EDITION #182
Perth, Western Australia - Tuesday August 2, 2022
PUBLIC COMPANY NEWS, VIEWS & CEO INTERVIEWS |
Lindian enters rare earths race with US$30m takeover
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In a transformative shift, Africa-focused aluminium development company Lindian Resources has inked a deal to acquire the globally significant Kangankunde rare earths elements project in Malawi for US$30 million. Kangankunde has been hailed as one of the world’s largest rare earths operations outside of China. The acquisition is in line with the company’s pursuit of African projects. |
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Revenue soars as Image boosts WA mineral sands resource |
Image Resources has posted a successful quarter of operations at its Boonanarring mineral sands project in WA despite rising costs. The company posted revenue of $54.6 million up 46 per cent from the previous period. Image ended the financial year with a net cash position of $47.9 million. The mineral sands producer also expanded its total mineral resource to 6.4 billion tonnes after expanding its Eneabba tenement deal. |
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Empire builds strong cash capacity for NT gas campaign |
Empire Energy has finished the June quarter in a strong financial position after locking in more than $3 million in sales, a successful $27.5 million capital raise and almost $5.5 million in exploration grants. The ASX-listed oil and gas company closed the financial year with more than $45 million in the tin, with the goal of becoming the first commercial producer in Northern Territory's Beetaloo sub-basin. |
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Drill results hint at gold-copper extensions for Noronex |
Assays from Noronex’s latest drilling campaign at its Onamon copper-gold project in Canada have returned results the ASX-listed explorer believes may represent extensions to its Lynx South orebody. The company completed a four-hole, 1274m diamond drill program with highlights including a 1m intersection going 28 grams per tonne gold from 329m, in addition to a deeper 1m intercept at 4.1 g/t gold and 0.28 per cent copper from 358m. |
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Positive manganese test results for Accelerate |
Metallurgical testing of surface samples from Accelerate Resources’ Woodie Woodie North manganese project shows direct-shipping ore potential, with an average lump and fine grade of 41.4 per cent manganese and 13.6 per cent iron. Further metallurgical testing is in progress with the aim of producing a battery-grade product. A proposed RC drilling will test near-surface high-grade manganese potential. |
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Mineral Commodities clear to explore adjoining sands site |
Mineral Commodities’ jointly owned subsidiary, Mineral Sands Resources, has been granted a prospecting right to explore at the neighbouring Inland Strand site next to its existing Western and Eastern Strand heavy mineral sands deposits in South Africa. The permit allows a resource definition program and forms part of a targeted strategy to scale-up the company’s operations at the site. |
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Rock chips, drones lock in gold targets for Infinity Mining |
Infinity Mining has identified multiple high-priority drill targets after rock chip sampling returned assays up to 28 parts-per-million gold at its Victor Bore project in the central Goldfields region of WA. A total of 67 samples were collected by Infinity, with 12 returning assays of more than 0.5ppm gold. The assays came after drone magnetic surveys that revealed magnetic targets at Victor Bore. The project lies 2km along strike from the Kailis gold deposit. |
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Record quarterly for Calima in Canadian oil, gas play |
Canada-focused oil and gas producer Calima Energy has tabled another strong quarter, posting record operating revenues of more than $37 million for the period and an adjusted EBTDA of $22.6 million. The company had positive free cash flow of more than $3.7 million at June 30 representing a turnaround of more than 200 per cent from the previous quarter. |
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Lithium Australia adds 110 spent battery collection sites |
Lithium Australia subsidiary Envirostream has added more than 100 spent battery collection sites across the nation after signing a battery recycling services agreement with Battery World Australia. The deal allows Envirostream to collect spent lithium batteries from Battery World’s 110 franchises nationally. The latest partnership gives Envirostream access to more than 800 collection points throughout Australia after similar collaborations with retailers such as Bunnings and Officeworks. |
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Mt Malcolm gold hits continue near Leonora
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Early assay results from an ongoing diamond drill program at Mt Malcolm Mines' Calypso prospect near Leonora in Western Australia have returned significant gold intersections for the explorer. Highlights include a 26m section going 1.97 grams per tonne gold from 261.5m including a 10m hit reading a solid 2.97 g/t gold from 264m. The company says the exploration campaign is ongoing and its latest results include selected sections that were identified during the drilling process. |
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Triangle ends quarter on up with $13.8m in bank |
Oil producer Triangle Energy has navigated an evolving commodity landscape, locking away $13.8 million in cash at the end of June – a leap of more than $11 million above its previous quarter. Oil revenue from its Cliff Head JV was $21.3 million for the period, courtesy of 148,000 barrels of oil sold. Receipts from customers leapt to $12.6 million up from zero in the March quarter. |
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More high-grade WA nickel assays as mine looms for Estrella |
Estrella Resources says it remains on target to kick off full-scale mining of the company’s 5A resource in early 2023 after further high-grade assays at its Spargoville nickel project near Kambalda in WA. With drilling coming to an end, Estrella will now move to extract between 2000 and 4000 tonnes of material for metallurgical testing. The company says plans to calculate a revised mineral resource estimate will feed into ore reserve and pit optimisation modelling. |
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Galan mapping program unveils more WA pegmatites
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Geological mapping at Galan Lithium’s Greenbushes South project in WA’s South West has led to the discovery of a significant new pegmatite outcrop that runs over 500m in strike length and alluringly remains open. The campaign follows previous exploration at the site that unveiled the operation’s first pegmatite lens in a highly prospective area coined “GS11”. |
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Middle Island spies strong IOCG potential in NT project |
Middle Island Resources has revealed a strong iron oxide-copper-gold-style alteration in its first diamond drill hole at Crosswinds in the Northern Territory East Tenant region. The hole was drilled to 808.4m and intersected increasing veining, brecciation and alteration at depth. The current exploration campaign is targeting previously uncovered aeromagnetic and induced polarisation geophysical anomalies beneath a trench sample of 130m at 0.75 per cent copper. |
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Blackstone steps up journey to green nickel production |
Blackstone Minerals is quickening the pace of development of its Ta Khoa green battery metals processing project in Vietnam by focusing on critical activities, such as a review of key infrastructure and prioritising test work, piloting and approvals as it works towards starting production within three years. The company has recently held strategy meetings with prospective technology and off-take partners and has a definitive feasibility study in the works. |
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