Peak Resources (ASX:PEK) has received firm commitments to raise A$2.24 million through the placement of 8 million new ordinary shares at $0.28 per share.
The placement was to new institutional and sophisticated investors.
Funds raised from the placement will be used to complete the assays on the RC and diamond drill holes for the Ngualla Rare Earth drill program completed on 30 November.
The Ngualla Rare Earth Project is located in southern Tanzania.
In addition, the placment funds will assist beneficiation and metallurgical test work.
The placement will be made is to be issued under the company’s 15% capacity and due to settle on Friday, 6 January 2012.
New Managing director
Meanwhile, Peak has recently announced the appointment of Richard Beazley as its managing director, effective as of 16 January 2012.
The Ngualla rare earth, niobium, tantalum and phosphate project is at a crucial stage. Exploration work completed by Peak through this field season has confirmed a large new discovery and the maiden JORC compliant rare earth resource is scheduled for completion in March 2012.
Beazley has technical and managerial expertise in mining and project development as Peak moves the Ngualla Project forward from exploration discovery through scoping and feasibility studies and into development.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/23701/peak-resources-in-224m-capital-raising-for-ngualla-rare-earth-project-in-tanzania-23701.html
Proactiveinvestors is a leading multi-media news organisation, investor portal and events management business with offices in New York, Sydney, Toronto, Frankfurt and London.
Monday, 2 January 2012
Silver Mines metallurgical results could lead to production of silver doré from Webbs
Silver Mines (ASX:SVL, PLUS:SVLP) has received a brace of good news including encouraging metallurgical results as well as a silver sample sent to Canada that registered over 11,000 grams per tonne silver (Ag) from the Webbs silver deposit.
Ahead of an update to the resource base for the Webbs deposit, further assay results are pending.
Preliminary metallurgical results conducted into the cyanide solubility of silver at the Webbs deposit.indicates that mineralisation at Webbs may be amenable to cyanide leaching.
While more testwork is required, this could lead to the possible production of silver doré, a significant positive impact for the project.
A doré bar is a semi-pure alloy of gold and silver, usually created at the site of a mine. It is then transported to a refinery for further purification. Doré bars weigh as much as 25 kg.
Meanwhile latest drilling results have been received from Webbs.
The diamond drill holes were designed to infill the previous reverse circulation (RC) drill pattern, twin RC holes in order to assist in geological interpretation and test deeper targets. Drill core samples will also be used for metallurgical testwork.
The two of nineteen recently completed diamond drill holes results:
- 6.9 metres at 213g/t silver, 0.12% copper, 0.79% lead and 0.83% zinc from 21.1 metres, including 1.0m @ 1130g/t Ag, 0.46% Cu, 1.50% Pb and 1.51% Zn from 26.0m
- 17.4 metres at 194g/t silver, 0.18% copper, 0.46% lead and 1.43% zinc from 30 metres, including 9.0m @ 308g/t Ag, 0.28% Cu, 0.44% Pb and 1.77% Zn from 35m
While one other hole, the sample result which was received in November, was a corker and although only 1 metre in width returned an assay of 10,000 grams per tonne silver or 1% silver.
Of interest, 10,000g/t silver is the highest grade that can be reported from the laboratory used by Silver Mines.
So Silver Mines sent the November sample to a laboratory in Canada to obtain an accurate analysis. The assay returned was upgraded to 11,212g/t or 1.12% Ag. This value is the highest individual silver assay ever reported from Webbs to date.
The current drill results continue the very high grade silver drill results from Webbs. In November, these included 14 metres at 1,809g/t silver and 7.3 metres at 538g/t silver.
Upcoming catalysts
Silver Mine's chief executive officer, Charles Straw should have a busy new year ahead if the near term timetable is anything to go by.
An updated resource estimate for the Webbs deposit is currently being prepared.
Further assay results for several key diamond drill holes are awaited. These will be fed into the resource estimate.
The resource estimate upgrade is likely to be released in early 2012.
Drill core is also being used to formulate metallurgical samples upon which additional metallurgical testwork will be conducted to pre-feasibility level. This work will include flotation testwork and additional testwork on pre-treatment of concentrate and cyanide leaching of silver.
Additional drilling at Webbs is planned in early 2012 in order to expand the resource base. The drilling will test deeper high grade targets as well as several near surface gaps in the existing drill pattern.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/23699/silver-mines-metallurgical-results-could-lead-to-production-of-silver-dor-from-webbs-23699.html
Ahead of an update to the resource base for the Webbs deposit, further assay results are pending.
Preliminary metallurgical results conducted into the cyanide solubility of silver at the Webbs deposit.indicates that mineralisation at Webbs may be amenable to cyanide leaching.
While more testwork is required, this could lead to the possible production of silver doré, a significant positive impact for the project.
A doré bar is a semi-pure alloy of gold and silver, usually created at the site of a mine. It is then transported to a refinery for further purification. Doré bars weigh as much as 25 kg.
Meanwhile latest drilling results have been received from Webbs.
The diamond drill holes were designed to infill the previous reverse circulation (RC) drill pattern, twin RC holes in order to assist in geological interpretation and test deeper targets. Drill core samples will also be used for metallurgical testwork.
The two of nineteen recently completed diamond drill holes results:
- 6.9 metres at 213g/t silver, 0.12% copper, 0.79% lead and 0.83% zinc from 21.1 metres, including 1.0m @ 1130g/t Ag, 0.46% Cu, 1.50% Pb and 1.51% Zn from 26.0m
- 17.4 metres at 194g/t silver, 0.18% copper, 0.46% lead and 1.43% zinc from 30 metres, including 9.0m @ 308g/t Ag, 0.28% Cu, 0.44% Pb and 1.77% Zn from 35m
While one other hole, the sample result which was received in November, was a corker and although only 1 metre in width returned an assay of 10,000 grams per tonne silver or 1% silver.
Of interest, 10,000g/t silver is the highest grade that can be reported from the laboratory used by Silver Mines.
