China is not happy with the Australian Government’s offer to assist Hong Kong citizens with a pathway to residency. A Victorian won $80 million in Powerball Lotto, pretty ironic as they cant go anywhere to spend it and Spot Gold is at $1803US/oz Iron Ore – $107.05US/t and Nickel ended down on Wall Street trade at $5.9914us/lb.
- Legend Mining has released its quarterly to the market this morning with the first phase of diamond drilling completed at its Mawson project bringing in a highlight grade of 4.5m @ 3.05% Ni, 2.32% Cu, 0.19% Co from 103.7m and a best intercept to date – 19.8m @ 2.71% Ni, 1.79% Cu, 0.13% Co from 227.8m. A 3000m RC program is underway and is expected to be completed in 4 – 6 weeks at Mawson on targets identified in the upper Ni-Cu sulphide zone between diamond holes RKDD007 and RKDD015, the main gravity high and the eastern aircore Ni-Cu-Co geochemical anomaly. Legend also raised $20M via placement to existing major shareholders, institutional and sophisticated investors. Legend also updated its Top 20 shareholders list and after the recent placement shows the top 2 share holders being Creasy Group have a 26.66% share and IGO (Independence Group) 14.12% share. Also during the quarter Legend was added to All Ordinaries Index and nominated for Mining News “Explorer of the Year” award.
- Exploration work at Silver Lake Resources Deflector mine is resulting in mineral resource and ore reserve growth. Ore Reserves increased to 447,000 ounces and 7,000 tonnes copper, an increase of 30% or 102% after FY20 mine depletion and ore grade increasing 15% to 6.3 g/t. While Mineral Resources increased 54% to 1.27 million ounces (80% post FY20 mine depletion) and Resource grade has increased 18% to 13.5 g/t. Since Silver Lake’s acquisition of Doray Minerals Limited in April 2019, Deflector’s Ore Reserves and Mineral Resources have grown significantly in scale and quality, with Ore Reserves now at their highest in Deflector’s history.
- Follow up drilling has commenced for Ardea Resources at the Aphrodite North gold target within the Bardoc Tectonic Zone. Assay results from resampling at 1 metre intervals has included 43-44m 1m at 2.46g/t Au 120-127m 7m at 2.48g/t Au. According to Managing Director Andrew Penkethman the history of the area and some encouraging startpoints is proving significant. “ The land holding was originally acquired by Ardea for nickel-cobalt laterite, which occurs on major crustal structures on a specific ultramafic rock unit termed the Walter Williams Formation. Those same structures host some 100Moz of gold to the south along structure from the GNCP (Goongarrie Nickel Cobalt Project). Ardea thus controls a significant “greenfields” gold portfolio in which systematic gold drill evaluation is just commencing. Although AGSA0013 with 7m at 2.48g/t gold is an encouraging start, far more significant in the Aphrodite North aircore program was the confirmation of dolerite host rock, diorite and intensity of alteration over a 2.4km strike length and width up to 320m, all totally hidden beneath transported lake clay cover”. He said.
- Further extensions have been confirmed at Brolga for De Grey mining in the Pilbara of Western Australia. Highlights have included 26.9m @ 1.5g/t, 19m @ 2.7g/tAu – with 3m @ 14.7g/t Au from 203mAu and 16m @ 1.2g/t Au. De Grey Technical Director, Andy Beckwith, said “The potential for Brolga to expand continues to grow with an 80m x 80m RC program currently underway at Brolga (South) and Crow. At Crow, the initial program of 160m x 80m spaced RC drilling has recently been completed with results expected in the coming weeks. Diamond drilling is currently focused on depth extensions beneath Aquila. The Company’s next twelve month drilling strategy involves expanding resources at Hemi, initially on 80m x 80m drill spacing to define “Inferred Resources” and then infill drilling to define “Indicated Resources”, aircore drilling for new discoveries along the Greater Hemi corridor and testing the many structural and new intrusion targets elsewhere within the 150km long Mallina Gold Project.” Mr Beckwith also confirmed 6 rigs are on site (2 AC, 2 DD 2 RC) operating at Hemi and advancing at Scooby and Antwerp prospect areas.
- Bryah Resources has a 2,000 metre RC drilling program currently underway in the Bryah Basin Gold Copper project after recent RC drilling May delivered a best result of 3 metres @ 4.32 g/t Au from surface. At Bryahs Joint Venture Manganese project (which it hold 80%) Potential direct shipping grade (>30% Mn) manganese was intersected after a recent RC program and follow up drilling will commence in the September quarter. While at the Gabanintha Gold-Copper Project, the progression of a lease application for Tumblegum South Mining Lease is underway and there are negotiations to monetise the Tumblegum South Prospect on-going. Managing Director Neil Marston said” During the quarter Bryah Resources has been working up its manganese assets, funded by our joint venture partner, OM (Manganese) Limited. A 1,680 metre RC drilling program yielded some very encouraging high-grade manganese results and the intention in the next quarter is to continue drilling to extend these zones of high-grade manganese and to test new target areas. Bryah completed a short gold drilling program at the end of our manganese drilling in May, with 3 holes drilled to test for the near surface extensions of high-grade gold intersected in 2018 drilling. One of the holes hitting a 12-metre zone of gold grading 4.32 grams/tonne from surface, including 2 metres at 17.19 g/t Au, which Bryah considers an excellent result.” Mr Marston also said the strongly supported share placement will be used to fund a drill program at the Windalah prospect. “Our plan for the next 6 months is to use these funds to undertake a rolling program of drilling to test the high priority Windalah prospect as well as numerous other gold target areas. Drilling is underway on a 2,000 metre program, so we look forward to reporting the first assay results in August.” he said.
