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Beacon Minerals Reveals Positive Panther Intercepts And International Prospects

The Panther prospect for Beacon Minerals has delivered some very positive results at shallow depth after results were revealed to the market.

Some highlights of the program included:

  • PBRC070 13 metres @ 16.4g/t Au from 9 metres including 1 metre @ 195g/t Au from 13 metres
  • PBRC071 11 metres @ 7.1g/t Au from 7 metres including 1 metre @ 53.5g/t Au from 7 metres
  • PBRC080 2 metres @ 32.5g/t Au from 40 metres including 1 metre @ 58.8g/t Au from 40 metres
  • PBRC081 3 metres @ 26.8g/t Au from 45 metres including 1 metre @ 69.0g/t Au from 45 metres

Beacon Minerals has also announced it has applied for two prospecting licenses in Timor-Leste covering an area of 12842 ha. Beacon has committed to a staged exploration program in Timor Leste subject to

  • Enactment of a Mining Code and granting of prospecting license
  • Potential participation by the Government on a basis to be agreed

In other news relating to Timor Leste, The Timor Leste Ambassador to Australia Mrs Ines Almeida and staff; and Mr Gualdino da Silva President of Autoridade Nacional do Petroleo e Minerais (ANPM) and staff managed to visit Beacon’s Jaurdi project recently.  Beacon has applied to be a sponsor for the 407 Training visa. This would allow for overseas candidates to stay in Australia for up to two years to complete work place based training to improve skills. The longterm intent is to enter into a training partnership with ANPM.

“Beacon is pleased with the steady production at Jaurdi Gold Project. We continue to review different options to reduce costs and take advantage of the increasing gold price. The on‐going COVID‐19 is monitored closely by Beacon and we have in place policies and procedures to ensure the safety of the staff, consultants and the wider community. “The Company’s continues to maintain its exploration activities with the on‐going exploration program at Panther and the review of additional exploration programs that we believe will add shareholder value. The Board would like to thank Mr Gualdino Da Silva, Mrs Ines Almeldia and their staff for visiting Jaurdi, showcasing Beacon’s ability to create value in a short period of time.”

The Jaurdi Gold Project produced 6905oz of gold for the March 2020 quarter with gold sales of 5,033oz at an average sale price of $2,346A$/oz. In to the next quarter, hedges of 1000oz per month are places at $2,331A$/oz for April, May and June.

 

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Sykes Transport Powering On With Business

 

As a transport provider based in WA after starting in Geelong, Victoria in 1959, Sykes Transport is operating business as usual. General Freight services are continuing around WA and also interstate despite hard border controls. But the freight levels and loads for Sykes Transport continue and remain constant. The demand on logistics and the transport industry is quite profound at the moment. Air freight has become a luxury and some brands have opted to take express delivery away from options for purchasers. The express option generally involves air freight.

Sykes Transport however, continue to provide services in the same way day in day out. Managing Director David Sykes gave us an overview of how business was operating as usual.

“A very large part of our operation is to service those businesses that support the mining industry, both in the Goldfields and in the Pilbara. Those businesses are providing critical employment opportunities for locals. While we have had to change the way we do things, we have ensured that there is no change in our transport schedules or level of service. Right now that is more critical than ever.”

Mr Sykes says that the effect of the Coronavirus on the business from an operations point of view has meant implementing new structures and processes.

“While our customers may not have noticed any interruption to their usual level of service we have had to be diligent to ensure the safety of our staff and clients from the threat of Coronavirus. Some changes that we have implemented include splitting our operations and workshop staff into A and B teams, strict sanitary procedures in all vehicles and offices, controlling access to our depots in a manageable fashion, admin staff working from home and limiting interactions between our drivers and clients to name a few. As the threat and available information has continued to evolve, we have continued to update and implement new procedures.”

The crystal ball is not working in regards to a vision of the other side, yet Sykes Transport continues to look big picture.