So Silver Mines sent the November sample to a laboratory in Canada to obtain an accurate analysis. The assay returned was upgraded to 11,212g/t or 1.12% Ag. This value is the highest individual silver assay ever reported from Webbs to date.
The current drill results continue the very high grade silver drill results from Webbs. In November, these included 14 metres at 1,809g/t silver and 7.3 metres at 538g/t silver.
Upcoming catalysts
Silver Mine's chief executive officer, Charles Straw should have a busy new year ahead if the near term timetable is anything to go by.
An updated resource estimate for the Webbs deposit is currently being prepared.
Further assay results for several key diamond drill holes are awaited. These will be fed into the resource estimate.
The resource estimate upgrade is likely to be released in early 2012.
Drill core is also being used to formulate metallurgical samples upon which additional metallurgical testwork will be conducted to pre-feasibility level. This work will include flotation testwork and additional testwork on pre-treatment of concentrate and cyanide leaching of silver.
Additional drilling at Webbs is planned in early 2012 in order to expand the resource base. The drilling will test deeper high grade targets as well as several near surface gaps in the existing drill pattern.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/23699/silver-mines-metallurgical-results-could-lead-to-production-of-silver-dor-from-webbs-23699.html
Pan Asia Corporation receives US$1m commitment from Kopex for Indonesian thermal coal project
Thermal coal company Pan Asia Corporation (ASX: PZC) has clinched US$1 million in funding from Kopex for drilling through to final feasibility study at its flagship TCM coal development project in South Kalimantan, Indonesia.
The funding is repayable at Pan Asia's election in cash or convertible into Pan Asia ordinary fully paid shares at A$0.15 per share within 60 days following final feasibility study completion.
Kopex is a large international coal group which has previously recommended the TCM project be advanced to final feasibility stage, following a positive independent study, which signals its view of the project's viability.
TCM has a JORC resource based of 115 million tonnes, the initial resource was upgraded in August 2011. The overall exploration target for TCM is 200 million tonnes over the next 24 months.
In April 2011, Kopex entered into an Agreement with Pan Asia to co-fund the accelerated infill drilling programme and the final feasibility study at the TCM Project.
Kopex’s total commitment to date towards the drilling programme at the TCM Project now stands at US $1.6m.
Kopex has also recommended the option of access from an open cut high wall be pursued as part of future studies, which is positive for TCM given Kopex’s experience in underground mining space, and that Kopex will likely become the mining contractor of the project.
Additionally, Kopex has recommended the option of access from an open cut high wall be pursued as part of future studies. We see this as positive for PZC, given Kopex’s experience in underground mining space and the view that Kopex will likely become the mining contractor of the project.
Pan Asia through its TCM project, has exposure to high quality export thermal coal with an average calorific value of 6,566kcal/kg, 6.41% total moisture, 13.52% ash and 1.52% sulphur.
Completion of the final feasibility study for TCM is expected end of March 2012.
Pan Asia is aiming to supply the fast expanding Asian markets from its thermal coal assets in Indonesia.
Analysis
The company has been something of a sleeper and under the radar of some investors. However, the involvement and commitment from Kopex should not be underestimated and vindicates the quality and potential of the TCM project to "feed" hungry Asian energy markets. With the final feasibility study due in first half of 2012, it would not surprise to see the market valuation of Pan Asia begin to kick in 2012.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/23698/pan-asia-corporation-receives-us1m-commitment-from-kopex-for-indonesian-thermal-coal-project-23698.html
The funding is repayable at Pan Asia's election in cash or convertible into Pan Asia ordinary fully paid shares at A$0.15 per share within 60 days following final feasibility study completion.
Kopex is a large international coal group which has previously recommended the TCM project be advanced to final feasibility stage, following a positive independent study, which signals its view of the project's viability.
TCM has a JORC resource based of 115 million tonnes, the initial resource was upgraded in August 2011. The overall exploration target for TCM is 200 million tonnes over the next 24 months.
In April 2011, Kopex entered into an Agreement with Pan Asia to co-fund the accelerated infill drilling programme and the final feasibility study at the TCM Project.
Kopex’s total commitment to date towards the drilling programme at the TCM Project now stands at US $1.6m.
Kopex has also recommended the option of access from an open cut high wall be pursued as part of future studies, which is positive for TCM given Kopex’s experience in underground mining space, and that Kopex will likely become the mining contractor of the project.
Additionally, Kopex has recommended the option of access from an open cut high wall be pursued as part of future studies. We see this as positive for PZC, given Kopex’s experience in underground mining space and the view that Kopex will likely become the mining contractor of the project.
Pan Asia through its TCM project, has exposure to high quality export thermal coal with an average calorific value of 6,566kcal/kg, 6.41% total moisture, 13.52% ash and 1.52% sulphur.
Completion of the final feasibility study for TCM is expected end of March 2012.
Pan Asia is aiming to supply the fast expanding Asian markets from its thermal coal assets in Indonesia.
Analysis
The company has been something of a sleeper and under the radar of some investors. However, the involvement and commitment from Kopex should not be underestimated and vindicates the quality and potential of the TCM project to "feed" hungry Asian energy markets. With the final feasibility study due in first half of 2012, it would not surprise to see the market valuation of Pan Asia begin to kick in 2012.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/23698/pan-asia-corporation-receives-us1m-commitment-from-kopex-for-indonesian-thermal-coal-project-23698.html
Consegna Group substantial holder acquires shares
Consegna Group (ASX:CGP) substantial holder, Balam Global has topped up its holding in the company.
In December, it acquired 17.87 million Consegna shares in on market acquisitions for a consideration of US$598,918.
Balam now holds an aggregate of 56.2 million shares or 9.14% of Consegna.
In December, Consegna Group announced the closing of the purchase of Aspen Medisys, LLC.
Aspen's portfolio includes a nanoparticle magnetic thermotherapy technology platform for the treatment of solid tumours.
