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Morning News Bites – August 25

In Today’s Morning News Bites for August 25. Resolute confirms supply lines to the Syama Gold Mine continue, despite political tension in the south of Mali. Largest diamond unearthed this year discovered in Africa. Victoria report another 9 COVID-19 related deaths. 

SRG Global provided results for FY20, with revenue at AU$545 million. The impact of the global pandemic is mentioned and the negative effects on key drivers are explained. These include a repositioned and simplified business – core business, clients and geographies, continued plan to execute strategy to transition business mix to annuity earnings, significant liquidity with available funds of $73m (banking facilities renewal not due until FY22), net debt reduced in 2H to $8.4m (inclusive of $26m of equipment finance debt) and final fully franked dividend of 0.5 cents per share (total FY20 dividend of 1 cps). Despite this, Managing Director David Macgeorge maintained a positive outlook into the future, saying ““The decisive actions taken in FY20 has us well positioned for long-term sustainable growth, underpinned by an earnings profile of two thirds annuity-based in FY21 and beyond.”

Breaker Resources announces more strong drilling results which confirm the presence of extensive mineralisation over 2km between the Kopai and Crescent prospects within its Lake Roe Project, 100km east of Kalgoorlie. The latest results are from 40 reconnaissance reverse circulation (RC) drill holes for 5,202m, and two diamond drill holes for 269m. Breaker Executive Chairman Tom Sanders said the latest results are significant particularly given the reconnaissance nature of the drilling.“This 2km stretch of mineralisation sits just 3km north of our existing 1Moz Bombora deposit and highlights the outstanding growth potential of a rare emerging greenfields gold district on Kalgoorlie’s doorstep,” Mr Sanders said.

Significant new assay results from the ongoing resource drilling programme at the shallow high-grade copper-gold discovery at the Thursday’s Gossan prospect for Stavely Minerals Stavely Copper-Gold Project in Victoria. Very broad zone of copper mineralisation including a significant shallow intercept of 18m at 1.11% Cu intersected in the interpreted near-surface position of the parallel Copper Lode Splay (CLS) in drill hole SMD093: 299.7m at 0.40% Cu from 35m down-hole, including 64m at 0.68% Cu from 35m and 18m at 1.11% Cu from 36m in the interpreted Copper Lode Splay.

Buxton Resources informed shareholders that IGO Limited has commenced on-ground activities for the West Kimberley JV 2020 season. Diamond drilling has commenced at Merlin and ground EM will commence this week at Quick Shears. IGO has provided the following updates to Buxton which includes a new EM plate has been identified from the 2019 low temperature SQUID survey at Merlin. This anomaly is directly down plunge from the high tenor magmatic sulphide intersection (2.19m @ 4.6% Ni, 1.37 % Cu & 0.12 % Co from 236.0m). Modelling of this anomaly has returned two overlapping targets, a 125m x 90m 10,000S conductance plate and a 110m x 90m 9,700S conductance plate.

Horizon Minerals provides an update on the Nimbus silver-zinc project, adjacent to the Boorara gold mine, 15km east of Kalgoorlie-Boulder in the goldfields of Western Australia. Past production between 2003 and 2007 recovered 3.6Moz silver from the processing of 320kt grading 352g/t Ag with the plant now decommissioned, removed and the site rehabilitated. The current global Mineral Resource estimate stands at: 12.1Mt grading 52g/t Ag for 20.2Moz of Silver and 0.9% Zn for 104kt zinc. A high grade lode exists within this resource immediately below the historic Discovery Pit and has a Mineral Resource estimate of  260kt grading 774g/t Ag for 6.4Moz silver and 12.8% Zn for 33kt zinc.

 

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Morning News Bites – August 24

In Today’s Morning News Bites for August 24. Fortescue Metals report 49% increase in net profit to a record $US4.7bn. QLD reports one new COVID-19 case overnight. Liberal call for branch clean-out. 

