Tag: Gateway Mining

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Morning News Bites – September 8

In Today’s Morning News Bites for September 8. NSW, VIC and TAS brace for severe winds and dust storms, Victoria hires Salesforce for contact tracing, WA still with below average home builds despite housing grants. 

Legend Mining Limited reported an update from diamond drillhole RKDD023, which was designed to test the 25,000-30,000S conductor at the Mawson Prospect within the Rockford Project, Fraser Range, Western Australia. Legend Managing Director Mr Mark Wilson said: “The discovery of another 12.95m of massive nickelcopper sulphide in diamond drillhole 23, circa 200m from the previously announced massive sulphides, is a quantum boost for the potential of the Mawson Prospect. The nature of the mineralisation suggests we are closer to the intrusive source but we are not there yet. Downhole EM from this hole, which is now underway, is designed to provide data to assist in planning future diamond holes in this immediate vicinity.”

Shree Minerals Ltd has completed an initial desktop review of historical reports relating to Shree’s tenement application in the East Lachlan Fold Belt in New South Wales. The Turondale Project covers an area of 129.9 km² and is located 15km north of Bathurst. It is prospective for orogenic, porphyry and skarn related gold mineralisation. Commencement of exploration fieldwork is awaiting granting of the exploration licence, expected over coming few months. The East Lachlan Fold Belt has a long history of mineral production including gold (80 Mozs), copper (13 Mt), lead, zinc, silver and tin. It contains several large operating copper and gold mines including Evolution Mining’s Lake Cowal Gold Mine, Newcrest Mining Ltd’s Cadia Mine and Alkane Resources Tomingley Gold Mine. Also located within the East Lachlan Fold Belt is Alkane Resources’ 2019 Boda discovery with a reported drill intersection of 502 metres at 0.2% copper and 0.48 g/t gold from 211 metres.

High-grade gold mineralisation at shallow depths in its maiden Reverse Circulation (RC) drill program at the Kashmir prospect, has been reported by Gateway Mining Limited. The reports form part of its Gidgee Gold Project in Western Australia. Grades of up to 8.8g/t Au returned from initial reconnaissance Reverse Circulation drilling within the extensive Kashmir gold-in-soil anomaly, providing an outstanding target for follow-up work. Significant intersections have been returned from structures within both mafic volcanics and veining within the granodiorite. These mineralisation styles are consistent with those observed on the northwestern contact zone of the Montague Dome, which is the focus of Gateway’s exploration activities. Managing Director, Mr Peter Langworthy, said: “Intersecting these sorts of grades 1km apart in our very first drill program within a 1.8km long gold anomaly is an extraordinary result! This shows the scale of the opportunity at Gidgee and highlights the vast range of targets we have across the project – from resource-growth opportunities at Whistler and Montague to vast new gold anomalies such as Kashmir which are wide open for new discoveries.”

ScandiVanadium Limited announced an update on the progress of the Gnama Nickel Project in the Fraser Range of Western Australia. Review of existing geophysical database including 15.1 line kilometres of MLEM and FLEM ground based electro-magnetic (EM) survey data identifies key area for follow up. Planning underway for ground EM survey to test up to 550m depth over historic nickel and copper anomalous drilling. Executive Chairman, David Frances, said “The Gnama Project has significant elevated nickel and copper in previous drilling analogous to Nova and Mawson pre-discovery. The ability to run a higher-powered ground EM over our project compared to previous surveys completed in 2005 allows us to investigate deeper parts of the system that have not previously been tested. We are planning a SQUID survey to test up to 550m depth and potentially identify the source of the 20m thick Ni-Cu-Co anomaly in historic drilling.”

Bardoc Gold Limited announced that recent Reverse Circulation drilling at the Excelsior Deposit, part of the company’s 3.02Moz Bardoc Gold Project located 40km north of Kalgoorlie in WA, has intersected broad zones of gold mineralisation which confirm the existing resource model and highlight strong potential for future growth and upside at the cornerstone deposit. The latest assay results from the 320koz Au Excelsior Deposit are from areas of lower confidence material outside the current Ore Reserves. The results demonstrate the mineralisation remains open down-plunge at depth below the current open pit design, highlighting future growth opportunities at this large-tonnage, low strip ratio deposit.