Consegna aims to identify, acquire and commercialise late stage therapeutic delivery technologies.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/23697/consegna-group-substantial-holder-acquires-shares-23697.html
In December, it acquired 17.87 million Consegna shares in on market acquisitions for a consideration of US$598,918.
Balam now holds an aggregate of 56.2 million shares or 9.14% of Consegna.
In December, Consegna Group announced the closing of the purchase of Aspen Medisys, LLC.
Aspen's portfolio includes a nanoparticle magnetic thermotherapy technology platform for the treatment of solid tumours.
Consegna aims to identify, acquire and commercialise late stage therapeutic delivery technologies.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/23697/consegna-group-substantial-holder-acquires-shares-23697.html
Moly Mines enters strategic alliance with China Development Bank
Moly Mines (ASX/TSX: MOL) has closed a strategic alliance with China Development Bank Corporation (CDB) for the financing of new projects identified by Moly Mines.
Meanwhile, the company's Spinifex Ridge Molybdenum / Copper Project is to be put on hold due to low global molybdenum prices as well the high Australian dollar which have rendered the project sub-economic.
Under the strategic alliance, CDB will provided financial support (including loans) for projects on terms with a similar commercial effect to CDB as those set out in the existing US$454 million Syndicated Facility Agreement (SFA) for the Spinifex Ridge Molybdenum / Copper Project.
Iron ore shipments tracking higher
In December, Moly Mines shipped the 1,000,000th tonne of iron ore fines from the Spinifex Ridge Iron Ore Mine. The milestone has occurred within 12 months of the mine’s first shipment on 30 December 2010.
December’s shipment of 91,000 tonnes is the 4th shipment for the December 2011 quarter and sets a quarterly record for tonnes shipped from Spinifex Ridge of 348,000 tonnes.
Over the calendar year mining and crushing operations have exceeded budget by 25%, from single shift day operations. Production for 2012 is expected to reach 1.2 million tonnes.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/23696/moly-mines-enters-strategic-alliance-with-china-development-bank-23696.html
Meanwhile, the company's Spinifex Ridge Molybdenum / Copper Project is to be put on hold due to low global molybdenum prices as well the high Australian dollar which have rendered the project sub-economic.
Under the strategic alliance, CDB will provided financial support (including loans) for projects on terms with a similar commercial effect to CDB as those set out in the existing US$454 million Syndicated Facility Agreement (SFA) for the Spinifex Ridge Molybdenum / Copper Project.
Iron ore shipments tracking higher
In December, Moly Mines shipped the 1,000,000th tonne of iron ore fines from the Spinifex Ridge Iron Ore Mine. The milestone has occurred within 12 months of the mine’s first shipment on 30 December 2010.
December’s shipment of 91,000 tonnes is the 4th shipment for the December 2011 quarter and sets a quarterly record for tonnes shipped from Spinifex Ridge of 348,000 tonnes.
Over the calendar year mining and crushing operations have exceeded budget by 25%, from single shift day operations. Production for 2012 is expected to reach 1.2 million tonnes.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/23696/moly-mines-enters-strategic-alliance-with-china-development-bank-23696.html
Murchison Metals moves closer to Oakajee sale to Mitsubishi
Murchison Metals (ASX:MMX) has received a filip today with two Government agreements announced.
The Foreign Investment Review Board (FIRB) has given its approval for the proposed sale of the company’s interests in Crosslands Resources and Oakajee Port & Rail to Mitsubishi Development Pty Ltd for $325 million.
Mitsubishi will acquire Murchison's interests in the Oakajee project as well as the Jack Hills iron ore mine. The deal requires approval from Murchison shareholders in February.
Meanwhile, the Government of Western Australia has confirmed that the State Development Agreement for the Oakajee Port and Rail infrastructure project will be extended beyond 31 December 2011.
The amended SDA, which has been approved by all parties, will take effect from 1 January 2012.
As expected, OPR’s exclusive right to negotiate implementation agreements for the project will lapse at the end of the month, and the State will be entitled to explore options with other parties.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/23695/murchison-metals-moves-closer-to-oakajee-sale-to-mitsubishi-23695.html
The Foreign Investment Review Board (FIRB) has given its approval for the proposed sale of the company’s interests in Crosslands Resources and Oakajee Port & Rail to Mitsubishi Development Pty Ltd for $325 million.
Mitsubishi will acquire Murchison's interests in the Oakajee project as well as the Jack Hills iron ore mine. The deal requires approval from Murchison shareholders in February.
Meanwhile, the Government of Western Australia has confirmed that the State Development Agreement for the Oakajee Port and Rail infrastructure project will be extended beyond 31 December 2011.
The amended SDA, which has been approved by all parties, will take effect from 1 January 2012.
As expected, OPR’s exclusive right to negotiate implementation agreements for the project will lapse at the end of the month, and the State will be entitled to explore options with other parties.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/23695/murchison-metals-moves-closer-to-oakajee-sale-to-mitsubishi-23695.html
Central Petroleum encounters continuous oil shows in Surprise-1
Central Petroleum (ASX:CTP) finished the year on a high encountering continuous oil shows in sandstone while drilling the Surprise-1 Re-entry H well.
The company reported on several trips oil has collected in the possum belly and over the shakers and continuous “breakouts” of oil droplets are apparent in the lightweight brine mud system.
Visual observation of oil in the drilling fluid in the possum belly and over the shakers indicates that the quantity is increasing on circulation to the surface following connections.
Central said that as the oil is floating on the surface of the drilling fluid and dispersed in droplets throughout, no quantification of oil volumes can be given
At last report Surprise was drilling ahead horizontally at approximately 10 metres/hour at a Measured Depth of 2,630m and a True Vertical Depth (TVD) of 2,543 metres.
Approximately 75 metres of horizontal well bore has been drilled.
