Tag: Nickel

Posted on

Morning News Bites – Aug 13

In today’s Morning News Bites for August 13. Telstra has reported a full year profit of $1.84b, down 14.4 per cent on the previous year staying within the telco’s guidance range. Flight Centre Travel Group has developed a longer liquidity runway to help it
overcome the challenges posed by COVID-19. Australian retail industry is hit the hardest since ABS recorded data.

Northern Star Resources reports that it is set to generate significant increases in production, cashflow and mine lives over the next two years. This strong growth outlook stems from its exploration success and accretive acquisitions and will require relatively limited capital expenditure. FY21 production guidance for Australian operations is 540,000-600,000oz at AISC of A$1,425- A$1,525/oz. Group Resources increased by 3.2Moz to 22.3Moz (after depletion of 912,000oz and acquisition of Bronzewing Project). Group Reserves increased 12%, or 600,000oz, to 6Moz (after depletion of 912,000oz). Executive Chair Bill Beament said the company was poised to achieve a new level of sustainable production,“We are entering the next chapter of growth on all levels of our business.”

Evolution Mining Limited has today released its financial results for FY20. It announces a strong performance in safety and sustainability; no material impact to operations from COVID-19. Statutory net profit after tax increased 38% to a record A$301.6 million (FY19: A$218.2 million). It also reports that it will pay a record final dividend for the year of 9 cents per share fully franked delivering a total FY20 dividend of 16 cents per share, a 68% increase on FY19.

Western Australian nickel company St George Mining Limited provides an update on the drilling programme underway at its flagship highgrade nickel-copper sulphide Mt Alexander Project, located in the north-eastern Goldfields, WA. Deep drilling intersects intrusive rocks at both the Investigators and Cathedrals Prospects, confirming the prospectivity for nickel-copper sulphides at depth. Diamond drilling continues at Investigators and underway at the Fairbridge Prospect.

Ardea Resources announce significant gold in first RC drilling at Aphrodite North, located approximately 80km north of Kalgoorlie-Boulder, WA. RC drilling at Aphrodite North has intercepted significant gold mineralisation in newly-defined mineralised lodes. Highlights include; 6m at 3.60g/t Au from 44m, including 2m at 9.99g/t Au from 44m. Managing Director, Andrew Penkethman, said, “On the basis of the initial results, a 2,600m follow up RC program has been designed, aiming to commence a drill out of the target zone to further define the gold mineralisation grade tenor and geometry.”

Confirmation of the securing of a drilling contractor to undertake RC drilling at its Pharos Project has been announced by Scorpion Minerals. Located approximately 50kms north west of Cue in the Murchison district of WA, it has signed a contract with iDrilling Australia to undertake a minimum of 5,000m of RC drilling to be completed during 2020, with an initial programme of 2,500m to commence from next week. All relevant approvals for drilling are in place.

Posted on

Morning News Bites – Aug 12

In today’s Morning News Bites for August 12. Gold plummets over $100USoz. Clive Palmer looks to sue WA by 30 billion. Downer report a net loss of $156 million in FY20, attributable to its parent company.

The commencement of a research project with Australia’s national science agency the CSIRO has been announced by Ardea Resources. CSIRO’s Regolith Geosciences team is studying the behaviour of gold within and adjacent to the critical mineral deposits of the Goongarrie Nickel Cobalt Project located in Kalgoorlie, Western Australia. The main aim of the Ardea-CSIRO project is to gain a better understanding of gold and critical mineral behaviour in the Goongarrie laterite to assist exploration and future development.

Kin Mining NL reports further encouraging assay results from ongoing Phase 3 RC drilling across multiple prospects at its Cardinia Gold Project near Leonora in Western Australia. The latest drilling continues to highlight the presence of significant mineralisation outside of the known deposits, reinforcing the substantial exploration upside at Cardinia. The latest drilling has returned particularly strong results, with highlights including 5m @ 3.72g/t from 74m, 13m @ 1.30g/t from 46m and 6m @ 2.41g/t from 22m.

Great Southern Mining Limited is pleased to report drilling results have been received on the 20-hole RC drill program at it’s Mon Ami Gold Project, located 12km south of Laverton, Western Australia. It has identified significant high-grade gold intersections, including: 11m @ 7.9 g/t gold, including 4m @ 15.9 g/t gold from 26m and another highlight of 4m @ 12.4 g/t gold from 80m.

