Camino Minerals (CVE:COR) said Tuesday that it has started a 6,500 metre diamond drill program at its 100% owned Rodeo gold project in Durango State, Mexico, which is expected to take four months to complete.
The Rodeo property, located 160 kilometres north of the city of Durango, covers 13,099 and is accessed by paved highway.
From 2004 to 2007, Canplats Resources, whose former management team now controls Camino, drilled a total of 3,449 metres in 25 holes at Rodeo, but tested only 600 metres of the 5 kilometre long epithermal system, with only 2 holes exceeding a depth of 200 metres, Camino said.
Despite this limited amount of drilling, a reverse circulation drill program by Canplats in 2004 confirmed the presence of near-surface gold mineralization over significant intervals, including hole BR-06, which returned 5.5 grams per tonne (g/t) of gold and 12.5 g/t silver over 28 metres.
Camino's 17-hole, 6,500 metre diamond drill campaign will test 4 kilometres of the known epithermal system.
The company said that a new induced polarization survey from March indicated good potential for high grade gold mineralization in veins and breccias, both along strike and at depth.
Camino is a new mineral exploration company that was formed in connection with Goldcorp's (TSE:G) $300-million acquisition of Canplats Resources. The company is led by Canplats' former management and is focused on precious and base metal projects located in Mexico.
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Tuesday, 5 July 2011
Fission Energy locates further 20 radioactive boulders at Patterson South
Fission Energy Corp (TSE:FIS)(OTCQX:FSSIF) said Tuesday it has completed the boulder prospecting and survey program at its Patterson Lake South uranium property, together with 50/50 joint venture partner ESO Uranium Corp, with encouraging results.
The companies said an additional 20 radioactive boulders and hot spots were discovered on the claims in Saskatchewan, for a total of 74.
Of this, 42, or 57% produced "off-scale" radioactive readings as measured by hand held gamma ray scintillometers. Samples have been submitted to the lab, and assays will be reported when available.
In addition, Fission said that four claims, comprising an area of roughly 30,000 acres, have been acquired through staking, bringing the total land package to 12 claims, or 63,000 acres.
This means the uranium boulder field now exceeds four kilometres in its longest north-south dimension, and is up to 0.9 kilometres in its east-west dimension.
The Patterson Lake South property is accessible by all weather Highway 955, which runs north to the former Cluff Lake Mine, where more than 60 million pounds of uranium was produced.
"While there is no certainty that any in situ uranium deposits will be discovered on the property, the next challenge for the joint venture is to locate and define the source of its uranium boulders," Fission concluded in a statement.
The companies said an additional 20 radioactive boulders and hot spots were discovered on the claims in Saskatchewan, for a total of 74.
Of this, 42, or 57% produced "off-scale" radioactive readings as measured by hand held gamma ray scintillometers. Samples have been submitted to the lab, and assays will be reported when available.
In addition, Fission said that four claims, comprising an area of roughly 30,000 acres, have been acquired through staking, bringing the total land package to 12 claims, or 63,000 acres.
This means the uranium boulder field now exceeds four kilometres in its longest north-south dimension, and is up to 0.9 kilometres in its east-west dimension.
The Patterson Lake South property is accessible by all weather Highway 955, which runs north to the former Cluff Lake Mine, where more than 60 million pounds of uranium was produced.
"While there is no certainty that any in situ uranium deposits will be discovered on the property, the next challenge for the joint venture is to locate and define the source of its uranium boulders," Fission concluded in a statement.
Li3 extends period to negotiate formal partnership with South Korea's POSCO
Lithium explorer Li3 Energy (OTCBB:LIEG) said Tuesday that it has agreed to extend the expiration date for negotiating a formal agreement with South Korea-based industrial company POSCO (NYSE: PKX).
The memorandum of understanding document for the strategic partnership was set to expire June 30, but has now been extended until August 31st. POSCO, with operations in energy, chemicals and materials, is one of the largest steel manufacturers in the world, with $56 billion in annual revenues.
The South Korean company invests in several resource development projects globally, especially with regards to lithium projects.
Indeed, the agreement between Li3 and POSCO was to jointly explore and evaluate the development of Li3's Maricunga lithium project in Chile, including the establishment of a commercial plant.
This is because one of the primary uses for lithium is in the production of batteries for hybrid and electic vehicles. As demand for these cars increase, so will the world's requirements for lithium, resulting in many battery and automakers in Korea and Japan partnering with lithium exploration companies to ensure a steady supply.
"After concluding a week in Korea with POSCO's senior management team, advisors and legal counsel, I am extremely pleased that both companies have expressed a desire to continue working towards a mutually beneficial transaction," said Li3 CEO, Luis Saenz.
"Our objective is to align the companies in a manner that provides Li3 with capital, while minimizing dilution and still providing POSCO with a range of possible involvements including both financial and technological exchanges.
"Li3 is very proud to be considered as a potential strategic partner in lithium and other minerals and we look forward to exploring financial, technical and commercial opportunities with a global strategic partner of this magnitude".
Li3 has a controlling interest in the Maricunga property, which has been independently ranked as one of the top eleven lithium projects in the world, with the potential to become the largest lithium-based salar in brine-bearing deposits.
A report by SignumBOX concluded securing a multi-national strategic off-take partner was one of the missing elements that could elevate the project even further, said the company.
Li3, which looks for lithium properties in Peru, Argentina and Chile, has begun the initial $3.8 million development work program on the project, placing Maricunga into feasibility stage. A preliminary economic assessment report is anticipated by the end of the fourth quarter.
Maricunga covers an area of approximately 1,438 hectares, comprising six concessions, and is located in the northeast section of the Salar de Maricunga in Region III of Atacama.
The memorandum of understanding document for the strategic partnership was set to expire June 30, but has now been extended until August 31st. POSCO, with operations in energy, chemicals and materials, is one of the largest steel manufacturers in the world, with $56 billion in annual revenues.
The South Korean company invests in several resource development projects globally, especially with regards to lithium projects.
Indeed, the agreement between Li3 and POSCO was to jointly explore and evaluate the development of Li3's Maricunga lithium project in Chile, including the establishment of a commercial plant.
This is because one of the primary uses for lithium is in the production of batteries for hybrid and electic vehicles. As demand for these cars increase, so will the world's requirements for lithium, resulting in many battery and automakers in Korea and Japan partnering with lithium exploration companies to ensure a steady supply.
"After concluding a week in Korea with POSCO's senior management team, advisors and legal counsel, I am extremely pleased that both companies have expressed a desire to continue working towards a mutually beneficial transaction," said Li3 CEO, Luis Saenz.
"Our objective is to align the companies in a manner that provides Li3 with capital, while minimizing dilution and still providing POSCO with a range of possible involvements including both financial and technological exchanges.
"Li3 is very proud to be considered as a potential strategic partner in lithium and other minerals and we look forward to exploring financial, technical and commercial opportunities with a global strategic partner of this magnitude".
Li3 has a controlling interest in the Maricunga property, which has been independently ranked as one of the top eleven lithium projects in the world, with the potential to become the largest lithium-based salar in brine-bearing deposits.
A report by SignumBOX concluded securing a multi-national strategic off-take partner was one of the missing elements that could elevate the project even further, said the company.
Li3, which looks for lithium properties in Peru, Argentina and Chile, has begun the initial $3.8 million development work program on the project, placing Maricunga into feasibility stage. A preliminary economic assessment report is anticipated by the end of the fourth quarter.
Maricunga covers an area of approximately 1,438 hectares, comprising six concessions, and is located in the northeast section of the Salar de Maricunga in Region III of Atacama.
PMI Gold confirms significant targets at Kubi; follow-up drilling to begin next month
In a recent update to shareholders, PMI Gold Corp (CVE:PMV) confirmed a 1.2 kilometre long gold anomaly zone found at its 90% owned Kubi project in southwestern Ghana, after it received results from an initial shallow auger drill program.
The company said the 4,800 metre first phase auger drill program defined a widespread zone of gold anomalies by a 40 parts per billion gold threshold over 1.2 kilometres, in an emerging target area located southwest of Kubi Main Zone deposit.
To date, assay results have been received for 823 samples of the total 2,663 samples, representing approximately 35% of the overall program.
Specifically, the program returned 2.0 grams per tonne (g/t) gold over strike lengths between 100 metres to 200 metres.
"The auger drilling has confirmed the results of previous soil geochemistry and defined priority areas for deeper drilling, which is scheduled to commence within the next two months," said managing director, Collin Ellison.
"In addition, we have been able to develop a clearer understanding of the structural setting which will assist in delineating targets for future drilling.
"The occurrence of the same series of east-northeast trending structures that coincide with the Ayanfuri deposit are considered to be of particular interest for future exploration."
The Kubi gold deposit is located on the northeast trending Ashanti shear zone, 50 kilometres east of the company's Obotan Gold project and 12 kilometres north east of the 6.6 million ounce Ayanfuri gold deposit, owned by Perseus Mining. The main Kubi deposit has estimated measured and indicated resources of 233,000 ounces, and inferred resources of 115,000 ounces.
The recently completed shallow auger drilling program at the Kubi project was designed to test historical gold anomalous results along strike from the previously reported 513 Prospect.
Last year, the 513 Prospect, which is contained in the southeastern region of the auger survey area, intersected 3.75 g/t gold over 4.75 metres, 3.68 g/t gold over 8.0 metres and 15.35 g/t gold over 1.0 metre.
PMI Gold said it plans to commence an expanded second auger drilling program following the review of all the first phase results.
Two new aircore and reverse circulation (RC) drill rigs are scheduled to arrive on site mid-August to better delineate resource extensions of the main Kubi deposit mineralization, bringing the number of rigs up to five.
The second phase program will also explore the gold anomalous areas along strike from the Kubi Main deposit and along the parallel Ashanti Trend, commencing at the 513 Prospect.
The company said the 4,800 metre first phase auger drill program defined a widespread zone of gold anomalies by a 40 parts per billion gold threshold over 1.2 kilometres, in an emerging target area located southwest of Kubi Main Zone deposit.
To date, assay results have been received for 823 samples of the total 2,663 samples, representing approximately 35% of the overall program.
Specifically, the program returned 2.0 grams per tonne (g/t) gold over strike lengths between 100 metres to 200 metres.
"The auger drilling has confirmed the results of previous soil geochemistry and defined priority areas for deeper drilling, which is scheduled to commence within the next two months," said managing director, Collin Ellison.
"In addition, we have been able to develop a clearer understanding of the structural setting which will assist in delineating targets for future drilling.
"The occurrence of the same series of east-northeast trending structures that coincide with the Ayanfuri deposit are considered to be of particular interest for future exploration."
The Kubi gold deposit is located on the northeast trending Ashanti shear zone, 50 kilometres east of the company's Obotan Gold project and 12 kilometres north east of the 6.6 million ounce Ayanfuri gold deposit, owned by Perseus Mining. The main Kubi deposit has estimated measured and indicated resources of 233,000 ounces, and inferred resources of 115,000 ounces.
The recently completed shallow auger drilling program at the Kubi project was designed to test historical gold anomalous results along strike from the previously reported 513 Prospect.
Last year, the 513 Prospect, which is contained in the southeastern region of the auger survey area, intersected 3.75 g/t gold over 4.75 metres, 3.68 g/t gold over 8.0 metres and 15.35 g/t gold over 1.0 metre.
PMI Gold said it plans to commence an expanded second auger drilling program following the review of all the first phase results.
Two new aircore and reverse circulation (RC) drill rigs are scheduled to arrive on site mid-August to better delineate resource extensions of the main Kubi deposit mineralization, bringing the number of rigs up to five.
The second phase program will also explore the gold anomalous areas along strike from the Kubi Main deposit and along the parallel Ashanti Trend, commencing at the 513 Prospect.
China-focused Inter-Citic receives bullish rating from Northgate Capital Partners
Inter-Citic Minerals (TSE:ICI) received encouraging remarks from equity research firm Northgate Capital Partners on Monday, after the Canada-based gold explorer boosted inferred resources at its Dachang project late last week.
On Thursday, the company increased inferred resources at its China gold property by more than 400,000 ounces of gold, due to the inclusion of new areas.
The updated report, prepared by Micon International, estimated inferred resources of 21.26 million tonnes grading 2.83 grams per tonne, or 1.93 million ounces of contained gold - an increase of around 409,000 ounces over the previous report last July.
In 2010, Toronto-based explorer Inter-Citic conducted a 25,070 metre drill program and a 9,800 metre trenching program focused on expanding the resources outside of the existing Dachang Main Zone (DMZ) and Placer Valley areas. The new "exploration area" resources are entirely in the inferred category.
In the research report, Northgate noted: "Increased resources at these new regional zones are a preliminary indication of the 279 square kilometre property’s mineral potential. We believe the Acadia Zone, 861 Zone, and XP Zone could each host 1.0-1.5Moz at similar grades to DMZ."
Northgate further said that a resource increase of this magnitude could substantially change the economics of the project relative to the equity research firm's current valuation, which is based on a preliminary economic assessment from 2009, incorporating only 46% of total resources.
New inferred resources are in addition to the estimated measured and indicated resource of 1.88 million ounces of contained gold, or 17.2 million tonnes at a grade of 3.41 grams per tonne (g/t) gold, at a cutoff grade of 0.6 g/t.
Based on future indications, Northgate assigned the Canada-based company a "sector outperform" rating, with a price target of $3.25, more than double its current share price.
Northgate expects to re-visit its valuation upon the release of the project's feasibility study, expected in the middle of this year, it said. Near term catalysts for the company's share price also include exploration results, advancement of Dachang, a new joint venture partner, or a potential takeover.
"We believe that Inter-Citic presents an excellent opportunity to invest in a potentially high‐return, low‐cost gold project in China — the world’s largest gold producing country.
"The share price currently reflects a discount to our development project Net Present Value estimate, which incorporates only half of all resources in the mine plan.
"Additionally, the shares currently do not reflect the value for inferred resources being upgraded with infill drilling and the blue‐sky exploration potential," the research firm concluded.
Zijin Mining Group (2899:SEHK), China’s largest gold producer, acquired a 19.15% equity interest in Inter-Citic Minerals in April of last year, but has no direct interest in the Dachang project.
On Thursday, the company increased inferred resources at its China gold property by more than 400,000 ounces of gold, due to the inclusion of new areas.
The updated report, prepared by Micon International, estimated inferred resources of 21.26 million tonnes grading 2.83 grams per tonne, or 1.93 million ounces of contained gold - an increase of around 409,000 ounces over the previous report last July.
In 2010, Toronto-based explorer Inter-Citic conducted a 25,070 metre drill program and a 9,800 metre trenching program focused on expanding the resources outside of the existing Dachang Main Zone (DMZ) and Placer Valley areas. The new "exploration area" resources are entirely in the inferred category.
In the research report, Northgate noted: "Increased resources at these new regional zones are a preliminary indication of the 279 square kilometre property’s mineral potential. We believe the Acadia Zone, 861 Zone, and XP Zone could each host 1.0-1.5Moz at similar grades to DMZ."
Northgate further said that a resource increase of this magnitude could substantially change the economics of the project relative to the equity research firm's current valuation, which is based on a preliminary economic assessment from 2009, incorporating only 46% of total resources.
New inferred resources are in addition to the estimated measured and indicated resource of 1.88 million ounces of contained gold, or 17.2 million tonnes at a grade of 3.41 grams per tonne (g/t) gold, at a cutoff grade of 0.6 g/t.
Based on future indications, Northgate assigned the Canada-based company a "sector outperform" rating, with a price target of $3.25, more than double its current share price.
Northgate expects to re-visit its valuation upon the release of the project's feasibility study, expected in the middle of this year, it said. Near term catalysts for the company's share price also include exploration results, advancement of Dachang, a new joint venture partner, or a potential takeover.
"We believe that Inter-Citic presents an excellent opportunity to invest in a potentially high‐return, low‐cost gold project in China — the world’s largest gold producing country.
"The share price currently reflects a discount to our development project Net Present Value estimate, which incorporates only half of all resources in the mine plan.
"Additionally, the shares currently do not reflect the value for inferred resources being upgraded with infill drilling and the blue‐sky exploration potential," the research firm concluded.
Zijin Mining Group (2899:SEHK), China’s largest gold producer, acquired a 19.15% equity interest in Inter-Citic Minerals in April of last year, but has no direct interest in the Dachang project.
Crescent Gold directors unanimously accept Focus Minerals takeover offer
Crescent Gold (ASX: CRE, TSX: CRA) directors have unanimously accepted the recommended Focus Minerals (ASX: FML) off-market takeover offer.
Focus is offering one share for every 1.18 Crescent shares in the offer, which is conditional on a minimum acceptance of 90%.
The offer represents a 30.5% premium based on the Crescent and Focus shares closing prices on 17 June 2011. The bid will close on 1 August 2011.
Focus has received a pre bid agreement in favour of Focus for 19.9% of Crescent from Deutsche Bank group.
In addition, Deutsche Bank has stated an intention to accept the offer for the balance of its holding, approximately 9.24% of Crescent Shares, in the absence of a superior proposal.
The merger will make Focus one of Australia’s top five gold producers with a 230,000 ounce production target in 2012 from multiple open pit and underground operations.
The combined group will have a JORC Resource inventory of 4.3 million ounces of gold.
