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Morning News Bites – June 24

 

A $225,000 grant has been awarded to Marmota from the South Australian Government as part of the Accelerated Discovery Initiative. Chairman Dr Colin Rose said “Marmota is delighted to receive the Accelerated Discovery Initiative grant. We extend our grateful appreciation to the Department of Energy and Mining and to the South Australian Government. The grant will significantly accelerate our biogeochem gold exploration program and expand its scope. On behalf of all our shareholders, I extend warm congratulations to our exploration team.” The Accelerated Discovery Initiative grant will be used by Marmota for Expressions of Mineralisation in Surface Plant Biogeochemistry on the NW Galwer Craton otherwise known as tree sampling exploration.

An agreement by Sultan Resources to acquire 100% of the Lachlan Fold Belt focused Colossus Metals Pty Ltd has settled.The board of Sultan have been encouraged by the Big Hill and Tucklan targets. First pass rock chip results already announced for the prospects at Tucklan included  1.11g/t Au, 0.48g/t Au, 0.25g/t Au 0.27g/t Au. Jeremy King, Sultan Chairman said previously of the Big Hill target “To have such high grade gold and copper results returned from within new large scale soil anomalies, coincident with the right rock types, porphyry style alteration and mineralisation, all sitting above a large magnetic complex confirms the Big Hill area as one with significant potential”.

A decision by Red 5 to mine its recently acquired Great Western is now sought as an inclusion into the Darlot Mining Hub mine plan for FY21 and has therefore will be included into a transitional production strategy. A plan to commence mining of the project in December 2020 and at the same time scale down underground operations of King of the Hills is underway as part of the strategy. Red 5 Managing Director, Mark Williams, gave further details on the decision to mine Great Western “The decision to commence open pit mining at Great Western and scale down underground mining at King Of The Hills during the second half of 2020 is consistent with our previously articulated growth vision of establishing a major new production hub at KOTH and developing an expanded long-life mining and processing hub at Darlot. While we are disappointed that Darlot production has again been impacted in the short term due to the issues outlined in this release, we are confident that the measures implemented will stabilise production and improve predictability to put us on track to achieve our FY21 forecast. This transitional production strategy is a critical step towards establishing two independent long-life production hubs in the Eastern Goldfields as the foundation for a significant mid-tier Australian gold producer.”

Drilling results from Apollo Consolidated Limited’s Rebecca deposit have been announced as ongoing shallow infill and exploration drilling has revealed multiple gold intercepts in locations within and below current Mineral Resources. Intercepts included 13m @ 2.76g/t Au from 115m, 5m @ 3.29g/t Au from 66m and 6m @ 2.51g/t Au from 107m and 6m @ 2.72g/t Au from 164m and 5m @ 2.69g/t Au from 209m.  As part of the recent exploration, new results south of the high-grade Jennifer deposit are located in a Saddle area and will likely extend that part of the pit. There is also further RC drill results pending from the Duchess to Cleo exploration corridor and diamond drilling follow up on the Maddy structure.

Mincor has requested back to back trading halts from the start of trading June 24. This trading halt is due to pending capital raising and is set to be in place until June 30 orremain in place until the earlier of release of the Announcement. Mincor`s current market cap sits at $283.73m.

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