“Our company was established in 1959 and we are very proud to have a trading history spanning greater than sixty years. While we have never experienced anything like the current Corona crisis in our past, we will continue to apply our proven strategy of collaboration, adaptation and innovation in order to best serve the needs of our clients through these difficult times and beyond. Internally that means updating our ISO business management systems and processes as necessary and externally it means keeping that critical dialogue and communication open with our clients to ensure we are meeting their needs.”

While things are still all going ahead well, Mr Sykes also added that he wished the best to those who are doing things tough in particular those affected by the legislation introduced that restricted trade to some industries.

“We have a tonne of empathy for those businesses that are doing it tough. There are lots of family businesses just like ours, that through no fault of their own are severely impacted by this pandemic. We are, purely by circumstance, considered an essential service and if in some small way we can make a difference to them by providing those essential transport services then it is both our duty and our pleasure to be able to help.”

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Leo Dam Results Brings Significant Development Opportunity For Pioneer

Pioneer Resources have been buoyed by their latest drilling results announced to the ASX on Thursday 9 April.

The drilling programme at Leo Dam, ~25 kilometres south of Kalgoorlie, consisted of six reverse circulation holes totalling 1,771m with an average depth of 295m, the deepest hole reaching 403m.

In the release, Managing Director, Tim Spencer said, “We are very encouraged by the results from the recent drilling and DHEM survey at Leo Dam.  The fact that nickel sulphides were encountered in all six holes, including some broad strongly anomalous zones, is a significant development.  The results confirm that Leo Dam sits in a prospective channel for nickel sulphides – and there appears to be a strong EM conductor, which can indicate massive sulphides, below the depth of this drilling programme.”

Further work is planned within the next three to six months.  However the impact of Covid-19 could be a factor before further drilling takes place, including the extension of one of current drill holes.

Leo Dam, part of the Blair nickel sulphide deposit is classed as “Kambalda style”, with nickel sulphides accumulating at the “Basal Contact”.  It lies within a belt where some of Australia’s most productive gold and nickel mines have generated millions for the local economy.

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Mining Community Gets Behind Important WA Organisations

As the Western Australia mining sector continues to operate amid the Covid19 pandemic, the Chamber of Minerals and Energy of Western Australia has been instrumental in providing support to three Western Australian organisations at a time of crisis.

Over $6 million has been distributed to the Royal Flying Doctor Service Western Operations (RFDS WO), Foodbank WA and Lifeline WA. These three organisations provide massive support to WA as well being a service that assists in times of need.

According to Paul Everingham, CMEWA CEO, “During the coronavirus pandemic, the WA resources sector’s highest priority is the health and safety of its people, their families and communities,” Mr Everingham said.“The sector is extremely grateful for being allowed to continue to operate in this environment and does not take the responsibility lightly.
“The resources sector has come together in solidarity at a time when the West Australian community is being asked to do the same thing.

“Our member companies are keen to collectively do something to further support our resources sector workforce, as well as the broader WA community, who are becoming increasingly challenged by current events.
“So far, Albemarle Lithium, AngloGold Ashanti Australia, BHP, Chevron Australia, CITIC Pacific Mining, Fortescue Metals Group, Gold Fields, Gold Road Resources, Mount Gibson Iron, Newcrest Mining, Ramelius Resources, Regis Resources, Rio Tinto, Roy Hill, Saracen Minerals, South32, Talison Lithium, Transalta Australia and Woodside Energy have contributed to the initiative, with further companies finalising their investment over the coming days and weeks.

“We are all in this together and we will stand with the WA community to overcome this challenge.”

Other initiatives by the mining community of WA already announced include:

  • Up to $160 million from Andrew Forrest’s Minderoo Foundation and Fortescue Metals Group to procure and distribute medical supplies and increase testing;
  • $25 million from Rio Tinto to support global grassroots community Covid-19 preparedness and recovery, on top of its recent extension of its $15 million Royal Flying Doctors partnership to support health for remote communities in Western Australia;
  • BHP announcing several pieces of support such as
    • a $50 million Vital Resources Fund
    • $100 million into small, local and Indigenous businesses by accelerating payments and reducing payment terms to seven days (from 30 days)
    • Employment of a further 1,500 people to support its Australian operations;
  • Woodside’s $10 million COVID-19 Community Fund

“The generosity of our member companies during this crisis has been overwhelming and is reflective of the top priority they place on protecting the health and safety of all of their employees and Western Australian communities,” Mr Everingham said.

