Morning News Bites – September 1

In Today’s Morning News Bites for September 1. WA motorists face toughest penalties in Australia if caught using mobile phones while driving. Telstra profits slide 15% for FY20, sighting disruption from the pandemic and bush fire crisis. Lefroy report results from Hang Glider Hill and Lucky Strike Gold exploration hubs 50km South-East of Kalgoorlie. 

Lefroy Exploration Limited provided results from an 279-hole aircore (AC) drilling program completed at the Hang Glider Hill (HGH) and Lucky Strike exploration hubs within the Eastern Lefroy project 50km to the South-East of Kalgoorlie, WA. A total of 12,436m were drilled in a 279- hole program covering the Hang Glider Hill, Lucky Strike and Havelock areas. Results include: Hang Glider Hill – enhanced gold prospectivity of the target area that has highlighted a 3.5km corridor adjacent to the Hang Glider Hill fault to focus additional exploration. Lucky Strike confirms highly oxidised BIF over 700m of strike with gold anomalies. Enhanced potential for further discoveries along the remaining 1.3km strike of the trend.

Legacy Iron Ore Limited announced the completion of the first round of PQ size (85mm) diamond drilling for metallurgical studies at the Mt Celia project in Laverton, WA. The drilling was undertaken to generate cores for metallurgical test works. A total of 4 drill holes have been completed, with 1 more hole to be drilled in September 1st week to generate a few more composite samples. Geological logging of the PQ cores resulted in the visual confirmation of expected mineralised zones providing increased confidence for the upcoming metallurgical test works. 4 diamond PQ drill holes for metallurgical studies completed at the Kangaroo Bore and Blue Peter gold deposits.

RC Drilling is nearing completion at New Bendigo, part of the Tibooburra Gold Project in New South Wales. Manhattan Corporation has completed 34 RC holes for 4,175 metres. Approximately 900 metres remains to be drilled and is expected to be completed by Saturday 5th September. The first batch of samples (approximately 2,000 samples) are undergoing sample preparation at ALS Global Laboratories in Adelaide. Results are expected late September 2020. A second batch of samples (~1,800 samples) has been dispatched from site and are expected to arrive at the laboratory this week.

Results from early stage metallurgical test work for Chalice Gold Mines has been completed on a range of mineralisation styles from the Gonneville PGE-Ni-Cu-Co discovery at its Julimar Project in WA. Early stage sighter metallurgical testwork completed on limited samples of high-grade sulphide mineralisation from the G1 Zone, as well as disseminated sulphide mineralisation and oxide mineralisation (composite from four RC holes) from the Gonneville Intrusion. All sulphides in the G1 zone float readily under standard conditions at 75µm grind size – a positive indication that the sulphides appear to be amenable to conventional flotation concentration techniques. Managing Director Alex Dorsch commented, saying “The early stage metallurgical test work completed to date has returned promising results from selected samples, giving us good early encouragement that the sulphide-hosted mineralisation at Gonneville will be amenable to conventional flotation.”

Essential Metals reports that a drilling programme has commenced to test the northern extent of the Sinclair Caesium Deposit, 140km South of Kalgoorlie, WA. A mineralised corridor has been modelled using existing high grade caesium drill intersections which confirm mineralisation extends up to 80m from the northern open pit wall of the Sinclair Caesium Mine. The drill programme will target a total length of 120m as well as aim to infill and widen the mineralised zones around the existing drill intersections.

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.