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Morning News Bites – May 25

Western Australia suffers widespread damage with the SES receiving calls every 3 minutes or so as a former Tropical Cyclone and low pressure system causes damage from Onslow to Esperance. Around 50,000 residents without power.

  • A Western Australian Government initiative is set to help kickstart drilling at South Bronzewing Gold project. The Exploration Incentive Scheme (EIS) has granted Hammer Metals $150,000 to help partly fund drilling. Drilling was previously underway before COVID-19 pulled resources back in March, The next step will allow Hammer to get drilling back up in June. According to Managing Director Daniel Thomas, the announcement of the EIS grant is proving Hammer is receiving the recognition deserved. Mr Thomas said: “The quality of exploration targets within Hammer’s portfolio continues to be recognised and rewarded as evidenced by our successful funding applications to various state governments. The Western Australian government EIS program has a tremendous history in contributing to the discovery of valuable ore deposits. The grant will enable deeper drill-testing for a potential repetition of the Bronzewing Deposit within Hammer tenements.” 
  • Chalice Gold Mines has received assay results for its Julimar Ni-Cu-PGE project around 70km east of Perth.

5.1m @ 6.2g/t Pd, 1.7g/t Pt, 1.7% Ni, 0.7% Cu and 0.10% Co from 34.9m, including:

9.8m @ 7.0g/t Pd, 0.8g/t Pt, 3.3% Ni, 1.2% Cu, 0.18% Co from 34.9m (massive sulphides);

20.4m @ 11.1g/t Pd, 1.1g/t Pt, 3.1% Ni, 1.0% Cu, 0.16% Co from 47.7m (massive sulphides);

33m @ 5.1g/t Pd, 3.0g/t Pt, 1.0% Ni, 0.6% Cu and 0.06% Co from 68.0m

The forward plan for Chalice includes further diamond drilling, Downhole EM, SQUID EM, RC Drilling and Mineralogy metallurgy test work is set to continue.

  • Former General Manager of the Fosterville Gold Mine – Ian Holland, has been appointed independent non executive director of Navarre Minerals. While the General Manager of the Fosterville Gold Mine, Mr Holland help transition the mine from around 100,000oz gold production to over 619,000 with the development of the Swan and Eagle ore bodies.
  • Sky Metals has given an exploration update on it’s Cullarin project in New South Wales. The assay on HUD003 indicated 20m @ 0.95 g/t gold from 37m including: 7.3m @ 2.08 g/t gold from 49.3m. The Cullarin project near Goulburn in NSW is showing plenty of positive signs for Sky, CEO Mark Arundell said “The diamond drilling program in progress at the Hume Target has enabled SKY’s geological team to rapidly determine the controls on high grade mineralisation This means SKY can more accurately site drillholes that will enhance the size, grade and thus value of the Hume Target. The scale of alteration and mineralisation observed is significant and SKY greatly anticipates the next round of assays.”
  • A heavily oversubscribed private placement has advanced drilling for Argent Resources. Proceeds from the placement will be used for exploration drilling across the company’s projects. Argent also received $255,000 from the New South Wales government for drilling grants which adds to the long term exploration drilling program.  Among Argent`s assets, The Kemp field project drilling program is located around 40km from the Cadia mine in Central NSW. A 3000m RC drill program will target rock chip samples from March 2020. Drilling at Argent`s other assets include 3000m RC and 1500m diamond drilling at West Wyalong towards a Cowal gold mine style deposit, 2200m RC drilling at Pine Ridge targeting high range gold potential on the same belt as McPhillamy`s Gold Project and 2000m RC Drilling at Loch Lily gold project.

 

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