On the most recent trip back in to the well to a TVD of 2,542 metres, trip gas with a peak reading of 1,000 units was also recorded. Connection gas was reported to have increased to 200 units over a background of approximately 80 units with a similar composition to the trip gas.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/23693/central-petroleum-encounters-continuous-oil-shows-in-surprise-1-23693.html
The company reported on several trips oil has collected in the possum belly and over the shakers and continuous “breakouts” of oil droplets are apparent in the lightweight brine mud system.
Visual observation of oil in the drilling fluid in the possum belly and over the shakers indicates that the quantity is increasing on circulation to the surface following connections.
Central said that as the oil is floating on the surface of the drilling fluid and dispersed in droplets throughout, no quantification of oil volumes can be given
At last report Surprise was drilling ahead horizontally at approximately 10 metres/hour at a Measured Depth of 2,630m and a True Vertical Depth (TVD) of 2,543 metres.
Approximately 75 metres of horizontal well bore has been drilled.
On the most recent trip back in to the well to a TVD of 2,542 metres, trip gas with a peak reading of 1,000 units was also recorded. Connection gas was reported to have increased to 200 units over a background of approximately 80 units with a similar composition to the trip gas.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/23693/central-petroleum-encounters-continuous-oil-shows-in-surprise-1-23693.html
ABM Resources finishes 2011 in fine form with high grade gold at Old Pirate
ABM Resources (ASX:ABU) has finished 2011 in fine fettle, logging more high grade gold from surface sampling at Old Pirate, part of the company’s Twin Bonanza Gold Camp Project.
Current phase results averaged a very fine 20.44g/t gold over a combined vein strike length of 145 metres (125 samples) with a peak value of a spectacular 293g/t gold.
However, at the granular level, the results look even better. 33 samples (out of 125 Phase 2b samples) graded greater than 10g/t gold and averaged 66.99g/t gold.
8 samples (out of 125 Phase 2b samples) graded greater than 100g/t gold and averaged 164.88g/t gold.
Phase 2b results included: 68 metres strike length averaging 25.86g/t gold extending overall vein sampling to date to 427 metres strike length averaging 21.85g/t gold.
Eastern Limb Lodes results:
- 248 metres of strike length from 5 overlapping veins averaging 23.96g/t gold including individual veins with 68 metres strike length averaging 25.86g/t gold.
Western Limb Lodes include individual vein lengths of 26 metres strike length averaging 21.80g/t gold.
Managing Director Darren Holden said, “The longitudinal surface sampling at Old Pirate continues to return spectacular grades.
"Old Pirate is devoid of historic diggings, was missed in the old gold rush days and likely represents one of the last high grade vein systems discovered outcropping at surface on the Australian continent.
"The process of longitudinal sampling is designed to solve the statistical nugget effect of the coarse and unevenly distributed gold and is providing new insights into the distribution of gold within the individual veins. In particular the Eastern Limb Lodes are shaping up as a composite series of stepping veins with considerable strike length and remains open along strike to the north.”
In 2011 ABM has reported several extensional discoveries around Buccaneer including the Cypress, Caribbean, Empress and Eastern Contact Zones as well as high grade gold in drilling and trenching at Old Pirate.
The Twin Bonanza Gold Camp is centred approximately 22 kilometres south of the Tanami Road and 14 kilometres east of the Western Australia – Northern Territory border. The Project spans the highly prospective “Trans Tanami Structure” an inferred regional / tectonic geological feature which hosts numerous gold deposits including Newmont’s multi-million ounce Callie Gold Mine.
ABM reported a 1.67 million ounce gold maiden resource at the Buccaneer Porphyry Gold Deposit – an intrusive related bulk tonnage gold deposit, in February 2011.
ABM is aiming to complete a revised resource in the first quarter of 2012.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/23692/abm-resources-finishes-2011-in-fine-form-with-high-grade-gold-at-old-pirate-23692.html
Current phase results averaged a very fine 20.44g/t gold over a combined vein strike length of 145 metres (125 samples) with a peak value of a spectacular 293g/t gold.
However, at the granular level, the results look even better. 33 samples (out of 125 Phase 2b samples) graded greater than 10g/t gold and averaged 66.99g/t gold.
8 samples (out of 125 Phase 2b samples) graded greater than 100g/t gold and averaged 164.88g/t gold.
Phase 2b results included: 68 metres strike length averaging 25.86g/t gold extending overall vein sampling to date to 427 metres strike length averaging 21.85g/t gold.
Eastern Limb Lodes results:
- 248 metres of strike length from 5 overlapping veins averaging 23.96g/t gold including individual veins with 68 metres strike length averaging 25.86g/t gold.
Western Limb Lodes include individual vein lengths of 26 metres strike length averaging 21.80g/t gold.
Managing Director Darren Holden said, “The longitudinal surface sampling at Old Pirate continues to return spectacular grades.
"Old Pirate is devoid of historic diggings, was missed in the old gold rush days and likely represents one of the last high grade vein systems discovered outcropping at surface on the Australian continent.
"The process of longitudinal sampling is designed to solve the statistical nugget effect of the coarse and unevenly distributed gold and is providing new insights into the distribution of gold within the individual veins. In particular the Eastern Limb Lodes are shaping up as a composite series of stepping veins with considerable strike length and remains open along strike to the north.”
In 2011 ABM has reported several extensional discoveries around Buccaneer including the Cypress, Caribbean, Empress and Eastern Contact Zones as well as high grade gold in drilling and trenching at Old Pirate.
The Twin Bonanza Gold Camp is centred approximately 22 kilometres south of the Tanami Road and 14 kilometres east of the Western Australia – Northern Territory border. The Project spans the highly prospective “Trans Tanami Structure” an inferred regional / tectonic geological feature which hosts numerous gold deposits including Newmont’s multi-million ounce Callie Gold Mine.
ABM reported a 1.67 million ounce gold maiden resource at the Buccaneer Porphyry Gold Deposit – an intrusive related bulk tonnage gold deposit, in February 2011.
