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Morning News Bites – September 11

In Today’s Morning News Bites for September 11. Australian sharemarket opens up weaker, Tiger Airways officially shuts down and people remember the September 11 terror attacks on it’s 18th anniversary. 

The board of Rio Tinto has reported that by mutual agreement, J-S Jacques will step down from his role as an executive director and Chief Executive of the Group. A process to identify his successor is underway. J-S will remain in his role until the appointment of his successor or 31 March 2021, whichever is earlier. This will ensure business continuity to maintain the strong performance of the Group’s global operations during COVID-19. Chris Salisbury will step down as Chief Executive, Iron Ore with immediate effect and will leave Rio Tinto on 31 December 2020. Ivan Vella, currently Managing Director for Rail, Port & Core Services within Rio Tinto Iron Ore, will replace him on an interim basis, following a handover period with Chris.

Venus Metals Corporation Limited (in conjunction with its Joint Venture  partner Rox Resources Limited) reported high‐grade gold mineralisation intersected in recent reverse circulation (RC) and aircore (AC) drilling at Taylor’s Reef Prospect, Currans Find. Taylor’s Reef Prospect is a new unworked zone where high‐grade gold was recovered from surface workings in recent times by Mr D Taylor. Best results from the recent drilling at Taylor’s Reef Prospect include: 3m @ 19.58g/t Au from 21m, Incl. 1m @ 55.81g/t Au from 23m, and 3m @ 14.30g/t Au from 73m.

Andromeda Metals Limited updated interim results from aircore drilling undertaken at the Hammerhead Prospect (previously Condooringie Prospect), which is located 5 kms to the north of the Great White Deposit (previously Carey’s Well Deposit) on the Eyre Peninsula in South Australia. Analyses of samples collected from aircore drilling undertaken at the Hammerhead Prospect has defined an extensive area of Bright White kaolin (>75 ISO Brightness) with a minimum thickness of 10 metres extending over an area of 2.4 kms by 0.5 kms. XRD test results received to date have confirmed zones of high-grade (+20%) halloysite-kaolin within the Bright White domain. A Mineral Resource estimate will be prepared for the Hammerhead Prospect on receipt of final XRD analysis.

RC and diamond drilling program targeting shallow EM conductors has commenced at the Grey Dam Nickel Project for Carnavale Resources Limited. Eight drill holes planned, which will test 5 high priority EM targets at the Grey Dam Nickel Project, 70km from Kalgoorlie. Seismic Drilling Services have been engaged to provide RC and diamond drilling services utilising a truck mounted multipurpose drilling rig. RC and diamond drilling program commenced, targeting the recently defined EM conductors and potential nickel sulphide mineralisation in bedrock. Chairman Ron Gajewski commented,  “We are very excited to commence drilling at the Grey Dam Project. In this drilling program we are aiming to confirm the geology, geochemistry and geophysics demonstrated by previous sampling and to test the strongest conductors identified by the recent fixed loop electro-magnetic (FLEM) geophysical survey.”

An extension to the mine life at the Macraes operation located on the South Island of New Zealand as well as to announce initial Mineral Reserves and Mineral Resources for the Golden Point Underground, including the results of the recently completed Golden Point Underground Pre-feasibility Study. President and CEO Michael Holmes said, “Macraes continues to be the mine that keeps on giving. After nearly 30 years of operation, we are very pleased to announce that the Macraes life of mine will extend to at least 2028 with the inclusion of Golden Point Underground along with new open pit opportunities such as those at Deepdell.”

 

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