Mark Tory, Crescent’s managing director, said “we are delighted to be able to provide this attractive opportunity to Crescent shareholders, and look forward to a bright future as part of one of the ASX’s most prominent gold companies”.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/17635/crescent-gold-directors-unanimously-accept-focus-minerals-takeover-offer-17635.html
Focus is offering one share for every 1.18 Crescent shares in the offer, which is conditional on a minimum acceptance of 90%.
The offer represents a 30.5% premium based on the Crescent and Focus shares closing prices on 17 June 2011. The bid will close on 1 August 2011.
Focus has received a pre bid agreement in favour of Focus for 19.9% of Crescent from Deutsche Bank group.
In addition, Deutsche Bank has stated an intention to accept the offer for the balance of its holding, approximately 9.24% of Crescent Shares, in the absence of a superior proposal.
The merger will make Focus one of Australia’s top five gold producers with a 230,000 ounce production target in 2012 from multiple open pit and underground operations.
The combined group will have a JORC Resource inventory of 4.3 million ounces of gold.
Mark Tory, Crescent’s managing director, said “we are delighted to be able to provide this attractive opportunity to Crescent shareholders, and look forward to a bright future as part of one of the ASX’s most prominent gold companies”.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/17635/crescent-gold-directors-unanimously-accept-focus-minerals-takeover-offer-17635.html
Monday, 4 July 2011
Blackthorn Resources appoints Tony De Santis as chief operating officer
Blackthorn Resources (ASX: BTR) has appointed Tony De Santis as chief operating officer, who will be responsible for operational and project management activities for the development of the Mumbwa Iron Oxide Copper Gold Project in Zambia.
De Santis has a track record of over 25 years in the mining industry, having held senior operational and management roles with BHP Billiton, Anglo American, Peabody Pacific and most recently COO and Acting CEO at Delta SBD Limited.
He will also have responsibility for representing Blackthorn Resources interests in the Perkoa Project in Burkina Faso, West Africa, as construction continues.
The Perkoa deposit represents the first large scale zinc mine and Blackthorn Resources is the first ASX listed company to commence mining in the country.
Within a month, Blackthorn will receive lead and silver assays from the Perkoa Project, along with investigations into value enhancements/changes from joint venture partner and manager Glencore International.
Blackthorn is looking to transition from a junior explorer to profitable producer by 2012, marking a major turning point for the company.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/17631/blackthorn-resources-appoints-tony-de-santis-as-chief-operating-officer-17631.html
De Santis has a track record of over 25 years in the mining industry, having held senior operational and management roles with BHP Billiton, Anglo American, Peabody Pacific and most recently COO and Acting CEO at Delta SBD Limited.
He will also have responsibility for representing Blackthorn Resources interests in the Perkoa Project in Burkina Faso, West Africa, as construction continues.
The Perkoa deposit represents the first large scale zinc mine and Blackthorn Resources is the first ASX listed company to commence mining in the country.
Within a month, Blackthorn will receive lead and silver assays from the Perkoa Project, along with investigations into value enhancements/changes from joint venture partner and manager Glencore International.
Blackthorn is looking to transition from a junior explorer to profitable producer by 2012, marking a major turning point for the company.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/17631/blackthorn-resources-appoints-tony-de-santis-as-chief-operating-officer-17631.html
Blackthorn Resources 'value enhancements' pending for Perkoa from JV partner Glencore International
Blackthorn Resources (ASX: BTR) within a month will receive lead and silver assays from the Perkoa Project in Burkina Faso, along with investigations into value enhancements / changes from joint venture partner and manager Glencore International.
The potential for Blackthorn is if Glencore comes up with a strong positive case for investment, then this will transform a zinc mine into a larger capacity, polymetallic mine.
The current diamond core drilling program is targeting along-strike extensions, with the focus to examine the potential for silver and lead mineralisation.
Currently six drill holes have been completed for a total of 1102 meters.
Boosting the prospectivity of the area - the target area is situated along strike to the existing underground ore reserve, within a zone which has not been previously tested extensively for associated zinc, silver and lead.
Scott Lowe, managing director of Blackthorn, said "We are looking forward to assessing the assay results when they are available and reviewing the outcome of Glencore’s investigations into the potential value enhancing changes to the scope of the Perkoa Project."
Blackthorn said investigations into the viability of changes to the Perkoa Project business case to include silver and lead production, a 40% increase in plant capacity to 1 Mtpa and the introduction of open-cut mining to supplement the underground production are continuing.
Glencore has advised Blackthorn that a draft report on the outcome of this assessment will be available during July 2011.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/17629/blackthorn-resources-value-enhancements-pending-for-perkoa-from-jv-partner-glencore-international-17629.html
The potential for Blackthorn is if Glencore comes up with a strong positive case for investment, then this will transform a zinc mine into a larger capacity, polymetallic mine.
The current diamond core drilling program is targeting along-strike extensions, with the focus to examine the potential for silver and lead mineralisation.
Currently six drill holes have been completed for a total of 1102 meters.
Boosting the prospectivity of the area - the target area is situated along strike to the existing underground ore reserve, within a zone which has not been previously tested extensively for associated zinc, silver and lead.
Scott Lowe, managing director of Blackthorn, said "We are looking forward to assessing the assay results when they are available and reviewing the outcome of Glencore’s investigations into the potential value enhancing changes to the scope of the Perkoa Project."
Blackthorn said investigations into the viability of changes to the Perkoa Project business case to include silver and lead production, a 40% increase in plant capacity to 1 Mtpa and the introduction of open-cut mining to supplement the underground production are continuing.
Glencore has advised Blackthorn that a draft report on the outcome of this assessment will be available during July 2011.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/17629/blackthorn-resources-value-enhancements-pending-for-perkoa-from-jv-partner-glencore-international-17629.html
Integra Mining hits 18.9m at 9.84 g/t gold at Lucky Bay prospect
Integra Mining (ASX: IGR) has continued its high grade drilling ways intersecting shallow high-grade gold from drilling at the Lucky Bay prospect, only 4 kilometres south of Integra’s Randalls Gold Processing Facility near Kalgoorlie in Western Australia.
In February, Integra announced a maiden Inferred JORC Resource for the Lucky Bay deposit of 25,000 ounces at 5.9 g/t gold. Current drilling indicates the Lucky Bay resource will get bigger.
Highlights of RC and diamond drilling included:
- 17.8 metres at 6.53 grams per tonne (g/t) gold from 42 metres depth including;
- 4.1 metres at 14.56 g/t gold from 44.4 metres.
- 18.9 metres at 9.84 g/t gold from 12.8 metres depth; including
- 2 metres at 37.02 g/t gold from 20.4 metres depth; and
- 3 metres at 16.50 g/t gold from 23 metres depth.
These significant drill results do not fall within the current Resource boundary and the deposit will not be included in Integra’s Reserve upgrade which is expected to be released within the next month.
The recent drilling was conducted for metallurgical testing and resource to reserve conversion purposes is located in the vicinity of the +1.5 g/t supergene zone.
The company would be encouraged by the results as they further confirm the presence of primary mineralisation beneath the anomalous supergene blanket.
A number of the recent high-grade intercepts are outside of the existing mineralised envelopes used for the inferred resource estimation.
The company said gold mineralisation at Lucky Bay is hosted within carbonaceous shales and siltstones and appears to be structurally controlled.
The mineralisation strikes north-northwest and dips approximately 60 degrees to the south-southwest and the width varies up to nearly 20 metres over a strike length of about 200 metres.
Integra anticipates that a Reserve for Lucky Bay will be announced later in the year when all the pending results have been received and remodelling of the deposit has been completed.
The 100%-owned Aldiss-Randalls Gold Project also comprises resources at Salt Creek, Maxwells and Cock-eyed Bob, and exploration prospects at Mohegan and Red Dale.
In addition to today's outstanding results, the company said on June 22 that it expects the Majestic resource, located 22 kilometres north of the new gold processing facility at Randalls, will be extended along with the preliminary open pit design.
Integra continues to build on its impressive track record of achieving all of its publicly stated targets.
Integra has expansion plans to move to 140,000 ounces of production. With a forecast pre-tax operating profit of A$192 million, against a valuation of $374 million valuation, the recent fall in valuation affords an opportunity for the value investor.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/17628/integra-mining-hits-189m-at-984-gt-gold-at-lucky-bay-prospect-17628.html
In February, Integra announced a maiden Inferred JORC Resource for the Lucky Bay deposit of 25,000 ounces at 5.9 g/t gold. Current drilling indicates the Lucky Bay resource will get bigger.
Highlights of RC and diamond drilling included:
- 17.8 metres at 6.53 grams per tonne (g/t) gold from 42 metres depth including;
- 4.1 metres at 14.56 g/t gold from 44.4 metres.
- 18.9 metres at 9.84 g/t gold from 12.8 metres depth; including
- 2 metres at 37.02 g/t gold from 20.4 metres depth; and
- 3 metres at 16.50 g/t gold from 23 metres depth.
These significant drill results do not fall within the current Resource boundary and the deposit will not be included in Integra’s Reserve upgrade which is expected to be released within the next month.
The recent drilling was conducted for metallurgical testing and resource to reserve conversion purposes is located in the vicinity of the +1.5 g/t supergene zone.
The company would be encouraged by the results as they further confirm the presence of primary mineralisation beneath the anomalous supergene blanket.
A number of the recent high-grade intercepts are outside of the existing mineralised envelopes used for the inferred resource estimation.
The company said gold mineralisation at Lucky Bay is hosted within carbonaceous shales and siltstones and appears to be structurally controlled.
The mineralisation strikes north-northwest and dips approximately 60 degrees to the south-southwest and the width varies up to nearly 20 metres over a strike length of about 200 metres.
Integra anticipates that a Reserve for Lucky Bay will be announced later in the year when all the pending results have been received and remodelling of the deposit has been completed.
The 100%-owned Aldiss-Randalls Gold Project also comprises resources at Salt Creek, Maxwells and Cock-eyed Bob, and exploration prospects at Mohegan and Red Dale.
In addition to today's outstanding results, the company said on June 22 that it expects the Majestic resource, located 22 kilometres north of the new gold processing facility at Randalls, will be extended along with the preliminary open pit design.
Integra continues to build on its impressive track record of achieving all of its publicly stated targets.
Integra has expansion plans to move to 140,000 ounces of production. With a forecast pre-tax operating profit of A$192 million, against a valuation of $374 million valuation, the recent fall in valuation affords an opportunity for the value investor.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/17628/integra-mining-hits-189m-at-984-gt-gold-at-lucky-bay-prospect-17628.html
Kentor Gold to move to Pre-Feasibility study with high grade copper resource at Jervois
Kentor Gold (ASX: KGL) has progressed the recently acquired Jervois Base metals project in the Northern Territory forward quickly, with a maiden Inferred Resource of; 8.8 million tonnes at 1.3% copper and 26.7 grams per tonne (g/t) silver.
Hellman & Schofield conducted the review, which provides 113,000 tonnes of contained copper and 7.6 million ounces of contained silver.
Kentor is already targeting depth and strike extensions through ongoing drilling.
A total of four deposits were subject to the resource estimates, Reward, Green Parrot, Bellbird and Bellbird North, which form part of a series of narrow, strata-bound, subvertical sulphide-rich deposits hosted by the Lower Proterozoic Bonya Schist Formation (1807Ma), of the Arunta Inlier.
Simon Milroy, managing director, commented "This is an excellent result. The copper resource was limited to a depth of just 200 metres below surface.
"However, we have strong indications from previous drilling that the ore body continues at depth and along strike."
Better still for the company, all of the identified resources are located on granted mineral leases and mineral claims.
Diamond drilling is now taking place in the deeper areas targeting a resource upgrade later this year.
Importantly - the first two diamond holes of an eight hole program have intersected thicknesses of massive sulphides.
In conjunction with the current diamond drilling campaign, Kentor is also conducting an extensive metallurgical testing program on each of the major deposits at Jervois.
Kentor has already identified the potential to increase the subsection of the lead-zinc-silver mineralisation within Green Parrot, comprising; 1 million tonnes at 2.6% lead, 2.2% zinc and 73g/t silver, as only 30% of the previous drilling was analysed for gold.
This provides the intriguing possibility to include gold in the resource estimate, which Kentor intends to do in the future.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/17626/kentor-gold-to-move-to-pre-feasibility-study-with-high-grade-copper-resource-at-jervois-17626.html
Hellman & Schofield conducted the review, which provides 113,000 tonnes of contained copper and 7.6 million ounces of contained silver.
Kentor is already targeting depth and strike extensions through ongoing drilling.
A total of four deposits were subject to the resource estimates, Reward, Green Parrot, Bellbird and Bellbird North, which form part of a series of narrow, strata-bound, subvertical sulphide-rich deposits hosted by the Lower Proterozoic Bonya Schist Formation (1807Ma), of the Arunta Inlier.
Simon Milroy, managing director, commented "This is an excellent result. The copper resource was limited to a depth of just 200 metres below surface.
"However, we have strong indications from previous drilling that the ore body continues at depth and along strike."
Better still for the company, all of the identified resources are located on granted mineral leases and mineral claims.
Diamond drilling is now taking place in the deeper areas targeting a resource upgrade later this year.
Importantly - the first two diamond holes of an eight hole program have intersected thicknesses of massive sulphides.
In conjunction with the current diamond drilling campaign, Kentor is also conducting an extensive metallurgical testing program on each of the major deposits at Jervois.
Kentor has already identified the potential to increase the subsection of the lead-zinc-silver mineralisation within Green Parrot, comprising; 1 million tonnes at 2.6% lead, 2.2% zinc and 73g/t silver, as only 30% of the previous drilling was analysed for gold.
This provides the intriguing possibility to include gold in the resource estimate, which Kentor intends to do in the future.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/17626/kentor-gold-to-move-to-pre-feasibility-study-with-high-grade-copper-resource-at-jervois-17626.html
Central Petroleum signals unconventional oil exploration push, appoints new manager
Central Petroleum (ASX: CTP) has appointed Trevor Shortt as the company's new exploration manager ahead of the company's planned liquids focussed exploration campaign in central Australia in the second half of 2011.
Shortt has an extensive track record in unconventional drilling, exploration and production operations gained through his experience with North American unconventional reservoirs. His appointment follows the resignation of Stewart Bayford.
Potential exists for unconventional resources in central Australia that may be comparable to North American plays such as the Baaken, Eagleford and Barnett shale plays.
Central's enormous combined land position in the Southern Georgina Basin and the Amadeus Basin is over 25,000 square kilometres.
Central is anticipating the grant of ATPs 909, 911 and 912 in the Amadeus Basin within several months and, the grant of EPA 132 in the Southern Georgina Basin a little later.
Central's Exploration's Exploration 132 (EP) has high potential for unconventional hydrocarbons and is partially contiguous with the permits of Baraka Petroleum (ASX: BKP) and PetroFrontier Corp's (TSX-V: PFC) in the Toko Syncline and the Bradley Shelf, with these two companies recently announcing a drilling program to test unconventional resources in the area.
Shortt's extensive experience in geology and geophysics with EnCana Corporation, Home Oil, Renaissance Energy and Chevron will be an asset for Central as it participates in the quest to thread the needle in the Southern Georgina Basin.
Although Central’s liquids focussed exploration effort has considerable exploration and development potential in its conventional resources, its unconventional resources are considerably bigger as a result of recent evaluation.
Shortt’s considerable experience in both early phase and the latest unconventional exploration techniques in North America will be of considerable value to Central going forward.
John Heugh, Central’s managing director, said “Mr Shortt’s experience in shale gas, shale oil and tight reservoirs gained in such plays as the Bakken in the Williston Basin, the Ansell, Cardium, Notikewin and Cutbank Ridge will be of immense value to the company.
“As Central has numerous salt related and reefal carbonate complex plays which have never been tested, Mr Shortt’s active participation and successful exploration discoveries in reefal/carbonate plays such as the Slave Point, Nisku, Wabamun, Red River, Hastings, Jean Marie and Keg River plays as well as salt dissolution structures are also highly regarded.”
Central expects to announce the selection of drilling contractor in the coming weeks. The campaign is planned to include the re-entry and testing of Surprise-1 for oil potential in both conventional and unconventional horizons.
It will also drill the Mt Kitty gas/condensate/helium prospect and Madigan-1, the first well on a giant structure in the Pedirka Basin which has potential of over 4 billion barrels, based on preliminary mapping of new seismic acquired in 2010.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/17627/central-petroleum-signals-unconventional-oil-exploration-push-appoints-new-manager-17627.html
Shortt has an extensive track record in unconventional drilling, exploration and production operations gained through his experience with North American unconventional reservoirs. His appointment follows the resignation of Stewart Bayford.
Potential exists for unconventional resources in central Australia that may be comparable to North American plays such as the Baaken, Eagleford and Barnett shale plays.
Central's enormous combined land position in the Southern Georgina Basin and the Amadeus Basin is over 25,000 square kilometres.
Central is anticipating the grant of ATPs 909, 911 and 912 in the Amadeus Basin within several months and, the grant of EPA 132 in the Southern Georgina Basin a little later.