ABM is aiming to complete a revised resource in the first quarter of 2012.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/23692/abm-resources-finishes-2011-in-fine-form-with-high-grade-gold-at-old-pirate-23692.html
Kalgoorlie Mining Company to sweeten profit margins with crushing circuit
Kalgoorlie Mining Company (ASX: KMC) has received approvals for a crushing circuit at the Bullant Gold Project, enabling it to crush its own ore and cease crushing by third parties.
The construction of a crushing plant will commence on site following the final works approval. The crushing circuit is expected to be commissioned in the later part of 2012.
During the crushers first months of operation, all crushed material will be removed off site for processing at Barrick’s Kanowna Belle processing facility.
The use of a crusher will enable KMC to reduce processing costs, sweetening profit margins from gold production.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/23687/kalgoorlie-mining-company-to-sweeten-profit-margins-with-crushing-circuit-23687.html
The construction of a crushing plant will commence on site following the final works approval. The crushing circuit is expected to be commissioned in the later part of 2012.
During the crushers first months of operation, all crushed material will be removed off site for processing at Barrick’s Kanowna Belle processing facility.
The use of a crusher will enable KMC to reduce processing costs, sweetening profit margins from gold production.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/23687/kalgoorlie-mining-company-to-sweeten-profit-margins-with-crushing-circuit-23687.html
Promesa awaits assays from drilling at Cerro Curunday gold project
South American gold explorer Promesa (ASX:PRA) has completed an eight hole drill program at the Cerro Curunday gold project.
Assays results are pending and waiting due to a backlog at the the Lima laboratory.
Remaining drill cores could be sent to an alternative in-country laboratory or to Chile and/or Canada to speed up turnaround times.
The aim of the drilling is to test a series of gold-bearing zones identified by channel sampling and rock chip sampling along a 2.1 kilometres strike length of epithermal gold mineralisation.
The drilling is being undertaken using diamond drilling from the surface to enable detailed logging and sampling.
A total of 2,026.5 metres has been drilled. Holes 1 to 7 hit the oxide zone and pushed through to the sulphide zone. Hole 8 has been drilled in the creek bed to test the Induced Polarisation (IP) anomaly targets.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/23686/promesa-awaits-assays-from-drilling-at-cerro-curunday-gold-project-23686.html
Assays results are pending and waiting due to a backlog at the the Lima laboratory.
Remaining drill cores could be sent to an alternative in-country laboratory or to Chile and/or Canada to speed up turnaround times.
The aim of the drilling is to test a series of gold-bearing zones identified by channel sampling and rock chip sampling along a 2.1 kilometres strike length of epithermal gold mineralisation.
The drilling is being undertaken using diamond drilling from the surface to enable detailed logging and sampling.
A total of 2,026.5 metres has been drilled. Holes 1 to 7 hit the oxide zone and pushed through to the sulphide zone. Hole 8 has been drilled in the creek bed to test the Induced Polarisation (IP) anomaly targets.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/23686/promesa-awaits-assays-from-drilling-at-cerro-curunday-gold-project-23686.html
Aphrodite Gold's drill results from Alpha Lode to be fed into revised resource
Aphrodite Gold's (ASX: AQQ) latest infill drill results from the Alpha Lode at the Aphrodite Gold Project will be fed into a revised total resource estimate after drill results are received from the Phi Lode.
All holes drilled at Alpha Lode near Kalgoorlie, Western Australia reported multiple zones of gold mineralisation.
Latest drilling on the Alpha Lode was to a maximum vertical depth of 250 metres with significant gold intersections reported including:
- 20 metres at 3.57g/t gold from 215 metres + 10 metres at 4.09g/t gold from 164 metres
- 47 metres at 2.34g/t gold from 131 metres +23 metres at 1.87g/t gold from 90 metres
- 16 metres at 4.20g/t gold from 140 metres +7 metres at 3.81g/t gold from 87 metres
- 9 metres at 5.13g/t gold from 108 metres + 19 metres at 2.09g/t gold from 73 metres + 8 metres at 3.69g/t gold from 130 metres
They are from the last eight holes (1,850.5 metres) of resource infill drilling completed on the Alpha Lode in 2011.
A total of 35 holes for 8,079.5 metres have been drilled on this lode during the year.
Results from further RC drilling on the Phi Lode located approximately 200 metres to the west, are expected shortly.
Current total existing JORC Resource for the Aphrodite Gold Project is 10.06 million tonnes at 3.19g/t gold for 1,033,000 ounces.
Scotia Project
Separately, Aphrodite Gold has earned an initial 51% interest in the Gold Rights at Breakaway Resources' (ASX: BRW) Scotia Project that is strategically located adjacent to the Company’s Aphrodite Gold Project.
Aphrodite is now earning an additional 29% interest in the Scotia Project’s Gold Rights (for a total 80% joint venture interest) by spending a further $1.1 million on gold exploration within a period of up to three years.
Scotia Project has a number of gold targets including the advanced Chameleon Prospect 5 kilometres north of the Aphrodite Gold Deposit.
Following a successful drill campaign on the Chameleon Prospect in July 2011 the company announced an Exploration Target of 2.1 to 2.5 million tonnes at between 1.4 and 1.9g/t gold for 100,000 to 140,000 ounces of gold.
A small RC drill program (4 holes) has recently been completed at Chameleon to provide additional information to allow a fuller analysis of the mineralisation.
Results from this program are expected to be received early 2012. A resource drilling program is scheduled for 2012.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/23683/aphrodite-golds-drill-results-from-alpha-lode-to-be-fed-into-revised-resource-23683.html
All holes drilled at Alpha Lode near Kalgoorlie, Western Australia reported multiple zones of gold mineralisation.
Latest drilling on the Alpha Lode was to a maximum vertical depth of 250 metres with significant gold intersections reported including:
- 20 metres at 3.57g/t gold from 215 metres + 10 metres at 4.09g/t gold from 164 metres
- 47 metres at 2.34g/t gold from 131 metres +23 metres at 1.87g/t gold from 90 metres
- 16 metres at 4.20g/t gold from 140 metres +7 metres at 3.81g/t gold from 87 metres
- 9 metres at 5.13g/t gold from 108 metres + 19 metres at 2.09g/t gold from 73 metres + 8 metres at 3.69g/t gold from 130 metres
They are from the last eight holes (1,850.5 metres) of resource infill drilling completed on the Alpha Lode in 2011.
