Morning News Bites – June 26

It’s Refrigeration Day… Thats pretty cool. Australia New Zealand announced as Host for FIFA 2023 Women’s World Cup.

  • Earlier this week details on the final milestone for the Manganese Project, Butcherbird with Element 25 were announced. Today, Element 25 has announced details on a water bore drill program to provide sufficient process water for the beneficiation plant at the Project. Earlier water exploration identified a prospective supply and also  two aquifers, a shallow aquifer in near surface calcretes and a deep aquifer in palaeochannel sands. This project helps de-risk the project and to progress the timeline for production.
  • Qantas has completed its approximate $1,360 million fully underwritten placement of approximately 372.7 million new shares. 94% of the shares were taken by exisiting investors  “The fact that there was significant demand for this offer shows clear support for our recovery plan and confidence in the fundamentals of this business. The plan involves some difficult decisions but we are extremely well positioned to get through this crisis and start growing again on the other side.” Qantas is expected to recommence trading today. As stated previously, the proceeds from the equity raising will be used to accelerate the Group’s recovery, strengthen its balance sheet and position it to capitalise on opportunities aligned with its strategy.
  • Assay results have been received by Aldoro for its Penny South project. The 1m samples include 3m at 2.5g/t Au from 193m, inc. 1m at 6.7g/t Au from 194m and 3m at 2.8g/t Au from 221m, inc. 1m at 5.2g/t Au from 222m. This initial RC program was quite wide and shows a mineralised structure extending for a strike length of over 400m. Aldoro’s Managing Director Caedmon Marriott said: “We are encouraged by the results of the Company’s first RC program at Penny South. This widely spaced program, with lines 100m apart, appears to show a mineralised structure in the southern target area over a strike length of 400m, with assay results not too dissimilar to the Youangarra and Magenta Prospects at Ramelius Resources’ neighbouring Penny Project. The results warrant further follow up drilling hoping to find areas of increased grade and/or thickness.”
  • The commencement of drilling at Mandrake Resources Berinka Pine Creek Gold Project in the Northern Territory will commence in July after approval from the Northern Territory Department of Primary Industry and Resources. Previous drilling has identified intersections of 4m @ 6.6g/t from 32m, 6m @ 3.8g/t from 18m and 5m @ 2.6g/t from 30m. Mandrake Resources also has interest in a Ni-Cu-PGE Project north east of Perth. There is currently field exploration work at the Jimperding Ni-Cu-PGE Project with assay results from 44 rock chip samples to be known in around two weeks.
  • A hit of 4m at 99.5g/t Au, including 1m at 390g/t Au (repeat assay 502g/t Au) has been revealed by Middle Island Resources from drilling at its Sandstone Gold Project. The result comes from the new Ridge deposit as part of initial Phase 2 RC drilling. The particular drill hole that gave the result as mentioned, MSRC530 – is the most northern hole and adjoins the Shillington Gap target, which where exploration drilling will take place towards the end of the Phase 2 campaign. Reports that the drill program has completed 9000m and is running to schedule were also released. The Feasibility Study update is also progressing well for Middle Island.

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