Central's Exploration's Exploration 132 (EP) has high potential for unconventional hydrocarbons and is partially contiguous with the permits of Baraka Petroleum (ASX: BKP) and PetroFrontier Corp's (TSX-V: PFC) in the Toko Syncline and the Bradley Shelf, with these two companies recently announcing a drilling program to test unconventional resources in the area.
Shortt's extensive experience in geology and geophysics with EnCana Corporation, Home Oil, Renaissance Energy and Chevron will be an asset for Central as it participates in the quest to thread the needle in the Southern Georgina Basin.
Although Central’s liquids focussed exploration effort has considerable exploration and development potential in its conventional resources, its unconventional resources are considerably bigger as a result of recent evaluation.
Shortt’s considerable experience in both early phase and the latest unconventional exploration techniques in North America will be of considerable value to Central going forward.
John Heugh, Central’s managing director, said “Mr Shortt’s experience in shale gas, shale oil and tight reservoirs gained in such plays as the Bakken in the Williston Basin, the Ansell, Cardium, Notikewin and Cutbank Ridge will be of immense value to the company.
“As Central has numerous salt related and reefal carbonate complex plays which have never been tested, Mr Shortt’s active participation and successful exploration discoveries in reefal/carbonate plays such as the Slave Point, Nisku, Wabamun, Red River, Hastings, Jean Marie and Keg River plays as well as salt dissolution structures are also highly regarded.”
Central expects to announce the selection of drilling contractor in the coming weeks. The campaign is planned to include the re-entry and testing of Surprise-1 for oil potential in both conventional and unconventional horizons.
It will also drill the Mt Kitty gas/condensate/helium prospect and Madigan-1, the first well on a giant structure in the Pedirka Basin which has potential of over 4 billion barrels, based on preliminary mapping of new seismic acquired in 2010.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/17627/central-petroleum-signals-unconventional-oil-exploration-push-appoints-new-manager-17627.html
Medical Australia snares master distribution agreement for MediVet products in UK
Medical Australia (ASX: MLA) has signed an exclusive master distribution agreement with MediVet Pty Ltd (MediVet) for the United Kingdom market, representing a significant new organic revenue growth opportunity for the company.
Global animal healthcare company and original equipment manufacturer (OEM) partner MediVet has developed a ground-breaking patented stem cell regenerative medicine for the animal healthcare sector.
Medical Australia will become the sole distributor for MediVet’s products in England, Wales, Scotland and Ireland.
As the company now has both OEM and distribution agreements in place with MediVet, the deal is expected to be a major growth platform for Medical Australia outside of Australia in 2012.
The operation Will be managed by Medical Australia's wholly owned business in London by a UK Business manager, experienced and well connected in the animal healthcare market.
Mark Donnison, chief executive officer, said "we have been working with MediVet for over a year as a trusted and proven Original Equipment Manufacturing (OEM) partner. This latest agreement illustrates the value that MediVet places on its relationship with MLA, and that we are clearly delivering results."
“MLA is in good shape, and this new organic growth development is another avenue to fast track revenue growth from FY2012 onwards whilst at the same time delivering acceptable margins. We expect to announce more contract wins and supply agreements in the coming weeks.”
Given Medical Australia is MediVet’s OEM partner, the company is well placed to control the entire supply chain for these new markets, from manufacturing through to sales and distribution.
Medical Australia now expects to secure additional territories to expand its exclusive distributor status.
A veterinary practice that wants to offer the MediVet adipose stem cell process is required to purchase proprietary hardware upfront, valued at US$10,000, and then order procedure packs based on a minimum $US$2,000 order value per month.
MediVet’s product is receiving strong support in the equine market in particular, and over 200 veterinary practices in the United States now provide the product with growing sales in the Middle East and Asian markets.
Medical Australia is now actively marketing the MediVet stem cell process to veterinary clinics and equine centres throughout the UK. With over 10,000 practices operating in the region, the master distributorship presents a major future revenue driver for MLA commencing this financial year.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/17624/medical-australia-snares-master-distribution-agreement-for-medivet-products-in-uk-17624.html
Global animal healthcare company and original equipment manufacturer (OEM) partner MediVet has developed a ground-breaking patented stem cell regenerative medicine for the animal healthcare sector.
Medical Australia will become the sole distributor for MediVet’s products in England, Wales, Scotland and Ireland.
As the company now has both OEM and distribution agreements in place with MediVet, the deal is expected to be a major growth platform for Medical Australia outside of Australia in 2012.
The operation Will be managed by Medical Australia's wholly owned business in London by a UK Business manager, experienced and well connected in the animal healthcare market.
Mark Donnison, chief executive officer, said "we have been working with MediVet for over a year as a trusted and proven Original Equipment Manufacturing (OEM) partner. This latest agreement illustrates the value that MediVet places on its relationship with MLA, and that we are clearly delivering results."
“MLA is in good shape, and this new organic growth development is another avenue to fast track revenue growth from FY2012 onwards whilst at the same time delivering acceptable margins. We expect to announce more contract wins and supply agreements in the coming weeks.”
Given Medical Australia is MediVet’s OEM partner, the company is well placed to control the entire supply chain for these new markets, from manufacturing through to sales and distribution.
Medical Australia now expects to secure additional territories to expand its exclusive distributor status.
A veterinary practice that wants to offer the MediVet adipose stem cell process is required to purchase proprietary hardware upfront, valued at US$10,000, and then order procedure packs based on a minimum $US$2,000 order value per month.
MediVet’s product is receiving strong support in the equine market in particular, and over 200 veterinary practices in the United States now provide the product with growing sales in the Middle East and Asian markets.
Medical Australia is now actively marketing the MediVet stem cell process to veterinary clinics and equine centres throughout the UK. With over 10,000 practices operating in the region, the master distributorship presents a major future revenue driver for MLA commencing this financial year.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/17624/medical-australia-snares-master-distribution-agreement-for-medivet-products-in-uk-17624.html
Robust Resources to drill North Romang Island, JORC Resource at Lakuwahi due December quarter 2011
Robust Resources (ASX: ROL) has kicked off a highly anticipated drill program at the North Romang Project in Indonesia, after an extensive year long preliminary geophysical exploration campaign.
The company has completed a first phase, 167 line kilometre, 3D Induced Polarisation (IP) survey at the North Romang Project.
With significant Induced Polarisation (IP) aomalies now modelled in areas that have coincident soil geochemical and aeromagnetic anomalies, along with prospective surface geology, the data all supports the model for a large-scale porphyry-style target.
Managing director of Robust Resources, Gary Lewis told Proactive Investors today, North Romang has the potential to dwarf the company's Lakuwahi project which is part of South Romang, and located just 15 kilometres south-south-west of North Romang.
He said the anomaly is strengthening at depth. The IP anomaly Robust has identified is 4.5 km long, open in three directions (the fourth direction is in fact the sea, so it's open in all directions including at depth) and extends beyond 500 vertical metres.
He said the importance of this last point should not be underestimated as 500 metres is the limit of the detection of the IP method. Given that this anomaly is strengthening at depth, "we feel we could be looking at a much deeper system."
Lewis said, "in comparison to Lakuwahi, placing the existing identified anomalies side-by-side, North Romang is already longer and deeper, with the prospect of further extensions making it a potentially much larger system.
"There has not been any drilling in the North to date (whether historical or by Robust), so the ultimate test will be borne out by the drilling. We have immediately commenced a 5,000 metre deep drilling programme, and a second rig is planned for the area. We also plan to get the IP equipment back up to North Romang to work over the open areas (this equipment is currently back at Lakuwahi)."
The importance of North Romang for Robust is Robust has already defined the drill targets, with an initial 5000 metre diamond drill campaign already underway.
The aeromagnetic, IP, surface geology and soil geochemistry have collectively identified large and open anomalies which are interpreted by Robust to be sulphide targets, consistent with large-scale porphyry-style mineralisation.
Robust now has 7 diamond drills active on the Island, with another two planned for the current financial year. The exploration budget for financial year 2012 is a healthy $15 million.
With Robust set to define a maiden resource later in the year, Lewis said Robust's focus is on delivering this, and then going back to exploring the Island to try and ascertain the boundaries of the mineralisation.
Tellingly, both of Robust's Lakuwahi and North Romang prospects are open in all directions.
The Lakuwahi mineralisation consists of an upper, gold-silver-rich blanket overlying extensive polymetallic sulphides rich in gold, silver, copper, lead and zinc.
On Lakuwahi, Robust is targeting a JORC Resource in the December quarter of 2011.
In total, Robust has seven diamond drills active on the island.
At 31 March 2011, Robust had $27.9 million in cash and no debt.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/17623/robust-resources-to-drill-north-romang-island-jorc-resource-at-lakuwahi-due-december-quarter-2011-17623.html
The company has completed a first phase, 167 line kilometre, 3D Induced Polarisation (IP) survey at the North Romang Project.
With significant Induced Polarisation (IP) aomalies now modelled in areas that have coincident soil geochemical and aeromagnetic anomalies, along with prospective surface geology, the data all supports the model for a large-scale porphyry-style target.
Managing director of Robust Resources, Gary Lewis told Proactive Investors today, North Romang has the potential to dwarf the company's Lakuwahi project which is part of South Romang, and located just 15 kilometres south-south-west of North Romang.
He said the anomaly is strengthening at depth. The IP anomaly Robust has identified is 4.5 km long, open in three directions (the fourth direction is in fact the sea, so it's open in all directions including at depth) and extends beyond 500 vertical metres.
He said the importance of this last point should not be underestimated as 500 metres is the limit of the detection of the IP method. Given that this anomaly is strengthening at depth, "we feel we could be looking at a much deeper system."
Lewis said, "in comparison to Lakuwahi, placing the existing identified anomalies side-by-side, North Romang is already longer and deeper, with the prospect of further extensions making it a potentially much larger system.
"There has not been any drilling in the North to date (whether historical or by Robust), so the ultimate test will be borne out by the drilling. We have immediately commenced a 5,000 metre deep drilling programme, and a second rig is planned for the area. We also plan to get the IP equipment back up to North Romang to work over the open areas (this equipment is currently back at Lakuwahi)."
The importance of North Romang for Robust is Robust has already defined the drill targets, with an initial 5000 metre diamond drill campaign already underway.
The aeromagnetic, IP, surface geology and soil geochemistry have collectively identified large and open anomalies which are interpreted by Robust to be sulphide targets, consistent with large-scale porphyry-style mineralisation.
Robust now has 7 diamond drills active on the Island, with another two planned for the current financial year. The exploration budget for financial year 2012 is a healthy $15 million.
With Robust set to define a maiden resource later in the year, Lewis said Robust's focus is on delivering this, and then going back to exploring the Island to try and ascertain the boundaries of the mineralisation.
Tellingly, both of Robust's Lakuwahi and North Romang prospects are open in all directions.
The Lakuwahi mineralisation consists of an upper, gold-silver-rich blanket overlying extensive polymetallic sulphides rich in gold, silver, copper, lead and zinc.
On Lakuwahi, Robust is targeting a JORC Resource in the December quarter of 2011.
In total, Robust has seven diamond drills active on the island.
At 31 March 2011, Robust had $27.9 million in cash and no debt.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/17623/robust-resources-to-drill-north-romang-island-jorc-resource-at-lakuwahi-due-december-quarter-2011-17623.html
Bass Metal's drilling at Fossey East reveals potential for new discoveries
Bass Metals (ASX: BSM) has recommenced in fill drilling at the Fossey East deposit and has intersected high grade mineralisation including 5.6 metres at 14.7% zinc 5.4% lead, 2.1 g/t gold, 109 g/t silver and 0.7% copper.
The results indicate the mineralisation is occurring much deeper in the sequence than previously thought, which is located immediately adjacent to the existing Fossey mine infrastructure and has potential to host additional mineralisation.
Managing director of Bass Metals, Mike Rosenstreich told Proactive Investors, "it is good to be back drilling at Fossey East, it could be our next source of ore as well as the start of a string of discoveries along this trend. Looking at the bigger picture Fossey east occurs in a geological position not previously considered prospective so that opens up large areas of ground, near the mill which have not been tested.”
In fill drilling to 25 metres spaced centres through the current Fossey East resource will continue before extensional drilling commences to fast track mine development.
In February the company established an initial resource estimate within just five months of the Fossey East discovery.
Today's results were from diamond drill hole FUD0066, drilled from underground and targeted the top of the Fossey East barite and base metal zone, within the outline of the geological resource reported previously.
The entire 22.15 metre interval of barite and base metal mineralisation assayed 4.7% zinc, 1.8% lead, 1.0 g/t gold, 45 g/t silver and 0.2% copper.
Kim Denwer, Bass’ exploration manager, said “Bass’ geologists have observed that the mineralisation is occurring much deeper in the sequence than previously thought prospective, which highlights new untested opportunities for the discovery of additional Fossey or Fossey East scale zones of mineralisation in a “pinch and swell” pattern along the Hellyer-Fossey trend.”
Bass recently resumed drilling from underground of the Fossey East prospect in Tasmania following a break as a result of mining operations limiting access to the planned drilling positions.
Bass is exploring for large scale, high grade polymetallic (copper-lead-zinc-silver-gold) volcanogenic massive sulphide (VMS) deposits in a highly mineralised VMS terrain, the Mt Read Volcanic belt, located in north west Tasmania. The aim of the program is to fast track mine development.
The current drilling program is designed to infill to 25 metres spaced centres through the current Fossey East resource outline to fast track mine planning and potential development and then test for extensions.
A total of 7 drill holes have been completed to date (FUD0066 – FUD0072), but assays remain pending for the last 6 holes.
The company is seeking a better understanding of the geometry before commencing the extensional Fossey East drilling.
Geological observations of those drill holes where assays are still pending appear consistent with the earlier drill results on which the initial resource estimate was based in terms of widths of alteration and base metal mineralisation intersected.
Interestingly, the most recent drill hole completed intersected 3.4 metres with conspicuous chalcopyrite mineralisation, visually estimated +2% Cu, within the base metal zone.
To date about 120,000 tonnes of ore has been mined representing 11% of the Fossey Mine Plan and therefore only still a small sample of the overall resource.
On June 20 Bass Metals announced it is on target to achieve the forecast 44,000 tonnes of ore production for June at the Fossey Underground Mine, with a total of 35,000 tonnes of ore mined since the start of June.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/17622/bass-metals-drilling-at-fossey-east-reveals-potential-for-new-discoveries-17622.html
The results indicate the mineralisation is occurring much deeper in the sequence than previously thought, which is located immediately adjacent to the existing Fossey mine infrastructure and has potential to host additional mineralisation.
Managing director of Bass Metals, Mike Rosenstreich told Proactive Investors, "it is good to be back drilling at Fossey East, it could be our next source of ore as well as the start of a string of discoveries along this trend. Looking at the bigger picture Fossey east occurs in a geological position not previously considered prospective so that opens up large areas of ground, near the mill which have not been tested.”
In fill drilling to 25 metres spaced centres through the current Fossey East resource will continue before extensional drilling commences to fast track mine development.
In February the company established an initial resource estimate within just five months of the Fossey East discovery.
Today's results were from diamond drill hole FUD0066, drilled from underground and targeted the top of the Fossey East barite and base metal zone, within the outline of the geological resource reported previously.
The entire 22.15 metre interval of barite and base metal mineralisation assayed 4.7% zinc, 1.8% lead, 1.0 g/t gold, 45 g/t silver and 0.2% copper.
Kim Denwer, Bass’ exploration manager, said “Bass’ geologists have observed that the mineralisation is occurring much deeper in the sequence than previously thought prospective, which highlights new untested opportunities for the discovery of additional Fossey or Fossey East scale zones of mineralisation in a “pinch and swell” pattern along the Hellyer-Fossey trend.”
Bass recently resumed drilling from underground of the Fossey East prospect in Tasmania following a break as a result of mining operations limiting access to the planned drilling positions.
Bass is exploring for large scale, high grade polymetallic (copper-lead-zinc-silver-gold) volcanogenic massive sulphide (VMS) deposits in a highly mineralised VMS terrain, the Mt Read Volcanic belt, located in north west Tasmania. The aim of the program is to fast track mine development.
The current drilling program is designed to infill to 25 metres spaced centres through the current Fossey East resource outline to fast track mine planning and potential development and then test for extensions.
A total of 7 drill holes have been completed to date (FUD0066 – FUD0072), but assays remain pending for the last 6 holes.
The company is seeking a better understanding of the geometry before commencing the extensional Fossey East drilling.
Geological observations of those drill holes where assays are still pending appear consistent with the earlier drill results on which the initial resource estimate was based in terms of widths of alteration and base metal mineralisation intersected.
Interestingly, the most recent drill hole completed intersected 3.4 metres with conspicuous chalcopyrite mineralisation, visually estimated +2% Cu, within the base metal zone.
To date about 120,000 tonnes of ore has been mined representing 11% of the Fossey Mine Plan and therefore only still a small sample of the overall resource.
On June 20 Bass Metals announced it is on target to achieve the forecast 44,000 tonnes of ore production for June at the Fossey Underground Mine, with a total of 35,000 tonnes of ore mined since the start of June.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/17622/bass-metals-drilling-at-fossey-east-reveals-potential-for-new-discoveries-17622.html
Peninsula Energy the envy of explorers with plus 6,000ppm U3O8 and molybdenum hits at Karoo
Peninsula Energy (ASX: PEN) continues to unlock new potential at the historic Site 22, part of the Karoo Project in South Africa.