A total of 35 holes for 8,079.5 metres have been drilled on this lode during the year.
Results from further RC drilling on the Phi Lode located approximately 200 metres to the west, are expected shortly.
Current total existing JORC Resource for the Aphrodite Gold Project is 10.06 million tonnes at 3.19g/t gold for 1,033,000 ounces.
Scotia Project
Separately, Aphrodite Gold has earned an initial 51% interest in the Gold Rights at Breakaway Resources' (ASX: BRW) Scotia Project that is strategically located adjacent to the Company’s Aphrodite Gold Project.
Aphrodite is now earning an additional 29% interest in the Scotia Project’s Gold Rights (for a total 80% joint venture interest) by spending a further $1.1 million on gold exploration within a period of up to three years.
Scotia Project has a number of gold targets including the advanced Chameleon Prospect 5 kilometres north of the Aphrodite Gold Deposit.
Following a successful drill campaign on the Chameleon Prospect in July 2011 the company announced an Exploration Target of 2.1 to 2.5 million tonnes at between 1.4 and 1.9g/t gold for 100,000 to 140,000 ounces of gold.
A small RC drill program (4 holes) has recently been completed at Chameleon to provide additional information to allow a fuller analysis of the mineralisation.
Results from this program are expected to be received early 2012. A resource drilling program is scheduled for 2012.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/23683/aphrodite-golds-drill-results-from-alpha-lode-to-be-fed-into-revised-resource-23683.html
Clean Global Energy disposes of non core UCG assets
Clean Global Energy (ASX: CGV) has continued its corporate restructuring disposing of non core underground coal and gas (UCG) assets in Queensland and Victoria for $500,000 in cash.
Recently appointed managing director Alison Coutts elected to sell the surplus assets to ASF Group Ltd (ASX: AFA) following the company’s recent change in corporate strategy toward conventional coal exploration.
This will also relieve Clean Global from annual expenditure of $450,000 per annum on the disposed tenements.
In targeting conventional coal exploration, Coutts is looking to leverage higher valuations accorded to conventional coal explorers and developers with assets in Queensland.
The company is retaining three granted tenements and one application considered prospective for conventional coal mining: EPC1748 in the Surat Basin, EPC 1751 and EPC1864 in the Bowen Basin and one tenement application, EPCA 1745 in the Surat Basin.
Clean Global, as part of the exploration process has received farm-in proposals from third parties to develop the two Bowen Basin tenements.
It is also working on an exploration program for EPC 1748 in anticipation of drilling, post obtaining land access agreements from key stakeholders, with EPCA 1745 expected to be integrated into this plan if successfully granted.
Significantly, Clean Global is known to be reviewing new energy assets to complement the current portfolio to acquire a lead asset.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/23681/clean-global-energy-disposes-of-non-core-ucg-assets-23681.html
Recently appointed managing director Alison Coutts elected to sell the surplus assets to ASF Group Ltd (ASX: AFA) following the company’s recent change in corporate strategy toward conventional coal exploration.
This will also relieve Clean Global from annual expenditure of $450,000 per annum on the disposed tenements.
In targeting conventional coal exploration, Coutts is looking to leverage higher valuations accorded to conventional coal explorers and developers with assets in Queensland.
The company is retaining three granted tenements and one application considered prospective for conventional coal mining: EPC1748 in the Surat Basin, EPC 1751 and EPC1864 in the Bowen Basin and one tenement application, EPCA 1745 in the Surat Basin.
Clean Global, as part of the exploration process has received farm-in proposals from third parties to develop the two Bowen Basin tenements.
It is also working on an exploration program for EPC 1748 in anticipation of drilling, post obtaining land access agreements from key stakeholders, with EPCA 1745 expected to be integrated into this plan if successfully granted.
Significantly, Clean Global is known to be reviewing new energy assets to complement the current portfolio to acquire a lead asset.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/23681/clean-global-energy-disposes-of-non-core-ucg-assets-23681.html
NQ Exploration closes $0.45 mln private placement, settles certain debt
Quebec-focused mining company NQ Exploration (CVE:NQE) said Thursday it has closed a $0.45 million brokered private placement financing.
The placement, by Industrial Alliance Securities, consisted of a total of 402 flow-through units at a price of $1,120 per unit.
Each unit consists of 10,500 flow-through shares at a price of $0.085 per share, 3,500 common shares at a price of $0.065 per share and 3,500 warrants.
Each warrant entitles the holder to purchase one additional common share of NQ at a price of $0.12 each for a period of one year from closing.
NQ paid Industrial Alliance a cash commission of nine percent of the gross proceeds and issued a total of 281,400 non-transferable broker warrants, in connection with the placement.
The new funds, combined with existing working capital, will be used by NQ to conduct exploration programs in 2012 and for general working capital, it said.
Separately, the company also announced today that it settled its debt with Société de développement de la Baie-James (SDBJ), subject to TSX Venture Exchange approval.
The company issued a $200,000 convertible debenture to SDBJ on April 30, 2009. The debenture matured on April 30, 2011, bore interest at a rate of 15 percent per year and was convertible into common shares at any time, at SDBJ's discretion, at a price of $0.18 per share for the first 12 months, and $0.20 per share for the ensuing 12 months.
Interest will be settled through the issuance of common shares, while the parties have agreed to settle the capital amount of $200,000 through the issuance of a convertible debenture maturing on June 29, 2013.
In late November, NQ reported final results from its summer drilling program at the Carheil project in Quebec, intersecting high grade silver in the western extension of the Ag1 zone.