Peak Asset Management has acted as Corporate Adviser and Lead Manager in relation to a capital raising undertaken by Golden Deeps Limited to raise $2,346,000. The funds will enable the Company to accelerate exploration on the recently acquired, highly prospective and historically under-explored gold projects in the Lachlan Fold Belt in NSW.

Regis Resources Limited has entered into agreements to acquire tenements that form part of Stone Resources Australia Limited’s North Brightstar Project, located north of Laverton, Western Australia. Regis has acquired the project area for $10 million in Regis shares and a capped 1% net smelter royalty on a tenement which hosts the Ben Hur Deposit. The royalty will begin to be paid after the production of the first 100,000 ounces.

Posted on

Morning News Bites – Aug 11

In today’s Morning News Bites for August 11. Gage Roads Brewery is to establish a flagship venue in Fremantle, Western Australia. Clean up continues after storms hit NSW South Coast. Victoria record 331 new cases and another 19 deaths.

Anglo Australian Resources provided an update on the ongoing drilling program at the company’s Mandilla Gold Project, south of Kalgoorlie in Western Australia. The results from the first four diamond holes drilled include highlights of: 13.4m @ 7.02g/t Au from 180.4m in MDRCD228 plus 1.82m @ 15.71g/t Au from 222.28m and 10.9m @ 1.52g/t Au from 196.2m in MDRCD229 plus 15.55m @ 1.12g/t Au from 260.45m. Managing Director Marc Ducler said: “We are keenly waiting assay results from the remaining holes in the program – with recently completed diamond holes intersecting albite/silica alteration, quartz veining and numerous occurrences of visible gold.”

Mandrake Resources Limited report the commencement of drilling targeting gold mineralisation at the Berinka Pine Creek Gold Project in the Northern Territory. Limited historical drilling at Terry’s prospect identified gold mineralisation – best intersections include: 4m @ 6.6g/t from 32m, 6m @ 3.8g/t from 18m and 5m @ 2.6g/t from 30m. Mandrake will be completing approximately 1,350m of RC drilling focused on strong gold anomalies derived from historic soil, rock chip and trench sampling across four separate prospects – Vegetation Anomaly, Terry’s Gap, Cross and Sandy Creek.

Phase 2 drilling at Mt Aubrey in Lachlan Fold Belt NSW has begun. Godolphin Resources Ltd report that the start of the drill programme (which was delayed by heavy rainfall in late July) has begun, with the first RC drill hole completed on Thursday 6 August. With a depth of 126 metres, intersecting good visible quartz veining. Drill samples from TMAR032 have been submitted to the laboratory for assay.

Drilling commences at historical high-grade gold mine, Mt Freda, located south of Cloncurry in Queensland. Ausmex report recent drilling results in this location, these include highlights of: 5m @ 7.90g/t Au incl 1 m @ 32.70g/t Au, 6m @ 4.80g/t Au incl 2m @ 13.2g/t Au and 1m @ 21.80g/t Au and 4m @ 6.30g/t Au incl 1m @ 19.20g/t Au. Mine planning, geotechnical and prefeasibility to commence after upgrade of Mt Freda

QEM Limited provided more highly successful results from recent independent processing test work at Julia Creek vanadium and oil shale project in North Queensland. Impressive vanadium extraction results achieved through testwork, including efficiencies up to 92% on shale ash, with a majority of extraction completed after 3 to 6 hrs. Further optimisation is possible and will be the focus of future programs. Managing Director Gavin Loyden said, “As Julia Creek has the potential to produce both vanadium and oil products, efficient extraction of both commodities is crucial for us to maximise the significant value potential we can derive from Julia Creek,”

Posted on

Morning News Bites – Aug 10

In Today’s Morning News Bites for August 10. Victoria has recorded its deadliest day of the COVID-19 pandemic, with 19 deaths overnight. EY forecast a fresh wave of mergers an acquisitions for the Australian mining sector, with companies making most of high priced commodities. Mader Group FY20 results are out, up 20% from FY19 ($274m). Aurizon report another strong year, with FY20 up 10% on the previous year ($909m).