The latest hits confirm widespread high grade uranium and associated molybdenum over the entire historic drilling site.
The latest highlights include:
- 1.5 metres at 4,022 parts per million (ppm) U3O8 and 1,313 ppm molybdenum from 62 metres;
- 0.5 metres at 6,170 ppm U3O8 and 6,160ppm molybdenum from 70 metres;
- 7 metres at 1,849 ppm U3O8 and 1,081ppm molybdenum from 85 metres;
- 6 metres at 804 ppm U3O8 and 465ppm molybdenum from 19 metres;
- 1.5 metres at 1,251 ppm U3O8 and 2,548ppm molybdenum from 48 metres; and
- 0.5 metres at 2,594 ppm U3O8 and 490ppm molybdenum from 8 metres.
These high grade results follow on from the outstanding initial results reported in May 2011, after which the company expanded the reverse circulation drilling program to encompass the entire historic drilling area.
The latest results validate this decision.
In addition to recording the presence of high grade molybdenum, the assay results also validate the very high grade uranium reported from the down-hole gamma logging program.
The drilling program at Site 22 earlier in the year initially targeted the relogging of the historic JCI boreholes.
In conjunction with the relogging Peninsula began a program of reverse circulation drilling designed to provide samples for uranium and molybdenum geochemical analysis and to establish the correlation between uranium and molybdenum.
Historic reports suggest a high ratio of molybdenum to uranium within these areas of the Karoo.
To date a total of 159 historic drillholes and 188 newly-drilled reverse circulation holes have been logged at Site 22, with the comprehensive program producing a total of 272 intersections that exceed 200ppm eU3O8.
The Karoo region is highly prospective and is located around 400 kilometres from Cape Town, with the Karoo Basin known as a uranium and molybdenum mineralised province, and is host to several historically defined ore bodies.
These include Ryst Kuil containing around 40 million pounds of U3O8, and Riet Kuil reported to contain around 10 million pounds of U3O8.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/17619/peninsula-energy-the-envy-of-explorers-with-plus-6000ppm-u3o8-and-molybdenum-hits-at-karoo--17619.html
The latest hits confirm widespread high grade uranium and associated molybdenum over the entire historic drilling site.
The latest highlights include:
- 1.5 metres at 4,022 parts per million (ppm) U3O8 and 1,313 ppm molybdenum from 62 metres;
- 0.5 metres at 6,170 ppm U3O8 and 6,160ppm molybdenum from 70 metres;
- 7 metres at 1,849 ppm U3O8 and 1,081ppm molybdenum from 85 metres;
- 6 metres at 804 ppm U3O8 and 465ppm molybdenum from 19 metres;
- 1.5 metres at 1,251 ppm U3O8 and 2,548ppm molybdenum from 48 metres; and
- 0.5 metres at 2,594 ppm U3O8 and 490ppm molybdenum from 8 metres.
These high grade results follow on from the outstanding initial results reported in May 2011, after which the company expanded the reverse circulation drilling program to encompass the entire historic drilling area.
The latest results validate this decision.
In addition to recording the presence of high grade molybdenum, the assay results also validate the very high grade uranium reported from the down-hole gamma logging program.
The drilling program at Site 22 earlier in the year initially targeted the relogging of the historic JCI boreholes.
In conjunction with the relogging Peninsula began a program of reverse circulation drilling designed to provide samples for uranium and molybdenum geochemical analysis and to establish the correlation between uranium and molybdenum.
Historic reports suggest a high ratio of molybdenum to uranium within these areas of the Karoo.
To date a total of 159 historic drillholes and 188 newly-drilled reverse circulation holes have been logged at Site 22, with the comprehensive program producing a total of 272 intersections that exceed 200ppm eU3O8.
The Karoo region is highly prospective and is located around 400 kilometres from Cape Town, with the Karoo Basin known as a uranium and molybdenum mineralised province, and is host to several historically defined ore bodies.
These include Ryst Kuil containing around 40 million pounds of U3O8, and Riet Kuil reported to contain around 10 million pounds of U3O8.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/17619/peninsula-energy-the-envy-of-explorers-with-plus-6000ppm-u3o8-and-molybdenum-hits-at-karoo--17619.html
Stirling Products granted temporary suspension pending board and funding announcements
Stirling Products (ASX: STI) has been granted a temporary suspension by the ASX pending several announcements, with the company's shares remaining in pre-open from a trading halt request on Friday 1 July.
Stirling is set to announce changes in the board, along with a progress update with funding and positioning for a planned UK AIM dual listing.
The company will also update the market on the appointment of a chief executive officer, and the HDA drug delivery license.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/17625/stirling-products-granted-temporary-suspension-pending-board-and-funding-announcements-17625.html
Stirling is set to announce changes in the board, along with a progress update with funding and positioning for a planned UK AIM dual listing.
The company will also update the market on the appointment of a chief executive officer, and the HDA drug delivery license.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/17625/stirling-products-granted-temporary-suspension-pending-board-and-funding-announcements-17625.html
EnviroGold $2.1m placement to develop annual 100,000 gold ounce Azuay project
EnviroGold (ASX: EVG) is undertaking a small placement to fund the ongoing pre-development of the Azuay gold project, located in Ecuador.
EnviroGold will place 15 million shares at $0.14 to a small number of existing shareholders to raise $2.1 million.
The company has also received a commitment from Moonstar Investments Pty Ltd, a trustee company associated with EnviroGold's chairman Brian Johnson, that it will progressively convert 10 million listed options at $0.15 before the 31 December 2011 expiry date.
Azuay offers a substantial potential return for EnviroGold after the company elected to retain 100% of the project.
The planned expansion at the project in 2012-2013 covers four small scale underground mines within the San Gerardo lease to produce a total of 300,000 tonnes of ore annually.
On the basis of a Scoping Study, forecast production from 2014 to 2026 is 1,134,000 gold ounces, or around 96,000 ounces annually for 12 years.
Scoping Study outcomes from 100% EnviroGold
- Total Development Costs: US$87 million
- EnviroGold Equity: US$27 million
- Mining Target: 4.0 million tonnes
- Project Life: 12 years
- Annual Mining Rate (after 12 months ramp up): 300,000 tonnes
- Head grade: 11g/t gold
- Average Annual After Tax Profit (Project Life): US$41.6 million
- Average Annual Cash Flow (Project Life): US$44.6 million
- NPV Project (10% discount rate, USD AUD parity): US$180.3 million
Comment
EnviroGold's two major projects have an Net Present Value (NPV) in excess of $US350 million, yet a market cap. of just $A85 million. Even after factoring in risk and probabilities and the "blue sky" of the San Gerardo property, it makes current valuation look low.
With the appointment of Toronto-based Haywood Securities Inc. as sponsor of the company’s proposed dual listing on the Toronto Stock Exchange, this is likely to tap a wider base of investors in North America that will appreciate better the company's Latin American projects.
It will also likely act as a spur for Haywoods to take a line through similar, but higher valued North American emerging gold producers - acting as a catalyst for re-rating of the company.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/17621/envirogold-21m-placement-to-develop-annual-100000-gold-ounce-azuay-project-17621.html
EnviroGold will place 15 million shares at $0.14 to a small number of existing shareholders to raise $2.1 million.
The company has also received a commitment from Moonstar Investments Pty Ltd, a trustee company associated with EnviroGold's chairman Brian Johnson, that it will progressively convert 10 million listed options at $0.15 before the 31 December 2011 expiry date.
Azuay offers a substantial potential return for EnviroGold after the company elected to retain 100% of the project.
The planned expansion at the project in 2012-2013 covers four small scale underground mines within the San Gerardo lease to produce a total of 300,000 tonnes of ore annually.
On the basis of a Scoping Study, forecast production from 2014 to 2026 is 1,134,000 gold ounces, or around 96,000 ounces annually for 12 years.
Scoping Study outcomes from 100% EnviroGold
- Total Development Costs: US$87 million
- EnviroGold Equity: US$27 million
- Mining Target: 4.0 million tonnes
- Project Life: 12 years
- Annual Mining Rate (after 12 months ramp up): 300,000 tonnes
- Head grade: 11g/t gold
- Average Annual After Tax Profit (Project Life): US$41.6 million
- Average Annual Cash Flow (Project Life): US$44.6 million
- NPV Project (10% discount rate, USD AUD parity): US$180.3 million
Comment
EnviroGold's two major projects have an Net Present Value (NPV) in excess of $US350 million, yet a market cap. of just $A85 million. Even after factoring in risk and probabilities and the "blue sky" of the San Gerardo property, it makes current valuation look low.
With the appointment of Toronto-based Haywood Securities Inc. as sponsor of the company’s proposed dual listing on the Toronto Stock Exchange, this is likely to tap a wider base of investors in North America that will appreciate better the company's Latin American projects.
It will also likely act as a spur for Haywoods to take a line through similar, but higher valued North American emerging gold producers - acting as a catalyst for re-rating of the company.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/17621/envirogold-21m-placement-to-develop-annual-100000-gold-ounce-azuay-project-17621.html
Syndicated Metals: Two directors boost stakes with on-market trades
Syndicated Metals (ASX: SMD) directors Russell Davis and Janet Hope have both increased their indirect holdings in the company through on-market trades.
Russell Davis purchased 240,000 shares at a touch over $0.15 for a consideration of $36,709, and now holds just under 6.4 million shares and 6 million options.
Janet Hope acquired 20,000 shares at $0.15 for a consideration of $3000, and now holds 720,000 shares and 2.6 million options.
Syndicated recently entered a very positive phase for the company, and last month commenced a drill program at Kalman, aimed to fast track to production.
The first results are due in August, and are targeting open-pittable copper-gold and molybdenum-rhenium mineralisation.
Under the restructured Kalman Joint Venture with Cerro Resources NL (ASX: CJO) announced in May, Syndicated can earn up to an 80% interest in Cerro’s plus 700 square kilometre Mount Isa tenements, including the Kalman polymetallic deposit, giving Syndicated control over one of the largest landholdings in the region.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/17606/syndicated-metals-two-directors-boost-stakes-with-on-market-trades-17606.html
Russell Davis purchased 240,000 shares at a touch over $0.15 for a consideration of $36,709, and now holds just under 6.4 million shares and 6 million options.
Janet Hope acquired 20,000 shares at $0.15 for a consideration of $3000, and now holds 720,000 shares and 2.6 million options.
Syndicated recently entered a very positive phase for the company, and last month commenced a drill program at Kalman, aimed to fast track to production.
The first results are due in August, and are targeting open-pittable copper-gold and molybdenum-rhenium mineralisation.
Under the restructured Kalman Joint Venture with Cerro Resources NL (ASX: CJO) announced in May, Syndicated can earn up to an 80% interest in Cerro’s plus 700 square kilometre Mount Isa tenements, including the Kalman polymetallic deposit, giving Syndicated control over one of the largest landholdings in the region.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/17606/syndicated-metals-two-directors-boost-stakes-with-on-market-trades-17606.html
Ram Resources to source crew in a week for rare earths exploration at Motzfeldt in Greenland
Ram Resources (ASX: RMR) has now mobilised the camp and equipment at the company's Aries Prospect, part of the Motzfeldt multi-element project in Southern Greenland, with drilling crew to be mobilised within seven to ten days.
Ram said drilling for the season is expected to kick off in mid-July, which aims to generate additional data for a maiden JORC Inferred Resource.
The drilling program will comprise 18 diamond drill holes for 3200 metres, with exploration to focus on Aries, with some additional work also planned for the Romney and Merino targets, which are located within a couple of kilometres of Aries.
Ram has previously intercepted high grade rare earth elements at Aries including; 25 metres at 5,031 parts per million (ppm) total rare earth oxides (TREO), and 20 metres at 4,852ppm TREO.
Earlier in the year Ram signed an agreement with the minority shareholders of Greenland Resources Limited (GRL) to vary terms for the acquisition of the remaining 49% of Motzfeldt.
Ram, which already holds 51% of the project, will have a 12 month option to acquire the remaining 49% in one transaction by issuing 200 million shares to the vendor.
The variation offers improved terms for the acquisition, reduced complexity and greater flexibility in negotiating future corporate transactions.
If Ram is able to establish a Resource at Aries by the end of the upcoming 2011 field season, a greater focus will be placed on potential development of the project.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/17602/ram-resources-to-source-crew-in-a-week-for-rare-earths-exploration-at-motzfeldt-in-greenland-17602.html
Ram said drilling for the season is expected to kick off in mid-July, which aims to generate additional data for a maiden JORC Inferred Resource.
The drilling program will comprise 18 diamond drill holes for 3200 metres, with exploration to focus on Aries, with some additional work also planned for the Romney and Merino targets, which are located within a couple of kilometres of Aries.
Ram has previously intercepted high grade rare earth elements at Aries including; 25 metres at 5,031 parts per million (ppm) total rare earth oxides (TREO), and 20 metres at 4,852ppm TREO.
Earlier in the year Ram signed an agreement with the minority shareholders of Greenland Resources Limited (GRL) to vary terms for the acquisition of the remaining 49% of Motzfeldt.
Ram, which already holds 51% of the project, will have a 12 month option to acquire the remaining 49% in one transaction by issuing 200 million shares to the vendor.
The variation offers improved terms for the acquisition, reduced complexity and greater flexibility in negotiating future corporate transactions.
If Ram is able to establish a Resource at Aries by the end of the upcoming 2011 field season, a greater focus will be placed on potential development of the project.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/17602/ram-resources-to-source-crew-in-a-week-for-rare-earths-exploration-at-motzfeldt-in-greenland-17602.html
D’Aguilar Gold reports AusNiCo potential large copper silver system at Silver Valley Prospect
D’Aguilar Gold (ASX: DGR) holds 53% of AusNiCo (ASX: ANW), which today potentially uncovered a large copper silver mineralised system at the Silver Valley prospect near Gympie in Queensland.
Geophysical techniques were applied at the prospect with a 1200 metre reverse circulation campaign now completed to define the extent of the mineralisation.
AusNiCo said the results support semi‐massive silver/copper mineralisation previously discovered in SVGD1 and 2, and confirms the exploration model at Silver Valley.
The latest highlights include:
- 16 metres at 1.27 grams per tonne (g/t) silver from 91 metres;
- 14 metres at 6.2g/t silver from 24 metres, including 2 metres at 24g/t silver, 0.58% lead, 0.53% zinc, 0.2% copper;
- 10 metres at 22g/t silver, 0.13% copper from 30 metres; and
- 70 metres at 7.9g/t silver, 0.06% copper from 112 metres.
Importantly, the zone remains open to the north, south and at depth, providing the potential for strike to extend over five kilometres.
AusNiCo continues to move the project forward, with further drill testing and Induced Polarisation (IP) Modelling to assess the tonnage potential.
The company added that preliminary drilling of the 300 metre wide IP anomaly encountered in the southern two survey lines revealed abundant sulphides (dominantly pyrite) associated with the altered contact aureole between the Mt Mia Serpentinite (Greenstone) and underlying Station Creek Adamellite.
SVG 11 intersected mineralisation from a 112 metre down hole, which was stopped at 182 metres still in mineralisation.
The D’Aguilar portfolio
D’Aguilar holds 35.2 million shares of Solomon Gold (AIM: SOLG), 52 million shares (33%) in Mt Isa Metals (ASX: MET), 58.85 million shares (53%) in AusNiCo (ASX: ANW) and 27 million shares (29%) in Navaho Gold (ASX: NVG).
D’Aguilar has a target of 20 listed assets within five years.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/17605/daguilar-gold-reports-ausnico-potential-large-copper-silver-system-at-silver-valley-prospect-17605.html
Geophysical techniques were applied at the prospect with a 1200 metre reverse circulation campaign now completed to define the extent of the mineralisation.
AusNiCo said the results support semi‐massive silver/copper mineralisation previously discovered in SVGD1 and 2, and confirms the exploration model at Silver Valley.
The latest highlights include:
- 16 metres at 1.27 grams per tonne (g/t) silver from 91 metres;
- 14 metres at 6.2g/t silver from 24 metres, including 2 metres at 24g/t silver, 0.58% lead, 0.53% zinc, 0.2% copper;
- 10 metres at 22g/t silver, 0.13% copper from 30 metres; and
- 70 metres at 7.9g/t silver, 0.06% copper from 112 metres.
Importantly, the zone remains open to the north, south and at depth, providing the potential for strike to extend over five kilometres.
AusNiCo continues to move the project forward, with further drill testing and Induced Polarisation (IP) Modelling to assess the tonnage potential.
The company added that preliminary drilling of the 300 metre wide IP anomaly encountered in the southern two survey lines revealed abundant sulphides (dominantly pyrite) associated with the altered contact aureole between the Mt Mia Serpentinite (Greenstone) and underlying Station Creek Adamellite.
SVG 11 intersected mineralisation from a 112 metre down hole, which was stopped at 182 metres still in mineralisation.
The D’Aguilar portfolio
D’Aguilar holds 35.2 million shares of Solomon Gold (AIM: SOLG), 52 million shares (33%) in Mt Isa Metals (ASX: MET), 58.85 million shares (53%) in AusNiCo (ASX: ANW) and 27 million shares (29%) in Navaho Gold (ASX: NVG).