Hole CA2011-29 intersected the Ag1 zone at a vertical depth of around 100 metres, the company said, where a 14.0 metre wide zone grading 131 grams per tonne (g/t) of silver equivalent was returned.
This zone contained an enriched zone, grading a whopping 584 g/t silver equivalent over 1.5 metres.
NQ is a mining exploration company with a portfolio of 11 mining properties in the James Bay and Abitibi regions of Quebec.
Sona closes first tranche of $450,000 private placement financing
Sona Resources (CVE:SYS) said Friday it has closed the first tranche of its $450,000 non-brokered private placement financing.
To date, the company has issued 500,000 units at a purchase price of $0.60 per share, for gross proceeds of $300,000.
Each unit consists of one common share of Sona stock and one half of a share purchase warrant. Each full warrant entitles the holder to purchase one additional share of the company at an exercise price of $0.90 for two years following the closing date.
Should the company's share price exceed $1.30 per share for ten consecutive trading days after one year from the date of closing, however, the warrant expiration date will be accelerated to 30 calendar days from the trigger date.
The next tranche of the private placement will see the issuance of 250,000 units at $0.60 each, for total proceeds of $150,000.
A finder's fee equal to eight percent of the gross proceeds raised may be paid, Sona said.
All proceeds from the financing will be used for exploration and development work on the company's wholly-owned Elizabeth gold property, and its wholly-owned Blackdome gold mine, each in British Columbia.
At Blackdome, which is located 250 kilometres north of Vancouver, indicated mineral resources are estimated at 144,500 tonnes, grading 11.3 g/t, containing 52,600 ounces of gold. Inferred resources are estimated at 90,600 tonnes, grading 8.8 g/t gold.
The company is aiming to bring the property back into production over the next year and a half at a rate of 200 tonnes per day, with feed from the Blackdome mine, as well as its Elizabeth gold deposit, just 30 kilometres south of Blackdome.
At Elizabeth, Sona has outlined an inferred gold resource of 522,900 tonnes, grading 12.3 g/t gold, containing 206,100 ounces.
In November, the company said it completed the latest surface diamond drilling program at its Blackdome gold property, uncovering a whole new potential gold area.
Sona also holds a 100 percent interest in the Montgolfier project, located in Quebec, 40 kilometres east of the multimillion-ounce Casa Berardi Mine gold deposit.
Southern Arc advised to refocus exploration activities at West Lombok
Southern Arc Minerals (CVE:SA) said Thursday it has been advised to drill conservatively on certain areas of its West Lombok project in Indonesia, leading the company's stock to drop over 15 percent as it refocuses its exploration activities at the site.
On the TSX-Venture Exchange, Southern Arc shares plunged 15.38 percent to $0.55, as of 2:14 pm EDT.
In January 2011, the company received a mining business license for its West Lombok property, located on the southwest portion of Wombok Island in Indonesia.
Shortly after, Southern Arc initiated the forestry permit process that allows for advanced exploration activities on the property.
About 1.1 percent of the property is designated 'Protected Forest', meaning that only approved underground mining is allowed, while 55.1 percent is designated 'Production Forest', meaning there are no restrictions on exploration activities that have the appropriate licensing. The remainder of the property has a 'No Forestry' designation, meaning there is a total restriction on mining activities.
In the 1990s, however, the property was clear-cut logged, and so the company decided that, while it waited for the receipt of its forestry permit, it would proceed with its exploration activities, for which it said it had strong support from local governments.
Now, the company said it has been advised to "adopt a more conservative approach" to its activities within areas designated 'Protected Forest', despite the fact that no forested areas exist on the property, Southern Arc added.
As a result, Southern Arc is planning to refocus its drilling activities, and has relocated two of its drills to the Jati and Tanjung targets, located on the Pelangan prospect, until it receives the permit.
Previous drilling at the Tanjung target has found 10.05 metres grading 13.4 grams per tonne (g/t) gold and 8.0 g/t silver, including 2.3 metres at 47.9 g/t gold and 24.0 g/t silver, in hole TDG02.
On the Jati target, hole JDG03 hit 9.2 metres at 5.9 g/t gold and 11.0 g/t silver, including 1.25 metres at 7.1 g/t gold and 2.0 g/t silver.
"Ongoing engagement with the Ministry of Forestry is a top priority for the company's in-country team," said CEO John Proust.
"We have the support of the local authorities and communities and are confident that discussions with the Ministry of Forestry will be productive. We will work diligently to expedite permitting in order to resume full-scale exploration of the West Lombok project.
"We have a strong relationship with the West Lombok Regency, which holds a ten percent stake in the West Lombok project. We are the number one employer in the district, providing significant economic and social benefits to local communities. [And] all of our exploration activities have been implemented based on extensive consultation with the local authorities."
Still, the company said that its stated goal of completing two NI 43-101 resource estimates by June 30, 2012 remains contingent upon the receipt of the forestry permit.
Southern Arc said it expects the remaining 16 holes drilled on the Waterfall target on the Mencanggah prospect to be released in early January, while the eight recently-completed holes on the Bising target of the Mencanggah prospect are expected by late January.
Great Western CEO to appear on BNN's Commodities segment
Great Western Mineral Group (CVE:GWG) announced Thursday that president and CEO, Jim Engdahl, is scheduled to appear on the Business News Network (BNN) show, Commodities, on Thursday, December 28, at 11:30 am EDT.
Engdahl will discuss the impact of the rare earth export quotas recently announced by the Government of China, and will offer a corporate update on Great Western.
The Saskatoon, Saskatchewan-based company is continuing the development of its Steenkampskraal mine, a past-producing rare earth mine and processing facility in South Africa. Great Western recently completed 2,307 metres of drilling on the property, intended for geological resource delineation, it said.
An NI 43-101 compliant resource estimate for Steenkampskraal is expected for the first half of 2012, with the processing facility to begin full operations on both the mining and processing side by the first quarter of 2013.
Demand for rare earths is booming, as despite being used in relatively small amounts, the metals are necessary to the growing production of energy-efficient green products, mobile electronics and electric vehicles.
