Morning News Bites – October 28

Galileo Confirm Prospective Nature of Fraser Range Lantern South Project.

Galileo Mining has announced assay results from recent diamond drilling have confirmed the prospective nature of the Company’s Lantern area in the Fraser Range Nickel Belt of Western Australia.

Commenting on the assay results Galileo Managing Director Brad Underwood said; These results are a very important step forward for the ongoing exploration programs at our Fraser Range project. For the first time we have identified a small section of primary massive sulphide with high levels of nickel, copper, and cobalt. This means we have identified a mineralised system that can produce high grade nickel and copper. Our job now is to focus on those areas that have the potential to hold large accumulations of economic sulphides. We currently have two advanced prospects at Lantern South and Lantern East where more drilling is required to follow up on the work completed to date. And, given that we have confirmed the fertility of the rocks on our tenements, we will also be increasing our efforts to build our earlier stage prospects into drill targets as we look to create a suite of high quality prospects for drill testing.”

  • Assays received for disseminated sulphides in LARC013D from the Lantern South prospect include;
  • 66 metres @ 0.19% nickel & 0.14% copper from 132.67m including 5.95 metres @ 0.36% nickel & 0.29% copper from 134.82m.
  • First occurrence of nickel and copper rich massive sulphides over 7 cm section of drill core with assays of 4.6% nickel, 2.2% copper, 0.15% cobalt & 0.7 g/t palladium from 136.2m (LARC013D).
  • Assays confirm the mineralised system at the Lantern Prospect is capable of producing high grade nickel-copper sulphide.
  • Wide intersection of disseminated sulphides (pyrrhotite dominant) at Lantern East (LARC008D) may represent a halo zone to remodelled conductive target located 150 metres north of current drilling.

Dampier Gold Release High-Grade Results From Zuleika Project.

Dampier Gold has released results from its Phase 2 drilling on the Paradigm East Project in the Zuleika Gold JV with Torian Resources. The Aircore program was completed at the end of September and comprised 21 holes for a total 1055m of drilling. Results have been received for the entire program on 4m composite samples.

The Zuleika Gold Project sits within the gold rich Kundana/Ora Banda district of the Kalgoorlie Goldfield and consists of a 223sqkm land holding along significant regional structures within highly prospective stratigraphy which has been the host to more than 20 million ounces of gold production over the last 30 years (still producing), with scope for more discoveries.

Best intercepts within the composite sampling were.

24m @ 6.4 g/t Au from 28m incl 4m @ 34.7 g/t Au from 32m and 8m @ 2.2 g/t Au from 48m including 4m @ 3.3 g/t Au from 48m.

Dampier’s Managing Director, Ms Annie Guo, said:

Our latest successful exploration results have vindicated Dampier’s strategy of maintaining an aggressive drilling campaign in parallel with our technical teams increasing understanding of the mineralised systems within the project area. I wish to congratulate Dampiers team for this outstanding result.

We have hit more high-grade mineralisation in previously untested areas. These results extend the known limits of mineralisation. This points to a larger mineralised envelope which in turn will give greater scale to the project.

The success at Paradigm East enforces the significant potential of Dampiers asset portfolio and together with the technical ability of its committed team, Dampier is on track with its focus of rapidly defining JORC Resources at its Zuleika project area which forms part of our Menzies/Kalgoorlie exploration strategy.”

Navarre Secures Lease in Victorian Goldfields.

Navarre Minerals believes it has strengthened its growth pipeline in the historical goldfields of Victoria, with the state’s Earth Resources Regulation granting the Company an exploration licence over the main producing areas of the St Arnaud Goldfield (EL6819).

Acquired after a competitive bidding process, the new ground is enveloped by Navarre’s broader tenement package at the St Arnaud Gold Project.  The tenure covers the majority of historical workings within the goldfield, which has produced 400,000 ounces of gold in the past.  Navarre has also lodged three exploration licence applications to secure a strategic tenement package, adjacent to its fully-owned St Arnaud Gold Project.

Managing Director, Ian Holland said;  The granting of the tenement validates Navarres aggressive exploration program at a time of record gold prices and intense interest in the Victorian gold sector,” said Navarre managing director Ian Holland.  The St Arnaud tenement package further strengthens the Companys hold over some of the most prospective ground in Victorias so-called Golden Triangle.”

The historical workings covered by exploration licence EL6819 include the Bristol, New Chum and Nelson lines of reef. These auriferous reefs extend for approximately five kilometres and dive under Murray Basin cover to the north, where Navarre’s drilling on an adjacent licence and identified gold and silver mineralisation extending for at least another five kilometres.

Ioneer Sign Contract for Caterpillar Machinery.

Australian based mining company, Ioneer Ltd, an emerging lithium– boron supplier, has released details of a partnership with Caterpillar as its exclusive heavy equipment partner for its Rhyolite Ridge Lithium-Boron Project in Nevada.

Caterpillar will supply haul trucks, hydraulic shovels, wheel loaders, and other mine site support machinery like track-type tractors (dozers), excavators, and motor graders. All equipment will feature the latest in high-precision GPS and real-time analytics in order to maximise efficiency and accuracy in material loading.

The equipment and services supplied by Caterpillar during the first five years of operation is valued at approximately US$100 million. In addition, Caterpillar will offer the Company finance solutions for the equipment through Caterpillar Financial Services. Both the supply of equipment and services and finance solutions are subject to a final investment decision being taken on the Project and definitive legal documentation.

The partnership will operate through Cashman Equipment, and will support the Rhyolite Ridge Project with technicians to assemble and service the equipment, operator trainers to assist with the most efficient machine operations, and product support consultants to facilitate a comprehensive Maintenance and Repair Contract (MARC) agreement.

Ioneer’s managing director, Bernard Rowe, said:  “We are extremely pleased to partner with the world’s leading manufacturer of mining equipment, Caterpillar. Ioneer is at the forefront of the US strategic imperative to develop a domestic lithium battery supply chain.”

Jupiter To Demerge Iron Ore Assets – Become Pure Manganese Company.

Jupiter Mines has announced that the Board has unanimously approved a demerger of its Central Yilgarn Iron Ore assets and subsequently an initial public offering.  The demerger will create an ASX listed company, to be named at a later date, which will work to progress the development of the Mount Mason DSO hematite project as its primary focus in the near term.

The demerger will be achieved via a distribution of the new company’s shares in-specie to Jupiter shareholders, in proportion to their existing shareholding in Jupiter.

Jupiter shareholders will also be offered the opportunity to acquire further shares in the new company above their in-specie allocation. Jupiter will retain a minority holding in the new company. Subject to all approvals, the demerger and listing is expected to be completed in the first quarter of 2021. Full details and timetable will be announced in due course.

Jupiter has appointed Greg Durack as the Chief Executive Officer to lead the IPO and implement the new company’s strategy.  Greg will also serve as an executive director. Other board appointments will be made shortly.  The new company will be headquartered in Perth, to maintain proximity to the CYIP assets.  Post the demerger, Jupiter will become a pure-play manganese company, with the aim to continue to maintain its strong balance sheet and high payout ratio.