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Morning News Bites – September 15

Morning News Bites for September 15. Petrol to challenge $1 a litre again, Former Australian Prime Minister Keating proposes HECS-style system to cover the cost of aged care and a rocket is due to be launched in the outback of SA, to reach the edge of space. 

Significant gold, silver and base metal geochemical anomalies identified at Lewis Ponds for Godolphin Resources. Extended soil survey defines gold and silver geochemical anomalies over 1,300m strike length, with significant assay values of up to 6.2 g/t gold and 26.1 g/t silver-in-soil samples. The results highlight a number of high-potential areas for drilling that were previously untested for precious metals. The Lewis Ponds Mineral Resource is currently estimated to be 20.24Mt @ 1.5% Zn, 0.7% Pb, 0.1% Cu, 0.5g/t Au, 33.3g/t Ag and is classified as inferred and indicated in accordance with JORC (2012). A review of historical data will be undertaken to assess the economic potential of high-grade gold and silver shoots within the Mineral Resource.

Metalicity Limited has announced the return of the second batch of assays from the phase two drilling programme at the Kookynie Gold Project in Western Australia, approximately 60 kilometres S/SW of Leonora. The company has received assays for 23 drill holes of the expanded drilling programme, with some of the best intersections reported to date from drilling undertaken by Metalicity. Highlights include, 4 metres @ 26.91 g/t Au from 65 metres, inc. 1 metre @ 100.77 g/t Au from 67 metres. There are 38 drill holes remaining at the laboratory pending analysis, which is due in late September, with drilling scheduled to continue at an accelerated rate at the Kookynie Gold Project with plans to add a second to the programme shortly.

More wide intercepts at Mandilla East have been revealed as recent drilling points to a potential for large-scale mineralisation at Mandilla South for Anglo-Australian Resources. Drilling confirms continuity of mineralisation at Mandilla East, demonstrating the presence of wide, strongly mineralised zones that remain open at depth and along strike. Outstanding results received from a further eight diamond drill holes include highlights of,  81.4m @ 1.63g/t Au from 179.6m and 40.5m @ 1.91g/t Au from 274.5m plus 10.1m @ 1.39g/t Au from 130.6m plus 13.7m @ 1.00g/t Au from 250.7m. These significant results show that Mandilla South is a compelling exploration target with potential to match the scale of Mandilla East. The 10,600m Reverse Circulation drilling program now underway.

A 50 hole drilling program for 2,000m has commenced at the Canegrass and Holey Dam gold prospects for Kaili Resources at its Gindalbie Gold Project in the Yilgarn Craton in Western Australia. With inter‐state border closures, restrictions faced by company personnel to travel to WA and lack of readily available drillers, the company has been fortunate in engaging an experienced Kalgoorlie-based field crew and drilling team to carry out the planned drilling albeit with some delays. The drilling program is managed by geological consultancy BMGS using Raglan Drilling.

Caravel Minerals Limited report that Reverse Circulation (RC) percussion drilling at Caravel Copper Project Ninan Prospect is almost complete and the programme will be extended to include additional holes at the Dasher Deposit. At Dasher, previous drilling has defined an Indicated and Inferred resource of 134.5Mt @ 0.34% Cu at a 0.25% Cu cut-off within an east-dipping, tabular mineralised zone. Initial assay results from the drilling in progress at the Ninan Prospect are expected in late-September.

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