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Morning News Bites – July 24

In today’s morning news bites – Gold nears 1900US/oz overnight (~$2644A/oz), National cabinet meets today and Apple delays its iPhone 12.

A first diamond drill hole for Talisman Mining has resulted in 0.81m @ 2.34 g/t Au from 467.1m Including 0.14m @ 4.10 g/t Au from 467.1m and 0.45m @ 1.34 g/t Au from 491.5m at its Lucknow Gold Project in New South Wales. According to Talisman the hole intersected a highly fractured zone which is interpreted to represent the flat-lying fault that has offset the main lode controlling stratigraphy, but did not intersect the targeted ultramafic contact due to what appears to be a second cross-cutting fault. Talisman’s Lucknow Gold Project is part of a farm-in with privately-owned Lucknow Gold Limited.

Gold Road Resources JV Gruyere mine produced a record 71,865 ounces of gold during the quarter and remains on track to meet 2020 annual guidance 250,000 to 285,000 ounces. In some financial news Gold Road Resources became debt free having repaid the remaining $25 million of debt on 21 July 2020, while retaining liquidity in excess of $85 million. Gold Road also secured funding for five projects on Gold Road 100% owned tenements or through the Gruyere JV and Cygnus JV with the WA State Government Exploration Incentive Scheme The $560,000 of funding will be used to advance greenfields exploration and geological understanding.

Drill results for Phase Three with Kin Mining at Cardinia Hill have been announced. The results of the RC drilling include a highlight of 17m at 2.35g/t Au from 6m including 5m at 5.2g/t Au. A resource definition at Cardinia Hill is set to start soon. Kin Mining Managing Director, Andrew Munckton, said: “The initial phase of RC drilling at Cardinia Hill undertaken as part of the broader Phase 3 program has been successful in upgrading our understanding of the geometry and scale of the deposit – providing a solid foundation for planned resource drilling. “Confirmation of the presence of two shoots of north-plunging higher grade mineralisation coincident with strong magnetic signatures from our new airborne magnetic survey work is an important development which gives us confidence that we can advance the Cardinia Hill deposit to a Mineral Resource estimate relatively quickly”.

Dr Colin Rose, Marmota Limited Chairman has announced the drill program for Aurora Tank is the most exciting to date “This is Marmota’s largest ever RC drill program at Aurora Tank and with a special focus on primary mineralisation extensions. It is shaping up as one of our most interesting, varied and exciting drill programs to date.” he said. Drilling has commenced with a RC drill program of 85 holes over 7,500m for around 3 – 4 weeks.

The first gold pour for Horizon Minerals - Supplied

The first gold pour for Horizon Minerals has taken place from its Boorara Gold Mine. Jon Price Horizon Managing Director said “First gold production from Boorara is an exciting milestone for the Company and it is extremely pleasing to see the mine performing to expectations. The Horizon team and our contracting partners have done an excellent job to date with the Lakewood Mill running extremely well.” Mining commenced at Boorara on May 5 2020 and the initial gold pour took place July 23, 2020.

 

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