D’Aguilar has a target of 20 listed assets within five years.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/17605/daguilar-gold-reports-ausnico-potential-large-copper-silver-system-at-silver-valley-prospect-17605.html
Zambezi Resources hits visual mineralisation at Kangaluwi Copper Project in Zambia
Zambezi Resources (ASX: ZRL) has intersected visual mineralisation at the Kalulu and Chisawa prospects within the Kangaluwi Copper Project in Zambia, confirming the strength of the geological modelling to date.
The company has completed 38 diamond drill (DD) holes for 7,098 metres at both prospects as part of its second round exploration program and plans further holes to test the down dip extent of the mineralisation.
With a $3.5 million exploration budget aiming to move Kalulu to a JORC Resource, and to upgrade part of the Chisawa resource to the higher confidence Measured category, Zambezi continues to rapidly progress the Kangaluwi project.
The company is now overcoming logistic delays by sourcing an accredited laboratory in Zambia and 776 samples have been sent to this new facility for assay. Zambezi anticipates the first results in the coming weeks and are confident that the drilling program will be finalised ahead of time by August 2011.
21 DD holes have been drilled at Kalulu and 17 DD holes at Chisawa. Zambezi is currently drilling two deep DD holes at Kangaluwi and Chisawa, and in both holes mineralisation has been intersected just above 100 metres, suggesting that there are several more ore chutes than previously interpreted.
Current drilling is following up on the intersections of reverse circulation (RC) and DD holes drilled previously on the two prospects and is designed to confirm and increase confidence on the resources of the two prospects. The prospects are located on two parallel strike lines extending for at least 2.5 kilometres and are around 1,000 metres apart.
At Chisawa, 32 DD holes with a total of 6,080 metres are budgeted to cover a 3 kilometres strike length, for an eventual 100 by 100 metres grid coverage.
At Kalulu, 38 DD holes with a total of 6,980 metres are budgeted to cover the 1 kilometre strike length. DD hole section lines are planned 100 metres in between and along previous drilled RC section lines, to provide a 50 by 50 metre spacing across the deposit’s strike length.
Kangaluwi currently hosts a JORC Indicated Resource of 8.9 million tonnes at 0.78% copper, for 69,000 contained copper tonnes; and Chisawa hosts an Inferred Mineral Resource of 14.5 million tonnes grading 0.9% copper for 130,824 tonnes of contained copper.
The Global Mineral Resource estimate now stands at 23.4 million tonnes grading 0.85% copper for 200,757 tonnes of contained copper.
CSA Global designed satellite open pits to access the two deposits, with a combined strip ratio of 3.5:1 at a production rate of 1.5 million tonnes per annum over an initial 15 year mine life.
In other news, Zambezi has appointed of Dr. Geoff Booth as its Consultant Geologist, who has over 30 years’ experience in base and precious metal exploration, resource planning and development.
Most recently he has managed resource activities for the Citadel Group within the Middle East and feasibility studies for Anvil Mining (TSE: AVM) in Africa.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/17603/zambezi-resources-hits-visual-mineralisation-at-kangaluwi-copper-project-in-zambia-17603.html
The company has completed 38 diamond drill (DD) holes for 7,098 metres at both prospects as part of its second round exploration program and plans further holes to test the down dip extent of the mineralisation.
With a $3.5 million exploration budget aiming to move Kalulu to a JORC Resource, and to upgrade part of the Chisawa resource to the higher confidence Measured category, Zambezi continues to rapidly progress the Kangaluwi project.
The company is now overcoming logistic delays by sourcing an accredited laboratory in Zambia and 776 samples have been sent to this new facility for assay. Zambezi anticipates the first results in the coming weeks and are confident that the drilling program will be finalised ahead of time by August 2011.
21 DD holes have been drilled at Kalulu and 17 DD holes at Chisawa. Zambezi is currently drilling two deep DD holes at Kangaluwi and Chisawa, and in both holes mineralisation has been intersected just above 100 metres, suggesting that there are several more ore chutes than previously interpreted.
Current drilling is following up on the intersections of reverse circulation (RC) and DD holes drilled previously on the two prospects and is designed to confirm and increase confidence on the resources of the two prospects. The prospects are located on two parallel strike lines extending for at least 2.5 kilometres and are around 1,000 metres apart.
At Chisawa, 32 DD holes with a total of 6,080 metres are budgeted to cover a 3 kilometres strike length, for an eventual 100 by 100 metres grid coverage.
At Kalulu, 38 DD holes with a total of 6,980 metres are budgeted to cover the 1 kilometre strike length. DD hole section lines are planned 100 metres in between and along previous drilled RC section lines, to provide a 50 by 50 metre spacing across the deposit’s strike length.
Kangaluwi currently hosts a JORC Indicated Resource of 8.9 million tonnes at 0.78% copper, for 69,000 contained copper tonnes; and Chisawa hosts an Inferred Mineral Resource of 14.5 million tonnes grading 0.9% copper for 130,824 tonnes of contained copper.
The Global Mineral Resource estimate now stands at 23.4 million tonnes grading 0.85% copper for 200,757 tonnes of contained copper.
CSA Global designed satellite open pits to access the two deposits, with a combined strip ratio of 3.5:1 at a production rate of 1.5 million tonnes per annum over an initial 15 year mine life.
In other news, Zambezi has appointed of Dr. Geoff Booth as its Consultant Geologist, who has over 30 years’ experience in base and precious metal exploration, resource planning and development.
Most recently he has managed resource activities for the Citadel Group within the Middle East and feasibility studies for Anvil Mining (TSE: AVM) in Africa.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/17603/zambezi-resources-hits-visual-mineralisation-at-kangaluwi-copper-project-in-zambia-17603.html
Continental Coal: U.S. investment group Socius CG II now substantial shareholder with 6.86%
Continental Coal (ASX: CCC) has a new substantial shareholder with U.S. investment group Socius CG II now holding 6.86% of Continental.
The deal with Continental and Socius is a way for Continental to accelerate payments to acquire the outstanding 35.9% in Mashala Resources, which was announced at the end of last week.
Continental made a placement to Socius of 234,962,406 new shares at A$0.043 to raise US$10 million, and issued 117,481,203 unlisted 5 year warrant options at A$0.044.
A subsequent tranche will be completed with Socius at a price that will be determined at premium to the market share price at the time of draw down.
The proceeds of the first tranche of the placement will allow the company to increase its shareholding in Mashala from the current 64.1% interest to up to a maximum 83.3% interest.
Socius shareholding in Continental in time will increase to over 12.3%, providing a big vote of confidence in the company's South African coal operations.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/17601/continental-coal-us-investment-group-socius-cg-ii-now-substantial-shareholder-with-686-17601.html
The deal with Continental and Socius is a way for Continental to accelerate payments to acquire the outstanding 35.9% in Mashala Resources, which was announced at the end of last week.
Continental made a placement to Socius of 234,962,406 new shares at A$0.043 to raise US$10 million, and issued 117,481,203 unlisted 5 year warrant options at A$0.044.
A subsequent tranche will be completed with Socius at a price that will be determined at premium to the market share price at the time of draw down.
The proceeds of the first tranche of the placement will allow the company to increase its shareholding in Mashala from the current 64.1% interest to up to a maximum 83.3% interest.
Socius shareholding in Continental in time will increase to over 12.3%, providing a big vote of confidence in the company's South African coal operations.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/17601/continental-coal-us-investment-group-socius-cg-ii-now-substantial-shareholder-with-686-17601.html
D’Aguilar Gold associate Mt Isa Metals delivers more high grade gold at Nabanga in Burkina Faso
D’Aguilar Gold (ASX: DGR) has reported that associate Mt Isa Metals (ASX: MET) has intersected more high grade gold from drilling at the Nabanga gold discovery in south‐east Burkina Faso, West Africa.
Assay results have been received for the first six drill holes of the phase two reverse circulation (RC) drilling program which include multiple high grade gold intersections on the central quartz lode and open‐ended high grade gold intersections at 65 metres vertical depth.
The new drill results extend the depth of known gold mineralisation on the Nabanga structure and provide significant potential to further extend gold mineralisation by additional drilling at depth.
Highlights include:
- 3 metres at 5.63 grams per tonne (g/t) gold from 19 metres;
- 4 metres at 7.45g/t gold from 66 metres (including 2 metres at 14.08g/t gold from 67 metres); and
- 5m at 5.44g/t gold from 24 metres (including 2 metres at 11.38 g/t gold from 24m).
High grade gold mineralisation has now been now recorded to 65 metres vertical depth on the central quartz lode on contiguous sections (2 metres at 14.08g/t gold and 2 metres at 16.05 g/t gold).
The company is planning deeper drilling for assessment of open‐ended high grade gold zones to 125 metres vertical depth.
RC drilling is continuing along the full 3.6 kilometre strike length of the Nabanga structure. Assay results are awaited from multiple project areas including ‐ Nabanga (RC drilling), Bantou (RC drilling), Kamsongo (RAB drilling) and Boungou (soil sampling).
D’ Aguilar owns a 33% stake, or 52 million shares, in Mt Isa at a value of $23.7 million.
Mt Isa owns five projects within the highly prospective Burkina Faso with high grade gold assays from the company’s wholly – owned Yactibo, Kongolokoro and Tapoa Projects.
Mining investment company D’Aguilar is focused on generating exploration and development companies in a wide array of minerals.
To this end, it also owns 35.2 million shares (12.4%) in Solomon Gold plc (LSE: SOLG) and 58.85 million shares (53%) in AusNiCo Limited (ASX: ANW), and 27 million shares (29%) in Navaho Gold Limited (ASX: NVG) exploring for gold and silver in Nevada (USA) and Queensland.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/17600/daguilar-gold-associate-mt-isa-metals-delivers-more-high-grade-gold-at-nabanga-in-burkina-faso-17600.html
Assay results have been received for the first six drill holes of the phase two reverse circulation (RC) drilling program which include multiple high grade gold intersections on the central quartz lode and open‐ended high grade gold intersections at 65 metres vertical depth.
The new drill results extend the depth of known gold mineralisation on the Nabanga structure and provide significant potential to further extend gold mineralisation by additional drilling at depth.
Highlights include:
- 3 metres at 5.63 grams per tonne (g/t) gold from 19 metres;
- 4 metres at 7.45g/t gold from 66 metres (including 2 metres at 14.08g/t gold from 67 metres); and
- 5m at 5.44g/t gold from 24 metres (including 2 metres at 11.38 g/t gold from 24m).
High grade gold mineralisation has now been now recorded to 65 metres vertical depth on the central quartz lode on contiguous sections (2 metres at 14.08g/t gold and 2 metres at 16.05 g/t gold).
The company is planning deeper drilling for assessment of open‐ended high grade gold zones to 125 metres vertical depth.
RC drilling is continuing along the full 3.6 kilometre strike length of the Nabanga structure. Assay results are awaited from multiple project areas including ‐ Nabanga (RC drilling), Bantou (RC drilling), Kamsongo (RAB drilling) and Boungou (soil sampling).
D’ Aguilar owns a 33% stake, or 52 million shares, in Mt Isa at a value of $23.7 million.
Mt Isa owns five projects within the highly prospective Burkina Faso with high grade gold assays from the company’s wholly – owned Yactibo, Kongolokoro and Tapoa Projects.
Mining investment company D’Aguilar is focused on generating exploration and development companies in a wide array of minerals.
To this end, it also owns 35.2 million shares (12.4%) in Solomon Gold plc (LSE: SOLG) and 58.85 million shares (53%) in AusNiCo Limited (ASX: ANW), and 27 million shares (29%) in Navaho Gold Limited (ASX: NVG) exploring for gold and silver in Nevada (USA) and Queensland.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/17600/daguilar-gold-associate-mt-isa-metals-delivers-more-high-grade-gold-at-nabanga-in-burkina-faso-17600.html
Breakaway Resources' Leinster nickel project could be southern extension to Xstrata's Cosmos deposit
Breakaway Resources' (ASX: BRW) drilling at its 19 Mile North Target in the Leinster District has encountered similar rock types to known nickel deposits within the Leinster District.
High MgO ultramafics were intercepted at broad downhole widths (+30 metres) in three of the five holes drilled at the 19 Mile North Target in the Leinster District.
In addition, drilling has also identified a Nickel–PGE anomalism with a new DHTEM off-hole conductor at the Bakers Target at the southern end of the Mt Clifford Project.
Significantly, the drill holes represent the first deep nickel–focussed test of the area and the new information will greatly assist in refining the area’s current geological model and will underpin the reassessment of surface EM data acquired by Breakaway in 2010.
Drilling at the targets within the company's priority Leinster District in Western Australia, are south along strike from Xstrata’s (LON: XTA) Cosmos nickel deposits (+0.5 million tonnes nickel (Ni) metal).
As well as reinforcing the prospectivity of the 19 Mile North and Bakers Targets, the drill program effectively highlights the priority areas for future nickel exploration within Breakaway’s Wildara Project Group
and Miranda Project.
David Hutton, Breakaway's managing director, said the confirmation of prospective ultramafic rock types at 19 Mile North reinforced the company’s strong confidence in the area’s prospectivity.
“It is our belief that the area represents the southern extension of the Mt Goode Ultramafic Belt which hosts Xstrata’s Cosmos Nickel Deposits further to the north and further highlights the area as one of the most exciting nickel target areas within the Leinster District.”
The results of reverse circulation (RC)/ diamond drilling program at 19 Mile North, which lies at the northern end of the Miranda Project, are significant given that "the majority of the known nickel sulphide deposits within the Leinster District are intimately associated with the same high MgO ultramafic rock types," the company said.
The target lies within the interpreted southern extension of the Mt Goode Ultramafic Belt which hosts the Cosmos Nickel Deposits about 15 kilometres to the north.
Drilling at the Bakers Target, located at the southern end of the Mt Clifford Project, also intersected nickel–PGE (platinum group elements) anomalism within a prospective high MgO ultramafic.
This ultramafic is interpreted to be the southern extension of the Roadside Ultramafic Belt which hosts Breakaway’s Horn Nickel Deposit (JORC Inferred Resource of 600,000 tonnes (t) at 1.39% Ni, 0.2% copper (Cu) - 8,300t nickel metal) further to the north.
Highlights from vein, breccia and stringer sulphides sampling within the drillholes include:
- 4.33m @ 0.37%Ni, 0.12%Cu, 161ppbPt+Pd from 246.00 metres; and
- 0.38m @ 0.44%Ni, 0.16%Cu, 81ppbPt+Pd from 280.95 metres.
Follow-up downhole TEM (DHTEM) surveying of the Bakers drillholes also identified a new offhole conductor which may require further drill testing.
Two diamond holes were also drilled to test historic surface EM conductors at the Glenoran and Jezebel Targets, which are located in the western and north-eastern part of the Wildara Project Group respectively.
The Jezebel Target lies within the Yillaree Joint Venture in which Breakaway’s partner, Hampton Hill Mining (ASX: HHM) holds an 18.73% interest).
Despite both holes intersecting broad widths of stringer, vein and disseminated sulphides within and adjacent to favourable ultramafic lithologies, no significant results were returned.
Breakaway Resources now intends to strategically review its Leinster District nickel projects to determine the most efficient and successful way of advancing them. With the company also progressing its copper gold projects in Queensland, the Leinster nickel project may be considered for divestment.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/17591/breakaway-resources-leinster-nickel-project-could-be-southern-extension-to-xstratas-cosmos-deposit-17591.html
High MgO ultramafics were intercepted at broad downhole widths (+30 metres) in three of the five holes drilled at the 19 Mile North Target in the Leinster District.
In addition, drilling has also identified a Nickel–PGE anomalism with a new DHTEM off-hole conductor at the Bakers Target at the southern end of the Mt Clifford Project.
Significantly, the drill holes represent the first deep nickel–focussed test of the area and the new information will greatly assist in refining the area’s current geological model and will underpin the reassessment of surface EM data acquired by Breakaway in 2010.
Drilling at the targets within the company's priority Leinster District in Western Australia, are south along strike from Xstrata’s (LON: XTA) Cosmos nickel deposits (+0.5 million tonnes nickel (Ni) metal).
As well as reinforcing the prospectivity of the 19 Mile North and Bakers Targets, the drill program effectively highlights the priority areas for future nickel exploration within Breakaway’s Wildara Project Group
and Miranda Project.
David Hutton, Breakaway's managing director, said the confirmation of prospective ultramafic rock types at 19 Mile North reinforced the company’s strong confidence in the area’s prospectivity.
“It is our belief that the area represents the southern extension of the Mt Goode Ultramafic Belt which hosts Xstrata’s Cosmos Nickel Deposits further to the north and further highlights the area as one of the most exciting nickel target areas within the Leinster District.”
The results of reverse circulation (RC)/ diamond drilling program at 19 Mile North, which lies at the northern end of the Miranda Project, are significant given that "the majority of the known nickel sulphide deposits within the Leinster District are intimately associated with the same high MgO ultramafic rock types," the company said.
The target lies within the interpreted southern extension of the Mt Goode Ultramafic Belt which hosts the Cosmos Nickel Deposits about 15 kilometres to the north.
Drilling at the Bakers Target, located at the southern end of the Mt Clifford Project, also intersected nickel–PGE (platinum group elements) anomalism within a prospective high MgO ultramafic.
