Morning News Bites – June 18

ASX Early trade has fallen and Australia’s population growth could be heading to zero.

  • With a Western Australia set election due within 12 months, the WA Nationals have ceased their iron ore tax policy. The policy sought to lift the 25c special iron ore lease rental to $5 per tonne and would raise a considerable amount for WA in the process.  A huge campaign was created against the policy for the 2017 election which saw the then leader Brendon Grylls lose his Pilbara seat.
  • A semi permanent camp is being set up for Marmota at its Aurora Tank gold discovery in South Australia. This forms a pathway top production for Marmota which has recorded drill results previously of 120g/t from 21m, 105g/t from 38m and 93g/t from 32m. Marmota Chairman, Dr Colin Rose, said: “ I am delighted that we are setting up a semi-permanent camp at Aurora Tank to provide critical infrastructure. It is also a transition point for the Company and enables us to expedite the operations pathway at our Aurora Tank gold discovery. ”
  • Drilling has commenced at Munni Munni near Karratha with a 13 hole, 1,820m RC drilling program under Artemis Resources. The program has been designed around the resource area to test depth extensions and to undertake DHEM, which will test the electromagnetic (EM) signature of the ore zone. Artemis’s Executive Director Alastair Clayton, commented: “It is terrific to be back exploring at the Munni Munni PGE Project. Drilling using an RC rig is designed to grow the footprint of the known reef-style PGE mineralisation and test for, what our technical team believes, may be a second reef below and subparallel to the primary reef.” Mr Clayton also spoke about the previous Empire Transaction and the Joint Venture nature of the project “Whilst the previously announced Empire Transaction regarding the proposed sale of 51% of the Company’s 70% beneficial interest in the Munni Munni PGE Project Joint Venture (to be effected through the sale of a 72.9% shareholding interest in the Company’s wholly owned subsidiary Munni Munni Pty Ltd) has yet to close, we and our 30% partner in the Munni Munni PGE Project Joint Venture, ASX-listed Platina Resources Limited believe it is imperative to keep the Project moving forward with the stated aim of generating a JORC 2012 resource as soon as practicable. Our prospective partners in the Empire Transaction are also supportive of this programme. Artemis, through the proposed Empire Transaction, would retain both direct and indirect exposure to the Munni Munni PGE Project via becoming the single largest shareholder in Empire Metals Limited for its 58.6% in MMPL, which will continue to hold a 70% interest in the Munni Munni PGE Project, and retain a 27.1% shareholding in MMPL, free carried to completion of a Bankable Feasibility Study.”
  • EMetals has completed the acquisition and settlement of the Poona project pursuant to the binding tenement sale and purchase heads of agreement from Venus Metals. The announcement of the deal includes the assumption of Venus Metals existing joint venture arrangement with Bruce Legendre in relation to E20/885, which entitles Mr Legendre to a free carried 10% interest until such time as eMetals makes a decision to mine on that tenement. Also included in the transaction is a royalty to Venus of A$0.50 per tonne of ore extracted for mining purposes.
  • A $1 million capital raising has been completed for Dampier Gold to accelerate exploration programs. The development of the company projects will continue its exploration and development strategy of its significant gold project holdings located near Kalgoorlie in WA. Dampier Gold’s Executive Chairman, Mr Malcolm Carson is optimistic on what this program will bring “The strongly supported capital raising reflects the continuous market recognition and confidence in Dampier’s gold projects in the highly endowed Kalgoorlie district of Western Australia. Building on the success of our Credo drilling program, Dampier will use the proceeds of this capital raising to fast track drilling its priority targets at Zuleika, with the goal to define resources in the near term. The Zuleika Shear has historically produced more than 20 million ounces of gold and is one of the richest gold regions in Australia. The Dampier team is optimistic about discovering new gold deposits on the Zuleika tenements. The Company appreciates the support of Alto Capital in facilitating this capital raising.”

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