Morning News Bites – June 5

A $680m HomeBuilder stimulus announced by the Federal government to spark builders and tradies into action. Adani announced a 200km rail spur civil earthworks contract has been awarded to BMD to link the Carmichael coal project to the Coal rail network.

  • Electronics company Kogan has recorded a 100% gross sales increase for the fourth quarter to date financial year. Kogan also increased its active customer base by 126,000 for the month of May.  
  • The first diamond drill testing at the Talisman Lucknow Gold Project, New South Wales will commence mid June. Drilling will target an interpreted high-grade gold lode offset position at Lucknow where historic production was in excess of 400,000 ounces at an average estimated mined grade of +100 g/t gold. The lifting of COVID-19 restrictions has returned the company to the resumption of exploration drilling and business activities. The Lucknow Gold Project is in one of the oldest goldfields of Australia.
  • Resource definition diamond drilling results have returned for Silver Lake Resources. A highlight was a result of 7.4m  at 98.7 g/t gold and 11.1% copper, part of the 27 diamond holes drilled. There were also several other results that show visible gold and sulphides. Silver Lake has been drilling at Deflector South West and will look at extending the exploration drive to provide additional drill platforms for resource definition.
  • The Cygnus Gold joint venture is commencing drilling at its Lake Grace and Yandina Joint Venture. The Hammerhead project will see 7,320m of aircore (AC) drilling, 950m of reverse circulation (RC) drilling and 400m of diamond core (DD) drilling targeting gold mineralisation on three prospects identified within the Project.
  • The Musgrave and Evolution joint venture at Cue in the WA Murchison has confirmed potential for a large mineralised gold system. The latest drilling program had 249 holes for a length of 22,879m had highlights such as 6m @ 4.2g/t Au from 116m (20MOAC031) including: 1m @ 18.2g/t Au from 117m  and  9m @ 2.25g/t Au from 136m to EOH (20MOAC041). According to Rob Waugh, Managing Director “These air core results continue to show the large scale of the gold system lying hidden under Lake Austin and support the Company’s view on the prospectivity of this large area. The Lake Austin North gold anomaly now extends for over 5.5km in strike with additional new anomalies at West Island and Mainland East highlighting the potential of the system to host significant gold deposits.

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