Strong gold hits in first air-core program at Whiteheads for Great Boulder Resources. Initial assays define gold mineralisation over 400m of strike at the Blue Poles prospect at Arsenal including: 6m @ 2.03g/t Au from 48m to EOH and 23m @ 0.54g/t Au from 32m to EOH, including 4m @ 1.69g/t. Great Boulder Managing Director Andrew Paterson commented that the company is excited by the initial assays. “It’s extremely encouraging to get such good numbers in the first batch of assays. This bodes well for further work on the Arsenal trend.”

Encouraging signs for the Rover Project for Twenty Seven Co., with assay results for the first half of the shallow auger and soil geochemical sampling program undertaken. The Harmonic target size has more than tripled to ~650m long, with a 1.77g/t Au rock chip sampled 400m north-west along strike from the nearest drill-hole, with a new soil sampling also confirming a gold anomaly ~650m long at Harmonic

Bryah Resources Limited release the results of leaching test-work undertaken on samples from the Windalah Gold Prospect, located within its Bryah Basin Project, north of Meekatharra in central Western Australia. A highlight of 12 metres @ 4.32 g/t Au from surface, including 2 metres @ 17.19 g/t Au from 3 metres was confirmed by 15 one metre residual drill samples (0-15m depth), that were
delivered for testing for gold recovery by cyanide using a 6-hour bottle roll leach test at a laboratory
in Perth.

Essential Metals confirm plans for major new field exploration programs, set to commence at the Kangan JV Gold Project, near the Pilbara region in Western Australia. Novo Resources Corp and Sumitomo Corporation are earning a 70% Joint Venture interest in the Kangan Project by spending $460,000 on exploration by December 2020.  Managing Director, Tim Spencer, said: “The sheer scale of the Novo’s Pilbara Gold Project was brought home to me during my visit to the region. The gold endowment in the Pilbara appears to be widespread and very significant.”

Potential for large-scale high-grade Sulphate of Potash Project at Lake Throssell for Trigg Mining, with results from the helicopter-supported rotary drilling program have confirmed the presence of a high-grade surficial aquifer over an extensive area, with favourable host lithologies.

Posted on

Morning News Bites – Aug 6

Todays morning news bites –

Melbourne retailers scramble to increase ecommerce capacity ahead of a complete shift to online on Thursday. Bank of America is forecasting the price of gold to reach $US3000 an ounce over the next 18 months. Bayswater-based Dynamic Drill & Blast has made its ASX debut today, two weeks earlier than expected after the company’s $5 million initial public offering was swamped with interest.

  • Golden Deeps has identified priority gold mineralised trends at the Tuckers Hill Gold Project near Mudgee, NSW. Magnetic images show potential gold bearing faults and anticlinal structures in the tenement area. The company engaged geophysical consultants Southern Geoscience Consultants to reprocess and re-image aeromagnetic data over the Hargraves – Tuckers Hill area with the aim of better delineating the structural and lithological trends that host gold mineralisation at the Hargraves Goldfield.
  • Manhattan Corporation Limited provided an update at New Bendigo, NSW. The 5,000 metre RC drilling programme is planned to follow-up and test the recently discovered shallow high-grade “Western Lode”, which returned: 7m at 18.16 g/t Au from 87m. The drilling staff and crew have commenced mobilisation to site, with plans to commence week beginning Monday 10th August 2020.
  • An update on the progress of the diamond drill programme currently underway at Auroch Minerals Saints Nickel Project in WA. The company has a report of a massive sulphide intersection coincident with targeted strong down-hole electromagnetic (DHEM) conductor identified from remodelling of historic DHEM surveys. Diamond core from the intersection has been logged and is being sampled, with results and modelling pending. Managing Director Aiden Platel said, “The fact that the sulphide intersection was coincident with our modelled DHEM conductor really reinforces our geological model at Saints and the ability of DHEM to vector in on nickel sulphide mineralisation.”
  • Red5 provide an update on the ongoing Final Feasibility Study for an integrated bulk open pit and underground mine and processing operation at the King of the Hills gold project in Western Australia, which is on-track for completion in September 2020. Mineral Resource estimate completed for historical low-grade stockpiles, comprising 2.81Mt at 0.5g/t Au for 39,900oz of contained gold, including 1.62Mt at 0.6g/t for 29,600oz of contained gold. “We are accomplishing key tasks towards the delivery of the Final Feasibility Study, with mine designs and schedules expected to be finalised within the next few weeks ahead of the delivery of an updated Ore Reserve estimate”, said Managing Director Mark Williams.
  • A new drilling program testing for high-grade gold in new target areas has commenced at the Cobar Gold Project in Central NSW, according to Helix Resources. The drill program will initially test the Amity’s Prospect, a robust 480m x 270m gold-in-soil anomaly. Executive Chairman Peter Lester commented, saying “Our initial drill targets are well beyond the existing resource areas and could provide scope for progressive expansion of our 118,800oz gold inventory currently attributed to the Project”. Helix’s field team has secured entry to Central NSW, following appropriate COVID travel protocols.
Posted on

