. The exploration program will cover around 30,000m. Managing Director and CEO, Matt Shackleton said “The results of exploration to date by St Barbara generated compelling analogies to the richly endowed Kundana goldfield endowed with in excess of 8M ounces of gold. St Barbara has confirmed the details of the planned FY21 exploration program, including up to 30,000 metres across targets in the Yamarna and Lake Wells joint venture areas. Subject to access, the program is planned to commence in September and is likely to continue through to the end of Q2 FY21.”

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Morning News Bites – June 2

Markets are on the rise as factories are starting to return. Could Australia be headed for negative interest rates, the Reserve Bank meet today,

 

  • Thick shallow gold intercepts found with Dreadnought Resources at their Rocky Dam project near Kalgoorlie. Managing Director Dean Tuck was encouraged by the results which included:

    RDRC002: 45m @ 0.6 g/t Au from 18m including 9m @ 1.7 g/t Au from 42m

    RDRC006: 40m @ 0.2 g/t Au from 19m

  “Our maiden drill results at CRA-North are highly encouraging with good widths and reasonable grades. The           bedrock mineralisation and potentially higher grades are interpreted to sit to the west and at depth beneath the   recent intercepts. The thick shallow oxide mineralisation combined with ~300m of strike and proximity to Kalgoorlie    makes CRA-North an attractive target for further drilling as soon as logistically possible.” Mr Tuck said.

  • A high definition drone will provide detail on the trends and drilling over the Metalicity Kookynie Gold Project as a significant strike extension has been identified. Managing Director of Metalicity Jason Livingstone said “Concurrent with our drilling programme underway at the Kookynie Gold Project, we have engaged RocAerial with their drone to complete a very high detailed geophysical survey over all live tenure within this Project.” “I am very keen to further define the structural framework that potentially hosts mineralisation north and south of the prolific Cosmopolitan Gold Mine which produced 360,000 ounces of gold and the strike continuation of Champion, but also the significant 2 kilometre trend between Leipold and McTavish. Let alone the Altona trend some 1.5 kilometres east of the Cosmopolitan where some 80,000 ounces has been produced historically with very little follow up work done in the modern era.”
  • A large gold target has been identified at the Tucklan project in the Lachlan Fold belt in New South Wales. The project with Sultan Resources is 45km from Alkanes Boda discovery and is undrilled. Soil sampling across a 100m x 100m grid has defined a 1.5km x 0.30km, NW-SE striking, coherent gold in soil geochemical anomaly showing gold values consistently greater than 7.2ppb Au.
  • The strike length at Taruga Minerals Woolshed deposit has been extended after reprocessing of government airborne magnetic data. Taruga has highlighted the portential for a 15km strike of Iron-Oxide-Copper-Gold. The reprocessing has also highlighted the potential mineralisation of surface or shallow depth targets. 
  • Auroch Minerals has entered a trading halt, prior to which it released results from its RC Drilling program at its Saints Nickel Project. A capital raising is set to to be announced. The Saints Nickel Project is 65km north west of Kalgoorlie.

 

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Morning News Bites – May 6

Brent Crude has jumper to over $30 a barrel overnight as on this day on 2004 Friends finale was aired in the US.

 

  • Three gold zones found from drilling at Catalyst Metals JV interest – Four Eagles Gold Project near Bendigo in Victoria. One highlight being FERC 284 – 13m @ 2.5g/t Au from 70m, 23m @18.3 g/t Au from 99m including 11m @34.5 g/t Au and 3m @ 110.2g/t Au.
  • Classic Minerals applies for a lease on edge of Eastern Wheatbelt of WA at Kat Gap. Scoping studies underway for an open pit scenario..

  • Additional resources defined for deposits at King of the Hills with Red 5. Cerebus-Eclipse Indicated and Inferred Resource of 2.8Mt @ 1.2g/t Au for 112,000oz. Centruri Indicated and Inferred Resource of 1.7Mt @ 1.5g/t Au for 81,300oz.
  • News South Wales copper gold project shows more strong gold rock chip samples for DevEx Resources. The Basin Creek project is east of Canberra and lies in the Lachlan Fold belt adjacent to Cadia Ridgeway and North Parkes.
  • Prime Minister Scott Morrison “We now need to get 1 million Australians back to work”. His view is backed by state and territory leaders. National cabinet approved measures for this to occur on Tuesday May 5.

 

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Morning News Bites – April 29

Cold front across the bight brings cold weather and a hint of winter to all states.

 

  • Lynas Corporation has advised a Movement Control Order still exists in Malaysia, It’s plant there remains in care and maintenance
  • Boss Resources on track to be Australia’s next Uranium Producer as the Honeymoon Uranium Project South Australia feasibility study results prove that a fast track start within 12 months is possible.
  • Middle Island Resources is halfway through its drilling program near Sandstone in WA. Gold intercepts of 4m at 90.6g/t identified at its McLaren potential open pit deposit
  • 3rd quarter sales increased for Coles Group by 12.9% to $9.2 billion based on Covid-19 and the group continues to assists supplier, customers and staff during this time.
  • KCGM (50/50JV Saracen and Northern Star) offers $300,000 to enable the KBCCI to deliver a Small Business Support Grants program, providing up to $10,000 to eligible Kalgoorlie-Boulder businesses impacted by COVID-19

 

 

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Morning News Bites – April 24 2020

  • Mines Safety Levy in Western Australia to be reduced by 20 per cent to 17 cents per billable hour
  • WA Government announces support package for construction industry, the package includes $10 million to provide an immediate, one-off payment of $2,000 to employers of existing apprentices and trainees currently receiving Construction Training Fund (CTF) grant payments. 
  • Congress delivered a near on $500 billion aid bill for the United States. Around 50,000 people have lost their life due to Covid-19 in the US and one in six have lost their employment.
  • Oceana Gold announce May 14 for 1st quarter results
  • We are being encouraged to stand at dawn tomorrow on our driveways to commemorate ANZAC Day.

 

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Morning News Bites – April 22

News you need to know April 22

  • Orange Health Service’s COVID-19 response team is now receiving free family meals at the end of each shift, sponsored by Newcrest Mining’s Cadia operations, to support these health professionals and their families, as well as providing patronage to local catering companies.
  • Nagambie Resources first drill hole has commenced at Racecourse sulphide-gold target in the Waranga Province, Victoria. The area is prospective for a Fosterville style gold mineralisation. https://www.asx.com.au/asxpdf/20200422/pdf/44h4kjg4cw0f8t.pdf
  • How has South32 have come up with a novel way of stopping the spread of Covid-19 at Worsley Alumina:
  • Torian Resources has announced Dampier Gold has commenced earning a farm-in interest on its Zuleika Project that will deliver cost savings to Torian and allow further exploration in the WA Goldfields. https://www.asx.com.au/asxpdf/20200422/pdf/44h4qvlf3w94x7.pdf
  • Today is 50 years of Earth Day the theme this year is Climate Action.