EDITION #183
Perth, Western Australia - Thursday August 4, 2022
PUBLIC COMPANY NEWS, VIEWS & CEO INTERVIEWS |
Copper Search exploration ready with $8.9m in kitty |
South Australian-focused mineral explorer Copper Search has strategically positioned itself for a news-laden end to 2022, closing the June quarter with $8.9m in the bank, a new Adelaide-based head office and a monster ground position of more than 6000 square kilometres across the north-east and eastern margins of the prolific Gawler Craton. |
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Marching energy prices boost ADX cash position |
Higher energy prices in the June quarter saw ADX Energy increase revenues by more than $900,000 and boost its cash balance to $2.56 million. The improvement to the bottom line came despite a $771,000 outlay to pay down its debt and a $227,000 bond payment for its upper Austrian operating licence. The high prices also compensated for a drop in production due to maintenance. |
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Assays unlock new rare earths targets for Mount Ridley |
Mount Ridley Mines has tabled a suite of assays running over 800 ppm total rare earths oxides at its namesake project near Esperance in WA, resulting in significant expansion of its mineralisation footprint. The results come from the opening play of an aircore drilling program. Despite only about a third of assays being received, the campaign has already unlocked a handful of new targets. |
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Lithium Australia revenue shines with battery collection uptake |
Lithium Australia continues to grow its revenue stream after recording almost $1m in receipts from customers for the June quarter and finishing the financial year with $4.8 million in the tin. The company recorded $994,000 in revenue for the June quarter that has increased from $575,000 in the March quarter that in turn grew from $488,000 for the December quarter. |
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Conico JV ready to test Mt Thirsty patch for platinum |
Conico is set to spin the rods this week on a 5800m drilling probe at its Mt Thirsty multi-metal project as it seeks to extend Galileo Mining’s major discovery at Callisto that sits only 200m from its fence line. Conico is keen to test the underexplored mineralised horizon on its patch of dirt that has recently delivered a slew of head turning results for its neighbour, only 16km from Norseman in Western Australia. |
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Rock samples confirm high-grade lithium for Kairos
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Kairos Minerals has nailed a suite of high-grade lithium hits at its Mt York project in WA’s Pilbara region after hyperspectral and X-ray diffraction analysis on rock samples from the operation’s pegmatites. The results ran up to 1.91 per cent lithium oxide and were found a mere 4km from Pilbara Minerals’ revered Pilgangoora operation. |
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Ora Banda updates gold price, puts spotlight on quality |
Ora Banda Mining has reduced the assumed gold price used to calculate its ore reserve figures at the company’s Davyhurst gold project near Kalgoorlie as it focuses on higher-margin ounces and increased quality from deposits. The change to the price assumption means the company will target higher gold grades to improve the economic viability of each of its deposits at Davyhurst. |
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CZR joins forces to develop Pilbara Infrastructure |
A strategic alliance between CZR Resources and Red Hill Iron has been forged to co-operate on developing shared haulage and port infrastructure that supports the companies' neighbouring Pilbara iron ore developments. CZR says an agreement has been signed in a bid to lower capital costs as it steers towards releasing a definitive feasibility study on its Robe Mesa iron ore deposit. |
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Strike locks in date for 68,000t maiden iron ore shipment |
Strike Resources will send its maiden load of direct-shipping lump iron ore to China late this month. The 68,000-tonne shipment from Port Hedland will be 13,000 tonnes bigger than previously announced. The company's first shipment will be transported by trucks to Port Hedland, however it is aiming to lower transport costs significantly after recently receiving approval to export up to 1.8 million tonnes per annum through the closer Ashburton Port in Onslow. |
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Mongolian tests show waste recovery potential for Xanadu
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Xanadu Mines has completed metallurgical recoveries of up to 91 per cent gold and 46 per cent copper from preliminary glycine and cyanide leach testing at its Kharmagtai copper-gold project in Mongolia. The tests were performed on partially oxidised material from surface to 30m depth and returned head grades between 0.52 and 2.25 grams per tonne gold and from 0.12 up to 0.67 per cent copper. |
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Quarterly stats point north for Mineral Commodities |
After unveiling its five year strategic plan in April, ASX-listed Mineral Commodities has finished the June quarter on a strong note with solid performance across its heavy mineral sands and battery feedstock divisions. The company’s Tormin mineral sands operation on the west coast of South Africa had an annualised rate of about 2.75 million tonnes per annum, helping the company to produce 73,602 tonnes of final concentrates — a solid 54 per cent increase from the previous quarter. |
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Western Mines sizes up copper-zinc at Mulga Tank |
Western Mines Group has intersected shallow copper-zinc mineralisation in its final bore of a 10-hole, 3990m diamond drill campaign at the company’s flagship Mulga Tank project in WA’s eastern Goldfields region. The base metal hits were hosted within a 24m shale unit rich in banded sulphides from 110m. The explorer says on-site portable XRF analysis points to copper grades above 1 per cent. |
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Calidus unmasks gold anomalies in Pilbara project |
Calidus Resources has identified strong gold-in-soil anomalies in samples taken across a 3km strike length in historically mined sections of its Blue Spec project near Nullagine in WA’s Pilbara region. The program targeted the untested western end of the Blue Spec fault zone associated with gold mineralisation. Preliminary fieldwork is underway to identify drill targets in addition to areas for program of work applications and heritage surveys. |
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Venture, Chalice onto phase 2 of nickel-PGE JV |
After nailing down a brace of new targets at Venture Minerals’ South West nickel-copper-PGE project about 240km south of Perth, Chalice Mining has decided to commit to the second phase of the duo’s joint venture agreement. As part of the deal, Chalice will spend an additional $2.5 million on exploration over the next two years to claim a 70 per cent stake in the operation. |
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Infill campaign delivers high-grade gold results for Classic |
Classic Minerals has returned high-grade gold intercepts from the first 10 holes of an RC drilling campaign at its flagship Kat Gap project near Southern Cross in WA’s Goldfields region. Assays include a 3m intercept going 13.23 g/t gold from 32m including 1m reading a substantial 17 g/t gold from 34m. The 109-hole infill program was designed following Classic’s recent bulk sample operation that mined 1011 ounces of gold. |
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Calima doubles Canadian oil acreage in strategic play |
Oil and gas producer Calima Energy has doubled the holding of its Brooks operations in Alberta, Canada to 69,000 net acres after striking a strategic mineral lease deal with the ground’s owner. The agreement includes an option on any unleased shallow gas rights within the corridor of newly leased oil rights and access to an extensive array of 3D seismic data. |
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Novo sets sights on west Pilbara gold, nickel targets |
TSX-listed Novo Resources has launched an RC drilling campaign aimed at testing gold and nickel targets at its Purdy’s North project near Karratha in WA’s Pilbara region. The campaign will initially focus on Novo’s Milburn nickel-copper-gold and Morto Lago orogenic gold targets before moving to several identified areas within the district. The initial targets are next to Azure Minerals’ Andover nickel-copper-cobalt discovery and Artemis Resources’ Carlow Castle gold-copper-cobalt prospect. |
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