This ultramafic is interpreted to be the southern extension of the Roadside Ultramafic Belt which hosts Breakaway’s Horn Nickel Deposit (JORC Inferred Resource of 600,000 tonnes (t) at 1.39% Ni, 0.2% copper (Cu) - 8,300t nickel metal) further to the north.
Highlights from vein, breccia and stringer sulphides sampling within the drillholes include:
- 4.33m @ 0.37%Ni, 0.12%Cu, 161ppbPt+Pd from 246.00 metres; and
- 0.38m @ 0.44%Ni, 0.16%Cu, 81ppbPt+Pd from 280.95 metres.
Follow-up downhole TEM (DHTEM) surveying of the Bakers drillholes also identified a new offhole conductor which may require further drill testing.
Two diamond holes were also drilled to test historic surface EM conductors at the Glenoran and Jezebel Targets, which are located in the western and north-eastern part of the Wildara Project Group respectively.
The Jezebel Target lies within the Yillaree Joint Venture in which Breakaway’s partner, Hampton Hill Mining (ASX: HHM) holds an 18.73% interest).
Despite both holes intersecting broad widths of stringer, vein and disseminated sulphides within and adjacent to favourable ultramafic lithologies, no significant results were returned.
Breakaway Resources now intends to strategically review its Leinster District nickel projects to determine the most efficient and successful way of advancing them. With the company also progressing its copper gold projects in Queensland, the Leinster nickel project may be considered for divestment.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/17591/breakaway-resources-leinster-nickel-project-could-be-southern-extension-to-xstratas-cosmos-deposit-17591.html
Solomon Gold shares spike 11 per cent after encouraging early results from the Mbetilonga Project
Shares in Solomon Gold (LON: SOLG) spiked 11 per cent in early trade after the group revealed some encouraging early results from the Mbetilonga Project on the Solomon Islands.
The highlights included a 24 metre section from drill hole MBT001 that returned 0.23 per cent copper and a 46 metre section from MBT002 containing 0.25 per cent copper.
This second hole on the Vuanimaho Prospect also returned 0.34 grams per tonne of gold.
The update was provided by a subsidiary of Newmont Mining, Solomon’s partner in the Guadalcanal Joint Venture.
It revealed that a new porphyry target is emerging at the Hahala Prospect, in the western section Mbetilonga.
“Frequent sampling results of one per cent copper, up to a maximum of 22.8 per cent copper have been returned,” Solomon said today.
Separately, drilling has been completed and assay results are pending for MBT003 and MBT004 holes at the Havehahala Prospect, while drilling continues on MBT005.
At 10.15 am the shares were changing hands at 20.7 pence, up 2.08 pence, and in the past year the stock is up almost 230 per cent.
The main catalyst for that share price movement has been the Fauro Island project, which was fast-tracked last October following a £15 million City fundraiser.
Solomon believes Fauro has the potential to host a world class gold deposit, similar to the massive Lihir mine, which holds one of the world's largest gold resources.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/17589/solomon-gold-rises-on-drill-results-from-mbetilonga-project-17589.html
The highlights included a 24 metre section from drill hole MBT001 that returned 0.23 per cent copper and a 46 metre section from MBT002 containing 0.25 per cent copper.
This second hole on the Vuanimaho Prospect also returned 0.34 grams per tonne of gold.
The update was provided by a subsidiary of Newmont Mining, Solomon’s partner in the Guadalcanal Joint Venture.
It revealed that a new porphyry target is emerging at the Hahala Prospect, in the western section Mbetilonga.
“Frequent sampling results of one per cent copper, up to a maximum of 22.8 per cent copper have been returned,” Solomon said today.
Separately, drilling has been completed and assay results are pending for MBT003 and MBT004 holes at the Havehahala Prospect, while drilling continues on MBT005.
At 10.15 am the shares were changing hands at 20.7 pence, up 2.08 pence, and in the past year the stock is up almost 230 per cent.
The main catalyst for that share price movement has been the Fauro Island project, which was fast-tracked last October following a £15 million City fundraiser.
Solomon believes Fauro has the potential to host a world class gold deposit, similar to the massive Lihir mine, which holds one of the world's largest gold resources.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/17589/solomon-gold-rises-on-drill-results-from-mbetilonga-project-17589.html
NeoStem appoints vice president
Stem cell-based therapy company NeoStem (NYSE:NBS) said that Joe Talamo has joined the firm as vice president, corporate controller and chief accounting officer.
Prior to joining NeoStem, Talamo held various senior positions at OSI Pharmaceuticals, a biopharmaceutical company focused on the development and commercialization of products for the treatment of cancer, diabetes and obesity.
From 1996 to 2010, he helped build the accounting and finance infrastructure to support the clinical development and commercial launch of Tarceva, OSI’s targeted therapy approved for the treatment of patients with non-small cell lung cancer and pancreatic cancer.
Prior to this, Talamo worked at Bristol-Myers Squibb, and at the health care and life sciences audit group at KPMG.
NeoStems chief executive, Robin L. Smith, said: "Joe's experience in the biopharmaceutical industry, including his seeing a product candidate from clinical trials through a highly successful commercial launch, makes him an ideal addition to the NeoStem team as we continue developing our cell-based therapeutics."
"We believe Joe will be instrumental to the financial management of our diverse business units, as we continue to grow," added Smith.
NeoStem is a biopharmaceutical company with operations in the U.S. and China. In the U.S., the company is a provider of adult stem cell collection, processing and storage services. Its network of US-based adult stem cell collection centers is focused mostly on the Southern California and Northeast markets.
The company also owns a 51% interest in Chinese generic pharmaceutical company Suzhou Erye, and has partnerships with hospitals in China for its stem cell therapies.
Prior to joining NeoStem, Talamo held various senior positions at OSI Pharmaceuticals, a biopharmaceutical company focused on the development and commercialization of products for the treatment of cancer, diabetes and obesity.
From 1996 to 2010, he helped build the accounting and finance infrastructure to support the clinical development and commercial launch of Tarceva, OSI’s targeted therapy approved for the treatment of patients with non-small cell lung cancer and pancreatic cancer.
Prior to this, Talamo worked at Bristol-Myers Squibb, and at the health care and life sciences audit group at KPMG.
NeoStems chief executive, Robin L. Smith, said: "Joe's experience in the biopharmaceutical industry, including his seeing a product candidate from clinical trials through a highly successful commercial launch, makes him an ideal addition to the NeoStem team as we continue developing our cell-based therapeutics."
"We believe Joe will be instrumental to the financial management of our diverse business units, as we continue to grow," added Smith.
NeoStem is a biopharmaceutical company with operations in the U.S. and China. In the U.S., the company is a provider of adult stem cell collection, processing and storage services. Its network of US-based adult stem cell collection centers is focused mostly on the Southern California and Northeast markets.
The company also owns a 51% interest in Chinese generic pharmaceutical company Suzhou Erye, and has partnerships with hospitals in China for its stem cell therapies.
Sunday, 3 July 2011
Predictive Discovery on the cusp of a large gold mineralised system in Burkina Faso
Recently listed Predictive Discovery (ASX: PDI) has hit the ASX boards running, exploring for gold in Burkina Faso, West Africa. The Dave and Dave East prospects are fast shaping as a large gold mineralised system, with geochem anomalies pointing to a series of large gold deposits.
The first 11 reverse circulation holes at the Dave East prospect have intersected near surface gold including; 12 metres at 2.9 grams per tonne (g/t) gold from 50 metres, 2 metres at 12.4g/t gold from 72 metres, and 12 metres at 1.3g/t gold from 34 metres.
Dave East is 1.5 kilometres along a major interpreted shear zone from the nearest artisanal workings which have been active for almost three decades, highlighting there is known gold in the area.
Infill and extension drilling are continuing at the prospect which is expected to be completed next week.
Today's results follow 2,700 metres of reverse circulation drilling at Dave prospect where historic results from near surface drilling in a small area included; 12 metres at 5.0g/t gold, 2 metres at 9.4g/t gold, 10 metres at 2.4g/t gold and 22 metres at 1.2g/t gold.
The real story is that power auger drilling demonstrates the Dave and Dave East bedrock gold anomalies are continuously connected, totalling 3.6 kilometres long by 0.3 kilometres wide, and open to the east and west.
The Dave and Dave East Prospects are located on the Laterite Hill Grid in the Bonsiega Project, which is 16 kilometres long.
A strike length of in excess of 12 kilometres of plus 50ppb gold power auger anomalies has been defined by Predictive Discovery to date.
Over part of their length, these geochemical anomalies are coincident with artisanal gold workings located on small areas of outcrop surrounded by alluvial cover which is promising.
This provides the potential for a very large gold mineralised system, which has already been identified by multiple ore grade intercepts.
Paul Roberts, managing director, said, "The Dave to Dave East Prospect areas are shaping up as a large gold mineralised system in their own right.
"Given that there are a series of other highly promising bedrock geochemical anomalies on the 16 kilometres long Laterite Hill Grid, the prospect of discovering a series of large gold mineral deposits has been significantly enhanced by these results."
The enhanced potential of the Laterite Hill Grid area is where bedrock geochemical anomalies over 12 kilometres coincide with large shear structures, indicated by detailed aeromagnetic data.
Ongoing program
Around 5,300 metres of reverse circulation drilling has now been completed at Dave and Dave East.
Six 200 metre spaced lines for 2,700 metres were completed at Dave by late June, with the rig then returned to Dave East to extend and infill the drilling coverage with the objective of having drilled up to 7 lines spaced 200 metres apart by the end of the field season.
Operation of the drill rig has been reduced to one shift per day for safety reasons because of the wet conditions.
Weather and access permitting, the drilling will continue for one more week.
What renders Predictive Discovery as a more interesting West African gold play, not yet "discovered" by most investors is that there are significant gold discoveries in Burkina Faso including:
- Taparko 1 million ounce, High River Gold (TSX: HRG);
- Essakane 5 million ounce, Orezone Resources (TSE: ORE);
- Inata 2 million ounce, Avocet Mining (LON: AVM);
- Kiaka 2 million ounce, Volta Resources (TSE: VTR); and
- Wona 6 million ounce, Semafa (TSE: SMF).
However, it is Semafo's (TSX: SMF) 2 million ounce gold producing Samira Hill mine which is in the same geological belt as Predictive Discovery's Bonsiega Project that provides the most compelling clue as to the prospectivity and potential for the company.
Comment
Predictive's market capitalisation of $19 million less $6 million in cash provides an EV of just $13 million, which values Predictive's projects and results in Burkina at a negligible value.
It has exploration ground in an under-explored gold province in Burkina Faso, opportunities that are under very shallow cover over many untested zones of active artisanal workings. The combination of current RC results, the historic RC results and the bedrock anomalism indicates Predictive Discovery is sitting on a big (long, broad and open) gold mineralised system with high potential for a major gold discovery.
The company has a strong chance of un-earthing discoveries and defining a resource in 2012.
Adding further spice, Predictive Discovery is believed to be in advanced discussions on a further JV acquisition in West Africa.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/17599/predictive-discovery-on-the-cusp-of-a-large-gold-mineralised-system-in-burkina-faso--17599.html
The first 11 reverse circulation holes at the Dave East prospect have intersected near surface gold including; 12 metres at 2.9 grams per tonne (g/t) gold from 50 metres, 2 metres at 12.4g/t gold from 72 metres, and 12 metres at 1.3g/t gold from 34 metres.
Dave East is 1.5 kilometres along a major interpreted shear zone from the nearest artisanal workings which have been active for almost three decades, highlighting there is known gold in the area.
Infill and extension drilling are continuing at the prospect which is expected to be completed next week.
Today's results follow 2,700 metres of reverse circulation drilling at Dave prospect where historic results from near surface drilling in a small area included; 12 metres at 5.0g/t gold, 2 metres at 9.4g/t gold, 10 metres at 2.4g/t gold and 22 metres at 1.2g/t gold.
The real story is that power auger drilling demonstrates the Dave and Dave East bedrock gold anomalies are continuously connected, totalling 3.6 kilometres long by 0.3 kilometres wide, and open to the east and west.
The Dave and Dave East Prospects are located on the Laterite Hill Grid in the Bonsiega Project, which is 16 kilometres long.
A strike length of in excess of 12 kilometres of plus 50ppb gold power auger anomalies has been defined by Predictive Discovery to date.
Over part of their length, these geochemical anomalies are coincident with artisanal gold workings located on small areas of outcrop surrounded by alluvial cover which is promising.
This provides the potential for a very large gold mineralised system, which has already been identified by multiple ore grade intercepts.
Paul Roberts, managing director, said, "The Dave to Dave East Prospect areas are shaping up as a large gold mineralised system in their own right.
"Given that there are a series of other highly promising bedrock geochemical anomalies on the 16 kilometres long Laterite Hill Grid, the prospect of discovering a series of large gold mineral deposits has been significantly enhanced by these results."
The enhanced potential of the Laterite Hill Grid area is where bedrock geochemical anomalies over 12 kilometres coincide with large shear structures, indicated by detailed aeromagnetic data.
Ongoing program
Around 5,300 metres of reverse circulation drilling has now been completed at Dave and Dave East.
Six 200 metre spaced lines for 2,700 metres were completed at Dave by late June, with the rig then returned to Dave East to extend and infill the drilling coverage with the objective of having drilled up to 7 lines spaced 200 metres apart by the end of the field season.
Operation of the drill rig has been reduced to one shift per day for safety reasons because of the wet conditions.
Weather and access permitting, the drilling will continue for one more week.
What renders Predictive Discovery as a more interesting West African gold play, not yet "discovered" by most investors is that there are significant gold discoveries in Burkina Faso including:
- Taparko 1 million ounce, High River Gold (TSX: HRG);
- Essakane 5 million ounce, Orezone Resources (TSE: ORE);
- Inata 2 million ounce, Avocet Mining (LON: AVM);
- Kiaka 2 million ounce, Volta Resources (TSE: VTR); and
- Wona 6 million ounce, Semafa (TSE: SMF).
However, it is Semafo's (TSX: SMF) 2 million ounce gold producing Samira Hill mine which is in the same geological belt as Predictive Discovery's Bonsiega Project that provides the most compelling clue as to the prospectivity and potential for the company.
Comment
Predictive's market capitalisation of $19 million less $6 million in cash provides an EV of just $13 million, which values Predictive's projects and results in Burkina at a negligible value.
It has exploration ground in an under-explored gold province in Burkina Faso, opportunities that are under very shallow cover over many untested zones of active artisanal workings. The combination of current RC results, the historic RC results and the bedrock anomalism indicates Predictive Discovery is sitting on a big (long, broad and open) gold mineralised system with high potential for a major gold discovery.
The company has a strong chance of un-earthing discoveries and defining a resource in 2012.
Adding further spice, Predictive Discovery is believed to be in advanced discussions on a further JV acquisition in West Africa.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/17599/predictive-discovery-on-the-cusp-of-a-large-gold-mineralised-system-in-burkina-faso--17599.html
ABM Resources NL heads east, new gold discovery at Buccaneer
ABM Resources (ASX: ABU) has drilled 250 metres east of the Buccaneer Porphyry Deposit and has discovered the Empress Zone discovery which is a newly recognised zone of oxide gold mineralisation hosted in quartz veins, open in all directions.
The sedimentary hosted oxide gold discovery is from step out drilling at its Twin Bonanza Gold Camp in the Northern Territory, which the company has named the Empress Zone.
Twin Bonanza is developing into a camp of discoveries. The new zone at Empress will extend the existing 1.67 million ounce (Moz) gold resource at Buccaneer, which is located only a few hundred metres away.
ABM's rate of success at drilling new targets is very high, the overall Twin Bonanza camp has more than 30 targets.
Highlights from near surface drill results from the first hole at the zone include:
- 43 metres averaging 1.02g/t gold (0.5g/t cut-off) including;
- 26 metres averaging 1.43g/t gold (1.1g/t cut-off) including; and
- 10 metres averaging 2.64g/t gold (2.0g/t cut-off).
Darren Holden, managing director of ABM Resources, said “once again, as we continue to step out from Buccaneer we intersect new zones of mineralisation. First we headed west of Buccaneer and hit the Caribbean Zone and then we headed east and discovered the Empress Zone."
To date there are no other substantive drill holes testing the sediments in the area of the Empress Zone making this a new discovery open in all directions.
The company plans further holes to follow up on the Empress Zone as the orientation of the mineralisation cannot be established with a single hole.
Further work is pending on this area and mineralisation remains open to the north, south and east of the existing intercept.
A total of 22 deep reverse circulation (RC) holes and 3 deep diamond core holes have been completed at Twin Bonanza so far this season.
The project spans the highly prospective “Trans Tanami Structure” an inferred regional / tectonic geological feature which hosts numerous gold deposits including mining giant Newmont’s (NYSE: NEM) multi-million ounce Callie Gold Mine.
This work includes extensional drilling of the Inferred 1.67million ounce gold resource at the Buccaneer Gold Deposit, Old Pirate southern extensions, Caribbean Zone and the Empress Zone.
ABM has completed holes at Buccaneer following up on the newly recognised Caribbean Zone and assays are pending.
The assays are pending finalisation and results are expected shortly for holes testing extensions of mineralisation at the main Buccaneer area and the eastern contact zone.
