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Morning News Bites – June 23

The ASX has had some good news on opening including Crown Casino announcing the reopening of its Perth site, Gold is up $1755.50US/oz and Apple announces changes to it mobile operating system.

  • After a name change and rebrand, Blackham Resources (ASX:BLK) has been renamed Wiluna Mining Corporation (ASX:WMX) With this also came some results from Wiluna Mining on drill results. This included highlights such as 8m @ 5.31g/t from 168m, incl. 2m @ 18.12g/t and 8m @ 15.20g/t from 248m, incl. 5m @ 23.00g/t. There are currently Seven drill rigs currently in operation at Wiluna with 45,000 metres of drilling to be completed by the end of June 2020. Mineral Resource updates are due in late September 2020 with a reserves update in December 2020.  Wiluna Mining’s Executive Chair Milan Jerkovic said “These ongoing outstanding results “under the headframe” are continuing to deliver into our Stage 1 sulphide strategy as we initially pursue shallow high-grade sulphides targets. These results will lead to new resource and reserves updates and mine planning work scheduled over the coming months. Wiluna Mining is a development and growth Company currently focused on Stage 1 Sulphide development by September 2021, as well as expanding our Mineral Resources and increasing grade to feed into Stage 1 and to make new discoveries. The current underground sulphide resource at Wiluna averages 4.8 g/t but historically the average grade mined was between 7 to 8g/t, and the Bulletin shoot alone produced 900,000oz @ 8 g/t. We’re targeting high-grade shoot discoveries because every 1 g/t increase in the grade in the sulphides, could result in an additional 25kozpa of production in Stage 1 and 50kozpa under our Stage 2 scenario so grade is obviously extremely important to the project’s economics. Our 4-5-year goal with the development of Stage 2 is to become a Tier 1 gold mine in a Tier 1 jurisdiction”.
  • Perenti Group has released a business update and revised Half Year 20 interim dividend payment date. Perenti has brought forward a payment of 3.5 cent per share interim dividend to 23 July 2020. However with the news of a dividend due, came details of a fatality at AngloGold Ashanti’s Obuasi Gold Mine in Ghana of an Underground Mining Alliance employee. Perenti have an interest in UMA as a joint venture partner. As part of the update by Perenti, the impact of COVID-19 caused temporary shut downs to operations in Egypt, Burkina Faso and Senegal. Perenti confirmed it also expects FY20 underlying NPAT in the range of $106 million to $110 million. Perenti Managing Director Mark Norwell said: “My thoughts are with the family and friends of the UMA employee who tragically lost his life earlier this month. Our underground team are directly supporting UMA to ensure a thorough investigation occurs. I am proud with how our people have responded to the rapidly evolving COVID-19 situation, living by our principles in delivering for our clients whilst also making sure we look after each other. In particular, I would like to thank our expatriate workforce and their families for their commitment during a challenging and uncertain period.” The divestment of Perenti`s BTP (Best Tractor Parts) business was also considered in Feb 2020, however Perenti did not receive a binding offer that was acceptable to Perenti and therefore the sale process has formally concluded.
  • Two priority targets have been revealed by Deep Ground Penetrating Radar by Krakatoa Resources for the Britannia mine near Bathurst in News South Wales. A shallow target that corresponds with the historical mine sequence and a deeper target (from 60m below surface) which remains completely open and untested has been outlined. The greater Turon project lies within the Lachlan Fold Belt’s Hill End Trough. Krakatoa’s Executive Chair, Colin Locke gave some further details on the DGPR “The DGPR survey results provide a focus and advance the Britannia target to drill-ready status. The alignment between the interpreted DGPR anomaly’s with the historical workings, known veining and drill-intersected mineralisation could potentially represent something substantially more than a technical success. The Company is thrilled with the outcome, especially after recently identifying a remnant pod of high-grade mineralisation that may be amenable to further testing and early exploitation.”
  • Several extensive gold anomalies have been defined from a recent soil geochemical survey at DevEx Resources Basin Creek Project. Preparations are now underway for a drill program to test these priority gold anomalies. The gold anomalies are within the +4km long gold system defined at the Main Ridge Prospect.  This further enhances the Lachlan Fold Belt and area which is under a bubble of exploration at the moment.
  • Gold/Silver mineralisation has been identified at Burracoppin for MOHO Resources at the Crossroads project. Drill results have shown up to 0.61g/t Au & 5.53 g/t Ag in bottom of hole samples – three holes ended in >0.1g/t Au. Drilling was quite shallow with the deepest of the campaign around 59m. Moho is in a farm-in joint venture agreement with IGO Limited. MOHO Managing Director Shane Sadleir said  “Moho and our exploration team are highly encouraged by these latest assay results which confirm that the Crossroads prospect hosts bedrock gold and silver mineralisation. Significantly, the mineralisation is open to the south, east and at depth and may be associated with an intrusive-related mineralising system”

 

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