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Morning News Bites – Jul 28 GOLD HITS NEW HIGH!!

Todays morning news bites – GOLD HITS A NEW RECORD HIGH!! The gold price hit a high of over $1954US/oz ~ $2733AUD

 

  • Musgrave Minerals Ltd is pleased to report assay results for a further five reverse circulation drill holes and the first five diamond drill holes from the current program at the new Starlight gold discovery at Break of Day. Drilling continues to confirm the high-grade nature of the Starlight and White Light gold discoveries, with results from the RC drilling at Starlight delivering strong gold intercepts including a highlight of 14m @ 191.1g/t Au (3m @ 884.7g/t Au from 5m including; 1m @ 2,518.8g/t Au from 6m). According to Managing Director Rob Waugh, “Starlight continues to produce stunning gold results in near-surface drilling. Further RC drilling is underway to infill and extend the Starlight mineralisation with the aim of completing a JORC resource update late in Q3 2020. Diamond drilling is also continuing to test for depth extensions of the high-grade Starlight lode below 250 vertical metres and to further define the White Light lode. We anticipate having four drill rigs on site by mid August.”
  • RareX Limited has commenced at its 100%-owned Cummins Range Rare Earths Project in the Kimberley Region of Western Australia. The commencement of drilling marks an important milestone for the Company and the project as this is the first time it has been drilled since 2011, and aims to complete over 6,000m of RC drilling in the coming months. RareX Executive Director Jeremy Robinson said, “We are confident that this program will deliver the results required to advance Cummins Range as a significant rare earth asset in Australia at a time of increasing geopolitical tensions and strong forecast demand growth for rare earth permanent magnets.”
  • Xantippe Resources moves forward with the development of  the proposed phase 2 drilling programme to further explore the recently acquired  Southern Cross Gold Project, located south of the town of Southern Cross, Western Australia.
  • Australian gold and nickel company, Rox Resources Limited is providing an update on exploration activities at Youanmi in the OYG JV area. In conjunction with its joint venture partner Venus Metals Corporation Limited, Managing Director Alex Passmore says, “Grace continues to deliver impressive, high-grade results. I am particularly excited by the extent of mineralisation encountered in drill hole RXRC292 which demonstrates that not only does Grace carry very high gold grades, with 49 metres of mineralisation intersected there is potential for significant tonnages to be delineated.”
  • Gateway Mining Limited has entered into a tenement sale agreement for the sale of its Sylvania Project Exploration Licences in the Sylvania Inlier area of Western Australia. The divestment is part of the Company’s strategy of crystallising value from its portfolio of non-core exploration assets while maintaining a strong focus on ongoing gold exploration and development activities at its flagship 100%-owned Gidgee Gold Project.
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Morning News Bite – July 21

Job support for Australians extended at a reduced rate, Western Australia Premier Mark McGowan says mining companies need to stop relying on FIFO and face mask purchases restricted at major supermarket chains.

