Morning News Bites – August 24

In Today’s Morning News Bites for August 24. Fortescue Metals report 49% increase in net profit to a record $US4.7bn. QLD reports one new COVID-19 case overnight. Liberal call for branch clean-out. 

Fortescue Metals report strong results from FY20, exceeding production guidance with 178.2 million shipments of iron ore for the full year. Costs remain low: C1 costs came in at US$12.94 per wet metric tonne in FY20. The company achieved average revenue of US$79 per dry metric tonne in fiscal 2020, up 21% YoY and has guided for FY21 iron ore shipments of between 175-180 million tonnes. Former CEO, and current non-executive chairman Andrew Forrest said, ”Fortescue’s success allows Minderoo Foundation the capacity and the flexibility to continue its work and tackle new challenges as they arise for many years to come.”

Saturn Metals announce further results from ongoing RC drilling at the Apollo Hill deposit within its Apollo Hill Gold Project, 60km southeast of Leonora in the Western Australian goldfields. This drilling at Apollo Hill is a key part of the Company’s strategy to grow the Project’s 781,000oz Mineral Resource. A further resource upgrade is targeted for late 2020, incorporating results from drilling conducted since November 2019. All 13 holes reported intercepts above the Apollo Hill resource cut-off grade and all but one intersected mineralisation above the average resource grade. Other strong intersections include: 21m @ 0.94g/t Au from 184m – , 9m @ 1.0g/t Au from 179m and 14m @ 0.84g/t Au from 329m.

Kin Mining NL significant new assay results received from recent air-core drilling at the East Lynne prospect, located 3km north east of the proposed plant site at its Cardinia Gold Project near Leonora in Western Australia. The drilling commenced at East Lynne in early July as part of the extensive and ongoing Phase 3 Exploration Program. Significant widths and grades encountered in 400m line spaced AC drilling, with in-fill drilling to 200m line spacing underway. Results include 20m at 1.36g/t from 20m and 4m at 1.29g/t from 32m.

St Barbara reports its Mineral Resources and Ore Reserves positions for FY20. Group Ore Reserves increased year on year from 4.1 Moz of contained gold to 6.0 Moz, and Group Mineral Resources increased from 9.6 Moz of contained gold to 11.6 Moz. The increase in Resources and Reserves is due to the Atlantic Gold acquisition concluded in July 2019 and Simberi sulphide drilling completed in December 2019.

Zenith Minerals Wide mineralised gold zone confirmed at the Red Mountain Gold Project for Zenith Minerals. New gold assay results from the first 7 follow up RC holes of an ongoing drill program, confirm near surface, wide, mineralised gold zone at Red Mountain Gold Project in Queensland. This includes highlights of 12m @ 2.2 g/t Au from surface, including 8m @ 3.1 g/t Au and 5m @ 1.7 g/t Au from 25m, including 3m @ 2.6 g/t Au

Morning News Bites – Jul 30

COVID-19 cases set to be announced to be over 700 in Victoria, ASX rises on opening and Boeing phases out production of 747 jumbo.

  • FMG provide their results for the Q4 and FY20. Record iron ore shipments of 47.3 million tonnes were recorded for the quarter and FY20 guidance was exceeded. FMG maintained a leading cost position of US$ 12.94/wmt. Chief Executive Elizabeth Gaines says “This was an outstanding performance which underpinned the operational excellence we delivered in FY20, particularly during a quarter when we implemented a range of measures in response to COVID-19. I am very proud of the team’s commitment and cooperation during this time which has sustained our contribution to the Western Australian and national economies through the reliable and secure supply of iron ore to our customers.

  • Grades up to 20.6 g/t Au have been reported by Middle Island Resources in assays from drilling of 44 new holes on Middle Island’s Old Town Well deposit within its Sandstone Gold Project in WA. Phase 2 drilling results for the remaining three new satellite deposits are anticipated to be reported in coming weeks.
  • Godolphin Resources announce drilling is to commence at Copper Hill East as soil assay results confirm & define strong gold-copper & copper anomalism located approximately 35 km north of Orange in NSW. The Phase 1 RC drill program is to commence in August 2020, which will test the gold-copper anomaly in the north of CHE for porphyry gold-copper style mineralisation and the native copper zone to the south.
  • High-grade intersection and visible gold at Apollo Hill as Saturn Metals report that ongoing RC drilling at Apollo Hill has returned significant new intersections, with highlights of 5m @ 32.6 g/t Au from 301m, Including 3m @ 54.2g/t Au from 301m within, 9m @ 18.2g/t Au from 301m. The result from this intersection is amongst the best intersections seen to date at Apollo Hill, and contains the highest-grade individual assay ever returned from the project being 1m @ 128.5g/t Au from 301m. Managing Director Ian Bamborough said: “The latest assay results continue to highlight the potential to improve both the scale and quality of the Apollo Hill gold system.”
  • Multiple high priority targets identified at Yass Gold Project following geological and geophysical data review. Celsius Resources Limited has identified ten priority gold targets within its 100% owned Yass Gold Project in the Lachlan Fold Belt region of NSW, Australia. Chairman Bill Oliver said, “The Lachlan Ford Belt is an increasingly active exploration region due to the exciting gold deposits which have recently been discovered. We are pleased to be able to generate some high-quality targets within the region at both the Yass and Cullarin West projects.”