Morning News Bites – September 18

Morning News Bites for September 18. Indian company Adani has starting digging its controversial Carmichael coal mine in Central Queensland, New Zealand in recession after record 12pc contraction and changes to Job Seeker, with recipients needing to search for eight jobs a month to receive the payment. 

Venus Metals Corporation Limited in conjunction with Rox Resources Limited reported the results of recent reverse circulation (RC) drilling at Sovereign Prospect. RC drilling followed up on previous AC and RC results and extended the high‐grade gold mineralisation down dip. Highlights include, 8m @ 5.03 g/t Au from 160m, including 2m @ 15.83 g/t Au from 160m and 3m @ 2.86 g/t Au from 165m. An interpretation of recent ground‐magnetic surveys covering Currans Find and Sovereign Prospect shows prominent northeast (NE) and north‐northeast (NNE) trending structures that align with the orientation of high‐grade gold mineralisation at the Taylor’s Reef, Currans North and Red White and Blue prospects.  Based on the ground‐magnetic data, six priority targets have been identified along NE trends in the  eastern part of the survey area and one of these priority targets is located immediately west of the Sovereign gold discovery.  RC drilling is planned west and southwest of the Sovereign discovery to test this target, and beneath previous high‐grade gold intersections.

AusQuest Limited reported that the reverse circulation (RC) drilling program at the Tangadee Zinc Project in Western Australia has been successfully completed with South32. A total of five widely spaced drill-holes were completed for 1,352m to test down-dip from a large zinc (>1,000ppm Zn) / thallium (>5ppm Tl) soil anomaly that was considered to be the surface expression of potential sediment-hosted zinc mineralisation at depth. Drilling intersected a thick sequence (>200m) of black carbonaceous mudstones containing abundant very fine-grained pyrite (iron sulphide), but no obvious visual signs of significant base metal (zinc) mineralisation. Composite samples were collected over two-metre intervals in every drill-hole and sent to the
Genalysis Intertek Laboratory in Perth for analysis. Assays are expected over the coming weeks, after which an assessment of the drilling results will be completed.

Artemis Resources Limited update on its Pilbara gold projects in Western Australia. 2,500m Carlow Castle Diamond Drilling has commenced as part of Project One Million. It’s primary aims are to expand the mineralised envelope which remains open in multiple directions and lift the central portion of the current resource area to the indicated category. Geophysics program to start at Carlow Castle in mid-October, which will include dipole-dipole IP, Gradient array IP and high-resolution magnetics and radiometrics. Reverse Circulation drilling to start mid-October at Carlow Castle and aims to complete further extensional drilling and test any potential anomalies identified by the concurrent IP survey.

Firm commitments received by Renascor Resources Limited for a placement to raise $3.6 million to fund work streams for Renascor’s. These include Siviour Battery Anode Material Project – containing the world’s second largest reported Proven Reserve of graphite on the Eyre Peninsula, South Australia. The Carnding Gold Project, drill-ready, high-grade, near-surface gold prospects in emerging gold province in Central Gawler Craton, South Australia. Managing Director David Christensen commented, saying ” Despite the uncertainties created by COVID-19, we are confident in the longer term demand for lithium-ion battery anode materials such as the purified spherical graphite we will produce from Siviour. Additionally, we are excited to now be able to move ahead with a greater depth and breadth of exploration and development at Carnding.”

Gold and base metals explorer Carawine Resources Limited has entered into an agreement to include Carawine’s “Eider” tenement in the Coolbro JVA with FMG Resources Pty Ltd. Eider is 35km southwest of Newcrest’s Telfer gold operations and 35km southeast of Metals X’s Nifty copper operations in the highly prospective Paterson province of Western Australia. Fortescue to pay $50,000 cash up front, complete a helicopter-borne electromagnetic (“HeliEM”) survey and 1,000m of drilling on Eider. Carawine Managing Director David Boyd said, “Although at an early exploration stage, Eider has an excellent address and is considered highly prospective. Fortescue have agreed to complete an airborne geophysical survey and drilling program before they can earn an interest in the tenements, thereby providing a commitment to exploring the tenement along with our other Coolbro JVA tenements.”

 

 

Morning News Bites – September 3

In Today’s Morning News Bites for September 3. Tax relief on the cards for employees and businesses as Australia records a recession. 92 per cent of West Australians backing Mark McGowan on his hard border policy. BHP will pay investors around a 76.6c dividend on Sep 22.

Gold and base metals explorer Carawine Resources Limited today announced the acquisition of a major new gold exploration project in the world-class Tropicana region of Western Australia’s north-eastern goldfields. Managing Director Mr David Boyd said the acquisitions will create a dominant landholding in the northern Tropicana region of Western Australia, marking the start of a new and exciting stage in the Company’s history. “On completion of these two acquisitions and assuming all Phantom and Carawine tenement applications are granted, Carawine will have secured a large, highly prospective ground position in one of Australia’s premier gold exploration addresses and further strengthened its position in the emerging
Fraser Range nickel province,” Mr Boyd said.

Macarthur Minerals Limited is pleased to provide an update on its continued progress towards completing its route to market for the flagship Moonshine magnetite deposits at Lake Giles. Macarthur and RCR Mining Technologies have completed a site visit to the Port of Esperance in conjunction with representatives from Southern Ports Authority and Arc Infrastructure. Subject to approval by Southern Ports Authority, RCR MT’s cutting edge ‘Helix Dumper Wagon’ (“Helix Dumper”) transport solution for Lake Giles Iron Project can be developed within the Port envelope at Esperance. Macarthur’s market-lead proposal for the development of the Helix Dumper solution will allow optimisation of existing Berth 3 ship-loader capacity at the Port of Esperance, enhancing its current performance from the current 2,220tph throughput to over 4,500tph capacity.

An update on RC drilling activities at the Bulong and Fingals Gold Projects has been provided by Black Cat Syndicate Limited. The first 18 holes (~1,904m) at Fingals Fortune have been completed, targeting shallow extensions to the Fingals Fortune open pit. Results were encouraging with almost every hole intersecting multiple mineralised veins, with highlights including; 3m @ 17.81 g/t Au from 69m (extensional) and 3m @ 40.99 g/t Au from 79m (extensional). Managing Director, Gareth Solly said: “Early results from Fingals Fortune are looking good and provide confidence in the potential for rapid growth of the existing Resource and extensions to the Fingals Fortune open pit.”

Marmota is pleased to provide an update on the current drilling program at Aurora Tank. The first batch of drilling assays from the July/August drilling has yielded an excellent 4m intersection averaging over 25 g/t gold (from 52m downhole). Marmota is expanding this program from approximately 7500m to over 11000m
(still being finalised), with extra holes added at a number of locations including the NW flank and eastern
extensions. Drilling is expected to be completed next week.

Kaiser Reef Limited announce that it has commenced the company’s inaugural drilling programme at the Stuart Town gold project. The drilling will initially test several targets, including the Rockdale mine and the Specimen Hill mine and will commence with RC drilling with some diamond drilling later in the programme. The programme has been targeted with the assistance of geophysical investigation and will initially investigate a few of the prospects within the prolific numbers of historic gold workings in the region. The project has enjoyed very little modern investigation since the main gold mining periods commenced in the mid 1850’s, with the geological model and source of the gold remaining a subject of conjecture.