Fortescue Metals report strong results from FY20, exceeding production guidance with 178.2 million shipments of iron ore for the full year. Costs remain low: C1 costs came in at US$12.94 per wet metric tonne in FY20. The company achieved average revenue of US$79 per dry metric tonne in fiscal 2020, up 21% YoY and has guided for FY21 iron ore shipments of between 175-180 million tonnes. Former CEO, and current non-executive chairman Andrew Forrest said, ”Fortescue’s success allows Minderoo Foundation the capacity and the flexibility to continue its work and tackle new challenges as they arise for many years to come.”

Saturn Metals announce further results from ongoing RC drilling at the Apollo Hill deposit within its Apollo Hill Gold Project, 60km southeast of Leonora in the Western Australian goldfields. This drilling at Apollo Hill is a key part of the Company’s strategy to grow the Project’s 781,000oz Mineral Resource. A further resource upgrade is targeted for late 2020, incorporating results from drilling conducted since November 2019. All 13 holes reported intercepts above the Apollo Hill resource cut-off grade and all but one intersected mineralisation above the average resource grade. Other strong intersections include: 21m @ 0.94g/t Au from 184m – , 9m @ 1.0g/t Au from 179m and 14m @ 0.84g/t Au from 329m.

Kin Mining NL significant new assay results received from recent air-core drilling at the East Lynne prospect, located 3km north east of the proposed plant site at its Cardinia Gold Project near Leonora in Western Australia. The drilling commenced at East Lynne in early July as part of the extensive and ongoing Phase 3 Exploration Program. Significant widths and grades encountered in 400m line spaced AC drilling, with in-fill drilling to 200m line spacing underway. Results include 20m at 1.36g/t from 20m and 4m at 1.29g/t from 32m.

St Barbara reports its Mineral Resources and Ore Reserves positions for FY20. Group Ore Reserves increased year on year from 4.1 Moz of contained gold to 6.0 Moz, and Group Mineral Resources increased from 9.6 Moz of contained gold to 11.6 Moz. The increase in Resources and Reserves is due to the Atlantic Gold acquisition concluded in July 2019 and Simberi sulphide drilling completed in December 2019.

Zenith Minerals Wide mineralised gold zone confirmed at the Red Mountain Gold Project for Zenith Minerals. New gold assay results from the first 7 follow up RC holes of an ongoing drill program, confirm near surface, wide, mineralised gold zone at Red Mountain Gold Project in Queensland. This includes highlights of 12m @ 2.2 g/t Au from surface, including 8m @ 3.1 g/t Au and 5m @ 1.7 g/t Au from 25m, including 3m @ 2.6 g/t Au

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Morning News Bites – August 21

In the Morning News Bites for August 21 2020.

Coventry Group recorded Group sales growth for FY20 including acquisitions of 22.3%. Suncorp has recorded an earnings slide and A2 Milk look to baby formula.

A detailed airborne magnetic survey has been completed for Sabre Resources near the Penny West Gold Mine. According to Sabre they will identify the highest priority drilling targets and will then immediately take steps to commence planning for a drilling program.

FE limited are set to acquire a 50% interest in the Yarram Iron Ore project in the Northern Territory and will operate the resulting JV. Highlights at the site include 108m @ 65.6% Fe, 2.3% SiO2, 1.8% Al2O3, 0.037% P and 65m @ 66.4% Fe, 2.0% SiO2, 1.5% Al2O3, 0.022% P from 13m. Chairman of FE Limited Tony Sage said “With iron ore prices at six year highs, mature iron ore assets such as we have identified at Yarram are highly sought after. It is even more difficult to find one that hosts high grade iron ore mineralisation, that’s located just over 100km from a major port, and is in close proximity to existing mining infrastructure.” Consideration of A$1.5 m in cash and shares payable with a further $1.5m in cash and shares payable on achieving a JORC indicated resource. FEL to cover certain historical and future costs.

FMG Autonomous Truck

Elizabeth Gaines has given an indication on Mineral Reserves for Fortescue Metals Group this morning “We are pleased to report over 2.2 billion tonnes of Hematite Ore Reserves and 5.8 billion tonnes of Mineral Resources at our operating properties, supporting the sustainability of our core iron ore assets across our Solomon and Chichester Hubs, as well as our developing Western Hub. Our investment in significant growth projects including the Eliwana Mine and Rail Project in the Western Hub is now well advanced with first ore on train scheduled in December 2020. Our Iron Bridge Magnetite Project is developing Australia’s largest publicly disclosed magnetite Mineral Resource, with first ore on ship planned in the first half of calendar year 2022.”

