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Morning News Bites – June 25

An arts funding boost is due to be announced by the Prime Minister today, Military to assist in Victoria`s COVID response and via the AFR – Australia is a star world performer when it comes to the only advanced economy to have its economic outlook upgraded by the IMF.

  • Central Systems PTY LTD which is a subsidiary of Resources Development Group, has been awarded a contract with Fortescue Metals Group construction of an overpass at FMG’s Cloudbreak mine site which is due for completion in late November 2020. While  Crushing  Service  Solutions  Pty  Ltd  which RDG has an 80% interest in has  also  been  awarded a crushing and screening services contract with Tianye SXO Gold Mining Pty Ltd to provide  these  services  in  order  to feed the Minjar Gold Plant near Southern Cross, Western  Australia fro around 12 months.
  • After an announcement yesterday that rocked the market by Red 5 – its share price dropped from .335c to .220c. Today Red 5 has announced a Final Feasibility Study Progress Update. As part of the update it was revealed GR Engineering Services has produced the design and costings for the Process Plant and other on-site infrastructure, A hydrology  study report is completed and a draft Tailings Storage Facility study has been drafted. Approvals for site works have been lodged to conduct early site works. Managing Director Mark Williams said “We continue to systematically progress towards completion of the FFS, with mining and engineering studies well advanced and project approvals on schedule. Strong progress is being made with planning for site early works and ordering of long-lead items, with the delivery of a recently-purchased accommodation village and offices expected to coincide with the planned commencement of site early works in the second half of CY2020. The successful completion of these work streams will put us on track to deliver the FFS on schedule in the September 2020 Quarter, marking a major milestone towards the development of one of Australia’s most exciting new gold development projects.”
  • An approval, key to commencement for Calidus Resources Warrawoona Gold Project in WA has been achieved with the Environmental Protection Authority. The final approval now sits with the Environment Minister Stephen Dawson. Drilling activities have resumed at site, including Pre-Collars for diamond drilling below the existing Klondyke Resource as well as additional water Exploration drilling to further de-risk water supply. Calidus Managing Director Dave Reeves said “The recommendation by the EPA is a key milestone in development of the Warrawoona Gold Project and significantly advances the timeline for permitting the development of the Project. We acknowledge the work of our consultants and the positive dialogue with the EPA throughout the assessment process. With all tenure now in place and the Feasibility Study on track for completion in the coming quarter, Warrawoona is rapidly moving towards development.” Warrawoona is located in the East Pilbara of Western Australia.
  • Qantas has placed itself into a trading halt pending a capital raising. Qantas is seeking to raise $1,860m of equity, comprising: – Approximately $1,360m fully underwritten institutional placement and up to $500m non-underwritten share purchase plan. Placement will be conducted at $3.65 per new share. In terms of passengers and capacity,  group domestic capacity reduced to 5% until mid Jun-20 and now at 15% of pre-COVID-19 levels. Qantas expects average domestic capacity of ~70% in FY21 and 100% in FY22.  There is strong demand for freight, however international service cancellations  have been extended through to late Oct-20.
  • New wide high grade intercepts at depth have been confirmed by diamond drilling outside of current ore reserves at Bardoc Gold`s Aphrodite Deposit. Results included 15.1m @ 6.58g/t Au from 418.1m including 5.3m @ 15.86g/t Au from 418.1m and 6.7m @ 3.01g/t Au from 402m. RC Drilling is underway for Bardoc at Zoroastrian, Excelsior and Aphrodite, with a planned resources update in Q3 2020 planned. The results of RC Drilling at Mayday North are due in coming weeks. Managing Director Robert Ryan said “The strong drilling results from Aphrodite continue to build confidence in our mine plan, which underpins the strong financial metrics within the PFS. The in-fill drilling to date has been a resounding success with widths and grades at all deposits being above modelled expectations. Reverse Circulation drilling has now commenced at Zoroastrian, Excelsior and Aphrodite, as we work towards our next comprehensive Mineral Resource update for the Bardoc Gold Project which we are targeting in the September Quarter. These programs should generate steadily increasing news flow in the weeks ahead.”

 

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