What You Missed in the News This Week

The West Australia government fears heavy rains could wash polluted water from Alcoa mines into the state’s biggest dam, making the water undrinkable.

The US aluminium giant that mines bauxite within 300 metres of the water’s edge at Serpentine Dam changed its methods about five years ago, increasing the risk of sediment flowing into the dam.

If the water was contaminated, it would cost taxpayers up to $2.6b and potentially take years to fix.

 

Shire of Serpentine

 

Battery Age Minerals has appointed Nigel Broomham as it’s General Manager of Exploration.

Broomham will spearhead the exploration of its portfolio of international batter metal assets.

Battery Age CEO Gerard O’Donovan said “Nigel is a highly experienced geologist who played an important role in the exploration, development and operation of Pilbara Minerals’ world-class Pilgangoora lithium project,” he said.

“He brings extensive technical geological expertise, strong commercial acumen and considerable energy and enthusiasm – all of which will be invaluable as we embark on our growth journey as a diversified battery metals company.”

 

 

Aerison Group has been awarded multiple new contracts for projects in Western Australia and South Australia, totalling $100m.

The projects involve the rare earths, agricultural, green energy and chemicals sectors and includes the Yuri Green Hydrogen project in the Pilbara.

Aerison CEO Giuseppe Leone said “These contract awards are an important step in delivering our industry diversification strategy, with an increasing focus on the critical mineral, agriculture and chemicals sectors.”

 

Aerison Group

 

Newcrest has received a $24B takeover offer from rival gold miner Newmont.

The offer would entitle Newcrest shareholders 0.38 Newmont shares for ever 1 Newcrest share they own.

Newmont president Tom Palmer said “The proposed transaction would join industry-leading portfolios of assets and projects to create long-term value across the combined global business, and we welcome the consideration of Newcrest’s board of directors.”

 

Newcrest Mining

 

Hancock Energy is the sole bidder for the takeover of Warrego Energy after Strike Energy bowed out this week.

Mineral Resources and Beach Energy were both contenders but pulled out last month.

Strick Energy will still walk away with $116m from their shares worth 25.99% voting power.

 

 

The S&P/ASX200 markets closed lower today after a disappointing week.

Starting off at 7,560 points on Monday, the markets fell throughout the week to end on 7,434 points. The markets still sit 479 points higher than the start of the month.

The All Ordinaries closed lower too, at 7,631 points, though still higher than the last 6 months.

 

 

The gold price remained steady after the dramatic fall last week, hovering around $1,875USD, before finishing at $1,866.15.

Silver has remained steady, rounding off the week at $22.34USD.

What you missed in the news this week

Hancock Energy has increased its offer to buy Warrego Energy from $0.28 cash per share to $0.36 cash per share, totalling $447m if the offer is approved.

Three of the Four Warrego directors have recommended shareholders accept the deal over an offer made by Strike Energy, offering one Strike share for every Warrego share.

Hancock Prospecting

 

Great Western Exploration will extend its Firebird Gold Project after gold anomalism was found at their Greenstone Belt site, located near Wiluna.

The announcement saw a 4% share price increase for Great Western Exploration to $0.052.

 

Fortescue CFO Ian Wells has announced his resignation in order to spend time with family and friends.

Wells is the ninth executive in two years to resign, not long after Guy Debelle resigned in November last year.

Wells said that despite his resignation, “Fortescue is in a strong position to be able to deliver on short-, medium- and long-term growth options through the Iron Bridge magnetite project, Fortescue’s decarbonisation, and FFI’s (Fortescue Future Industries) portfolio of opportunities.”

Fortescue Metals

 

Everest Metals Corporation’s share price jumped 20.87% to $0.110 per share after an initial drilling program at their Mt Edon mining lease saw positive pegmatite levels, causing EMC  to push to exercise its exclusive farm-in option to acquire the right to 100% interest in the Mt Edon Project.

Chief Operating Officer, Simon Phillips said “EMC is pleased to announce its decision to exercise its right to farm into the Mt Edon LCT Pegmatite Project, subject to Shareholder approval. The company is pleased to have the opportunity to take the next step towards 51% ownership in a project with such an extensive array of pegmatite outcrops over six kilometres. The recent reconnaissance drill program gave EMC the data it needed to commit to the next stage of exploration at this highly fertile pegmatite field as part of the Company’s commitment to its Battery Minerals project development strategy”

 

Lithium Power International has commenced its drilling program at its East Kirup Lithium Prospect this week.