Mineralisation at De Grey Mining‘s Brolga Zone has identified trends to the north.  De Grey Managing Director, Glenn Jardine, gave a further insight to the recent drilling “We continue to test for extensions to known mineralisation around Hemi using aircore and RC drilling. Aircore drilling has intersected new mineralisation approximately 320 metres north east of Brolga. This is along the structural corridor heading toward Scooby. RC drilling has succeeded in identifying extensions to the north of Brolga, heading toward Aquila. Specific diamond drilling has been conducted to provide samples for metallurgical variability and optimization test work. The assay results from metallurgical drilling will provide additional information on internal continuity of the gold mineralisation within Brolga.”

Perth based mineral explorer, Cullen Resources has re- prioritised drilling for its operations due to rain.Its Wongan Hills Rupert project was due for RC Drilling for August but has since been postponed, this will commence as soon as possible however. The Wongan prospect is showed an intersection of up to 1m @ 3.7% Cu, 1.5 g/t Au, hole with DHEM survey taking place. While at the North Tuckabianna project during September Cullen intends to RC drill test two DHEM targets for gold and base metals.

 

 

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Morning News Bites – August 20

In Today’s Morning News Bites for August 20. Qantas profits fall 91% as 6000 jobs are axed. Wesfarmers slashes the value of Target by $525 million. Pantoro reports Scotia Mining Centre has been expanded once again due to new zone discovery. 

The Scotia Mining Centre has once again been expanded with the discovery a new zone of near surface mineralisation at Green Lantern, south east of the existing Scotia open pit, located approximately 25 km south of Norseman in Western Australia. Commenting on the results Pantoro Managing Director Paul Cmrlec said, “We are excited about the long-term potential of the area, and continue to test additional surface targets while we commence the drill out of depth extensions to the existing high grade orebodies.”

Impact Minerals Limited announces that drilling has now commenced at the Platinum Springs Prospect at the company’s Broken Hill nickel-copper-platinum group metal (PGM) project in New South Wales. Three prospects to be drill tested to follow up previous drill intercepts such as: 2.75 metres at 3.5 g/t platinum, 7 g/t palladium, 0.4 g/t gold, 2% copper, 1.9% nickel and 11.6 g/t silver from 55 metres down hole; and 1.5. metres at 1.7% nickel, 1.3% copper, 4.3 g/t palladium, 3.05 g/t platinum and 1.08 g/t gold.

Minotaur Exploration and Avira Resources Ltd have signed a binding Terms Sheet under which, subject to it satisfying its due diligence requirements, Minotaur may acquire 100% ownership of the Pyramid tenement group located 180km south of Townsville. The project, covering 150km2, embraces two main areas prospective for gold, being the West Pyramid Range and East Pyramid Range. Historic high-grade gold drill intercepts, such as 35m @ 6.1g/t and 15m @ 5.65g/t, with ground electrical geophysics to refine mineralised trends.

Field work activities are underway at its 1,050km2 Kurnalpi project 50km east of Kalgoorlie, according to Riversgold Limited. Field crew have mobilised to site and commenced work, with Simon Bolster coordinating sampling activities on site and validating remote sensing regolith interpretation. Initial work will focus on the infill and extension of Farr-Jones and Cutler geochemical surveys where historical gold intercepts include highlights of; 10 metres at 11 g/t Au (Cutler) and 3 metres at 17.8 g/t Au (Farr-Jones).

Mandrake Resources Limited provides a progress update on drilling currently underway targeting gold mineralisation at the Berinka Pine Creek Gold Project in the Northern Territory. The reverse circulation (RC) drilling programme is focused on strong gold anomalies derived from historic soil, rock chip and trench sampling across four separate prospects – Vegetation Anomaly, Terry’s Gap, Cross and Sandy Creek.

 

 

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Morning News Bites – August 18

In Today’s Morning News Bites for August 18. KCGM release their reserves, resources and guidance update for FY21. 