The company is additionally commencing the bulk trenching of the Old Pirate High Grade Gold veins in the coming days following the receipt of requisite approvals.
This work is aimed to better establish the overall grade of the surface vein material for resource estimation work. These results will be reported as soon as they become available.
ABM is currently drilling at the Landlubber target located 200 metres west of Old Pirate High Grade Gold Prospect where a total of 6 holes have been designed to intersect coincident geophysical and geochemical anomalies over an area of 600 metres by 400 metres.
In addition, drilling at the Kroda Gold Project located near the town of Barrow Creek on the Stuart Highway north of Alice Springs is progressing with a total of 4 holes of a 12 hole program complete and pending assay.
Following completion of the Kroda program the regional exploration team will mobilise to the Lake Mackay Iron Oxide Copper Gold targets for deep drill testing of several target areas.
Today's drilling results will assist ABM Resources in linking together resources at the Buccaneer deposit into a coherent model.
ABM aims to upgrade some of the Resource at Twin Bonanza to an “Indicated Resource” category in coming months.
Comment
On gold resource of 1.67 million ounces versus a current market valuation of sub-$100 million, ABM Resources is highly undervalued. With its rate of drilling success and discoveries, likely to act as a catalyst for re-rating of the company, this is a company worth getting behind.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/17598/abm-resources-nl-heads-east-new-gold-discovery-at-buccaneer-17598.html
The sedimentary hosted oxide gold discovery is from step out drilling at its Twin Bonanza Gold Camp in the Northern Territory, which the company has named the Empress Zone.
Twin Bonanza is developing into a camp of discoveries. The new zone at Empress will extend the existing 1.67 million ounce (Moz) gold resource at Buccaneer, which is located only a few hundred metres away.
ABM's rate of success at drilling new targets is very high, the overall Twin Bonanza camp has more than 30 targets.
Highlights from near surface drill results from the first hole at the zone include:
- 43 metres averaging 1.02g/t gold (0.5g/t cut-off) including;
- 26 metres averaging 1.43g/t gold (1.1g/t cut-off) including; and
- 10 metres averaging 2.64g/t gold (2.0g/t cut-off).
Darren Holden, managing director of ABM Resources, said “once again, as we continue to step out from Buccaneer we intersect new zones of mineralisation. First we headed west of Buccaneer and hit the Caribbean Zone and then we headed east and discovered the Empress Zone."
To date there are no other substantive drill holes testing the sediments in the area of the Empress Zone making this a new discovery open in all directions.
The company plans further holes to follow up on the Empress Zone as the orientation of the mineralisation cannot be established with a single hole.
Further work is pending on this area and mineralisation remains open to the north, south and east of the existing intercept.
A total of 22 deep reverse circulation (RC) holes and 3 deep diamond core holes have been completed at Twin Bonanza so far this season.
The project spans the highly prospective “Trans Tanami Structure” an inferred regional / tectonic geological feature which hosts numerous gold deposits including mining giant Newmont’s (NYSE: NEM) multi-million ounce Callie Gold Mine.
This work includes extensional drilling of the Inferred 1.67million ounce gold resource at the Buccaneer Gold Deposit, Old Pirate southern extensions, Caribbean Zone and the Empress Zone.
ABM has completed holes at Buccaneer following up on the newly recognised Caribbean Zone and assays are pending.
The assays are pending finalisation and results are expected shortly for holes testing extensions of mineralisation at the main Buccaneer area and the eastern contact zone.
The company is additionally commencing the bulk trenching of the Old Pirate High Grade Gold veins in the coming days following the receipt of requisite approvals.
This work is aimed to better establish the overall grade of the surface vein material for resource estimation work. These results will be reported as soon as they become available.
ABM is currently drilling at the Landlubber target located 200 metres west of Old Pirate High Grade Gold Prospect where a total of 6 holes have been designed to intersect coincident geophysical and geochemical anomalies over an area of 600 metres by 400 metres.
In addition, drilling at the Kroda Gold Project located near the town of Barrow Creek on the Stuart Highway north of Alice Springs is progressing with a total of 4 holes of a 12 hole program complete and pending assay.
Following completion of the Kroda program the regional exploration team will mobilise to the Lake Mackay Iron Oxide Copper Gold targets for deep drill testing of several target areas.
Today's drilling results will assist ABM Resources in linking together resources at the Buccaneer deposit into a coherent model.
ABM aims to upgrade some of the Resource at Twin Bonanza to an “Indicated Resource” category in coming months.
Comment
On gold resource of 1.67 million ounces versus a current market valuation of sub-$100 million, ABM Resources is highly undervalued. With its rate of drilling success and discoveries, likely to act as a catalyst for re-rating of the company, this is a company worth getting behind.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/17598/abm-resources-nl-heads-east-new-gold-discovery-at-buccaneer-17598.html
Padbury Mining high quality iron ore concentrate can be achieved at Telecom Hill
Padbury Mining (ASX: PDY) has started to unlock the potential of the Telecom Hill magnetite deposit, part of the Peak Hill joint venture.
Davis Tube Recovery (DTR) results at the main BIF target indicate a high-quality concentrate of above 65% iron can be achieved, and importantly with low impurities and mass recoveries of about 22%.
Padbury said that all holes intersected in BIF 1 contain magnetite mineralisation which can be upgraded, demonstrating a high degree of geological continuity.
Adding to the potential at Peak Hill, the mineralisation remains open along strike to the east and at depth.
Padbury has already commenced work on an updated resource estimate to include the new DTR data.
The project hosts an Inferred JORC Resource of 850 million tonnes at 27.3% iron at Telecom Hill, with the best intersection to date 198 metres at 34.2% iron.
Importantly the resource was defined from just 4 kilometres of a 10 kilometre strike length, and therefore is likely to see a significant boost to the resource base in 2011 from further drilling.
Gary Stokes, managing director, said “The DTR analysis is very encouraging and enables us to move into the next phase of project development with additional confidence.”
The company will now focus on additional drilling to further delineate the project’s magnetite deposit, with a new drill program to define a hematite resource and the completion of a conceptual mining study.
Aurium Resources (ASX: AGU) holds 70% of Peak hill, with Padbury Mining (ASX: PDY) 30%.
The project is located in the Mid-West region of Western Australia which has recently grown in stature as a significant iron ore province.
Other major operating and prospective mine projects nearby include Weld Range (Sinosteel Midwest Corp), Jack Hills (Crosslands Resources) and Mt Gould (Atlas Iron).
Peak Hill has an exploration target of 3.5 to 5 billion tonnes at 25% to 35% iron, and covers a significant 2500 square kilometres.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/17597/padbury-mining-high-quality-iron-ore-concentrate-can-be-achieved-at-telecom-hill-17597.html
Davis Tube Recovery (DTR) results at the main BIF target indicate a high-quality concentrate of above 65% iron can be achieved, and importantly with low impurities and mass recoveries of about 22%.
Padbury said that all holes intersected in BIF 1 contain magnetite mineralisation which can be upgraded, demonstrating a high degree of geological continuity.
Adding to the potential at Peak Hill, the mineralisation remains open along strike to the east and at depth.
Padbury has already commenced work on an updated resource estimate to include the new DTR data.
The project hosts an Inferred JORC Resource of 850 million tonnes at 27.3% iron at Telecom Hill, with the best intersection to date 198 metres at 34.2% iron.
Importantly the resource was defined from just 4 kilometres of a 10 kilometre strike length, and therefore is likely to see a significant boost to the resource base in 2011 from further drilling.
Gary Stokes, managing director, said “The DTR analysis is very encouraging and enables us to move into the next phase of project development with additional confidence.”
The company will now focus on additional drilling to further delineate the project’s magnetite deposit, with a new drill program to define a hematite resource and the completion of a conceptual mining study.
Aurium Resources (ASX: AGU) holds 70% of Peak hill, with Padbury Mining (ASX: PDY) 30%.
The project is located in the Mid-West region of Western Australia which has recently grown in stature as a significant iron ore province.
Other major operating and prospective mine projects nearby include Weld Range (Sinosteel Midwest Corp), Jack Hills (Crosslands Resources) and Mt Gould (Atlas Iron).
Peak Hill has an exploration target of 3.5 to 5 billion tonnes at 25% to 35% iron, and covers a significant 2500 square kilometres.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/17597/padbury-mining-high-quality-iron-ore-concentrate-can-be-achieved-at-telecom-hill-17597.html
Augur Resources drill hole in Central Java project, hints at large bulk tonnage promise
Augur Resources (ASX: AUK) has released further diamond drill hole results from the Randu Kuning prospect, Wonogiri project in Central Java which further supports potential for a bulk gold resource at Randu Kuning prospect.
Hole WDD008 at the Randu Kuning prospect returned a significant width and mineralised intersection of 218.5 metres at 0.97 grams per tonne (g/t) gold and 0.2% copper from just 40 metres.
What is becoming apparent with each hole is the mineralisation is widening with depth.
Causing excitement is that data from local geology and recent drilling indicates that the mineralisation at Randu Kuning is related to a near vertical gold-copper porphyry within a large eroded volcanic centre.
This is similar to a number of significant porphyry deposits along this zone including Newmont Mining Corporation’s (NYSE: NEM) operation at Batu Hijau (914Mt at 0.53% copper and 0.40g/t gold), Newmont’s Elang deposit on the island of Sumbawa and Intrepid Mines' (ASX: IAU, TSX: IAU) Tujuh Bukit (990Mt at 0.40% copper and 0.45g/t gold) in eastern Java.
Hole WDD008 was drilled to test down dip extension of the gold and copper mineralisation intersected in holes WDD006 (37.5 metres at 0.65g/t gold and 0.13% copper from surface and a further 48 metres at 1.45 g/t gold and 0.26% copper from 49.5 metres)
Hole WDD004 (37.5m at 1.21g/t gold and 0.44% copper from 5.5 metres depth) and WDD002 (47 metres at 1.28 g/t gold and 0.26% copper). WDD008 is around 60 metres west of hole WDD006.
Mineralisation remains open to the north, south, west and at depth. A further hole, west of WDD008, is being planned to test the western boundary of the mineralised zone and down dip of WDD008.
A second drill rig has arrived on site and will be used to further define mineralisation at Randu Kuning and to test additional targets identified within other prospects at Wonogiri.
Sampling of core for preliminary metallurgical testing has commenced. Hole WDD009 has been completed and awaiting analysis.
The Wonogiri project is located 30 kilometres to the south of the provincial city of Solo in central Java and is easily accessible by daily flights from the capital Jakarta and a short one hour drive by car on a sealed road.
The project lies within the Sunda-Banda arc and covers an area of 3,928 hectares. The area is considered prospective for epithermal gold and porphyry copper-gold mineralisation.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/17596/augur-resources-drill-hole-in-central-java-project-hints-at-large-bulk-tonnage-promise-17596.html
Hole WDD008 at the Randu Kuning prospect returned a significant width and mineralised intersection of 218.5 metres at 0.97 grams per tonne (g/t) gold and 0.2% copper from just 40 metres.
What is becoming apparent with each hole is the mineralisation is widening with depth.
Causing excitement is that data from local geology and recent drilling indicates that the mineralisation at Randu Kuning is related to a near vertical gold-copper porphyry within a large eroded volcanic centre.
This is similar to a number of significant porphyry deposits along this zone including Newmont Mining Corporation’s (NYSE: NEM) operation at Batu Hijau (914Mt at 0.53% copper and 0.40g/t gold), Newmont’s Elang deposit on the island of Sumbawa and Intrepid Mines' (ASX: IAU, TSX: IAU) Tujuh Bukit (990Mt at 0.40% copper and 0.45g/t gold) in eastern Java.
Hole WDD008 was drilled to test down dip extension of the gold and copper mineralisation intersected in holes WDD006 (37.5 metres at 0.65g/t gold and 0.13% copper from surface and a further 48 metres at 1.45 g/t gold and 0.26% copper from 49.5 metres)
Hole WDD004 (37.5m at 1.21g/t gold and 0.44% copper from 5.5 metres depth) and WDD002 (47 metres at 1.28 g/t gold and 0.26% copper). WDD008 is around 60 metres west of hole WDD006.
Mineralisation remains open to the north, south, west and at depth. A further hole, west of WDD008, is being planned to test the western boundary of the mineralised zone and down dip of WDD008.
A second drill rig has arrived on site and will be used to further define mineralisation at Randu Kuning and to test additional targets identified within other prospects at Wonogiri.
Sampling of core for preliminary metallurgical testing has commenced. Hole WDD009 has been completed and awaiting analysis.
The Wonogiri project is located 30 kilometres to the south of the provincial city of Solo in central Java and is easily accessible by daily flights from the capital Jakarta and a short one hour drive by car on a sealed road.
The project lies within the Sunda-Banda arc and covers an area of 3,928 hectares. The area is considered prospective for epithermal gold and porphyry copper-gold mineralisation.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/17596/augur-resources-drill-hole-in-central-java-project-hints-at-large-bulk-tonnage-promise-17596.html
Black Fire Minerals rare earths project at Longonjo has potential for significant REE
Black Fire Minerals' (ASX: BFE) soil geochemical program results have significantly extended the size of the previously reported rare earth elements (REE) anomaly at the Longonjo (REE) Prospect in Angola, south-central Africa.
Results have defined a very large 3.5 kilometre long and up to 1.7 kilometres wide +0.5% 2REO (cerium + anthanum oxide) anomaly which remains open to the west.
Peak REE soil assays for the completed grid include 3.74% cerium oxide (CeO2), 1.98% lanthanum oxide (La2O3), 0.88% neodymium oxide (Nd2O3), 0.27% praseodymium oxide (Pr6O11) and 0.12% samarium oxide (Sm2O3).
In addition, significant niobium assays peaking at 0.76% (Nb2O3), and phosphate assays peaking at 7.45% (P2O5) were received.
The company would be encouraged by the size and robustness of the REE soil anomaly and the results continue to confirm Black Fire's strong belief that the Longonjo Carbonatite has the potential to grow into a significant and highly competitive REE Project.
Anthony Baillieu, Black Fire’s acting chairman, said “drill testing is planned to commence in late July/early August and we aim to aggressively advance this REE prospect as well as exploring the copper and gold potential of the licence”.
Last month a recent reconnaissance program (88 samples) of trenching, pitting & rock chip geochemical sampling of a small part of this very large soil anomaly returned highly encouraging results of up to 18.91% total rare earth oxide (TREO).
The company is planning an initial 5,000 metre aircore drilling program to broadly test the soil anomaly is currently planned to commence in late July/early August. This program will be followed-up with reverse circulation (RC) drilling as warranted.
Importantly, the project area is well located to infrastructure including the regional city of Huambo and road networks as well as the recently recommissioned railway to the port city of Benguela which passes less than 3 kilometres from the Longonjo REE Prospect.
Interestingly, Angola is the largest oil producer in Africa with two million barrels of oil per day and is China’s biggest oil supplier and the fourth biggest supplier of oil to the USA.
The country is currently going through a massive rebuilding phase with significant foreign investment, including Chinese investment in railways.
The project area covers 3,600 square kilometres and in addition to the Longonjo REE Prospect, is prospective for copper and gold with known prospects historically returning rock chip assay results of up to 9% copper and 6g/t gold (Cassenha Hill Prospect).
Geological evaluation of the Cassenha Hill gold/copper/uranium prospect and other regional targets including the Bongo gold target will also commence with the drill programs being prioritised and progressed as warranted in line with results generated.
In February 2011 Black Fire negotiated an option to acquire 100% of Sable Minerals Pty Ltd and thereby their 70% interest in the Longonjo Project.
Today's REE results have significant similarities to Peak Resources' (ASX: PKR) Ngualla Rare Earth Project in Tanzania which is roughly 12 months in advance of Black Fire.
Black Fire's Longonjo project appears to offer investors similar potential to Peak Resources, but at a cheaper entry point.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/17594/black-fire-minerals-rare-earths-project-at-longonjo-has-potential-for-significant-ree-17594.html
Results have defined a very large 3.5 kilometre long and up to 1.7 kilometres wide +0.5% 2REO (cerium + anthanum oxide) anomaly which remains open to the west.
Peak REE soil assays for the completed grid include 3.74% cerium oxide (CeO2), 1.98% lanthanum oxide (La2O3), 0.88% neodymium oxide (Nd2O3), 0.27% praseodymium oxide (Pr6O11) and 0.12% samarium oxide (Sm2O3).
In addition, significant niobium assays peaking at 0.76% (Nb2O3), and phosphate assays peaking at 7.45% (P2O5) were received.
The company would be encouraged by the size and robustness of the REE soil anomaly and the results continue to confirm Black Fire's strong belief that the Longonjo Carbonatite has the potential to grow into a significant and highly competitive REE Project.
Anthony Baillieu, Black Fire’s acting chairman, said “drill testing is planned to commence in late July/early August and we aim to aggressively advance this REE prospect as well as exploring the copper and gold potential of the licence”.
Last month a recent reconnaissance program (88 samples) of trenching, pitting & rock chip geochemical sampling of a small part of this very large soil anomaly returned highly encouraging results of up to 18.91% total rare earth oxide (TREO).
The company is planning an initial 5,000 metre aircore drilling program to broadly test the soil anomaly is currently planned to commence in late July/early August. This program will be followed-up with reverse circulation (RC) drilling as warranted.