Deposits of the metals are not actually rare, but high capital costs, difficult metallurgy, marginal ‘heavy’ rare earths grades, and a lack of people with significant rare earths processing experience are major hurdles to bringing new mines to production, bringing Great Western's advanced Steenkampskraal mine to investors' attention.
China currently produces around 97 percent of global rare earths, but in July of last year, the country announced significant reductions to rare earths export quotas, claiming protection of a strategic and dwindling resource. Since 2006, rare earths prices have increased between 1,000 percent and 10,000 percent.
On the TSX-Venture Exchange, Great Western shares rose 5.06 percent to $0.415, as of 11:56 am EDT.
Gold Resource Corp declares December monthly dividend
Gold Resource Corp (AMEX:GORO) declared Wednesday its monthly dividend of 5 cents per share for December.
The Mexico-focused producer, which began commercial production from its El Aguila project in Oaxaca, Mexico in July 2010, said the dividend is payable on January 23, 2012, to shareholders of record as of January 10.
The payment represents the eighteenth dividend in as many months of commercial production, and the twelfth of 2011.
The company has now returned over $36 million to its shareholders through dividends since the start of commercial production last year.
The Mexico-focused producer, which began commercial production from its El Aguila project in Oaxaca, Mexico in July 2010, said the dividend is payable on January 23, 2012, to shareholders of record as of January 10.
The payment represents the eighteenth dividend in as many months of commercial production, and the twelfth of 2011.
The company has now returned over $36 million to its shareholders through dividends since the start of commercial production last year.
In November, Gold Resource Corp posted record third-quarter earnings on the back of soaring commodity prices in the period.
For the quarter that ended September 30, the Denver-based gold producer posted a net profit of $15.2 million, or 27 cents per share, up from a loss of $1.1 million, or a loss of 2 cents per share, a year earlier.
Revenue in the period soared to $37.8 million from $10 million a year earlier.
Gross profit from its El Aguila mine came in at $31.17 million, way up from $7.08 million in the third quarter of 2010.
El Aguila is located 120 kilometres southeast of the state capital city of Oaxaca, Mexico and has yielded several strong metal samples, including 36.0 grams per tonne (g/t) gold, and 3,100 g/t silver.
In March, the company announced that it had begun the transition from processing lower grade, open pit ore, to processing underground ore from the high grade Arista deposit at El Aguila.
Tournigan signs binding agreement to acquire Mawson's uranium properties
Tournigan Energy (CVE:TVC) announced Wednesday it has taken another step forward in expanding its Uraniumpresence in Europe, with the signing of a binding agreement to purchase seven Uranium properties in Finland and Sweden from Mawson Resources (TSE:MAW).
Under the terms of the agreement, which supersedes the letter of intent it had signed earlier this month, Tournigan will issue just under 53.64 million shares of its common stock to Mawson on a pro rata basis by April 30, 2012.
In return, Tournigan will receive Mawson's right, title, and interest in a total of seven Uranium exploration projects throughout Sweden and Finland, including the Nuottijarvi, Riutta, and Asento properties in Finland, and the Hotagen, Duobblon, Kapell, and Aronsjo properties in Sweden.
Tournigan said the deal remains subject to the conditions under the letter of intent, including the spin out of Mawson's Peruvian assets, and the overall reorganization of its business.
Separately, Tournigan has already received approval from the TSX-Venture Exchange to close a private placement financing with an affiliate of French nuclear energy powerhouse Areva SA (EPA:AREVA), one of Mawson's largest shareholders. It expects to close the private placement in early January 2012, concurrent with its entering into a technical services agreement with Areva.
The technical services agreement will see Areva conduct a work program on Tournigan's Kuriskova Uranium property, located in east-central Slovakia. The program, which will consist of metallurgical and environmental test work, will be used for a feasibility study for the property, expected for completion in early 2012.
Tournigan also said it plans to change its name to European Uranium Resources, and will complete a consolidation of its shares, on a one new for five old basis. The change will begin once the Areva alliance and Mawson acquisitions have been completed.
On distribution of the shares, Mawson shareholders shall own approximately 20.5 percent of the restructured Tournigan, which will continue as European Uranium Resources.
Moly Mines puts Spinifex Ridge project on hold, signs preliminary financing deal for new projects
Moly Mines (TSE:MOL)(ASX:MOL) announced Wednesday that it has signed a preliminary deal with China Development Bank (CDB) for a strategic alliance to finance new mining projects, while also deciding to put its Spinifex Ridge molybdenum-copper project in Australia on hold.
The memorandum of understanding agreement with CDB will see the bank consider providing financial support for projects identified by Moly Mines on similar terms as those in effect under the existing US $454 million syndicated loan deal for the Spinifex Ridge project.
However, at the same time, Moly Mines' board has decided that the Spinifex Ridge project is "sub-economic", citing the continued weakness of global molybdenum prices and the strength of the Australian dollar, factors which are not expected to correct themselves before the expiry of the syndicated facility agreement (SFA) in May 2012.
Consequently, a final investment decision is unlikely to be made within that timeframe, the company said in a statement.
CEO and managing director of Moly Mines, Dr Derek Fisher, said: "Whilst it is disappointing that the economics do not allow us to proceed with the Spinifex Ridge molybdenum/copper mine at this stage, the strategic alliance further cements the excellent rapport we have built with CDB and supports a platform for future growth of the company."
CDB's financial support for new projects is subject to due diligence, internal credit approval and government approvals.
As part of the decision for Spinifex Ridge and for the financing of new projects, CDB has asked Moly Mines to make an initial drawdown of US$210 million under the previously-agreed SFA, which the company intends to repay within one week.
The effect of the drawdown will be to reduce the funding available under the facility to US$244 million. CDB will consider an application by Moly Mines to drawdown these funds for new projects or, if amending the SFA is not appropriate, to enter into further debt facilities as may be required for future projects, the company said.
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