KCGM have set an FY21 guidance of 440,000 – 480,000oz at AISC of A$1,470 – 1,570/oz3, growth capital budget at A$198m (A$12m on exploration), and an expectation of production to rise to +675,000ozpa.  Further growth is supported by a large quantity of significant drill results across the KCGM portfolio that sit outside of current Reserves, including at Fimiston South open pit, OBH open pit, Fimiston South underground and Mt Charlotte underground.

Saracen Mineral Holdings report a new 7 year group production outlook. It was underwritten by 8.6Moz in Reserves and resources of 320Mt @ 1.7g/t for 17.0Moz as of FY20. Group production guidance for FY21 of 600 – 640,000oz at an AISC of A$1,300 – A$1,400/oz. Saracen Managing Director Raleigh Finlayson said Saracen was on track to continue the Company’s long record of growing its production and expanding its inventory, saying “Saracen’s strategy of making opportunistic acquisitions and then unlocking their full value through exploration and development has created substantial value for shareholders for many years.”

Northern Star Resources report further increases in forecast production and more growth in reserves and resources as a result of the review conducted at its half-owned KCGM joint venture in WA. Production is forecast to rise to 1.15Moz in FY22 and 1.25Moz in FY23. The increased production is expected to drive down AISC by 10 per cent over the next two to three years. Following the inclusion of KCGM, Northern Star’s total Reserves have risen 102 per cent, or 5.5Moz, to 10.8Moz. Resources are up 67 per cent, or 12.7Moz, to 31.8Moz.

FY20 results are in for BHP. US$8.0 billion and Underlying attributable profit of US$9.1 billion broadly in line with the prior year. Net operating cash flow of US$15.7 billion, above US$15 billion for the fourth consecutive year, and free cash flow of US$8.1 billion. Capital and exploration expenditure within guidance at US$7.6 billion. Chief Executive Officer, Mike Henry: “BHP delivered a strong set of results for the 2020 financial year that reflect the strength, resilience and quality of our people and our portfolio. In a year marked by the challenges of the global COVID-19 pandemic, social unrest in Chile and commodity price volatility, we were safer, more reliable and lower cost.”

Golden Swan assays confirm exceptional drill intersection, with assays received returning: 9.0m (4.5m true width) @ 10.46% Ni on basal contact including 4.6m (2.3m true width) @ 13.8% Ni. Managing Director and CEO Peter Harold said, “The latest assay and drill results confirm the significance of the Golden Swan discovery. The thick, high grade nickel intersections in combination with favourable geological setting is pointing to something very exciting. Should Golden Swan continue to evolve and prove to be economically viable, the close proximity to the existing Silver Swan decline would allow mining operations be commence in a very short time-frame.”

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Morning News Bites – August 17

In Today’s Morning News Bites for August 17. 

Federal government to reveal details of vaccine trial agreements. JB Hi-Fi profits hit $302 million, boosted by people working from home. ASIC set to target the growing of Robinhood traders. 

Toro Energy recently completed a quartz vein outcrop sampling programme on the Golden Ways Target Area, which has yielded surface rock chip samples. The Golden Ways Target Area is located in the north of the Yandal Gold Project, near the Yandal Greenstone Belt in Western Australia. Highlights include samples of up to 14.7g/t gold and has generated anomalism over the entire 900m (approximate) strike length of outcropping quartz veins sampled. The anomalism identified in the quartz veins sampled in this programme will now undergo limited drill testing by reverse circulation (RC) drilling as part of the current planned 2020 exploration programme for the Yandal Gold Project. The RC rig is expected to mobilise to site in the coming weeks.

3D Resources report a 42% upgrade of gold in resources at the Adelong Goldfield. This includes a maiden resource for the Caledonian and Donkey Hill deposits, and a remodelling of resources at the Currajong deposit with the inclusion of a resource of parallel vein systems to the east. Chairman Mr Ian Hastings commented, saying “This maiden resource upgrade for the Adelong Goldfield Project is a clear sign of the exploration potential that the Company believes it can unlock. We are only scratching the surface and I look forward to quickly progressing further exploration activities.”

