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Morning News Bites – May 8

It’s Mate Day…. Look after your mates especially at this time!

  • National Cabinet meet today to facilitate a reduction in Coronavirus restrictions. WA Premier Mark McGowan announces a road map and plan forward to be known on Sunday but indicates state border will be last restrictions lifted.
  • Encounter Resources has released details on assays at Lamil copper gold project around 25km north west of Telfer. According to Managing Director Will Robinson, “Drilling of the IP anomalies at Lamil has defined a significant zone of brecciation and alteration that is interpreted to be a major structural fluid pathway which is consistent with the geological model of the deposit type being targeted at Lamil.”

  • Orica has released half year results to March 31 2020. Orica announced Statutory Net Profit After Tax (NPAT) of $165 million for the six months to 31 March 2020, compared to $33 million in the prior corresponding period (pcp). Earnings Before Interest and Taxes (EBIT) were up 2%, or 5% after adjusting for an ownership structure change of the company’s China business.The Burrup Technical Ammonium Nitrate plant is now operational, and production is ramping up.
  • Resource drill out at Stavely Minerals’ Cayley Lode in Victoria is over 50% complete, The Maiden JORC set to be announced second half of 2020. According to Executive Chairman Chris Cairns “We continue to be surprised by the incredible consistency and continuity of mineralisation in the Cayley Lode, with the results reported today including significant intervals of strong copper-gold mineralisation in both the southern and central portions of the deposit. Of particular note are the impressive broad intervals in the south-eastern sector.” Cayley Lode is east of Dunkeld.
  • Gold and nickel target areas have been identified with Venus Metals north west of Menzies WA. Snake Hill, adjacent to the Ida Fault has been identified as a high priority gold target, this prospect is 90% Venus, 10% Prospector.

 

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