Morning News Bites September 4 2020
S&P Dow Jones Indices announced changes in the S&P/ASX Indices, effective at the open of trading on September 21, 2020, Victoria Premier Dan Andrews set to release the plan for easing restrictions on Sunday and US Tech stocks drove Wall Street down overnight.
Encounter Resources have announced drill ready gold targets at Lamil, Paterson Province, WA. The targets are set to have drilling commence this month. Encounter Managing Director Will Robinson said “High grade gold has been intersected in broad spaced drilling over 5km of the Lamil dome. Innovative new geophysical 3D inversion modelling of the IP, magnetics and airborne EM data has provided a potential step change in the structural understanding at Lamil and has highlighted an untested Havieron style target adjacent to the extensive breccia zone drilled in March 2020.”
Magnetic imagery indicates potential for around a 1.2km long extension of the western flank of Parks Reef for Podium Minerals. The locations of anomalous platinum, palladium, gold and copper in rock chip samples closely align with the observed stratigraphy in the Parks Reef drill results. Within the currently defined Mineral Resources in 3 separate resource blocks in the west, central and eastern sectors of Parks Reef with contained metals of 1,140,000 ounces of combined platinum, palladium and gold plus base metal credits with 37,300
tonnes copper. A resource upgrade is targeted for October 2020 and a drill campaign is planned to extend the total resources to a combined length of 8.5km,
including a continuous resource block spanning approximately 6.1km over the western half of Parks Reef. This is off the back of recent drilling which revealed thick intervals of significant platinum, palladium and gold mineralisation over 1.6km of strike length connecting the western and central resource blocks.
A joint venture for Flinders Mines with BBI Group Pty Ltd has resulted in the conditions precedent being satisfied or waived. Flinders Independent Non-Executive Chairman, Mr Neil Warburton said: “This is an important milestone for Flinders as there is now a pathway to bring PIOP iron ore to market and the first step of this is for BBIG to advance the necessary feasibility studies. “This has been a long time coming and we thank our shareholders for their patience. An exciting development in our journey for our shareholders really begins here.” The JV is for the proposed development of Flinders Mines flagship Pilbara Iron Ore Project
Mader Group has appointed a new Chief Financial Officer Mr Paul Hegarty. According to Mader Group Chief Executive Officer Patrick Conway “We are delighted to welcome Mr Hegarty to Mader Group’s leadership team. He brings awealth of financial experience with him and we look forward to his input in what we envision will be a high performing year ahead,”
Azure Minerals has entered into an exclusive and binding agreement to acquire 100%-ownership of the Barton Gold Project, a single Exploration Licence Application (ELA 40/393) from local company 30 Well Pty Ltd. Commenting on this acquisition, Azure’s Managing Director, Mr. Tony Rovira said the purchase reduces the risk for Azure “Building a portfolio of Western Australian projects has reduced Azure’s risk profile by diversifying across commodities and jurisdictions. This strategy has now given shareholders exposure to two of WA’s most exciting gold exploration areas – the Mallina district in the Pilbara and the reborn Kookynie district – as well as taking on Creasy’s nickel-copper discovery in the Andover layered mafic-ultramafic complex. Given recent exploration successes in the Kookynie district by other companies, Azure is confident that comprehensive and targeted exploration on the largely unexplored 200km2 Barton landholding has good potential for the discovery of significant gold mineralisation.”