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Morning News Bites – May 11

Restrictions in place due to COVID-19 are starting to be relaxed at different stages across Australia. This is being controlled by the States under a national guide announced Friday.

  • The Ayra discovery by BHP in 1997 and Big One Deposit part of the Mount Oxide Pillar in Queensland, now part of Castillo Copper Limited; will accelerate drilling.  Managing Director Simon Paull has announced the details today. “Based on the underlying fundamentals of the prospects reviewed to date, the Board has decided to expedite drilling the Arya Prospect and Big One Deposit. With drill-test targets selected and most preliminary work complete, we anticipate drilling commencing once Queensland’s resources regulator grants approval.”
  • Joint Venture Drilling between Barra Resources and FMR Investments has started at Burbanks, south of Coolgardie. Approximately 1800m of air core and reverse circulation  grade control drilling will take place over the next 2 – 3 weeks.
  • Kathleen Valley resource has substantially increased to 156Mt @ 1.4% Li2O and 130ppm Ta2O5 (reported above a cut-off grade of 0.55% Li2O). Containing 2.1Mt of Li2O or 5.3Mt of lithium carbonate equivalent (LCE) and 44Mlbs of Ta2O5. Liontown Resources Managing Director David Richards said “This latest resource update clearly establishes Kathleen Valley as one of the world’s premier hardrock lithium deposits, with clear potential to underpin a long-life mining operation,” he said. “The potential combination of open pit and underground mining to unlock the full value of the resource will be evaluated as part of the updated PFS, which will also incorporate metallurgical test work and other technical studies designed to optimise the project development strategy.” The Kathleen Valley project is 670km north east of Perth. 
  • A maiden drill program has commenced at Red Mountain Gold Project in Queensland. Results are estimated in around four weeks after a two week drill program and two week assay period. Red Mountain is around 100km from Cracow and Mount Rawdon gold mines.
  • New South Wales government has granted approval for Alkane Resources to develop an exploration drive from its existing Wyoming One underground operations. Managing Director Nic Earner, said: “Alkane has the equipment purchased, personnel recruited and land acquired to allow this development to proceed and we will now incorporate the timing of the drive development into the Tomingley Gold Operations’ budget schedules, as well as our regional exploration plans.” The approval allows for positive future for the Tomingley development.

Keep an eye out for – AFL getting some sort of start date sorted in the next 24 hours.

 

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