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Morning News Bites – June 30

End of the Financial Year! Business owners are struggling to recruit staff as jobless look to handouts over jobs.

  • Ramelius Resource has announced an extension to its life of mine plan across 6 years to FY2026 with 1.4Moz gold at an average AISC of A$1,250 – A$1,350/oz. Managing Director Mark Zeptner, said “Building on last year’s landmark result of over 1Moz contained within a detailed mine plan, the forward outlook of almost 1.5Moz following a record production year in FY20, is a very pleasing result for Ramelius. It is a further testament to the work done by all our team that we can articulate a longer term plan with production scale, strong margins and an achievable approach to reserve replacement that gives us confidence that this visibility around mine life can be extended going forward.” In a boost to exploration, a $25-30M exploration budget allocated for FY2021, spread across the portfolio. Penny Gold Project Pre-Feasibility Study (PFS) results have indicated production of 230koz at an AISC of A$703/oz with development commencing December Quarter 2021. These results have also shown exceptional grade and margins that promise to return significant cashflows to the Company from late FY2022.
  • The Macnaughtan prospect within the Tandarra Gold Project has delivered some highlights in recent aircore drilling with one result – 3 metres @ 94.9g/t Au from 87 metres in drill hole ACT475. The Tandarra Gold Project is around 40km north of Bendigo in Victoria. Catalyst are in a Joint-Venture in the project with Navarre Minerals Limited for the Tandarra Retention Licence, RL006660, which is where the AC drilling has been located. Catalyst Technical Director, Mr Bruce Kay said “The high grades and continuity of gold mineralisation revealed by this AC drilling are highly encouraging, confirming the potential of the southern Macnaughtan prospect to become the second significantly mineralised structure at Tandarra, in parallel with the high grade gold intersections at the Tomorrow Zone, 250 metres to the east.”
  • Manhattan Corporation has announced a further drill program of 5,000m of additional Reverse Circulation (RC) Drilling will take place at New Bendigo commencing in August. The drilling will be targeting the recently discovered shallow high-grade “Western Lode” located 250 metres west of the previously known New Bendigo mineralisation. Recent drilling returned 7m at 18.16 g/t Au from 87m. Drilling is also planned to target between the Western Lode and the Main Zone where there has been no previous drilling.
  • Assays have been received for Legend Mining for its Mawson project.  Legend Managing Director Mark Wilson indicated further analysis would occur before the next step of drilling, “The paydirt grades returned over 35.95m in hole 17 confirm this to be the best hole drilled at Mawson to date. The mineralisation remains open to the northeast, southwest and east of the current diamond drilling and requires further analysis of all datasets prior to planning step out RC/diamond holes.” Hole 17 RKDD017  intersected three significant intervals of massive sulphide, 9.55m @ 2.07% Ni, 1.27% Cu , 0.11% Co from 158.60m, 2.80m @ 2.84% Ni, 2.06% Cu, 0.15% Co from 193.10m and 19.80m @ 2.71% Ni, 1.79% Cu , 0.13% Co from 227.80m. Future plans for Mawson include the continuation of a 3,000m RC drilling programme targeting known sulphide mineralisation, geochemical anomalies and gravity features. and to continue infill aircore drill programme across the greater Mawson area.
  • Results from from Aircore drilling for Yandal Resources has confirm bedrock RC gold targets at Gordons Dam project. Yandal Resources Managing Director Lorry Hughes said “Assay results from 1m re-sampling of anomalous 4m intervals from AC drilling completed in May at Gordons Dam have confirmed the significance of the initial results. Intercepts of +0.5g/t gold were returned from several bottom of drill hole samples where the limit of depth penetration of AC blade drilling into bedrock was reached. These results are similar to those previously drilled east of the palaeochannel mineralisation prior to the discovery of higher grades at depth with RC drilling.” Mr Hughes also gave an indication the funds raised from the current entitlement issues would be directed to RC and Diamond drilling at Gordons Dam which is due to commence in July 2020.
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