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Morning News Bites – July 6

Labor picks up Eden-Monaro, Possibility the Melbourne CBD could be locked down as COVID-19 spreads in Victoria and ASX tipped for a weaker start.

  • Located around 20km from the Super Pit in Western Australia, Pioneer Resources Golden Ridge Project is set to spring to life again. Field reconnaissance programs are underway and the ongoing Gold Prospectively Review has identified other Company Projects with emerging gold potential. Managing Director Tim Spencer, said: “In recent years, the focus at our Blair Golden Ridge Project has been on nickel, however this has not always been the case – particularly for previous holders of the ground, including WMC Resources. “The thick historical gold intercepts outlined above were probably not as interesting for a company looking for big deposits in a sub-A$600/oz gold price environment, but they are certainly interesting with gold over A$2,500/oz. This ground has been intermittently explored and drilled for over 40 years so there is much work to be done in pulling together and interpreting all the historical data as one dataset. We are encouraged that compelling targets have been identified early in this work.”
  • Krakatoa Resources has announced it has expanded its landholding in the Lachlan Fold Belt in New South Wales through direct license application by taking on the Rand Project. Rand is prospective for multi million-ounce mineralisation-styles, including features similar to De Grey’s Mallina Gold Project. Historical data includes Drill results from a 1988 campaign where the program ended in gold mineralisation preserved near the base of an intensively weathered and leached saprolite at the Welcome Find Reef and Show Day Reef with no subsequent exploration work. The Company will undertake a comprehensive review of the historical work completed and publicly available datasets to generate targets for field reconnaissance.
  • A new exploration drilling program for Venturex Resources has been finalised for its Sulphur Springs Copper-Zinc Project in Western Australia. The program will follow up from the 2019 drilling which identified results such as 18m @ 7.75% Zn, 2.03% Pb, 0.25% Cu and 22.8g/t Ag. Venturex Executive Director, Anthony Reilly is looking ahead with the exploration project and its chance to strengthen growth for Venturex “Any new discoveries along the Panorama Trend will strengthen our growth pipeline and potentially either extend the life or increase the scale of a future base metal processing centre at Sulphur Springs, so we are really looking forward to what this next phase of exploration can deliver, We also plan to test several large EM targets highlighted in the 2017 HEM survey over the northern portion of the Panorama Trend. The first target, XA8, shows potential early-stage indications of nickel sulphide mineralisation quite distinct to the Sulphur Springs Cu-Zn orebody, 1,200m to the east.” He said. There is also a share purchase plan underway at $0.055 per share with free attaching options on the basis of 1 option for every 2 shares subscribed.
  • Results of 85m @ 11.6g/t Au from 7m and 8m @ 99.0g/t Au from 7m have highlighted results from Musgrave Minerals from its RC Drilling at Starlight. Results so far confirm and extend the near surface, high-grade gold mineralisation. Musgrave Managing Director Rob Waugh said: “Starlight continues to produce stunning gold results in near surface drilling. Further RC drilling is underway to infill and extend the Starlight mineralisation with the aim of completing a JORC resource update late in Q3 2020. Drilling is continuing with two rigs on site and we are confident we can extend Starlight and the new White Light lode and make significant new discoveries in the belt.” Follow-up RC drilling on the Starlight lode at Break of Day is continuing with further results to be known within a month.
  • Ausmon Resources has completed the field exploration work at Broken Hill. The logistics and soil sampling has been completed and drilling will test the PI2 pyrite/silica zone at 50 m below the surface and the cobaltiferous orthogneiss at 50 and 100 m below the surface. Ausmon have outlined a 1.5 km cobalt, gold and base metals target at the site.




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