Nexus Releases High Grade Assay Results.
Nexus Minerals (ASX: NXM) has released significant high-grade assay results from the Reverse Circulation holes drilled at the Pinnacles JV Gold Project, in the eastern goldfields of Western Australia. All RC drilling assay results have now been received from this program.
Nexus consultants have been engaged to undertake a pit optimization study and mine development plan options, to assist in determining the financial viability of establishing a gold mining operation at Pinnacles. Due to the pre-existing ore sale and purchase agreement with Saracen, Nexus believes there is minimal capital expenditure required to initiate mining, with any ore mined to be processed through Saracen’s Carosue Dam Operation. The Feasibility Study will incorporate this resource definition drilling, geotechnical drilling, environmental studies and metallurgical test work along with other key assessments and permitting.
The RC program successfully tested 3 specific areas of the proposed open pit and U/G operations and some of the grades included:
7m @ 6.25g/t Au from 54m, Including 4m @ 9.68g/t Au
9m @ 9.51g/t Au from 70m, Including 4m @ 20.13g/t Au
5m @ 6.86g/t Au from 99m, Including 2m @ 13.60g/t Au
Managing Director Andy Tudor said “The results received from this RC drill program have confirmed the grade profile we have modelled at the different levels of the proposed mining operation, in particular the high-grade mineralisation in the base of the proposed open-pit. We have also made significant advancements on the feasibility study inputs, with the end of year timeline for the completion of the study remaining our goal. The low capital cost of the development significantly de-risks the project metrics and accelerates the project time- line”.
Great Boulder Hopes Further Drilling Will Unlock Full Potential.
Great Boulder Resources [ASX: GBR] announced assays from the remaining seven RC holes at the Side Well gold project near Meekatharra in Western Australia. This report follows the original announcement on 19 October which included a best intersection of 7m @ 3.35g/t Au from 122m.
The RC program consisted of twelve RC holes for a total of 2,257m targeting strike extensions to mineralisation intersected in previous drilling. Immediately after this a 66-hole air-core (AC) program was completed for 6,166m, with east-west fences of holes drilled between the previous 400m-spaced lines to increase anomaly definition and provide information for future RC planning.
These results are approximately 2km north of the RC drilling and tested the conductive corridor highlighted in Doray’s 2013 Heli-TEM survey. Samples from the other 61 AC holes are expected to be received in the coming weeks (Figure 2).
Great Boulder’s Managing Director Andrew Paterson said that the initial results suggest Mulga Bill sits within a large mineralised system, with gold identified over more than 3km of strike and coincident with a deeper weathering profile and extensive shearing.
“These initial RC holes have given us a lot of information on Mulga Bill, particularly the rock types and alteration associated with the gold.
“Our air-core program covered more than 3km of strike which will be a valuable targeting tool for ongoing work. The southern-most line is 650m further south than any previous exploration drilling.
“The depth of weathering and variable shearing we’ve logged in the main corridor of Mulga Bill indicate this is a big system. We believe further drilling will be the key to unlocking its full potential.”
Red 5 Award Engineering, Procurement and Construction Contract.
Red 5 (ASX: RED) has advised that it has taken another key step towards the development of its 2.4Moz, 16‐year Life‐Of‐Mine King of the Hills Project (KOTH) in Western Australia, after issuing a Notice of Award for the Engineering, Procurement and Construction contract (EPC Contract) and the bulk earthworks for the Process Plant to multi‐disciplined mineral processing provider MACA Interquip (ASX: MLD).
The EPC contract and bulk earthworks – which encompass the KOTH processing facility, equipping of the bore fields, high voltage power distribution, workshop, warehouse and bulk earthworks – will be undertaken as a fixed‐price contract.
The Notice of Award provides for the immediate commencement of the design and procurement activities for the process plant as well as mobilisation of earthmoving equipment to site.
Red 5 Managing Director Mark Williams, said the award of the EPC Contract and bulk earthworks marked another important milestone for the Company as it prepares to make the transition to become a multi‐operational, mid‐tier gold producer.
“Our decision to award these key contracts and make commitments to significant long‐lead items prior to completing project debt funding reflects our confidence in the robustness of the King of the Hills Project,” Mr Williams said.
“Importantly, the commitments made to date are below budget for this stage of the KOTH Project, and should give our stakeholders confidence that we are well on track to progress the development of this major project, with production planned to start in June Quarter 2022.”
WA Government Launches Digital Resource for Jobs and Training.
The McGowan Government, in partnership with Western Australia’s resources sector, has launched a new digital resource to link Western Australians to jobs and training opportunities in the sector.
Premier Mark McGowan joined the Chamber of Minerals and Energy (CME) and Australian Petroleum Production & Exploration Association (APPEA) at the SkillsWest Careers and Employment Expo to announce the Working in WA’s Resources Sector webpage.
The online tool, accessed through Western Australia’s Jobs and Skills WA website, provides information on current and future training and employment opportunities in the resources sector, and advice on how they can be accessed.
The Working in WA’s Resources Sector webpage includes information on TAFE courses that have had fees reduced, with a focus on courses that relate to the resources sector.
Specific information on opportunities for Aboriginal people and women who are interested in working in the sector will also be available.
Premier Mark McGowan said: “This new online resource will ensure Western Australians have all the information they need to prepare for a career in the resources sector.
“We have made it clear that employing workers from the eastern states is no longer viable for our State, and we want Western Australians to be trained for future jobs in the mining and oil and gas industries.”
Education and Training Minister Sue Ellery commented: “There is such a diverse range of job opportunities in the resources industry and the McGowan Government has made training more affordable than ever.
“Working in WA’s Resources Sector is a fantastic tool to find out more about the industry and the training that is needed to kick start a resources career.
“I encourage all young people and jobseekers to check out the new web page and get into the city for the SkillsWest Careers and Employment Expo.”
Marvel Gold Successfully Rattles Tin for $5.7 Million.
Marvel Gold (ASX: MVL) has announced that it has received binding commitments to raise a total of $5.7 million (before costs) through the placement of 95 million shares at $0.06 per share to professional and sophisticated investors.
The Placement ensures the Company is fully funded to undertake a substantial growth-focused exploration program across its Mali gold exploration portfolio, with a focus on the Tabakorole and Lakanfla gold projects.
Managing Director Phil Hoskins, commenting on the capital raising: “This is a fantastic time to be undertaking gold exploration in Mali, an underexplored and highly prospective country. The combination of Marvel’s exciting portfolio, focused exploration strategy, and well-credentialed team has seen a number of high-quality institutions join our register. Marvel’s strategy is to add value through exploration and discovery, a strategy supported by the well-documented decline in the mining reserves of global gold companies.
“Following this Placement, the Company will be fully funded to undertake systematic exploration programs with a primary focus on growing the 910,000oz Tabakorole mineral resource. We have also been encouraged by ongoing drilling at the Lakanfla Project which has proved the existence of a karst, which is a deposit model responsible for the 4.5Moz Yatela deposit 30km to the north of Lakanfla. With assays expected in December, this funding gives us flexibility to accelerate drilling should these extensive karsts prove to be mineralised.”
