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Morning News Bites – May 19

Caltex is renamed Ampol today, Westpac announces key executive changes, while consumer confidence is growing according to the ANZ Roy Morgan Weekly Consumer Confidence Index.

  • The development of new nickel targets for Galileo Mining at Fraser Range has revealed three intrusions which have been named, Think Big, Backwood and Green Moon. Galileo Managing Director Brad Underwood said: “Our recent $5 million placement has allowed us to expand the amount of exploration we are undertaking in the Fraser Range. We have now substantially increased the search space around our Lantern Prospect and have the funds to effectively explore the entire area over the next six to twelve months. Our Fraser Range ground has never before been explored for nickel and the significant chance of a high value discovery makes this is an exciting time to be investing in the area.” An aircore drilling program around the Lantern prospect is over half way with around 5,500m of 8000m drilled so far.
  • Alkane Resources have issued an update on the Boda drilling program. Modelling of the recent drilling shows a subvertical zone of significant gold-copper mineralisation; approximately 500 metres north-south strike length, 400 metres wide and >1100 metres vertically. According to Alkane Resources Managing Director Nic Earner, the results show promise for a gold copper project. ” These results further demonstrate the prospectivity of the Northern Molong Porphyry Project and the world-class nature of the Boda discovery. From what we have seen of the mineralisation to date, we believe Boda has genuine potential to be a large, tier one gold-copper porphyry project. “We’ve initiated a substantial program to both increase the drilling density at Boda and adding to our knowledge of regional targets, including testing the Boda South and Kaiser prospects and Boda’s high-grade core.”
  • Dreadnought Resources has raised $500,000 for testing nine high quality gold and VMS targets at Illaara and Rocky Dam. Drilling will commence later this month. Dreadnought Managing Director Dean Tuck pinpointed how active the company had been since its inception “Dreadnought, in its first 12 months of operations, has been extremely active, with over 80% of its funds going into the ground. Dreadnought has acquired and consolidated significant landholdings over prospective under explored terrain and defined thirty drill ready targets while drilling nine previously defined targets. This funding will be used specifically to test nine of our highest ranked targets commencing in late May 2020.” Illaara is located 190km northwest of Kalgoorlie Boulder – Western Australia and covers 75kms of strike along the Illaara Greenstone Belt, while Rocky Dam is 45km east of Kalgoorlie Boulder.
  • Power at times has been a premium in South Australia, MPower has announced that it is proceeding with the full design and construction of a second 5MWac solar farm in South Australia with a subsidiary of Astronergy Solar Australia Pty Ltd. MPower commissioned two solar farm projects at Mannum and Port Pirie last year and is very keen to be in the niche space of renewable energy. Chief Executive Officer of MPower – Nathan Wise outlined the future direction of MPower in renewable energy. “It is very pleasing to further develop our relationship with a blue chip company like Astronergy. Solar farm projects of this size are directly in line with MPower’s stated strategy and core competency. MPower has a market leading capability in the successful delivery of 5MW solar farms and continues to strengthen its order book in the growing renewable energy sector.”
  • A significant resource upgrade at Resources and Energy Group’s Mount McKenzie Gold and Silver project has occurred. Total Indicated 1,700Kt @ 1.21g/tAu and 11g/t Ag with Total Inferred 1730kt @ 1.15g/t Au and 4g/t Ag was announced to the market today. This update is a 48% increase in inferred resource and is a result of a change in gold price since the 2015 mineral resource estimate. An overall 29% increase in contained gold and 38% increase in contained silver is over the previous mineral resource estimate. The updated mineral resource will be used for ongoing mine planning and advancing the project which will include drilling and metallurgical studies.



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