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PM Announces Biggest Economic Stimulus To Date

In Canberra on March 30, Prime Minister Scott Morrison has announced a massive stimulus package for employers to keep paying employees who are affected by the Coronavirus. The Federal Government is committing $130 billion over six months to support up to 6 million Australians which equates to around $1500 per fortnight.

This will be known as a Job Keeper payment.

The PM said “We are introducing a $1500 per fortnight Job Keeper,  payment, We will pay employers,  to pay their employees and we will make sure that happens”The Job Keeper Supplement will apply to part timers, full timers, sole traders and casual staff who have been in employment with their employer for over 12 months. Those made redundant after March 1 are also eligible.

This news is on the back of the ASX 200 closing at 5181 points up 7%. Health, financials and consumer facing sectors were strongest.

 

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Saracen Response To Covid 19 While Keeping Financial Guidance

In a buck against current trends, miner Saracen has announced it will not be reducing its guidance at this point. The company remain on track for upwards of 500,000oz as part of their FY2020 guidance, but are also taking huge measures to protect staff and production at this time. The guidance for the FY2020 will continue to be monitored.

There has been a range of procedures implemented by Saracen to ensure health and safety of Staff is paramount. This includes:

  • Bans on all non-essential travel
  • Cessation of all discretionary expenditures and associated personnel
  • Remote working arrangements where practicable both on and offsite
  • Longer FIFO rosters for all personnel to at least 3 weeks on / 3 weeks off (from 15 days on / 13 days off and 8 days on / 6 days off i.e. 4 panel structure maintained)
  • FIFO travel restricted to charter flights only with strict health screening before departure
  • Employees and contractors living out of WA cannot travel to site unless 14-day quarantine period is met
  • Additional charter flights and buses added to ensure sufficient seating to support social distancing
  • Changes to the operation of mine camp facilities including kitchens, bars and closure of the gyms

Managing Director Ral Finlayson said in relation to the approach by Saracen on Covid19 “Our number one obligation is to protect our people and, in the process, the wider community, While the measures taken so far have had minimal impact on our production, these are not ‘business as usual’ times.

“The controls and restrictions we have put in place in recent weeks are likely to impact our mining production rates in the coming quarter. At this stage, with the benefit of substantial ore stockpiles, we expect the impact to be limited on mill production, but we will ensure we keep all stakeholders informed if and when circumstances change in the future.

“It may also become necessary to implement further measures, which we will do without hesitation if circumstances require.”

In other details on the production and operations news, there is a record group production of between 150,000 and 155,000 ounces estimated for the March quarter 2020; Production in the six months to December 31 was 216,452 ounces. The commissioning of the Carosue Dam mill to 3.2Mtpa is likely to be slightly delayed until the March quarter 2021, but Saracen has large ore stockpiles available for milling (more than 1.7Moz attributable) which will help insulate the business should mining be further restricted

A further update on current ore stockpile levels was provided:

  • Carosue Dam – Approximately 9 months processing
  • Thunderbox – Approximately 13 months processing
  • KCGM low grade – Approximately 25 months processing
  • KCGM sub-grade – Approximately 92 months processing

A pause has been placed on in-mine activity which includes definition drilling into Fimiston South at KCGM.

 

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Gold Hits Australian Record Overnight

It’s been on one rollercoaster ride lately, but overnight gold hit a record Australian price $2828.99 While restrictions on business, major disruption of industries and so much uncertainty loom, Gold has started to become the beacon for the world to look towards with much needed positivity. 

 

Gold is safe haven buying. It provides comfort to markets in times of crisis. Not since 2011 have we seen the price of gold at levels we have right now The all time high for gold was $1917.90US/oz. At that time, the Australian dollar had parity with the US in sight, now it’s a different world. The Aussie dollar is buying just under 60¢ US at time of print.  
It has been an interesting time for gold according to analysts. However now its believed we are seeing the tradition response to the metal during uncertain times.
 