Krakatoa Resources commences diamond drilling at its Turon Project situated near Bathurst, NSW. The diamond drill program will test several exciting shallow gold targets situated within the Box Ridge and Quartz Ridge line of workings which strike over 2.4km and 1.6km respectively. The northern extension of the Quartz Ridge Mine where a shallow RAB drill program completed nearly 30 years ago identified several highly anomalous gold intercepts with results up to 10m @ 1.64g/t gold from the surface to end of hole. All holes were sampled throughout their developed length as a single composite sample of 10m and the anomalous results were never followed up. The program is expected to take approximately 4 weeks with assays to follow a further 3-4 weeks later.

Drilling has commenced at Smokebush Gold Project for Terrain Minerals, located approximately 65 kilometres west of Paynes Find within the Yalgoo mineral field of Western Australia. The maiden 1,000-meter RC drill program is now underway, the program may be enlarged subject to Terrain geologist’s ground interpretation and observations over the main target areas. Highlights that require work in historical sites include the Wildflower target which recorded 15m @ 1.4g/t Gold from 10m. The Smokebush project is considered by Terrain to be a high-quality gold exploration tenement package. Historic drilling is considered sparse and requires follow up exploration activities to further test their significant results.

Final permitting approvals for the Rover 1 drilling program to commence for Castile Resources, located approximately 80kms south west of West Arunta in the Northern Territory. Renewed Sacred Site Clearance Certificate has been received from the Central Land Council for the Rover 1 Gold Project tenements. Castile anticipates the drill rig will be mobilised to the Rover 1 site by Sunday 23 August 2020 and drilling operations will begin immediately after that.

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Morning News Bites – August 14

Supplied by Illuka

Morning News Bites as earnings season continues.

Clive Palmer is set to head to the high court with his battle against the Western Australian government. NAB cash earnings for the third quarter drop 7% and Woolworths appoints a Chief Medical Officer.

Middle Island Resources has announced it’s Two Mile Hill open pit Mineral Resources is up 13% and has taken the total for the Sandstone Gold Project to 657,500oz.This announcement follows on from a 52% increase last week for Middle Island’s Shillington Mineral Resource. Further resource estimates are due for five new satellite open pit deposits are still to come.

Newcrest Mining recorded gold production of 2.2 million ounces for its FY20. The darling of Newcrest in Australia, Cadia mine in New South Wales delivered 843,000oz of gold, with 96kt copper and 575koz silver. According to Newcrest Managing Director and CEO Sandeep Biswas, “Drilling results from Havieron and Red Chris continued to expand the known mineralisation with high grade intercepts. Our ownership of Havieron over the year increased to 40% as we track towards 70% underpinning the future of Telfer. We are in the unique position of having three outstanding growth options from which we expect to add new production ounces to our portfolio in due course.” A final dividend of US17.5 cents per share (100% franked), taking full year dividend to US25 cents per share. Newcrest also announced its biggest profit in eight years.

Significants nickel copper sulphides have been intersected from diamond drilling at Legend Mining’s Mawson prospect. Highlights included 9.3m of heavy disseminated to net-textured sulphide from 132.2m – 141.5m downhole and 15.35m of net-textured, heavy disseminated and semi-massive sulphide from 219.1m – 234.45m downhole. Managing Director of Legend Mining Mark Wilson said “Geologically we have now intersected significant mineralisation several hundred metres to the east north-east of our previous discovery and our geophysical advice is that we probably have not hit the best part of this conductor.”

First pass gold hits have been delivered to Golden State Mining at its Yule South target. Target 1 returned best intercept of 8m @ 0.92g/t Au from 96m incl. 4m @ 1.81 g/t Au from 96m, while Target 5 returned best intercept of 19m @ 91ppb Au from 46m incl. 4m at 350ppb Au from 58m. These results were from reconnaissance Aircore drilling based on aeromagnetic interpretation. Managing Director Michael Moore said “We are pleased with the calibre of these first pass gold results, having drilled gold intersections in just our first two targets of an essentially untested regional project area in an emerging gold district. To drill a gold intersection of 8m @ 0.92g/t Au from 96m including 4m @ 1.81 g/t Au from 96m in only the second drillhole of the 199 hole program speaks volumes about our targeting and strategy up at Yule.”

