Saturn Expands Apollo Hill Gold System.
Saturn Metals (STN) has released further strong results from ongoing RC drilling at the Apollo Hill deposit within its 100%-owned Apollo Hill Gold Project, 60km south-east of Leonora in the Western Australian goldfields. The project is on the Leonora – Wiluna belt and is on strike in the Keith Kilkenny Shear.
The deposit and the Apollo Hill project are 100% owned by Saturn Metals and are surrounded by good infrastructure and several significant gold deposits. The Apollo Hill Project has the potential to become a large tonnage, simple metallurgy, low strip open pit mining operation.
A further resource upgrade is targeted for late 2020, incorporating results from drilling conducted since October 2019 when the resource estimate was last updated. It is shaping up to be a shallow project with consistent grades and open to the south and east.
Saturn Managing Director Ian Bamborough said: “Results continue to extend gold mineralisation and improve continuity in shallow hanging-wall positions along the deposit’s strike length. Extensional drilling on the main lode is returning some excellent intersections. Assays remain pending for a further 60 holes and drilling continues to home in on key growth areas of the deposit. We look forward to receiving and reporting on the next batch shortly and to incorporating them into the next resource upgrade process planned for later this year.”
Catalyst Finds New Gold Mineralisation.
Catalyst Metals (CYL) has advised that new zones of gold mineralisation with values of up to 43.5g/t have been intersected east of the Boyd’s Dam trend which may represent the Eagle 5 structure. There is virtually no previous drilling in this area which is interpreted to potentially contain a mineralised structure at least 1.5 kilometres long. Further shallow high-grade gold mineralisation was intersected at Boyd North (8m @ 4.9g/t Au, 3m @ 19.4g/t Au, 7m @ 5.7g/t Au) and has potential to continue southward at greater depth beneath Boyd’s Dam.
Mr Bruce Kay, Catalyst’s Technical Director, stated, “The air core program in 2020 was partly disrupted by weather events and COVID-19 restrictions but generally was successful in testing many reconnaissance areas. It is very encouraging to see a new structure with high grade gold mineralisation emerging east of Boyd’s Dam as well as further high-grade zones in the Boyd North area.”
The Four Eagles Gold Project is situated along the Whitelaw Fault which is considered to be a major structural control of gold mineralisation at Bendigo in Victoria, and to the north. Catalyst manages the entire Whitelaw Gold Belt and has interests in fourteen Exploration Licences and two Retention Licences which extend for 75 kilometres along the Whitelaw and Tandarra Faults north of Bendigo and in other areas north of the Fosterville and Inglewood goldfields.
Navarre Finalises Agreement to Acquire Jubilee Gold Project.
Victorian gold exploration company, Navarre Minerals (NML) has finalised an agreement to acquire 100% of the Jubilee Gold Project following transfer of exploration licence EL6689 and a final cash payment of $20,000 to the vendor. The deal delivers the Company full control over a complementary and strategic high-grade gold exploration asset, 25km south-west of Ballarat, Victoria.
The 122Sqkm Jubilee Project includes the historical 619m deep Jubilee Gold Mine (mined 1887 – 1913) that produced approximately 130,000 ounces of gold at a recovered grade of around 12 g/t from a single east-west trending quartz reef. Since the mine closed, there have been no reported modern attempts at sustained exploration and no drilling.
The property occurs within a highly prospective and prolific mining district, in close proximity to a significant operating gold mine and processing facility located nearby within the historical 12 million-ounce Ballarat Goldfield.
Since gaining access to the property, Navarre geologists have uncovered three main target areas thought to be potential repetitions and extensions of the historical Jubilee quartz reefs (
Navarre’s Managing Director, Ian Holland, said: “This acquisition is an exciting expansion of the Company’s regional gold assets in Victoria. The Jubilee mine workings have seen no real exploration in over a century despite having a history of delivering relatively uniform and continuous high-grade gold mineralisation from within quartz lode structures, all just 25 kilometres from an operating mine with significant processing capacity. The existence of transverse quartz reefs represents a rare opportunity for exploration as these structures have never been drill tested.”
Cyprium Metals Launches Share Purchase Plan and Raises $5M in Oversubscribed Placement.
Cyprium Metals (CYM) has secured $5.0 million through a highly oversubscribed placement from sophisticated, professional and institutional investors of 33,333,333 fully paid ordinary shares in the Company at $0.15 per Share. The Placement comprises:
Tranche 1: 11,505,120 Shares to be issued under the Company’s existing placement capacities (5,899,172 Shares under Listing Rule 7.1, and 5,605,948 Shares under Listing Rule 7.1A); and
Tranche 2: 21,828,213 Shares, which is subject to approval by the Company’s shareholders (Shareholders).
Additionally, in recognition of the support that has been received from the Company’s existing members, eligible Shareholders will be offered to participate in a Share Purchase Plan, which is aimed to raise a further $1 million, at the same issue price of $0.15 per Share.
Executive Director Barry Cahill commented: “We would like to thank the existing and incoming Cyprium shareholders for their support in this heavily over-subscribed capital raise. The Company is now well funded to advance the potential development of our Cue and Nanadie Well Copper-Gold Projects by commencing geophysics and drilling campaigns to target extensions to the existing resources whilst also testing other high priority targets. With the injection of new capital and strong copper fundamentals, we are excited for what is to come.”
Fennix Executes Contract for Road Haulage at Iron Ridge Project.
Fenix Resources Limited (FEX) is pleased to announce that it has executed a contract for the road transport component of its Iron Ridge Project with Fenix Newhaul Pty Ltd. Fenix Newhaul is the incorporated joint venture company established to implement the strategic alliance between the Company and Craig Mitchell, the founder and former owner of Mitchell Corp, a major supplier of transport and logistics services to the Western Australian mining industry.
The contract is valued at around $360 million for the estimated 6-year life-of-mine, based on a terminal gate diesel price ex Geraldton of around $1.34 per litre (current diesel price is around $1.05). It is due to commence in December 2020, in line with the current project development timeline.
Fenix Managing Director Rob Brierley said: “Road transport was quickly identified as the largest cost component for the commercialisation of Iron Ridge. We took an innovative approach to optimise this aspect and we strongly believe that the joint venture concept with Craig Mitchell has been the right way to go. Fenix Newhaul plan to commence operations with a mix of sub-contract and owned fleet and they are actively recruiting for personnel, with most of their employees to be Geraldton-based”.
The Company’s 100% owned, flagship Iron Ridge Iron Ore Project is a premium DSO deposit which hosts a JORC 2012 compliant resource located around 490 km by road from Geraldton port.