Morning News Bites – Aug 5

Todays morning news bites –

Gold is continuing to break records with a new high, it is now trading at over $2024US/oz. Virgin announce cuts to 3000 staff as they plan to adapt to “a new world”. The QLD borders officially close to NSW.

Loads of ore, like in the CAT 793 are potentially more attractive after the jump in gold overnight.
  • As uncertainty surrounding the global economy increases, so does the price of Gold, smashing it’s previous record that was made only last week of over $1954US/oz, it is now trading at over $2024US/oz ($2824AUD).
  • Meteoric Resources announce the mobilisation of the Palm Springs site. The 6,500m Stage 1 drilling program, which will consist of both RC and Diamond drilling, has been designed to confirm and extend the known high grade mineralisation associated with the plunging anticline to the south of the existing Butchers Creek open pit. Stage 1 will consist of approximately 23 RC holes (5,000m)  and 7 Diamond drill holes (1,500m) for a total of 6,500m of drilling.
  • Prodigy Gold report that drilling is underway at the Tulsa Prospect, situated within the North Arunta Project, a province scale gold opportunity with several multi-kilometre soil anomalies to be drilled in 2020. Tulsa is the first of five targets to be drilled this campaign and is located along strike from the high-grade Kroda Gold Prospect which returned 5m @ 15g/t Au and 9m @ 11.5 g/t Au from drilling in 2018. Managing Director, Matt Briggs said, “With a very robust exploration program mapped out for the remainder of this calendar year, I look forward to updating shareholders on exploration progress at regular intervals.”
  • Early construction works to start at Warrawoona gold project in WA, Calidus Resources reports. Managing Director Dave Reeves said: “The early works programme will ensure gold production starts as soon as possible at Warrawoona. Constructing access roads, the accommodation village and supplying communications to site paves the way for the main development works to kick off in earnest in the new year.
  • Another significant sulphide intersection at Golden Swan extends the new discovery until August 5th for Poseidon Nickel. Latest intersection is ~50m up-dip of discovery hole PBSD0029A which intersected 7.6m @ 8.8% Ni (true width = 4.3m) including 2.1m (1.2m TW) of massive sulphides grading 15.9% Ni. Managing Director and CEO Peter Harold commented, saying “With the installation of the underground loop nearing completion we hope to highlight further potential around the current Golden Swan intersections as our geological understanding of this area improves.“
Posted on

Morning News Bites – Aug 4

In today’s morning news bites:

Sharemarket has risen 6000 points at open. Wesfarmers announces Bunnings stores in Melbourne metro region will be closed for in-store retail, however trade will remain open while Target, Kmart and Officeworks will be unable to service customers in-store. The Reserve Bank meets today to discuss interest rates.

  • Saracen reports a record increases in reserves of 3.7Moz at 30 June 2020, up 12% from 3.3Moz at 30 June 2019 (an increase of 400,000oz despite 396,000oz depletion). The further increase in reserves strengthens Saracen’s position as a substantial, long-life, low-cost gold miner with 100% of its production from Western Australia. Managing Director Raleigh Finlayson said, “To grow Reserves by 400,000oz in a year despite depletion is a strong result. These ounces are made much more valuable by the fact that they are all in Western Australia and within very close proximity to existing processing facilities. These robust reserves ensure we have long-term, sustainable production in what is almost certainly the best place in the world to be a gold miner.”

