Morning News Bites – July 14

Westpac have appointed a new Chief Financial Officer – Michael Rowland, joining Westpac from KPMG. New South Wales tightens some restrictions at licensed venues and former Channel 9 honcho David Gyngell suffers a heart attack.

  • Bardoc Gold has received broad high grade intercepts from drilling at Omega Lode. The highlights included 37m @ 6.21g/t Au from 90m including 13m @ 10.94g/t Au from 90m and were outside of the current Ore Reserves. These results show that the untested areas of the Aphrodite Deposit could deliver more mineralisation to the project. The lodes associated with Aphrodite includes Alpha, Phi, Epsilon, Sigma and the reported above, Omega. These intersects will result in further drilling with the impact set to be positive to the DFS. Follow up drilling will be sought and will be undertaken in coming months. According to Rob Ryan, CEO of Bardoc Gold “These breakthrough results clearly demonstrate the potential for significant Reserve growth at our cornerstone Aphrodite Deposit. Once again, a systematic and scientific approach to exploration has paid dividends with in-fill resource drilling delivering grades and widths well above expectation, further increasing our confidence in the geological models and identifying significant new areas of growth.” Mr Ryan also pointed out the recent cap raise attracted some interest from top level institutions “The recently completed capital raising has brought on board a number of Tier-1 Australian and Global Institutions who will support the company through the completion of the DFS and into production. We can now look forward with confidence and to begin early pre-production works in order to achieve our vision of becoming a mid-tier gold producer as expeditiously as possible.” he said.
  • Three new targets have been identified for Dreadnought Resources adjacent to its Metzke Find corridor north west of Menzies in Western Australia. The targets identified include Longmore’s Find: ~2.6km long gold in soil anomaly with historic workings and rock chips up to 18 g/t Au; Black Oak: 2km long gold in soil anomaly with peak gold in soil value of 0.25 g/t Au and Bald Hill: 1km long gold in soil anomaly with rock chips to 2 g/t Au, 5 g/t Ag and 2.6% Cu. Dreadnought Managing Director Dean Tuck said “These results are in or adjacent to the Metzke’s corridor, location of our recently successful drilling program. The Metzke’s corridor is 12km long and remains a vastly underexplored as does the whole Illaara Greenstone Belt. We are awaiting results from two further holes at Metzke’s Find in order to finalise our immediate drilling plans along this corridor.”
  • A joint venture at Frasers Range between Constellation Resources and Enterprise Metals has delivered anomalous nickel, copper and cobalt. Results included 21m @ 0.21% Ni, 0.08% Cu and 0.03% Co from 93m to BOH and includes: 4m @ 0.26% Ni, 0.13% Cu and 0.05% Co from 93m; and 4m @ 0.31% Ni, 0.08% Cu and 0.02% Co from 109m. The drilling at Orpheus Project has instigated further opportunities for systematically progressing all targets.
  • Recent drilling results for Bryah Resources at its Windalah Prospect has shown visible gold. A recent drill result of 12 m @ 4.32 g/t Au from surface, including 2 m @ 17.19g/t Au contained visible gold. An RC drilling update has also been given and Bryah has announced it is over half way through its current program which is targeting the high priority Windalah Prospect and a significant electromagnetic (EM) conductor target located 7km north of the Peak Hill Gold Mine and 65km west of Sandfire Resources’ DeGrussa Mine. The first samples are due for assay in Perth this week.
  • Whitehaven Coal has recorded its best ever safety result with a total recordable injury frequency rate of 4.13, while also having achieved run of mine coal and managed sales guidance.The June quarter, Whitehaven Coal managed ROM coal production of 8.2Mt, up 17% and managed saleable coal production of 6.2Mt, up 29% on previous corresponding period and a strong June quarter managed sales of produced coal 5.3Mt, up 13% on previous corresponding period. MD and CEO Paul Flynn said the result is a credit to the team and the company is now focused on optimisation “Despite drought, bushfires and COVID-19 it was great to finish the year so strongly and achieve our ROM and managed sales guidance.We recorded our best ever safety result – 4.13 TRIFR – which is a credit to the team and the strong safety culture we are building across all sites. “Our Vickery Project is now in the final stages of the NSW Government’s evaluation process and we expect a decision within weeks. “Against an uncertain global economic backdrop Whitehaven is focused on optimising existing operations and observing disciplined capital management”