East Kirup is located in the Greenbushes region, Southwest of Collie.

LPI Executive Director, Andrew Phillips said ““The results of this drilling program will be used − along with previously completed environmental surveys − to prepare a CMP to allow drilling on new tracks, the commencement of phase three.

The intention is to hit the ground running in 2023, and we are pleased that the commencement of the program is so early in the year.”

 

The S&P/ASX 200 started off the week slow at 1,178 points before falling to 7,126 points on Wednesday. The market picked up again, increasing 202 points to finish off at 7,328 points.

The All Ordinaries finished at 7,540 points. The top performing stocks where Poseidon Nickle and Andromeda Metals.

 

Gold had a slow rise this week, starting at $1,882.00 USD and rounded the week off at $1,898.90 USD at the close of the ASX.

Silver was more turbulent, falling from $24.30 USD to $23.89 USD on Tuesday, raising again to $24.17 USD on Wednesday, then falling again on Thursday to $23.88 USD before finishing off the week at $23.94 USD.

Morning News Bites – September 7

In Today’s Morning News Bites for September 7. Victoria announced its road map out of their COVID19 second wave, Hancock Prospecting leads the field of top 500 private companies taking over from Visy and Novak Djokovic out of US Open after hitting a linesperson in a non deliberate but serious manner.

Dreadnought Resources Limited announces that a 36 hole, ~3,500m RC drill program has commenced at the Illaara Gold-VMS-Iron Ore Project, located 160km northwest of Kalgoorlie. Drilling will commence at Metzke’s Find (19 holes and ~2,300m) which has previously returned high grade gold intercepts including; 2m @ 12.8 g/t Au from 51m including 1m @ 24.8 g/t Au from 51m. Rig will then move to the recently defined Longmore’s Find (17 holes and ~1,200m) and is expected to be completed in 3-4 weeks with assays expected throughout October 2020.

The National Battery Stewardship Scheme to boost spent battery collection and recycling according to Lithium Australia. The ACCC has authorised the Battery Stewardship Council to establish and operate a national stewardship scheme for managing end-of-life (‘EOL’) batteries. The Scheme will impose a levy on batteries at their point of sale, with the funds generated used to subsidise their collection and recycling. The value imputed by the levy will provide a commercial incentive to divert batteries from landfill, a positive environmental outcome of the Scheme. Diverting EOL batteries from landfill will provide more material for processing at the Melbourne, Victoria-based mixed-battery recycling facility of Envirostream Australia Pty Ltd (a 90% subsidiary of the Company).

Auroch Minerals Limited is pleased to announce RC drilling has commenced at its Valdez Prospect, part of the Leinster Nickel Project (Leinster) in Western Australia. 1,000m Reverse Circulation (RC) drill programme is underway at the Valdez Prospect targeting a recently-defined nickeliferous basal channel coincident with both magnetic and surface electromagnetic (EM) anomalies. All drill-holes will be surveyed with downhole electromagnetics (DHEM) to better define the surface EM conductor and provide targeting for potential massive nickel sulphidesfor the next round of exploration.

Hammer Metals Ltd provides results from its diamond drilling program undertaken on the Shadow and Toby prospects located within the Mt Isa East Joint Venture area and on the Koppany prospect located within Hammer’s JV with Mount Isa Mines. Two holes were drilled at the Shadow prospect, for a total of 372m and a further hole was drilled at Toby (252m). The drilling at Shadow confirms that the Shadow trend is mineralised and has the potential to host a significant Copper Deposit. With the presence of a wide zone of copper mineralisation in the first two holes the JV has committed to expanding the work program along the remainder of the 4km magnetic trend and the surrounding Mt Philp areas. This work program will consist of soil sampling and field mapping with the aim of identifying targets for follow up drilling.

WA-focused gold exploration and development company Classic Minerals Limited announce that it has received assays results from its maiden auger soil program at its Forrestania Gold Project in Western Australia. The Company completed a total of 310 auger holes at the Kat Gap project. The auger drilling has delivered a substantial gold anomaly located in the granite west of the main granitegreenstone contact where Classic has identified an inferred gold resource of 975,722t at 2.96g/t for 92,856 ounces. Kat Gap is strategically located approximately 70km south-south east of the Company’s Forrestania Gold project containing the Lady Magdalene and Lady Ada gold resources.