Platinum and Palladium have also had a run early to mid-week on markets. 

Price via Kitco
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Galileo Hits Intersect At Lantern Project

Galileo Mining has announced some significant results from its Lantern Project,  as part of the Kitchener northern tenement as part of the Fraser Range Zone.

Reverse Circulation drilling revealed a source of geochemical anomaly by intersecting nickel and copper sulphidemineralisation in fresh rock.  Of three RC Drill holes, the following results have been revealed with a reported 0.1% copper cut off grade.

  • LARC001 10m @ 0.21% nickel and 0.14% copper from 62m (weathered rock)
  • LARC002 21m @ 0.19% nickel and 0.18% copper from 59m (weathered rock)
  • LARC003 12m @ 0.38% nickel and 0.33% copper from 124m (sulphide)
  • LARC003 5m @ 0.13% nickel and 0.13% copper from 150m (sulphide)

LARC001 and LARC002 confirmed the anomaly while LARC003 identified the source by intersecting it.

“This is an excellent result from the first ever RC drilling program at the Lantern Prospect. We have now discovered a fertile mineralised system containing nickel and copper sulphides. Our next step is to define the extent and quantity of the target metals and, given that we have over two kilometres of untested strike length at this one target alone, the potential for a large discovery is outstanding.” According to Brad Underwood, Managing Director of Galileo Mining.

Galileo now has further downhole EM surveys on LARC003 to complete as well as step out aircore and RC drilling around the LARC003 hole. There is also planned aircore and diamond core drilling as part of the upcoming drill program.

With assistance – Galileo Mining

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Maiden Air Core Drilling By Krakatoa At Belgravia

A maiden air core drilling program has been completed by Krakaota Resources at its Belgravia Project  7km east of Molong and 20km NW of Orange in New South Wales.  A total of 128 holes were conducted for 2358m, but also expanded high resolution aeromagnetic survey of the Project was completed as well.  

In a release to market by Krakatoa, the following revealed some results of the program. “As part of the drilling program the presence of (high potassium) shoshonitic intrusive and volcanic rocks which are more widely distributed than previously believed. Alkaline rocks have been established as being closely related to certain times of gold and base metal deposit.” 

 Further details were released on the aeromagnetic survey as well. “The aeromagnetic survey was completed across the Sugarloaf Creek, Guanna Hill, Shades Creek, Nandillyan and Strathmore target areas. The survey will highlight possible intrusive bodies, porphyry style alteration and potential mineralising structures.” 

Krakatoa’s Belgravia project is part of the East Lachlan Fold Belt and has targets for porphyry Cu-Au and associated skarn Cu Au. It is part of the largest porphyry province in Australia.  

 

With assistance – Krakatoa Resources.

   

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Diggers And Dealers 2020 Date Change Announced

The highly regarded Diggers and Dealers Mining Forum in Kalgoorlie Boulder has today announced a change of dates for 2020.

Forum Chairman Jim Walker announced the details today via email.

We have been paying close attention to the developments in Australia and Internationally in relation to the outbreak of COVID-19. With our focus being on the safety and health of delegates, and the increasing uncertainty around large events, we believe that moving the Diggers & Dealers Mining Forum to 12,13, and 14 October 2020 is the responsible action to take.

By moving the event out of the winter period, we believe we are allowing more time for authorities to assess information and guide our decision making.

We also want to provide reassurance that we are committed to supporting the Goldfields community, resources industry and our suppliers. We have consulted with industry colleagues for their input on this decision. Their full support has been provided given the measures the broader mining community has implemented and are planning to implement if necessary. Due to the lead times and logistics associated with holding the event in Kalgoorlie we do need to have a date to work towards. We believe this is the responsible action to take in these unprecedented circumstances.

 Mr Walker also went on to thank sponsors, presenters, exhibitors, media and delegates for their understanding at this time.

Diggers and Dealers was originally set for August 3,4 and 5 2020 in Kalgoorlie Boulder. Professor Ian Goldin was also announced last month as the Forum’s key note speaker.