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.
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.