  • Downer EDI is starting trade in July 21 in a trading halt as an acquisition is on the cards. The company made the announcement about the acquisition and fully underwritten accelerated non-renounceable entitlement offer of ordinary shares on a pro-rata basis to existing eligible shareholders of the Company. The trading halt is expected to last until the earlier of either the Company making an announcement to the ASX in relation to completion of the institutional component of the Entitlement Offer or the commencement of trading on Wednesday, 22 July 2020.
  • BHP has released is quarterly report with Iron Ore in Western Australia achieving record production. Increased petroleum production at Bass Strait due to higher seasonal demand, partially offset by lower volumes at Atlantis due to planned maintenance and preparation work for Phase 3 project commissioning, and lower demand in Trinidad and Tobago was the difference in Mar – Jun Qtr reports. Other highlights included Olympic Dam completing a quarter of higher production due to improved operating sustainability, Higher volumes at Queensland Coal including record production at Poitrel mine and higher nickel volumes due to the ramping of full capacity at the Kwinana refinery and Kalgoorlie smelter during the prior quarter. BHP Chief Executive Officer, Mike Henry also commentated on the impact of COVID19 in its operations  “BHP safely delivered a strong operational performance in the 2020 financial year, achieving record production in a number of our operations, and an improved cost base. This performance, achieved in the face of COVID-19 and other challenges, is a result of the outstanding effort of our people and the support of our communities, governments, customers and suppliers. We have sought to support those who rely on BHP through the pandemic with increased hiring, shorter payment terms for small, local and indigenous suppliers, support for contract workers and community funding for health and social services” He said. “We expect to continue to generate solid cash flow through the cycle and we remain confident in the outlook for demand for our products over the medium to long-term. We continue to focus on becoming even safer, delivering exceptional operational performance, maintaining disciplined capital allocation, creating and securing more options in future facing commodities and building social value. We have learned new ways of working, both internally and with others, through the COVID-19 pandemic. We will seek to embed these in a way that helps to reinforce these priorities.” according to Mr Henry.
  • An expanded drilling program for Gateway Mining is set to be undertaken after a $7m capital raising. Gateway are set to embark on a program of 5,000m of Reverse Circulation (RC) and 10,000m of air-core (AC) drilling to be completed at priority targets around the Montague Dome. CEO at Gateway Mining Peter Langworthy commented on the drill program by saying “We have positioned the Company to the point we can effectively accelerate our drilling programs to unlock the true potential of what we believe to be an emerging large-scale gold system. Having sufficient funding in place means that we can maintain a fast pace of drilling activity, with drill programs set to be maintained continuously right through to the end of the year and into 2021.” “The current program of RC drilling is making excellent progress and already approaching the halfway point of the expanded 4,500m of drilling. This will be followed by one of our biggest programs of air-core drilling to date, before we embark on what will be a crucial program of RC and diamond drilling through to the end of the year.” he said

 

Silver Lake Resources – Rothsay Mine (pic via Silver Lake Resources LinkedIn)

  • Quarterly group production was a record 71,291 ounces gold and 494 tonnes copper with sales of 64,593 ounces gold and 416 tones copper at a sales price of A$2,300/oz and AISC of A$1,344/oz for SilverLake Resources. Mount Monger mining camp produced 45,333 ounces and 42,331 ounces recovered, of this 38,017 ounces were sold at an AISC of A$1,471/oz with record annual sales from Randalls of 154,900 ounces at an AISC of A$1,414/oz. Deflector has a record quarterly gold production of 28,960 ounces and 494 tonnes of copper with record annual gold production of 104,376 ounces gold and 2,356 tonnes copper. Average mill grades at Deflector were also higher for the quarter. Meanwhile the Box Cut for Rothsay has commenced this month as significant approvals progress has taken place with mining camp and occupation taking place on July 1.
  • Image Resources has reported a strong quarter at its high-grade, zircon-rich Boonanarring mineral sands project, located 80km north of Perth. Image has increase to production  in the June quarter of 83kt, on pace with guidance Heavy Minerals Concentrate sales increased substantially quarter on quarter to 65kt and sales volumes are expected to further increase in the second half to achieve guidance. Managing Director and CEO of Image Resources Patrick Mutz said “In the first half of 2020 Image has demonstrated strong operational performance with production of 167kt Heavy Mineral Concentrate, despite the significant adjustments to daily work practices aimed at minimising the potential spread of COVID-19. The June quarter represents a turning point for our sales volumes which were up sharply from the prior quarter. It was therefore particularly pleasing, subsequent to period end, to receive a sales agreement with our off-take partners for 100kt of HMC to be delivered over the next 3-5 months to monetise our HMC inventory, while keeping open the opportunity to sell additional material to others outside of the off-take agreements. The Company remains in a very strong position to achieve our original guidance and we have a strong balance sheet, solid underlying assets and exciting opportunities for future growth.” he said.