Iluka Resources returned a solid net profit after tax of $113 million from its half year results to June 30 2020. This is despite the Mineral Sands revenue being down due to COVID-19 on the world markets. Managing Director Tom O’Leary said the impact of COVID-19 lead to a decline of 20% in mineral sands sales volumes, but appeared pleased with the position Iluka are in Tom O’Leary, said “Iluka has recorded a solid first half result given the impact of COVID-19 on zircon and titanium markets and the global economy broadly. Given the volatility experienced throughout the world over recent months, we’re pleased with the earnings and cash position we’ve delivered.

 

 

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Morning News Bites – Aug 13

In today’s Morning News Bites for August 13. Telstra has reported a full year profit of $1.84b, down 14.4 per cent on the previous year staying within the telco’s guidance range. Flight Centre Travel Group has developed a longer liquidity runway to help it
overcome the challenges posed by COVID-19. Australian retail industry is hit the hardest since ABS recorded data.

Northern Star Resources reports that it is set to generate significant increases in production, cashflow and mine lives over the next two years. This strong growth outlook stems from its exploration success and accretive acquisitions and will require relatively limited capital expenditure. FY21 production guidance for Australian operations is 540,000-600,000oz at AISC of A$1,425- A$1,525/oz. Group Resources increased by 3.2Moz to 22.3Moz (after depletion of 912,000oz and acquisition of Bronzewing Project). Group Reserves increased 12%, or 600,000oz, to 6Moz (after depletion of 912,000oz). Executive Chair Bill Beament said the company was poised to achieve a new level of sustainable production,“We are entering the next chapter of growth on all levels of our business.”

Evolution Mining Limited has today released its financial results for FY20. It announces a strong performance in safety and sustainability; no material impact to operations from COVID-19. Statutory net profit after tax increased 38% to a record A$301.6 million (FY19: A$218.2 million). It also reports that it will pay a record final dividend for the year of 9 cents per share fully franked delivering a total FY20 dividend of 16 cents per share, a 68% increase on FY19.

Western Australian nickel company St George Mining Limited provides an update on the drilling programme underway at its flagship highgrade nickel-copper sulphide Mt Alexander Project, located in the north-eastern Goldfields, WA. Deep drilling intersects intrusive rocks at both the Investigators and Cathedrals Prospects, confirming the prospectivity for nickel-copper sulphides at depth. Diamond drilling continues at Investigators and underway at the Fairbridge Prospect.

Ardea Resources announce significant gold in first RC drilling at Aphrodite North, located approximately 80km north of Kalgoorlie-Boulder, WA. RC drilling at Aphrodite North has intercepted significant gold mineralisation in newly-defined mineralised lodes. Highlights include; 6m at 3.60g/t Au from 44m, including 2m at 9.99g/t Au from 44m. Managing Director, Andrew Penkethman, said, “On the basis of the initial results, a 2,600m follow up RC program has been designed, aiming to commence a drill out of the target zone to further define the gold mineralisation grade tenor and geometry.”

Confirmation of the securing of a drilling contractor to undertake RC drilling at its Pharos Project has been announced by Scorpion Minerals. Located approximately 50kms north west of Cue in the Murchison district of WA, it has signed a contract with iDrilling Australia to undertake a minimum of 5,000m of RC drilling to be completed during 2020, with an initial programme of 2,500m to commence from next week. All relevant approvals for drilling are in place.

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Morning News Bites – Aug 12

In today’s Morning News Bites for August 12. Gold plummets over $100USoz. Clive Palmer looks to sue WA by 30 billion. Downer report a net loss of $156 million in FY20, attributable to its parent company.

The commencement of a research project with Australia’s national science agency the CSIRO has been announced by Ardea Resources. CSIRO’s Regolith Geosciences team is studying the behaviour of gold within and adjacent to the critical mineral deposits of the Goongarrie Nickel Cobalt Project located in Kalgoorlie, Western Australia. The main aim of the Ardea-CSIRO project is to gain a better understanding of gold and critical mineral behaviour in the Goongarrie laterite to assist exploration and future development.

