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Morning News Bites – Jun 29

Record approval ratings for the Prime Minister Scott Morrison, The 20th anniversary of the implementation of the GST in Australia is approaching and a cleaning contractor responsible for cleaning the Australia Border Force office at Melbourne Airport has tested positive to COVID19.

  • Fisher and Paykel Health care has posted that operating revenue to March 31 2020 was up 18% over last year. Net profit after tax is expected to be in the vicinity of $287 million.  The increase for the demand with health products related to COVID19 has driven Fisher and Paykel however, Managing Director and CEO Lewis Gradon pointed out that Fisher and Paykel was on track for a strong year without the COVID19 impact “The 2020 financial year was already on track to deliver strong growth before the coronavirus impacted sales, Beginning in January, the demand for our respiratory humidifiers accelerated in a way that has been unprecedented.” Fisher and Paykel product Optiflow nasal high flow therapy demand and hospital hardware sales were also strong.
  • Kin Mining is embarking on Phase 3 drilling for its Cardinia Gold Project in Western Australia. Phase 3 will involve a 45,000m drill program will involve Aircore, Reverse Circulation and Diamond drill with the aim to help identify a maiden Mineral Resource estimate.  Andrew Muckton Kin Mining Managing Director said “The exploration programs conducted over the last 6 months show strong potential to rapidly expand the existing 945,000oz Mineral Resource estimate at Cardinia. The round of drilling just commenced is aimed at delivering maiden Mineral Resource estimates at the most advanced target – Cardinia Hill as well as a second round of resource definition drilling at Comedy King and follow up RC drilling at Faye Marie, Black Chief and Hobby. ” Earlier drilling revealed outstanding results and delivered better understanding of the project.
  • A second diamond drill hole has been completed for Toro Energy at its Yandal Gold Project. The drill hole was to target around 50m beneath a gold, nickel and platinum group anomaly identified in 2018-19.  Drilling has now moved on to the third diamond drill hole to test for continuity of nickel and gold mineralisation at depth. Yandal Gold Project is 50km east of the Mt Keith nickel deposit.
  • A maiden underground Mineral Resource for Ora Banda Mining’s Callion (Indicated and Inferred) has been revealed as 411Kt @ 5.8 g/t Au for 77,000 oz Au. The upgraded Callion Mineral Resource (Indicated and Inferred) increased by 72% to: 680,000 t @ 4.9 g/t Au for 107,000 oz Au for the total resource. Ora Banda Managing Director, David Quinlivan, said: “This update completes the resource estimation process for the imminent DFS. The deeper, high-grade drilling results received to date from Callion indicate there is significant potential for a lower tonnage, higher grade underground mine and we continue to evaluate this opportunity as we believe it could make a significant contribution to the larger Davyhurst Gold Project.”
  • The proceeds of a sale of listed securities has provided additional funding of $430,000 to Discovex Resources. The funds form the sale have enabled Discovex to conduct further exploration, which has commenced with follow-up AC drilling at the highly prospective Hornet West Prospect. Future drilling also includes RC and diamond drilling – anticipated for Aug/Sept this year from the latest round of Aircore drilling that is currently underway. With drill testing of the recently defined priority targets at the Newington Gold Project near Southern Cross in Western Australia also due in the second half of 2020. Hornet West is located within the Edjudina Gold Project, within proximity of the Sunrise Dam and Carosue Dam gold mines.
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