Importantly, the project area is well located to infrastructure including the regional city of Huambo and road networks as well as the recently recommissioned railway to the port city of Benguela which passes less than 3 kilometres from the Longonjo REE Prospect.
Interestingly, Angola is the largest oil producer in Africa with two million barrels of oil per day and is China’s biggest oil supplier and the fourth biggest supplier of oil to the USA.
The country is currently going through a massive rebuilding phase with significant foreign investment, including Chinese investment in railways.
The project area covers 3,600 square kilometres and in addition to the Longonjo REE Prospect, is prospective for copper and gold with known prospects historically returning rock chip assay results of up to 9% copper and 6g/t gold (Cassenha Hill Prospect).
Geological evaluation of the Cassenha Hill gold/copper/uranium prospect and other regional targets including the Bongo gold target will also commence with the drill programs being prioritised and progressed as warranted in line with results generated.
In February 2011 Black Fire negotiated an option to acquire 100% of Sable Minerals Pty Ltd and thereby their 70% interest in the Longonjo Project.
Today's REE results have significant similarities to Peak Resources' (ASX: PKR) Ngualla Rare Earth Project in Tanzania which is roughly 12 months in advance of Black Fire.
Black Fire's Longonjo project appears to offer investors similar potential to Peak Resources, but at a cheaper entry point.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/17594/black-fire-minerals-rare-earths-project-at-longonjo-has-potential-for-significant-ree-17594.html
Murchison Metals: Crosslands and OPR feasibility studies indicate viability
Murchison Metals (ASX: MMX) has released the highly anticipated Feasibility Studies for the Crosslands and Oakajee Port and Rail (OPR) projects.
The studies have indicated commercial, technical and operational viability, subject to OPR reaching agreement with potential foundation customers.
Trevor Matthews, chief operating officer of Murchison Metals, said “The delivery of these studies by Crosslands and OPR represents a significant milestone in the ongoing development of the mid-west as a major iron ore producing region, and Murchison looks forward to progressing both projects to the next stage of development."
The results reflect nearly four years of work and over A$400 million of expenditure by the respective project teams.
Crosslands’ feasibility study on the Jack Hills Expansion Project (JHEP) is based on:
- Average production of 23.4 million wet tonnes per annum (Mwtpa) for the first 10 years, comprising 22 Mwtpa of high purity iron concentrate products and 1.35 Mwtpa of direct ship products (DSO), with a total estimated mine life of 39 years, supplying the key Chinese, Japanese and Korean markets;
- Average operating costs of approximately A$33.66 per wet tonne (wt) of product, excluding royalties and before infrastructure charges; and
- Capital cost of A$3.7 billion, inclusive of owners’ costs during construction (A$254 million).
OPR’s feasibility study is based on:
- Development of an integrated port and rail supply chain with engineered capacity of 45 Mwtpa, with a planned contracted throughput of 42 Mwtpa;
- Average operating costs of A$5.45/wt of throughput;
- Capital cost of A$5.94 billion, inclusive of owners’ costs during construction (A$508 million); and
- Direct capital costs (before owners’ costs) of A$5.43 billion, versus A$5.24 billion for November 2010 Budget and Engineering indicative estimate (before owners’ costs).
Murchison added that the material approvals for both projects are well advanced, while the Supply Chain Agreement (SCA) process between OPR and its potential foundation customers is incomplete, Murchison expects that all parties will ultimately reach agreement around commercial arrangements.
The studies assume Project Go Ahead in the March Quarter 2012 with first shipping through Oakajee targeted for 2015.
Murchison considers that this schedule is dependent on the timing of completion of SCAs and related milestones, with the company continuing to review funding options and opportunities.
Murchison will now continue with a strategic review post the release of theses Feasibility Studies.
Murchison’s 50:50 joint venture partner in Crosslands and OPR is Mitsubishi Development Pty Ltd.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/17593/murchison-metals-crosslands-and-opr-feasibility-studies-indicate-viability-17593.html
The studies have indicated commercial, technical and operational viability, subject to OPR reaching agreement with potential foundation customers.
Trevor Matthews, chief operating officer of Murchison Metals, said “The delivery of these studies by Crosslands and OPR represents a significant milestone in the ongoing development of the mid-west as a major iron ore producing region, and Murchison looks forward to progressing both projects to the next stage of development."
The results reflect nearly four years of work and over A$400 million of expenditure by the respective project teams.
Crosslands’ feasibility study on the Jack Hills Expansion Project (JHEP) is based on:
- Average production of 23.4 million wet tonnes per annum (Mwtpa) for the first 10 years, comprising 22 Mwtpa of high purity iron concentrate products and 1.35 Mwtpa of direct ship products (DSO), with a total estimated mine life of 39 years, supplying the key Chinese, Japanese and Korean markets;
- Average operating costs of approximately A$33.66 per wet tonne (wt) of product, excluding royalties and before infrastructure charges; and
- Capital cost of A$3.7 billion, inclusive of owners’ costs during construction (A$254 million).
OPR’s feasibility study is based on:
- Development of an integrated port and rail supply chain with engineered capacity of 45 Mwtpa, with a planned contracted throughput of 42 Mwtpa;
- Average operating costs of A$5.45/wt of throughput;
- Capital cost of A$5.94 billion, inclusive of owners’ costs during construction (A$508 million); and
- Direct capital costs (before owners’ costs) of A$5.43 billion, versus A$5.24 billion for November 2010 Budget and Engineering indicative estimate (before owners’ costs).
Murchison added that the material approvals for both projects are well advanced, while the Supply Chain Agreement (SCA) process between OPR and its potential foundation customers is incomplete, Murchison expects that all parties will ultimately reach agreement around commercial arrangements.
The studies assume Project Go Ahead in the March Quarter 2012 with first shipping through Oakajee targeted for 2015.
Murchison considers that this schedule is dependent on the timing of completion of SCAs and related milestones, with the company continuing to review funding options and opportunities.
Murchison will now continue with a strategic review post the release of theses Feasibility Studies.
Murchison’s 50:50 joint venture partner in Crosslands and OPR is Mitsubishi Development Pty Ltd.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/17593/murchison-metals-crosslands-and-opr-feasibility-studies-indicate-viability-17593.html
AusNiCo geophysical techniques point to large copper silver system at Silver Valley Prospect
AusNiCo (ASX: ANW) has potentially uncovered a large copper silver mineralised system at the Silver Valley prospect near Gympie in Queensland.
Geophysical techniques were applied at the prospect with a 1200 metre reverse circulation campaign now completed to define the extent of the mineralisation.
AusNiCo said the results support semi‐massive silver/copper mineralisation previously discovered in SVGD1 and 2, and confirms the exploration model at Silver Valley.
The latest highlights include:
- 16 metres at 1.27 grams per tonne (g/t) silver from 91 metres;
- 14 metres at 6.2g/t silver from 24 metres, including 2 metres at 24g/t silver, 0.58% lead, 0.53% zinc, 0.2% copper;
- 10 metres at 22g/t silver, 0.13% copper from 30 metres; and
- 70 metres at 7.9g/t silver, 0.06% copper from 112 metres.
Importantly, the zone remains open to the north, south and at depth, providing the potential for strike to extend over five kilometres.
AusNiCo continues to move the project forward, with further drill testing and Induced Polarisation (IP) Modelling to assess the tonnage potential.
The company added that preliminary drilling of the 300 metre wide IP anomaly encountered in the southern two survey lines revealed abundant sulphides (dominantly pyrite) associated with the altered contact aureole between the Mt Mia Serpentinite (Greenstone) and underlying Station Creek Adamellite.
SVG 11 intersected mineralisation from a 112 metre down hole, which was stopped at 182 metres still in mineralisation.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/17595/ausnico-geophysical-techniques-point-to-large-copper-silver-system-at-silver-valley-prospect-17595.html
Geophysical techniques were applied at the prospect with a 1200 metre reverse circulation campaign now completed to define the extent of the mineralisation.
AusNiCo said the results support semi‐massive silver/copper mineralisation previously discovered in SVGD1 and 2, and confirms the exploration model at Silver Valley.
The latest highlights include:
- 16 metres at 1.27 grams per tonne (g/t) silver from 91 metres;
- 14 metres at 6.2g/t silver from 24 metres, including 2 metres at 24g/t silver, 0.58% lead, 0.53% zinc, 0.2% copper;
- 10 metres at 22g/t silver, 0.13% copper from 30 metres; and
- 70 metres at 7.9g/t silver, 0.06% copper from 112 metres.
Importantly, the zone remains open to the north, south and at depth, providing the potential for strike to extend over five kilometres.
AusNiCo continues to move the project forward, with further drill testing and Induced Polarisation (IP) Modelling to assess the tonnage potential.
The company added that preliminary drilling of the 300 metre wide IP anomaly encountered in the southern two survey lines revealed abundant sulphides (dominantly pyrite) associated with the altered contact aureole between the Mt Mia Serpentinite (Greenstone) and underlying Station Creek Adamellite.
SVG 11 intersected mineralisation from a 112 metre down hole, which was stopped at 182 metres still in mineralisation.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/17595/ausnico-geophysical-techniques-point-to-large-copper-silver-system-at-silver-valley-prospect-17595.html
IMX Resources reaches 500,000t shipped ore milestone from Cairn Hill in just 7 months
IMX Resources (ASX: IXR) has loaded the next iron ore shipment in Port Adelaide which has pushed the company to the 500,000 tonne shipped milestone from the Cairn Hill mine - in just seven months after shipping operations kicked off in December 2010.
As the Cairn Hill project has ramped up the unit costs have reduced with the May costs running at $84.50 per tonne FOB, and importantly, the company has forecast further reductions of costs as the project operations are optimised.
These decreases are to around $68 per tonne FOB, and after copper by-product credits to around $39 per tonne FOB.
The project is now exporting two ships per month for around 145,000 tonnes, with seven shipments so far made through Port Adelaide.
The ore is from the first phase of the Cairn Hill operation, which is expected to deliver 7.9 million tonnes from two pits, generating around A$250 million of revenue per annum at current prices.
The in-pit resources at the 1.7 million tonne annual dig and ship operating is; 7.9 million tonnes at 50.5% iron, 0.39% copper - which currently represents a five year mine life.
Ore is then processed in China, with IMX Resources having a life of mine sales contract with Sichuan Taifeng.
Cairn Hill is a joint venture, with IMX Resources 51% and Sichuan Taifeng 49%.
The project is strategically located 14 kilometres to the Stuart Highway from a new access road, and 55 kilometres by road to Coober Pedy.
Access to Port Adelaide is 879 kilometres, with Mount Bonython 620 kilometres.
Cairn Hill phase two - Maiden resource imminent
Cairn Hill phase two has the potential for a low capital and operating cost project, with the company looking to fast track development leveraging off existing approvals and infrastructure.
Duncan McBain, managing director, said the development work for phase two of the project was proceeding as planned.
“Design work for the dry magnetic separation plant is well advanced and mine planning is about to commence.
“The logistics for the transport and export of the ore are mainly in place and the work has commenced for the modification of the existing Mining and Rehabilitation Plan."
The phase two metrics include;
- Production 0.8Mtpa to 1.2Mtpa first half of 2012;
- Target maiden resource mid-2011, at 8Mt to 12Mt at 45% to 50% iron; and
- Capital $5 to $10 million, with operating costs estimated at around $70 per tonne FOB.
Valuation
With the first phase of the Cairn Hill operation due to generate over $250 million, IMX Resources looks to be undervalued in comparison to its market value of $120 million.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/17590/imx-resources-reaches-500000t-shipped-ore-milestone-from-cairn-hill-in-just-7-months-17590.html
As the Cairn Hill project has ramped up the unit costs have reduced with the May costs running at $84.50 per tonne FOB, and importantly, the company has forecast further reductions of costs as the project operations are optimised.
These decreases are to around $68 per tonne FOB, and after copper by-product credits to around $39 per tonne FOB.
The project is now exporting two ships per month for around 145,000 tonnes, with seven shipments so far made through Port Adelaide.
The ore is from the first phase of the Cairn Hill operation, which is expected to deliver 7.9 million tonnes from two pits, generating around A$250 million of revenue per annum at current prices.
The in-pit resources at the 1.7 million tonne annual dig and ship operating is; 7.9 million tonnes at 50.5% iron, 0.39% copper - which currently represents a five year mine life.
Ore is then processed in China, with IMX Resources having a life of mine sales contract with Sichuan Taifeng.
Cairn Hill is a joint venture, with IMX Resources 51% and Sichuan Taifeng 49%.
The project is strategically located 14 kilometres to the Stuart Highway from a new access road, and 55 kilometres by road to Coober Pedy.
Access to Port Adelaide is 879 kilometres, with Mount Bonython 620 kilometres.
Cairn Hill phase two - Maiden resource imminent
Cairn Hill phase two has the potential for a low capital and operating cost project, with the company looking to fast track development leveraging off existing approvals and infrastructure.
Duncan McBain, managing director, said the development work for phase two of the project was proceeding as planned.
“Design work for the dry magnetic separation plant is well advanced and mine planning is about to commence.
“The logistics for the transport and export of the ore are mainly in place and the work has commenced for the modification of the existing Mining and Rehabilitation Plan."
The phase two metrics include;
- Production 0.8Mtpa to 1.2Mtpa first half of 2012;
- Target maiden resource mid-2011, at 8Mt to 12Mt at 45% to 50% iron; and
- Capital $5 to $10 million, with operating costs estimated at around $70 per tonne FOB.
Valuation
With the first phase of the Cairn Hill operation due to generate over $250 million, IMX Resources looks to be undervalued in comparison to its market value of $120 million.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/17590/imx-resources-reaches-500000t-shipped-ore-milestone-from-cairn-hill-in-just-7-months-17590.html
Aurium Resources above 65% iron DTR results with low impurities at Peak Hill
Aurium Resources (ASX: AGU) has identified a high quality concentrate from Davis Tube Recovery (DTR) results at the main BIF target at the Peak Hill Iron Project joint venture.
The DTR results indicate a high-quality concentrate of above 65% iron can be achieved, and importantly with low impurities and mass recoveries about 22%.
Aurium said that all holes intersected in BIF 1 contain magnetite mineralisation which can be upgraded, demonstrating a high degree of geological continuity.
Adding to the potential at Peak Hill, the mineralisation remains open along strike to the east and at depth.
Aurium has already commenced work on an updated resource estimate to include the new DTR data.
The project hosts an Inferred JORC Resource of 850 million tonnes at 27.3% iron at Telecom Hill, with the best intersection to date 198 metres at 34.2% iron.
Importantly the resource was defined from just 4 kilometres of a 10 kilometre strike length, and therefore is likely to see a significant boost to the resource base in 2011 from further drilling.
Terry Quinn, managing director, said “The DTR analysis is very encouraging and enables us to move into the next phase of project development with additional confidence.”
The company will now focus on additional drilling to further delineate the project’s magnetite deposit, with a new drill program to define a hematite resource and the completion of a conceptual mining study.
Aurium holds 70% of Peak hill, with joint venture partner, Padbury Mining (ASX: PDY) 30%.
The project is located in the Mid-West region of Western Australia which has recently grown in stature as a significant iron ore province.
Other major operating and prospective mine projects nearby include Weld Range (Sinosteel Midwest Corp), Jack Hills (Crosslands Resources) and Mt Gould (Atlas Iron).
Peak Hill has an exploration target of 3.5 to 5 billion tonnes at 25% to 35% iron, and covers a significant 2500 square kilometres.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/17592/aurium-resources-above-65-iron-dtr-results-with-low-impurities-at-peak-hill--17592.html
The DTR results indicate a high-quality concentrate of above 65% iron can be achieved, and importantly with low impurities and mass recoveries about 22%.
Aurium said that all holes intersected in BIF 1 contain magnetite mineralisation which can be upgraded, demonstrating a high degree of geological continuity.
Adding to the potential at Peak Hill, the mineralisation remains open along strike to the east and at depth.
Aurium has already commenced work on an updated resource estimate to include the new DTR data.
The project hosts an Inferred JORC Resource of 850 million tonnes at 27.3% iron at Telecom Hill, with the best intersection to date 198 metres at 34.2% iron.
Importantly the resource was defined from just 4 kilometres of a 10 kilometre strike length, and therefore is likely to see a significant boost to the resource base in 2011 from further drilling.
Terry Quinn, managing director, said “The DTR analysis is very encouraging and enables us to move into the next phase of project development with additional confidence.”
The company will now focus on additional drilling to further delineate the project’s magnetite deposit, with a new drill program to define a hematite resource and the completion of a conceptual mining study.
Aurium holds 70% of Peak hill, with joint venture partner, Padbury Mining (ASX: PDY) 30%.
The project is located in the Mid-West region of Western Australia which has recently grown in stature as a significant iron ore province.
Other major operating and prospective mine projects nearby include Weld Range (Sinosteel Midwest Corp), Jack Hills (Crosslands Resources) and Mt Gould (Atlas Iron).
Peak Hill has an exploration target of 3.5 to 5 billion tonnes at 25% to 35% iron, and covers a significant 2500 square kilometres.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/17592/aurium-resources-above-65-iron-dtr-results-with-low-impurities-at-peak-hill--17592.html
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