Kin Mining NL reports further encouraging assay results from ongoing Phase 3 RC drilling across multiple prospects at its Cardinia Gold Project near Leonora in Western Australia. The latest drilling continues to highlight the presence of significant mineralisation outside of the known deposits, reinforcing the substantial exploration upside at Cardinia. The latest drilling has returned particularly strong results, with highlights including 5m @ 3.72g/t from 74m, 13m @ 1.30g/t from 46m and 6m @ 2.41g/t from 22m.

Great Southern Mining Limited is pleased to report drilling results have been received on the 20-hole RC drill program at it’s Mon Ami Gold Project, located 12km south of Laverton, Western Australia. It has identified significant high-grade gold intersections, including: 11m @ 7.9 g/t gold, including 4m @ 15.9 g/t gold from 26m and another highlight of 4m @ 12.4 g/t gold from 80m.

Peak Asset Management has acted as Corporate Adviser and Lead Manager in relation to a capital raising undertaken by Golden Deeps Limited to raise $2,346,000. The funds will enable the Company to accelerate exploration on the recently acquired, highly prospective and historically under-explored gold projects in the Lachlan Fold Belt in NSW.

Regis Resources Limited has entered into agreements to acquire tenements that form part of Stone Resources Australia Limited’s North Brightstar Project, located north of Laverton, Western Australia. Regis has acquired the project area for $10 million in Regis shares and a capped 1% net smelter royalty on a tenement which hosts the Ben Hur Deposit. The royalty will begin to be paid after the production of the first 100,000 ounces.

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Morning News Bites – Aug 10

In Today’s Morning News Bites for August 10. Victoria has recorded its deadliest day of the COVID-19 pandemic, with 19 deaths overnight. EY forecast a fresh wave of mergers an acquisitions for the Australian mining sector, with companies making most of high priced commodities. Mader Group FY20 results are out, up 20% from FY19 ($274m). Aurizon report another strong year, with FY20 up 10% on the previous year ($909m).

Strong gold hits in first air-core program at Whiteheads for Great Boulder Resources. Initial assays define gold mineralisation over 400m of strike at the Blue Poles prospect at Arsenal including: 6m @ 2.03g/t Au from 48m to EOH and 23m @ 0.54g/t Au from 32m to EOH, including 4m @ 1.69g/t. Great Boulder Managing Director Andrew Paterson commented that the company is excited by the initial assays. “It’s extremely encouraging to get such good numbers in the first batch of assays. This bodes well for further work on the Arsenal trend.”

Encouraging signs for the Rover Project for Twenty Seven Co., with assay results for the first half of the shallow auger and soil geochemical sampling program undertaken. The Harmonic target size has more than tripled to ~650m long, with a 1.77g/t Au rock chip sampled 400m north-west along strike from the nearest drill-hole, with a new soil sampling also confirming a gold anomaly ~650m long at Harmonic

Bryah Resources Limited release the results of leaching test-work undertaken on samples from the Windalah Gold Prospect, located within its Bryah Basin Project, north of Meekatharra in central Western Australia. A highlight of 12 metres @ 4.32 g/t Au from surface, including 2 metres @ 17.19 g/t Au from 3 metres was confirmed by 15 one metre residual drill samples (0-15m depth), that were
delivered for testing for gold recovery by cyanide using a 6-hour bottle roll leach test at a laboratory
in Perth.

Essential Metals confirm plans for major new field exploration programs, set to commence at the Kangan JV Gold Project, near the Pilbara region in Western Australia. Novo Resources Corp and Sumitomo Corporation are earning a 70% Joint Venture interest in the Kangan Project by spending $460,000 on exploration by December 2020.  Managing Director, Tim Spencer, said: “The sheer scale of the Novo’s Pilbara Gold Project was brought home to me during my visit to the region. The gold endowment in the Pilbara appears to be widespread and very significant.”

Potential for large-scale high-grade Sulphate of Potash Project at Lake Throssell for Trigg Mining, with results from the helicopter-supported rotary drilling program have confirmed the presence of a high-grade surficial aquifer over an extensive area, with favourable host lithologies.