  • Renascor has identified multiple drill-ready gold targets at its Carnding Project in South Australia’s Central Gawler Craton. Shallow Gold Drill Intercepts of up to 16 g/t in Central Gawler Craton Highlights, targets include the Soyuz Prospect, where previous drilling intersected shallow gold, with highlights including: 7m @ 5.14g/t Au from 26m to end of hole, including 2m @ 16.42 g/t Au from 30m1 and 6m @ 4.94g/t Au from 14m.
  • The 250-hole auger drilling program has been completed at its Twin Hills Gold Project in the Goldfields of Western Australia, according to eMetals. Drilling has tested almost 2 kilometres of strike of prospective shear zone south of the historical Twin Hills Gold Mine which has recorded historical production of 1,100 tonnes of ore at an average grade of 23.6 g/t and an historical resource of 17,541 tonnes at a grade of 20.86 g/t. Director Mathew Walker was pleased with the progress, saying “Twin Hills is an exciting exploration Project with over 5 kilometers of prospective strike length adjacent to two excised historical high grade gold mines. We are delighted that the recent auger geochemical program has validated our structural modelling and provide us with multiple ready to drill targets.”
  • According to Gladiator Resources, the previously delayed drilling program at the Marymia Gold Project has now been completed. A total of 31 AC holes for 1,922m have been completed, with composite samples to be couriered to Intertek Laboratories for gold analysis. Results are anticipated within the month and will be reported as soon as possible.
  • Apollo Consolidated provide an update on the progress of drilling at its Lake Rebecca Gold Project located 150km east of Kalgoorlie in Western Australia. Exploration, infill, and extensional drilling at the Duchess deposit delivers strong true-width mineralisation zones, with highlights of: 5m @ 6.98g/t Au incl. 1m @ 31.48g/t Au and 7m @ 3.90g/t Au.
Posted on

Morning News Bites – Aug 3

In today’s morning news bites:

Neometals and Sms Group announced a joint venture to recycle lithium ion batteries, NSW COVID-19 clusters increase concern as Victoria move into stage 4 lockdown.

  • A formal agreement has been reached between Neometals and SMS group called Primobius, which will commercialise Neometals’ proprietary lithium-ion battery recycling technology. This offers a unique and sustainable method for recovering valuable lithium, nickel, cobalt and other materials from spent and scrap electric vehicle and consumer electronic LiB’s. Recovered and refined product materials will be in a form that can be reused in the battery supply chain. Neometals Managing Director Chris Reed said, “We have a clear path to commercialise this Australian technology, developed by our technical team in Perth, to meet the needs of the burgeoning European lithium battery and EV makers.”
  • Redstone Resources Limited has presented its report for Q4 and FY20. This includes the successful completion and interpretation of results from the 2019 exploration West Musgrave  Project, which has confirmed the significantly improved prospectivity for copper mineralisation across the project tenure.
  • Drilling has commenced at the Wild-viper Gold Project for Terrain Minerals Limited. This high-quality gold exploration tenement package located 76 km north of Leanora WA and is surrounded by historic gold deposits and is surprisingly under-explored and appears to be highly prospective. Negotiations are progressing, with plans to farm‐in up to 80% interest in privately owned Hannans South Gold Tailings Project,  a large scale tailings gold facility, located on the historic Hannans South Gold Mill site in Kalgoorlie, WA.
  • Jindalee Resources announces the appointment of Mrs Karen Wellman as CEO, effective 12 October 2020. Mrs Wellman is a geologist with almost 20 years’ experience covering all aspects of the mining cycle from early stage exploration, production and mine geology, through to resource definition and estimation. Jindalee’s Chairman Mr Justin Mannolini has welcomed this appointment, saying “We are delighted to welcome Karen as Jindalee’s CEO. Karen’s industry and development experience will be of great value to the Company as we advance our portfolio of gold and nickel assets in Western Australia to further develop and expand our significant lithium resource base in the US.”
  • Drilling contract awarded for the Mt Stirling Gold Project for Torian Resources. Phase 1 drilling has proven that the Mt Stirling Project is emerging as a potentially large  gold system with ore grade Au now intercepted over 100m below prior drilling and extends over 1,000m strike. This extends on assay results released in June of this year, which returned grades of up to: 4m @ 8.84 g/t (including 33.10 g/t over 1.0 m) and 24m @ 1.26 g/t (including 2.89 g/t over 7.0 m).
Posted on

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.
Posted on

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.